Fannie Mae (FNMA)

[kthomp19]

best I recall there was forced conversion of Junior Preferred there

According to this article (among others), it wasn't forced. It also worked out pretty well for both those who converted and those who didn't.

I have always assumed that a FnF conversion would be either all juniors or half of each series. I don't think making it voluntary works because nobody will want to make that decision not knowing what everyone else is doing, and especially if the offer comes before the secondary.