Fannie Mae-No Politics (FNMA)

[FFFacts]

In terms of how restructurings actually work, every class above the one that's impaired gets paid in full.

Not necessarily. They can get more or less depending on the agreement and their conversion ratio to common in a restructuring they don't get paid in cash.

Conversely, the juniors being worth 100% of par doesn't mean the commons have to be worth anything more than a penny.

In book theory maybe in practicality no.