Fannie Mae-No Politics (FNMA)

[FFFacts]

You said

Outside of receivership, what mechanism is there to wipe the juniors?

A bankruptcy filing. Liquidation is not a requirement in all bankruptcy filings. Restructuring happens all the time in bankruptcy courts without liquidation. These companies will not be liquidated.

Would there be newcos that inherit the charters or would it be the same corporate entities that hold them now?

Doesn't matter. Congress can re-issue charters or not.

Do you have links handy?

https://www.sec.gov/Archives/edgar/data/910612/000156459020040603/cbl-ex101_433.htm There are numerous instances in which the absolute priority rule is not so absolute.