Tuesday, February 27, 2018 7:21:02 PM
https://www.imn.org/structured-finance/conference/SFIG-Vegas-2018/Agenda.html
Lee Grosse
SFIG panel discussion points on GSEs:
1) legislative reform highly unlikely vis a vis Corker 2.0. Administrative reform in 2019 more likely with Watts successor and Mnuchin.
2) moelis, who advises non litigating preferred holders, contends franchise value of govt warrants worth $100b acts as incentive to realize value.
3) Pimco position reform under conservatorship has worked and advocates to remain in conservatorship.
4) general view is that the GSEs are working more effectively than ever. utility returns model is preferred. Large barriers to entry prevent multi guarantor approach plus CSP only built for current GSEs. Private capital first loss untenable. A bit of talk of Ginnie Mae stepping up.
5) Landon parsons from Moelis is a beast and suggests GSEs can be adequately recapitalized by way of couple primary offerings and retained earnings. Risk correlation among multi guarantors suggests that model would not reduce sifi status of GSEs.
6) reform may occur through amendments to preferred SPA.
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