Fannie Mae-No Politics (FNMA)

[Wise Man]

The shareholders can't be wiped out. They can be diluted in the ownership of the enterprises (the EPS is lower, but the current stock price discounts a dilution of 99%. It can't be worse than that.) either with the warrant exercised and/or stock offerings, both ruled out since the warrant can't be exercised if it was authorized in HERA to protect the taxpayer, and the shareholders should have Preference Subscription Rights to avoid dilution in stock offerings, because that's inherent on a common stock.
Although the certificate of designations says that we don't have Preference Subscription Rights. It's arguable because it comes from FNMA's Charter prior its privatization in 1968, when the mortgage servicers were forced by law to buy common stocks as a percentage of business to FNMA.
It can be made the argument that the FDI Act for the banks' insolvency, explicitly contemplates that the shareholders must have the first opportunity to buy stocks in a stock offering, and that's what the Preference Subscription Right is about. HERA mirrors the FDI Act, but this theme was skipped conveniently.
Your last point. No, the JPS holders can't vote in the Annual Shareholders' Meetings because they aren't shareholders. The shareholders vote on the appointment of the members of the BOD, which have a supervisory duty over the management.