Fannie Mae-No Politics (FNMA)

[bradford86]

"In addition, if
possible, the Treasury liquidates its senior preferred
shares and its warrants for common shares at the time of
the common-stock sale. "

https://www.cbo.gov/system/files/2020-08/56496-GSE.pdf

there is no value for common shares in these scenarios, fyi. they convert senior preferred to common and basically destroy common.