Fannie Mae (FNMA)

[contrarian bull]

Where did you find your information? (treasury warrants...)

Well I started looking at AIG warrants which led me to documents such as https://www.treasury.gov/initiatives/financial-stability/briefing-room/reports/Documents/TARP%20Warrant%20Disposition%20Report%20v4.pdf

But the info is scattered over the treasury web site. Many were associated with TARP. Interesting find was that the law that set up TARP required Treasury to get warrants when they bailed someone out.

Best way to find info was to do a google search on "Treasury Warrant Auctions"

A search on just "treasury warrants" gives hundreds of links to see if you have a warrant for your arrest LOL

In a few cases Treasury owned actual common shares. Not sure about that 6 month hold requirement.

Yeah - I wonder how they paid for them too. In most cases I think that by the time the warrants were disposed of they had enough resources to buy them. Maybe issuing common, or preferred... didn't dig into that yet. And as I said most were out of the money and sold before things were great so went very cheap. If they sold the F&F warrants today without any release or end of the NWS F&F could probably use one quarter's profits to buy them. (if it wasn't swept)

Well - if F&F raised equity to buy the warrants, (preferred, common shares) then cancelled the warrants they bought - those two actions would kind of cancel each other out. If you borrow to buy an asset - that has no net effect on the value of the company. But if they buy shares (warrants) then cancel them - it gives that value to all shareholders by anti-dilution.

But the F&F warrants will ultimately be orders of magnitude more valuable... That will be an interesting unwind for sure.