Upper management has been replaced, and Fannie Mae and Freddie Mac are under US government control.

They are calling it a conservatorship, but its nationalization.

Here is the story that everyone is missing though:

At the same time, dividends on both common and preferred shares will be eliminated in an effort to conserve about $2 billion annually. All of the firms’ lobbying and political activities will be halted immediately and charitable activities reviewed.

The GSEs dropping dividends is not surprising, to do otherwise would political suicide, but terminating their lobbying and other political activities changes the environment under which they operate, because it is their lobbying and other political activities that has allowed them to have such a favorable legislative and regulatory regime.

They are done.