1. The warrants and Senior Preferred Shares are all part of the same thing: the SPSP Agreement dated September 7, 2008.
2. The GOV absolutely did pay for the Senior Preferred shares they own.
3. The Senior Preferred shares do not require SEC registration because they are not listed for trading on a public exchange.
4. The GOV [paid $187.5 B in Treasury draws, initially, and more since with the DTA and buffer relief afforded the GSEs in Amendment 4.
5. Payment for warrants conversion to common shares only is required at the time of exercise. This must occur by mid-2028 under the terms of the SPSPA.
6. The warrants have no relation to bankruptcy provision and likely would be worthless in any such case.
7. The SPSPA is a legal contract that stands on its own. The arrangements with other bailed out firms are not precedential or binding in how GOV treats the GSEs.
8. The FHFA is empowered under HERA to sell property as deemed beneficial to the Agency and public under HERA. But if the warrants are converted and the shares become the property of the Treasury Department, they are free to sell as they deem appropriate, precisely as they did in the Maiden Lane series of transactions.
Please consider these facts a respectful rebuttal of your statements to the contrary.
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