Fannie Mae-No Politics (FNMA)

[YanksGhost]

Receivership could be implemented in another recession/housing-downturn. Just like in 2008. Fannie Mae only has $3 B in capital buffers. It has suffered derivative losses far in excess of this piddly "bank". Or... if no court rules to end the NWS... any quarter where Fannie Mae is unable to pay the SPSPA dividend due is a technical default and insolvency.

Again, I'm not saying this is either likely or logical, but it surely is not impossible and explains why JPS holders may be resistant to common conversion because all liquidation preference would be lost.