Fannie Mae-No Politics (FNMA)

[Here I am]

The theme is quite simple. Did the BOD amend the bylaws with regard to an important issue, without two-thirds shareholder approval, one day before the Conservatorship started? Yes or not. Because the only answer is yes, then, it's a felony.
The Control Share Aquisitions statute in the Bylaws per Virginia Code, is an important anti-takeover measure that would have prohibited the issuance of the warrant, no matter that during conservatorship, the control of Freddie Mac is held by the conservator. In regulation, the shares of a warrant are deemed as having been purchased already.
A Board of Directors is not empowered to trample the shareholders' rights in the bylaws of a company. That's not an action neither proper nor admirable.

their actions which seem to be fully proper and, maybe, even admirable dedication to their shareholders.

Thank goodness the case was denounced in the S.E.C. in time.