Fannie Mae-No Politics (FNMA)

[FFFacts]

I want to note that it has been pointed out numerous times on this Board that, even if the shares say non convertible it means that the Government cannot force a conversion, but that, if the shareholders agree to it (2/3s or more majority) they can be converted.

That is not the only route. An offer can be made without the shareholders having to have a 2/3 majority vote. 2/3rds only means that the agreement can be amended and non-consenting shareholders are obliged to convert.