Fannie Mae-No Politics (FNMA)

[Donotunderstand]

Here is the key two paragraphs of DJT TREASURY FHFA POLICY

(bold is me)

As described above, each GSE should remain in conservatorship until it has retained or raised
sufficient capital or other loss-absorbing capacity to operate in a safe and sound manner.
Potential approaches to recapitalizing a GSE could entail one or more of the following, among
other options:

? Eliminating all or a portion of the liquidation preference of Treasury’s senior preferred
shares or exchanging all or a portion of that interest for common stock or other interests
in the GSE;

Way back then - I read a lot of this report and it was not clear to me which of "Eliminating" v "Converting to common" was preferred

I recall something about receivership and will look for it -- likely on next page