Fannie Mae-No Politics (FNMA)

[Wise Man]

The WARRANT can't get exercised. It was issued under a Temporary Authorization Of Treasury To Purchase Obligations And Securities, set forth in HERA, that must comply with:
EMERGENCY DETERMINATION REQUIRED, to:
.......(iii) protect the taxpayer.
Once the only exposure of the Treasury to FnF, the purchases of SPS, is terminated, the warrant must be cancelled, either the UST wants it or it doesn't, because the warrant no longer complies with the role it was authorized for.
The SPS were redeemed in 2013 and 2014, under HERA's exceptions to the restriction on Capital Distributions, by the way. So, the warrant should have been cancelled back then.