Fannie Mae (FNMA)

[contrarian bull]

CB - warrants were issued at 20,000% less than market price at the time.

I'll just leave that right here.

Yep - I'd definitely call those "in the money" warrants!

I did re-read the warrant document... It has no restrictions on when they are exercised from date of issue until 20 years later. So they do not have to wait until Jan, 2018 or until seniors are paid off or until Trump's birthday.

And of course f&f have the option of paying the cash value of those warrants (basically the current stock price minus the fraction of a cent per share strike price) or issuing new common shares for them.

But the exercise date is determined by Treasury, not f&f.

And they can also sell them to a third party in part or in full at any time during those 20 years.