Fannie Mae-No Politics (FNMA)

[bradford86]

What is interesting to me is that the cbo report uses the spspa face value and not the spspa liq pref in its restructuring analysis for getting paid back. It then goes to show that as the companies retain more earnings and as their equity is worth more— there are restructure recap and release scenarios where the warrants have value after the spspa is paid off at face