Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks for explanation Nats - one thing to consider is that the UST would benefit if it waits until F2 approaches the $ 1 Trillion valuation because it will get more proceeds and will protect itself from any dilution necessary to restructure the Balance Sheets or meet ERCF CET1 requirements:

Here is the Warrant Agreement - the important provision is "Fully Diluted Shares" because the UST is entitled to 79.9% of the Fully Diluted Shares at the time of Exercise.

https://www.fhfa.gov/sites/default/files/2023-03/fannie-mae-warrant.pdf

Of ourse, this can be amended and may have had some minor amendments to date