Fannie Mae-No Politics (FNMA)

[clarencebeaks21]

Thanks for the detailed response. Your last point raises my biggest curiosity:

Quote: The juniors have the ability to just refuse all offers and stay above the existing and new common shares in the capital stack; that's their main advantage here.

If Conservator’s rights include (for now) the JPS shareholders’ certificate right of a 2/3 vote, then, cannot FHFA today simply direct each GSE’s board to cancel JPS?

Perhaps some compensation might be fairly paid, but, this choice would seem a purely discretionary one. Because, again, JPS shareholders lack voting rights, hence any such right (e.g., within a contract) has been temporarily displaced. In place of JPS holders, the FHFA-C would vote, and I can guess which way the vote would go.