Fannie Mae (FNMA)

[contrarian bull]

There's that term "cancellation" again. I've read over a lot of documents - can you point me to where either F&F or FHFA is allowed to "cancel" either the junior preferred or common shares? I must have missed that.

The only legal "cancellation" I am aware of is by a bankruptcy court. I've had many a common share cancelled that way! Some still show up in my brokerage account as "shares cancelled".

That's how it works on cancellation.