Please read the section beginning on page F-52 in Fannie Mae's 2015 From 10-K filing with the SEC. This is the audited Annual Report. It explains the warrants in detail. The warrants were an initial commitment fee as part of the SPSPA. Your assumptions are clearly mistaken on this contracted agreement.
I don't disagree on Amendment 3. It was an overreach. But it has no disqualifying effect on the initial conservatorship or the warrants.
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