Fannie Mae-No Politics (FNMA)

[Mnemonic]

Thanks kthomp, I always appreciate your posts.

Someone else asked what are the situations in which JPS go to zero. I know receivership is one, because SPS liquidation pref is so damn high that nothing would be left for JPS, much less common. What are some other scenarios?

Also, supposing these entities are turned into public utilities, how does that affect the existing capital structure? I see this mentioned a lot but no one talks about the consequences.