Fannie Mae (FNMA)

[familymang]

It's in this section of Calabria's book, which proves that Mnuchin/UST and Calabria/FHFA were on board with a "cramdown" as you call it.

https://imgur.com/a/OiYNR1S

"While Treasury was not willing to be behind other shareholders, Mnuchin was open to placing all the equity holders, including Treasury, in a similar spot. That is, he was willing to see treasury's senior preferred shares given the same seniority as the existing junior preferred" - Mnuchin/UST being ok with equal conversion for snr pfd + jr pfd +Cramdown

"I believed that, short of a receivership, the cleanest solution would be to convert all the preferred shares, even those held by Treasury, into common equity" - Calabria/FHFA being ok with equal conversion +Cramdown

"A conversion of all preferred equity was one of the only ways to fix the companies' balance sheets in a manner acceptable to Treasury." - Confirms above +Cramdown

"Treasury could be heavily diluted, and almost certaintly would have to be," Acknowledging UST would have to take a haircut on its LP

"A conversion would also allow a more accurate reflection of Treasury's claims without the political fallout of outright forgiveness. There had been some calls over the course of the conservatorship for Treasury to just forgive all or part of its claim. That was a nonstarter, politically, for Treasury. Moreover, Treasury claimed that it could not legally do so." - Acknowledges that UST believes a writedown to be a "nonstarter" for 2 separate and distinct reasons (politics and separately regardless of politics, they believed it wasn't legal).