Fannie Mae-No Politics (FNMA)

[Here I am]

Pershing indicated that because it believes that our common stock is not a voting security, it had determined not to file future reports on Schedule 13D.

According to a FMCC's earnings report.
The voting right was transferred to the Conservator, as I previously pointed out.
Thus, the reason is not what you have stated about the evasion of its obligation to file BENEFICIAL OWNERSHIP due to trading in the OTC Market, which is a Stock Exchange like any other. So that argument is groundless.
The voting right can be a reason to not report the ownership of a stock, but the law says "OR" holding "INVESTMENT POWER", that is, the power of disposition of the security, which clearly Pershing has.
Thus, the S.E.C. must sanction Pershing severely if it announces that has a higher stake than previously announced.