Fannie Mae-No Politics (FNMA)

[FFFacts]

Outside of receivership, what mechanism is there to wipe the juniors?
In fact, what mechanism (again outside of receivership) is there to force the juniors to take a haircut?

A bankruptcy filing. Treasury owns the entire liquidation preference and they dictate.

Agreed. If the commons are worth anything at all post-restructuring, the juniors should be money good.

Not necessarily. I have seen instances in which common and preferred split 50/50 post bankruptcy any value gifted by the debt holders/ senior interests.