Fannie Mae-No Politics (FNMA)

[Wise Man]

You didn't understand the S.E.C. rule with respect to the Warrant.
That's why you assert that:

don't count those shares towards ownership %

when the S.E.C. rule says the opposite.
Rule 13d-3(d)(1)(i):

A person shall be deemed to be the beneficial owner of a securiy, if it has the right to acquire it within 60 days through the exercise of a Warrant.

Therefore, those shares do count towards ownership %.

You are right that the holder of a warrant doesn't have Voting Right and doesn't get a dividend.

Holding a 79.9% stake stands within the 80% max threshold to don't consolidate FnF's Balance Sheet in the Federal Balance Sheet.

The Warrant prompts a Takings claim and a Direct claim by the current shareholders.