If the liquidation preference increases, it means that the value of the SPS increases, and the preferred stocks are obligations that have to be repaid. If you hand out a security for free, it has to be debited from an account of the shareholders (our pockets)
Yes, the conservator can take actions in the best interests of the FHFA, but the Scotus and Sweeney omitted "authorized by this section", in "take any action authorized by this section, in the best interests of the Agency". Obviously, deplete Capital sending the profits to UST or increasing the SPS for free, isn't authorized by this section, specifically, in the conservator's power: put fnf in a sound (recapitalization) and solvent (reduce the debentures, like SPS) condition.
The 9 Justices face charges of conspiring to defraud the United States, as with "defraud" in the law, also is considered FnF with a congressional charter.
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