Fannie Mae-No Politics (FNMA)

[Here I am]

*MENTAL HEALTH ALERT*MENTAL HEALTH ALERT*MENTAL HEALTH ALERT*
JPS HOLDERS MUST IMMEDIATELY STOP CALLING THEMSELVES FnF SHAREHOLDERS
The contract specifications make them be recorded as Equity and Capital, not shareholders. They can't get more than what is written in the contract. They hold obligations.
In other words, you can get any obligation you want currently outstanding: MBS, MTN,... and amend the specifications of their contract adding the clause LIQUIDATION RIGHT and they're automatically stripped out of Debt and recorded as Equity. But they will never be FnF shareholders.
You can also add the clause "dividend payment only when declared by the BOD". It would make them Capital, even if they're still recorded as Debt, since that's a loss-absorbing capability (when FnF are undercapitalized in this case) that makes any item be deemed Capital: Retained Earnings, Loan Loss Reserve, etc.