Fannie Mae-No Politics (FNMA)

[contrarian bull]

I think the increase in reserves will come from an additional bunch of shares issued on top of the warrants, so any increase in value is canceled by dilution
The government will be trying to squeeze every penny they can out of F and F, so expect every single warrant to be executed and they will make them pay back every penny of the liquidation preference. 
Financial stocks rarely get a PE over 10 so the stock price won't be all that high.
I've been in F and F since 2005, so maybe my ideas are old fashioned...