Fannie Mae-No Politics (FNMA)

[GAK-]

Quote: "I’m assuming Metzner’s supposition is that the warrants will be auctioned off/sold at fair market value to raise capital for the GSEs."

In order for the proceeds of such a sale to go to recapping the GSEs instead to the Treasury, wouldn't Treasury have to sell the warrants back to the GSEs for a nominal price? Then the GSEs could turn around and sell those warrants, correct?