Fannie Mae-No Politics (FNMA)

[Here I am]

FnF are not a restructuring story. Thus, any reference to a swap Preferreds for Commons is pointless. Their insolvency issue back in 2008 was solved under their Charters' Treasury backstop, not the SPSPA. Now they are hugely profitable companies that are building capital under a secret plan that was already carried out by the FHFA with the FHLBanks, but it turns out that the FHLBanks aren't publicly traded companies, so no one cares about secret plans with the FHLBanks.
In the case of FnF, it's a felony of stock price manipulation and breach of the Constitution's Takings Clause: they are using FnF for public use (MHA program, Communtiy Impact Pool, Neighborhood Stabilization Program, the 2017 loan reclassification from HFI to HFS was a backdoor debt forgiveness plan, etc) without a just compensation to their owners.
Please, just don't say that you didn't see it coming.