Fannie Mae-No Politics (FNMA)

[DaJester]

This is why I think write-off is at the very least possible. Assuming your math on conversion followed by delusion <sp> nets the govt ~$100B vs ~$80B for warrants alone... You are acknowledging that the difference between write-off and SPS conversion is just an extra $20B in the Treasury's pocket?

That's some serious effort and bad political optics for not a lot of additional gain for Treasury, IMO. If they use "waiving" the SPS as a bargaining chip they can likely get shareholder to agree to warrant exercise and let the commons climb to $20 and JPS to par.