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Thursday, December 07, 2017 10:27:23 AM
Mnuchin told them to come up with something to retain the GSEs (since no administration would want to disrupt the housing market before mid-terms).
Mnuchin would prefer it to come out of Congress and Corker-Warner is bipartisan. Need to retire preferred to get rid of lawsuits and to improve capital structure. Need to crush common shareholders to raise capital. Need to exercise warrants so Uncle Sam gets his money.
Everyone wins except shorts. Common shareholders win the least but many still make out ok if they bought post-conservatorship.
You can also bet that Corker-Warner loaded up on Fannie/Freddie preferred shares to profit off this (one last windfall for Corker).
DeMarco plan won't happen. Hensarling supports and he's not running for re-election. It's a dead end politically. Hensarling is positioning for his next job.
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