Fannie Mae-No Politics (FNMA)

[Here I am]

I'm glad that you have finally read the regulations governing FnF. It's been several years since I found it. I cite the 12 CFR 1237.12, which includes a) and b).
The four exceptions to the restriction on Capital Distributions is more of the same: recapitalization and reduce the obligations with the Treasury. Exceptions 2,3 and 4, as well. The public interest is not steal from private enterprises, but to have a FnF adequately capitalized.
And regarding your first post: You dodge the heart of the matter. Strike the anti-takeover statute in FMCC's bylaws. Does it fall into the FHFA's Powers? Yes or not? No, neither in its Powers nor in its Incidental Powers. So, it can't strike that staute in the bylaws. The FHFA doesn't have the duty in Conservatorship to protect the taxpayer, so it can't justify the warrant arguing that it's a collateral.
Anyway, the reality is that it was struck by the Board of Directors of FMCC one day before the Conservatorship and that's an unlawful act.
Good news that someone filed a complaint in the S.E.C., which can be used in Court if that is the case.