As I see it - the best for all is for F and F to agree to buy them for a huge discount and extinguish them
Gov may kill them
Gov may use them with no proceeds to F and F
The final action - exercise - SPO - and collect profit - would then be fought in court and we would know from the eventual verdict in 2025 or so if legal or illegal
If the government believed it was legal, the warrants would have been exercised in 2012 when they were told how profitable Fannie Mae was going to be. Instead, they came out with the big lie that they couldn’t pay the dividend and enacted the Net Worth Swindle.