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Monday, February 05, 2018 3:26:37 PM
Watt has practically bent over backwards in testimony saying "I will do nothing!" without congress deciding the future path. But that his patience is wearing thin. Mnuchin has been hinting the same.
If F&F survive the DTA debacle, and finally get to a +$3B net worth - I think that soon after Watt will increase that to $6B. This time without adding to liquidation preference. Then when they have accumulated that - he will raise it again - maybe $10B by the end of 2018. If this continues another year or two - and F&F each accumulate $30-50B in net worth... they could just quietly be released. Walk away, no harm done. Oh yeah take back the Senior Preferred liquidation preference and exercise the warrants to collect an extra $300B for Treasury on the way out.
Of course Watt will be gone next year - his successor may have other plans entirely. With Corker gone from office - maybe he will take Watts place to head FHFA? Yikes!
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