Monday, April 27, 2020 11:59:25 AM
Maybe, but I don't see how it's relevant.
Nothing. No assurance that this administration gives can bind future administrations. That's the whole point: anyone investing in the FnF re-IPO is taking a significant risk due to the great power HERA gives to FHFA over the companies. That will push these investors to insist on a margin of safety, i.e. a lower offering price.
1) What I think is irrelevant, but Calabria's views are relevant and according to that paper he seems to agree with this.
2) FnF went insolvent in 2008. I don't see what that has to do with getting them out of conservatorship.
3) Calabria thinks FnF shareholders should have been wiped out in 2008. That is what he would have considered the "fair treatment of shareholders" at that point. His use of that idea in his paper has nothing to do with how current FnF shareholders will be treated upon exit from conservatorship.
No. FHFA doesn't care what the common share price is. Instead it is the re-IPO investors that want the lowest per-share price at the offering. Since FHFA has no fiduciary duty to shareholders, it has no reason to try and prop up the share price.
None of this has to do with interpretations of HERA.
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