Fannie Mae (FNMA)

[kthomp19]

The warrants were collateral and have been fully satisfied.

I showed reasoning here as to why the warrants are not collateral. Short version: the only way the warrants are worth anything is if Treasury has gotten all of its money back anyway. If Treasury was ever in danger of not getting the money back, the warrants would be near worthless.

Treasury's own statement in that report says that the warrants provide "enhanced value to the taxpayers". Nothing at all about collateral, either express or implied.

The "warrants are collateral" argument is DEAD WRONG. At least until someone actually comes up with some real proof. Do you have any?