Fannie Mae (FNMA)

[kthomp19]

If the FHFA is unconstitutional, the warrants are well on the way to becoming illegal.

Perhaps you're right about this. But it's irrelevant. The Collins plaintiffs are only attacking the NWS, and only via the leadership structure of FHFA. They aren't trying to get the entire agency declared unconstitutional, just its decisions under an acting director who was (allegedly) unconstitutionally appointed.

Nothing in that case has anything to do with the warrants, and if the Collins plaintiffs win the warrants will still be in place.

Notwithstanding the fact that if the warrants are cancelled, Treasury's incentives stop being aligned with current equity holders.