“Did you see Kthomp's reply regarding whether or not the authority of the Conservator to "preserve and conserve" applies only to assets rather than equity?”
Yes. And I think Kthomp is correct.
“Is there a challenge regarding the equity v assets angle?”
I doubt it.
The verbiage in 12 USC 4617 (b)(2)(B) authorizes the FHFA as conservator to “preserve and conserve the assets and property of the regulated entity”.
I doubt that shareholder equity can be considered an asset (accounting 101).
The statutory meaning and purpose of “property” is less obvious to me; but perhaps it means subsidiaries? In any case, I cannot think of a path for equity to be within either statutory term. My two cents.
News 
Market Data 
Discover 
