Fannie Mae-No Politics (FNMA)

[LuLeVan]

No president, neither Biden nor Trump, would run the risk of a failed FnF IPO (SPO) for just $25 billion more (that's what an SPS conversion adds to the government's gain from R/R as compared to the "warrant exercise only" scenario).

The supposed "$25 billion extra" for the government could thus be lost in other ways. And in the worst case, there may not be enough subscribers for the new shares offered, which could cause the IPO to fail.