Fannie Mae (FNMA)

[jog49]

Of course the warrants were collateral. As part of the government's effort to destroy the GSEs FOR the TBTF banks/lenders, it even tried to characterize this collateral (warrants) as something other than what they have always been in their business dealings but if they look like collateral, walk like collateral, talk like collateral.......well you know how it goes.