Fannie Mae-No Politics (FNMA)

[kthomp19]

So if warrants give govt ownership.
Then mnunchin referred to warrants.

Ownership can come from a senior-to-common conversion too. From page 8 of the filing:

Indeed, for any common shares held by Treasury to have significant value (whether from exercising Treasury’s warrants, converting the senior preferred stock to common, or both)

The filing mentioning the warrants does not at all mean that the warrants are the only way for Treasury to get common shares.

And if selling warrants ( ownership) to recoup investment.
Then calabria was referring to profiting off warrant exercise and sale of common.

Calabria said selling shares but didn't specify that they would come from the warrants.

You get common ownership from warrants.
Mnunchin referring to govt ownership.
You recoup taxpayer investment from selling common stock that you gained from warrant exercise.

Alternate version:

You get common ownership from a senior-to-common conversion.
Mnuchin referring to govt ownership.
You recoup taxpayer investment from selling common stock that you gained from senior-to-common conversion.

See, it's just as valid either way.