The name of the Paper is: The Conservatorship of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles. I dont see the Apples and the Oranges because it is the same amount of JPS and Common currently outstanding - one of Calabria's points is that the NWS violate HERA.
Here is a quote at the end of the Introduction:
disregarding HERA's requirement to “maintain the corporation’s status as a private shareholder-owned company” and FHFA’s commitment to allow private investors to continue to benefit from the financial value of the company’s stock as determined by the market.
I am focusing on "..FHFA's commitment to allow private investors to continue to benefit from the financial value of the company's stock as determined by the market." I am focusing on private and benefit.
Market Data 
Markets 
AI
