Saturday, July 13, 2019 3:39:01 PM
However, with regard to NWS legality if found to be an over reach and the treasury is deemed to owe the GSEs the over sweeps which are in excess of 100 billion then the whole paradigm shifts.
In this instance the GSEs would have the amount required for recap as a credit with the treasury but would still owe a balance against the bailout funds drawn. Since the UST possesses the money as collateral for the money drawn, FnF could be deemed recapitalized along with the taxpayor made whole concurrently. Then there would be no necessity for Warrants as collateral so they would be cancelled, c-ship ended, and as FnF continue to pay down the bailout balance the treasury can simply return each payment against the over sweeps balance until both contra accounts are zeroed out simultaneously.
Much kinkier legal accounting agreement stuff was done in giving birth to this mess so all I'm sayin is...
"IT COULD HAPPEN"
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