Fannie Mae-No Politics (FNMA)

[HappyAlways]

This may be over optimistic. From K10 2012, part of the Conservatorship terms is the US Treasury may exercise warrants to dilute the common shares to 20% (seems to be 4 for 1, if I interpret correctly). Commons will be at $10~$20 at best.

In September 2008, we issued to Treasury a warrant to purchase, for one one-thousandth of a cent ($0.00001) per share, shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis at the time the warrant is exercised. The warrant may be exercised in whole or in part at any time until September 7, 2028. As of April 2, 2013, Treasury has not exercised the warrant. The information above assumes Treasury beneficially owns no other shares of our common stock.