The conservator has since delegated specified authorities to our Board of Directors and has delegated to management the authority to conduct our day-to-day operations.
As conservator, FHFA succeeded to all rights, titles, powers and privileges of the company, and of any shareholder, officer or director of the company with respect to the company and its assets. We have been under conservatorship, with the Federal Housing Finance Agency (“FHFA”) acting as conservator, since September 6, 2008.
