Fannie Mae-No Politics (FNMA)

[LuLeVan]

"In principle this can give a Board the leverage necessary to force a change in the par value."

Wouldn't lowering the par value of the JPS automatically make the commons worthless - because the JPS rank higher in the capital stack? If commons become worthless, the government could neither earn money with a warrant exercise nor with a SPS-to-commons-conversion. Therefore, such a solution would not be beneficial for the government.