Fannie Mae (FNMA)

[ano]

Transfer of fiduciary duties: 10K-2020

"As conservator, FHFA reconstituted our Board of Directors and provided the Board with specified authorities. Our directors serve on behalf of the
conservator and exercise their authority as directed by and with the approval, where required, of the conservator. Our directors have no fiduciary duties to any person or entity except to the conservator. Accordingly, our directors are not obligated to consider the interests of the company, the holders of our equity or debt securities, or the holders of Fannie Mae MBS unless specifically directed to do so by the conservator."

so the BOD fiduciary Duties transferred to the FHFA, so the FHFA now has the fiduciary duties towards shareholders, DUTIES do not disappear into thin air