Fannie Mae-No Politics (FNMA)

[Patswil]

The govt can't be a shareholder---

if the government exercises the warrants - and thus becomes a major shareholder - it would implicitly side with the shareholders, because the many shares the government receives through the warrant exercise will only become worth the expected $50 to $100 billion through recap/release. Therefore, the government could voluntarily cancel the SPS after (or when) the warrants are exercised.