Fannie Mae-No Politics (FNMA)

[DaJester]

Exactly right. It's why the govrats have avoided owning Common to date. They don't want it on the books. They have gone to great lengths to preserve the illusion of privately owned companies. Converting the seniors and exercising warrants changes the accounting and makes the GSEs official property of the US govt until such time they can offload all those shares. And it's an ENORMOUS amount to offload, which will take time.

Those who think the SPS conversion is coming and Treasury will own 99.9% of the GSEs - why? Other than it fits the Preferred fantasy....

If the govt wanted it on their books, they could exercise the warrants tomorrow.