Fannie Mae-No Politics (FNMA)

[big-yank]

The S/P had degraded from around $60 throughout late 2007 and 2008 and was $18/sh in July and $7/sh at the point of conservatorship. Fannie Mae recorded the value of the warrants for 79.9% of common equity @ $4.5 B in September, 2008. That would be on like 4.4 B common shares after warrant exercise. All up, that accounts for around a $1/share equivalent, diluted share price. If the warrants are taken out of the equation, the non-diluted share value would be around $5/share, not $12.