Forensic Accounting Evidence continues to hit pay dirt in documents released to the public. The idea here would be for an accounting restatement resulting in $100B+ back to the GSEs.
If the government actually exercises those warrants, that would deeply hurt the share price.
But the mistake people are making is believing that the warrants unexercised are somehow lowering the valuation of the company.
Until the government exercises them, the warrants do nothing...and I strongly believe they would never exercise them...because that would make them a majority shareholder which makes them prone to certain fiduciary duties to all the minority shareholders that already exist.