Fannie Mae (FNMA)

[FFFacts]

Warrants cannot be exercised. A warrant is the right to “Purchase” a share at a set price with-in a set period of time. Treasury was authorized to “Purchase” shares and securities for a couple years at the beginning of the great recession. That authorization has expired. Exercising a warrant is a “Purchase” regardless if it is .0001c or $1,00.

You are confused with what purchase means. The purchase of the warrants is separate from the exercising of a warrant. They are two entirely different things. The terms of the warrants are in the term sheet and the expiration of the warrants is in 2028.

Treasury cannot purchase stocks in private companies without the approval of congress.

Treasury has previously invested in private companies.

https://www.treasury.gov/connect/blog/Pages/Just-the-Facts-Government-Investments-in-Private-Companies-the-Tax-Code-and-Taxpayers-Interests.aspx

Regardless of this scotus is looking for a way to provide shareholders with some relief but not to upend things. If they can find a way to do that they will that's why it is taking so long.