Fannie Mae-No Politics (FNMA)

[Wise Man]

The purchase of securities by the UST, like the Warrant, had to comply with any of the 3 prerequisites under a temporary authority that expired in December 2009 inserted by HERA into their Charters.
This is why we consider the Warrant as collateral of the investment in SPS, regardless that it wasn't a purchase if the UST got it for free. We consider it purchased at no cost (another example of gifted security: its value was debited from the shareholders' pockets: Additional Paid-In Capital account -Core Capital-, another breach of the FHFA-C's Rehab power. Although, at the same time, surprisingly it was credited to APIC too, one of the 9 Securities Law violations)

Anyway, even as collateral, it's barred in the Charter's Fee Limitation clause:

PROHIBITION OF UNITED STATES.... No fee or charge, collected or assessed, with regard to the assets or securities of FnF.....except the rate in the original cheap UST backup of FnF.

An illegal-legal collateral.