In case you missed it, in conservatorship fhfa has no intelligible guiding principle and can do whatever it wants basically and so it stole from fannie and freddie from 2012-2019 during their golden era of profitability where the accounting fraud was reversed
Conservatorship is like a ch 11 bankruptcy
Receivership is like a chapter 7
Commons do not have dilution protection. The governments equity position is like a tsunami and common shareholders are like a sand castle on the beach.
The sand castle is at risk. No dilution protection. The government has all the cards and power here.
This is all my opinion and interpretation. Good luck
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