Fannie Mae-No Politics (FNMA)

[FOFreddie]

Calabria makes a clear case for "fair and predictable" resolution for shareholder and stakeholder claims. It is not about a fiduciary duty but prescribed fairness and predictablity in US Govt regulated and supervised institutions.

The following quote is from Calabria's white paper - bottom of Page 7:

"...Fair and predictably applied insolvency rules allow investors, creditors and even consumers to judge the risks of investing in,
doing business with, or buying products or services from a company. If that process can be manipulated to favor one creditor – as FHFA has favored Treasury – then there is no basis to judge what could happen if a company fails. This is particularly troubling because it is the
government that has subverted the normal conservatorship process. It could call into question the reliability of any process where the government controls the rehabilitation or resolution of a company. Given the important role that government bodies play in the resolution of many
financial institutions, such as banks under the FDIA or
systemically important financial institutions under the Dodd-Frank Act’s new Orderly Liquidation Authority, it is essential that the performance of this role assure all stakeholders of fairness and predictability. "