Fannie Mae-No Politics (FNMA)

[Mnemonic]

a Treasury Department plan for reforming the housing finance system discussed “eliminating all or a portion of the liquidation preference on Treasury’s senior preferred shares or exchanging all or a portion of that interest for common stock or other interests in [Fannie and Freddie].

Plaintiffs can't invent scenarios about what Trump would have done, they can only take Treasury at their word. Since Treasury outlined two options, this is what we have to go with. Also, it may be difficult to argue that Treasury would have eliminated the liquidation preference since they allowed it to keep accumulating even with Calabria in office.