Fannie Mae-No Politics (FNMA)

[big-yank]

The warrants are valid through September 7, 2028 and are clearly stated and recognized in FNMA's 10-K report. The legality of the warrants has been challenged in court and has never received a favorable ruling. The warrants will only become invalid if some subsequent court ruling so states this, or if the government simply retires them by voiding the initial contract signed by Fannie Mae's board of directors.

Facts are just that. FACTS. Fear of dilution via the warrants has long been cited as the rationale for Fairholme's clear preference for preferred shares over common shares.