Fannie Mae-No Politics (FNMA)

[kthomp19]

This is not going to unfold like any normal reorganization.

Evidently Calabria disagrees with you. He specifically compared FnF's situation to that of Hertz, which is going through a normal bankruptcy. Here is the relevant quote (start at 20:10):

A conservatorship is essentially an administrative bankruptcy. So just like a company, like look at Hertz, that's going through a number of problems today, not surprisingly because of a weakness in tourism. You know, Hertz is in a bankruptcy. There is a government-appointed official, a judge, who is overseeing that process. Essentially what I am doing is playing the role of a bankruptcy judge in rehabilitating Fannie and Freddie. They maintain as private companies. My job is how do you prepare and restructure them so that they can leave this process and get back on their feet again.

Calabria is well aware of your list of factors, and made that comparison anyway.