With the 10 UST at historical lows now is the time to settle the lawsuits and start the recapitalization process.
The GSE's are likely the largest public/private partnerships in the world and any infrastructure project going forward will likely have public/private partnerships going forward. If the US Govt can stiff GSE investors then any future leglislative body going forward can stiff future public/private partnership investors by enacting emergency legisltation and allowing governmental entities to brazenly violate basic contract law principles and fundamental tenents of property law and due process.
Upholding the rule of law in public finance is one of the key principles of Alexander Hamilton and I expect Secretary Mcnuchin and President Trump to follow in his footsteps because they have a sophisicated understanding of the capital markets.
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