Fannie Mae-No Politics (FNMA)

[Wise Man]

It's funny that you talk about the WARRANT's fair value, because it's a security that was issued for free. Thus, its value was debited from the shareholders accounts. Additional Paid-In Capital account. Our pockets.
$2,304 million in the case of Freddie Mac
$3,518 million in Fannie Mae.
Now, you want FnF to buy back that security that the UST got for free.
The Warrant prospectus doesn't talk about the fair value of the warrant, but the fair value of the common stocks, in order to calculate the number of common stocks purchasable upon exercising the Warrant. It says that the fair value of a common stock is their Market Value, calculated with an average price of the prior 20 days. Of course! The Fair Value and Market Value are different concepts and you can't say that the fair value is calculated with the average market value. This is only for purposes of exercising the Warrant.
The Fair Value of the common stocks, in truth, with looming 6 charges of securities fraud and multiple breaches of the statutory provisions (the secret plan), is calculated with an Adjusted EPS. So many efforts to commit dozens of illegalities, and later a guy with a laptop calculates an ADJUSTED EPS, adjusted for all the illegalities. ROFL.

The Warrant is a security issued as compensation to UST. Then, it's barred in the Charter's Fee Limitation clause.
Because the illegality is ongoing, we look further in the law and see an Authorization of UST to Purchase Securities.....(iii) to protect the taxpayer. Then, it's been determined that it's an illegal security to protect the taxpayer. That is, a collateral of the only UST's investment in FnF, the SPS.
The SPS were repaid under the exception B to the Restriction on Capital Distributions, in 2013 and 2014, in the case of FMCC and FNMA, respectively.
Information that we use now to determine what's the cumulative dividend on the SPS that the UST is entitled to. A 79% common stock ILLEGAL collateral, is a hell of a lot of collateral. All the collaterals are meant to reduce the borrowing rate. Then, the dividend rate is established at 0%, down from the "rate similar to Treasuries as of the prior month of the purchase" in redeemable obligations (SPS) established in the original UST backup seen in the Charter.

Pagliara directed you to write about the Warrant and cover up the statutory provisions.
The internet link of the Warrant prospectus in the UST website http://treasury.gov/press-center/press-releases/Documents/warrantfrec.pdf , no longer works. So, even the UST has scrapped any trace of its existence, before the Fanniegate trials commence. This is how confident the UST is, about the legality of the Warrant.
As a reminder, the clause 2.1 of the prospectus, authorized to assign the exercisable shares of the warrant, to any Person: Blackstone, Morgan Stanley, Blackrock, etc.
THE ASSAULT ATTEMPT ON THE OWNERSHIP BY WALL STREET.