The fact is too that Fannie had 27-28 billion in capital reserves and another 20 billion in deferred tax assets which when FHFA took over the company was forced to write down because "They wouldn't be profitable in the near future" but low and behold... 2012 came and they became profitable. NWS was implemented and 2013 they wrote off those plus more DTAs when shareholders weren't allowed to profit.
FNF execs were threatened with judicial punishment by Hank Paulson and his goons and forced into taking draws from treasury because of the DTA losses.
They did a capital raise of nearly 28 billion in preferred stock 3 months prior to conservatorship so they could mitigate losses and then use DTAs in the following years to remain in a state of solvency.
The government was the reason they werent able to execute this plan. And the reason so many investors lost their money, not just in common equity but in preferred stock.
News 
Market Data 
Discover 
