Fannie Mae-No Politics (FNMA)

[kthomp19]

Am I missing something?

Yes. What you're missing is that Treasury's liability in any lawsuit over SPS conversion is limited to how far the price of the legacy common falls that day, because that's the only loss of value that shareholders will be able to prove. Supreme Court precedent is that in a takings case, only what the property owner lost matters; what the government gains is irrelevant.