Fannie Mae-No Politics (FNMA)

[Wise Man]

A conservatorship is not bankruptcy. If Calabria said so, it's because he is paid by the MAFIA to say so, in order to proceed with a restructuring plan, where the JPS are swapped for common stocks, in exchange for the Govt keeping the 10% dividend, the Warrant and a new commitment fee. The so called "settlement" mentioned by the plaintiffs and the company, headed by David Thompson, the attorney for Fairholme, Collins and Bhatti, who dares to say that "the Government has to come to me". His meetings are at a table in an Italian restaurant in Washington DC.
A conservatorship is about a statute- or judge-appointed conservator in charge of rehabilitating the enterprises, in substitution of the management and BOD. Rehabilitating means recapitalization, reduce debt (obligations SPS in FnF case) and fix their operations, which were fixed in 2011.