Fannie Mae-No Politics (FNMA)

[kthomp19]

Note the words "the statute" at the beginning. That doesn't refer to HERA, which is the governing statute for FHFA (and by extension the conservatorships and the SPSPAs). So this text does not pertain to FnF.

In fact, none of it really does because FnF didn't get assistance under TARP, and Treasury is under no obligation to treat FnF similarly to any TARP recipient.

Example from page 11:

The strike price of the warrants is determined in the same way as the number of shares subject to warrant, that is, the price is set at the 20-trading day trailing average price of the common shares on the date Treasury’s investment is made.

Treasury's FnF warrants clearly don't follow this formula, providing another reason why the document you linked to does not apply to FnF.