Fannie Mae-No Politics (FNMA)

[Wise Man]

The money due to FnF isn't a compensation but a refund of money due. The funds will be deposited in a Retained Earnings account or whatever, the thing is that it's common shareholders' money because it's the real Equity stock. FnF could distribute the Retained Earnings account to the common shareholders in the form of a special stock dividend (read in a FHFA's report about the FHLBanks' excessive Retained Earnings account).
The JPS are obligations issued by FnF that depend on the specifications of their contract, called prospectus. They don't have economic interest on FnF's Retained Earnings account, Reserve for Future Losses, etc...
The money due are the funds that would otherwise have been deposited in a Retained Earnings account for their Recapitalization, according to Law. So, the Treasury is a custodian of FnF's funds and the FHFA/UST are carrying out a Secret Plan.
The hierarchy is related to the distributions of dividends and distributions of funds upon Liquidation. For the rest of scenarios, the JPS are lower ranking than the commons because they don't have Voting Rights. So, they are simple obligations, like a bond, MBS, etc. You should go to a message board of bond traders to learn more about the Preferred Stocks.