"Actions speak louder than words, and Mnuchin's actions so far are pointing towards a winded down Fannie and Freddie, restructured, and released post receivership. IMO "
It is worth mentioning that in a "wind down, restructure, release" scenario, all shares, including commons, would retain their value.
You added in "post receivership" which makes no sense since a wind down doesn't lead to receivership...
But if a receivership DID occur, then the GSEs would be forbidden from restructuring and being released. If receivership occurs, then the companies no longer exist...and HERA no longer applies to anything.
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