Ginnie is 100% owned by the government. So, capitalization for Ginnie doesn't matter unless the government intends to take it public. I'd rather not get into that discussion.
We've heard various capital requirements for Fannie and Freddie. I'll ignore idiots like Pinto. Among credible experts, the highest I've read is $180 billion combined for FnF. The two posted $24 billion in net profit after taxes last year. Using a pe ratio of 15 they are worth $360 billion just on earnings and ignoring assets. Currently, FnF have $6 billion in capital, plus $4 billion earmarked for the Treasury Swindle. Craig Phillips from Treasury publicly stated they have crossed the 10% moment. Actual overpayment past the moment is $20 billion. So, worst case scenario, they would have to raise $150 billion. Remember, Calabria repeatedly used the term mileposts. He isn't going to insist they be fully capitalized at once. But for this exercise, I'll act as if it is all at once. They could sell 1.5 billion shares at $100 each. This would raise the $150 billion. FnF would have 3.3 billion shares outstanding. $360 billion divided by 3.3 billion gives the new shareholders a fair value of $109 on a purchase of $100.
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