Fannie Mae-No Politics (FNMA)

[jeddiemack]

If they can't legally own them, then they can't exercise them. They'd have to own them 6 months as you note, then even flipping them is a no brainer (ie not possible) and per the pspa only treasury can exercise them also, as a 10% effective owner or more they'd have disclosure requirements.

Thus, effectively, the have no value meaning they are worthless and aren't viable commodity.