Sunday, December 10, 2017 12:41:52 AM
https://www.google.com/amp/s/www.cnbc.com/amp/2017/06/27/republican-democrat-fannie-mae-freddie-mac.html
And the fact that Mnuchin has obviously been kept in the loop by Warner and Corker (probably helping with framwork) and these guys want to enact reform that can pass and get reasonable buy in from lobbysts and general public. Mnuchin and by default Trump do not want to act unilaterally as any blame or faults would lay at their doorstep.
So since the latest Bloomberg article confirming Warner/Corker II that has been in the works for many months, and has had input from Mnuchin, Treasury & Warner/Corker may be getting to a point where they may be benchmarking FnF to breakup the companies like the utilities were in the 20th century.
This way no one, or two in this case, company monopolizes the secondary mortgage market. Shares from FnF are replaced with a benchmarked conversion of many shares in many different/smaller FnF companies that attract significant private capital as the first layer of risk. Treasury can essentially convert the warrants and spread them over all the companies. Ginnie Mae then backs the FnF small companies and the “bad day” fund begins to be capitalized via mortgage fees.
Even Hensling could say he helped end Fannie and Freddie, although really they would’ve been broken up into smaller companies to diversify the risk better.
Lastly, there would be essentially three layers of protection for taxpayers - FnF brokenup companies, Ginnie Mae, and the “rainy day” fund. And shareholders rights would be honored by converting equity in FnF into smaler FnF companies for diversification and competition.
All IMO
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