Fannie Mae-No Politics (FNMA)

[The Man With No Name]

AIG was facing BK

the GSE's were and are not

FnF were facing conservatorship or receivership, it just depended on what the Feds wanted to do at the time.

Conservatorship is analogous with Chapter 11 of the Bankruptcy Code.

Receivership is analogous with Chapter 7 of the Bankruptcy Code.

It isn't 100% apples-to-apples because shareholders have rights in Chapter 11 Bankruptcy as opposed to none in Conservatorship.

Go read the Code if you want to argue about semantics.