Fannie Mae-No Politics (FNMA)

[Mnemonic]

In fact, if HERA is unwound, the Court could easily find (as with the Starr/AIG case) that shareholders should have been wiped out. Then they would have the authority to zero out all FnF common and pref shareholders, and there would be absolutely no recourse.

You had me till this line. Unwinding HERA would hypothetically return hundreds of billions of dollars back to the companies (after SPS payback). It could not result in retroactively placing the companies in receivership, especially if the companies are solvent.

Also in the AIG case, no one was threatened with being "zeroed out," they were simply denied damages.