Fannie Mae-No Politics (FNMA)

[kthomp19]

Whatever the purpose of the warrants serve, it can’t be something other than the conditions listed in the charter act. Last I checked enhancing the tax-payer value is not one of them.

Yes it is. See page 16 of the Federal National Mortgage Association Charter Act (emphasis added):

(B) EMERGENCY DETERMINATION REQUIRED.—In connection
with any use of this authority, the Secretary must determine that such
actions are necessary to—
(i) provide stability to the financial markets;
(ii) prevent disruptions in the availability of mortgage finance; and
(iii) protect the taxpayer.
(C) CONSIDERATIONS.—To protect the taxpayers, the Secretary of
the Treasury shall take into consideration the following in connection
with exercising the authority contained in this paragraph:
(i) The need for preferences or priorities regarding payments to the
Government.

Do exercising the warrants at this point in history satisfy those conditions?

The issuance of the warrants satisfies (g)(1)(C)(i) above. (g)(2)(A) gives Treasury the authority to exercise them:

(2) RIGHTS; SALE OF OBLIGATIONS AND SECURITIES.—
(A) EXERCISE OF RIGHTS.—The Secretary of the Treasury may, at
any time, exercise any rights received in connection with such
purchases.