Fannie Mae-No Politics (FNMA)

[Red Captain]

I think you are confusing the warrants for the senior preffered shares.

While NWS has covered the entirety of the amount for the sps plus a return above, the warrants are claims on common stock.

I believe that these warrants provide a direct financial incentive for the treasury to reform FnF in such a way that it benefits common shareholders (to the tune of some 15-20$ per share, a fantastic return whatever price from 0.3 to 6$ you purchased at).