Fannie Mae (FNMA)

[Wise Man]

There are grounds for discretionary authority to place FnF in conservatorship, but that's the opposite to your statement contending that the FHFA can place FnF in conservatorship whenever it wants.
Notice the difference?
Yes, one option is (I) consent by the BOD, yet it also slams your assertion, as it needs the BOD consent.
The financial condition of FnF is known in their SEC filings. What we don't know is the real reason for the conservatorship.
We can estimate that it chose the option (G)LOSSES, about future losses that deplete Capital, because that's what has happened. The option (I) alone, would be outrageous.