Fannie Mae-No Politics (FNMA)

[Mnemonic]

Ah yes, FHFA is both conservator and receiver, both independent and dependent, can act on the best interests of itself or treasury or the general public, or, in some unfathomable circumstance in the future, maybe the enterprises. It can preserve and conserve assets of the companies or just throw $120B out the window. Or, as it's shown in the management of these pseudo-private companies, it can also neither conserve or receive, but instead do nothing, forever.

Because it's unaccountable to shareholders, the Supreme Court, Congress, and--until recently--the president of the United States, and no one will care until the housing market implodes.