Fannie Mae-No Politics (FNMA)

[Collusion]

The Treasury holds 1million shares of SPS,not 1Billion shares.
Their par-value is $1 per stock.
It's securities fraud because the govt can't increase the liquidation value alone, but the debenture is reflected in the par-value.
Therefore, in truth, FnF only owe $1 million to the Treasury each. 1 million shares multiplied by their par-value.
The rest is securities fraud. You can't make up how finance works.
The different valuations of a Preferred Stock are explained here.