Fannie Mae-No Politics (FNMA)

[contrarian bull]

FOR THOSE saying Fannie Mae prfd shares CAN NOT be cancelled, read this

On June 18, 2017, 100% of the Preferred 'A' shareholders agreed to have ALL of their Preferred 'A' shares (issued and outstanding) returned to Bravo treasury for cancellation;

Correct. If 100% of the holders of junior preferred agree, those shares can be cancelled. In the example given note that 100% of the preferred shareholders agreed to the cancellation.

Information is a little vague on why they agreed, but it seems to be this from their 10-Q:

Supplemental Disclosures of Non Cash Activities:
Stock Cancellation in Exchange for Note Payable

So - if you offer junior preferred something worth more than the current perceived value of their juniors - you will probably get them to agree. To get 100% it will have to be a pretty sweet offer.