Thursday, December 15, 2022 3:29:32 PM
Only FnF (and the FHLBs) are subject to HERA. It's HERA specifically that has frustrated all the court cases so far. Other companies are fine until and unless Congress passes a law allowing other companies to be put in conservatorship.
Who should really be afraid of this precedent is the TBTF banks. They have their own conservatorship language with respect to the FDIC, and FDIC as conservator has the same statutory authority to act in its own interests as FHFA does.
Just beware of the Pyrrhic victory that a senior-to-common conversion would present.
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