Fannie Mae-No Politics (FNMA)

[The Man With No Name]

You are wrong. I have been through several reorgs. Commons in many cases get paid even though higher ranked securitiies such as preferred, capital trusts, unsecured bonds, secured bonds get a haircut.

Yeah, uh huh, whatever.

I've been involved in probably 30 re-orgs and commons don't get a cent unless creditors/bondholders agree to give them some nuisance value...in the scenario you described above. You know why? Because it's a federal law.

But in conservatorship, you have NO rights as a common shareholder (unlike bankruptcies).