"why isn’t every hedge fund out there (they all have lawyers that can ascertain the obvious) vying for every common share?"
Don't assume and give too much credit. Not a one of the hedge funds seem to have lawyers smart enough to file an all encompassing lawsuit against the government. . . not the first one. All any of them has done is pick a little here or a little there like hyenas do at a lion's kill.
not a problem, everybody is entitled to their own view and Perception, nobody knows what Fannie and Freddie are, or what they do, let alone that they are about to win a lawsuit, it takes some real investigation into the matter to understand for a stranger what has been going on. The chance of companies putting the time and effort into this matter are close to zero, for a stranger it is just not that obvious