Okay, you wanted an admission that I am wrong and you are right that the $250 B is unimportant for F&F? You win. Her'e the prize you worked so hard to argue for:
The $250 B contingency is no longer a valid consideration for Mnuchin or his new FHFA Director to worry about. Hence, there is no incentive to end the SPSPA and the issue of future contingent draws under them. That scores a huge win for government if it elects to just keep the NWS and continue to loot the GSEs. And with that same $250 B threat wiped out by your insightful analysis, there is also no reason for government to return pre-conservatorship core capital which I had proposed as a proper return of capital that when taken made the GSEs less safe and less sound than they were before September 6, 2008. But wait, you accomplished even more. By removing the threat of a continuation of the contingency cost as computed in the Federal deficit and budget ceiling computations, you also ended any rationale for UST to cancel the warrants for a 4X dilution of common shares. In doing that, you also pretty much wiped out the GSEs ability to recapitalize via a digestible secondary offer that doesn't dilute the piss out of current common shareholders.
Great job. Enjoy the victory. I was trying to support a thesis that common shares still had some shot at a "win" in this decade old debacle. Thanks for all your effort to prove that common shares are likely to become worthless in opposition to my position to the contrary.
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