I hear this all the time and I disagree with the premise, which is "Why would people invest in a 'new' FnF when the previous (current) shareholders were treated so badly?"
To quote a Buddhist koan, unask the question. If people are willing to invest in the "new" companies then your question is moot. If they are not then there cannot be a recapitalization and our shares are worthless anyway.
The mistreatment of shareholders has already happened. If that is enough to keep all future investors away forever then there is no future for housing finance in the US by shareholder-owned companies. So I (and evidently Mel Watt, Corker/Warner, Moelis, etc) believe that there will be plenty of private capital waiting to get into the market, regardless of what has happened in the past.