Fannie Mae-No Politics (FNMA)

[dryanwh]

I don't understand how you assume warrants won't be excercised? I think that is improbable at best, as none of the lawsuits are even contesting the warrants. I also think if the warrants were not likely to be exercised, we would have seen the common trade substantially higher by now. That said, there is still substantial upside to common regardless. I'm amazed the common didn't jump further Friday, but I think they'll move quite a bit by this coming Friday.