Huh? The "par" value of each share is clearly stated in the contracts: $50 for most series, $25 for others, $100,000 for FNMFO.
Unless you're playing the semantics game where technically the juniors' contracts say "stated value" instead of "par value", but at this point so many people conflate the two that saying "par value" is clearly understood, even if it is technically incorrect.
So even if the boards decline to include share offerings in their capital restoration plans, as long as FnF have less than 2.5% of adjusted total assets in core capital (meaning they are classified "significantly undercapitalized" by HERA), Calabria can force them to raise capital in the form and amount he chooses.
Calabria has said he will leave the capital raise decisions up to FnF, but he still has veto power, and if they try to pull the retained-earnings-only stunt he has the statutory authority to step in and force what he wants anyway. He said that FnF are operating on the edge of insolvency already: as a safety and soundness regulator there is no way he will allow a retained earnings-only recap.