Companies earning $10B to $20B a year in Net Income don't end up in receivership and the Liquidation Preference was artificially contrived by the government to keep the gses in Conservatorship and as a means of Nationalizing the gses.
As far as your persistent "immediacy to raise capital" position, having a "conservator" siphon off 2 companies profits to the tune of $308B (more if you count the dollar for dollar increase in the LP) for the last decade and then ONLY after the SCOTUS has ruled that it's wrong and stops them, to believe that the market will be ready, willing, and able to hand over Billions of Dollars in the largest capital raise in world history, to put their own money in a 1st Loss Capital Position seems a little far fetched to me. I think a 3 to 5 year path of retained earnings retention may be a more feasible route.
Let's see what happens.
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