Fannie Mae (FNMA)

[RumplePigSkin]

Been following for a while - just took a position recently based on the apparent wind change to recap and eventually release FNMA. If the current path succeeds and recap and release is "basically" the path, is the biggest threat to the common shares the gov warrants?

From a self-serving perspective, I would think the extra $100 Billion dollars paid to Treasure above the $190B bailout would be more than enough to cancel the warrants. Sort of a "consider their debt paid to society" type of deal.

Anyone give any thoughts to that? Is that the main point since the warrants could dilute common 4 fold? Not concerned about jr preferred converstion as that is a fraction of current float and can be absorbed with solid earnings going forward.

Is there anything else that is major?