Fannie Mae-No Politics (FNMA)

[dcpi212]

There is an accounting rule that the balance sheet should be added to that of the parent if the have a stake above a certain threshold.  My memory is that those making the takeover thought that the threshold was 80%.  That was why the warrants are for 79.9% and the SPS was structured as a liquidation preference. But I guess the Supremes ruled the Feds can do whatever and the Constitution can be ignored.