Actually i re-read again that comment by reading prev text .. when he said "There actually.... " what Phillips meant "There" is actually for FHFA .. not Common or Preferred or any shareholders. In this case it it correct. FHFA is NOT share holder... Tsy and us are the right stakeholders.
This should be under same text/wording ... - There word is referring to FHFA.. On agreement with Watt, Phillips talked about GSEs' governance model in which the boards are reportable only to FHFA. There actually aren't shareholders so there's no longer a fiduciary relationship between stakeholders in the traditional way. We sort of see ourselves as the stakeholder at the Treasury" but not represented by the board and employees because of the shares' nature.
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