Fannie Mae-No Politics (FNMA)

[Mnemonic]

See AIG. Since it was part of the original bailout, there would have to be evidence of accounting fraud and a 1000% certainty that the companies did not need government intervention during the housing crisis. While it's probably true, I'm not sure it can be PROVEN. An overly pessimistic view of future profitability and some awkward accounting is not sufficient enough to force the government to forfeit billions of dollars. The NWS is another matter entirely.

The good news is, with a favorable recap strategy, the SP can still easily be 5x higher than current levels, even with the warrants.