Over the past 4 hours, i have read a bit about the SWF, what it means to Fannie, What Ackman feels about it (via his tweet etc) and a lot of trivial questions to the AI's of the world (Chat gpt, Deepseek, Grok and Gemini put to major test)
My interpretation of it , to put it in simple words
1) we will not have a world where both warrants and SPS are gone.. Then it makes no sense to the swf.. governemnt doenst make any money out of it if its done like above
2) Ackman has very valid arguements on sPSA and why it should be marked as paid, from a SWF perspective with valid logical reasoning
3) Warrants, it looks like will be exercised and put into the SWF.. Whether the shares of the GSEs are put into the SWF or whether the shares are sold via a SPO and the new money put into SWF for other investements is not clear yet and we will know more in the details
4) if the warrants are converted into shares and placed into the SWF (with sp marked as paid), The logical valuation of Fannie will be around 90 Dollars
5) If the warrants are converted and sold into the SPO market and the money placed into SWF, the IPO price may be around 50$ (again assuming SP as paid ).
So looks very interesting and we will know more on May 3rd or May 5th.. My preference is to go with 4) on the above.
I dont think we are going to get a world of both warrants and SP gone (even though it is good for us, it doesnt benefit the SWF in any way if its done like that)
Just thought of sharing my understanding..
We may lose Amelia on May 5th if 4 or 5 happens....
I think Pulte is quiet about this and will continue to be the same Until May 4th.. I dont expect him to speak about anything until the SWF plan is laid out
Bullish
AI
Market Data 
Markets 
