We have been reminded that the SPS cannot be converted to commons. We would have to payoff the amount owed in cash or another way. Maybe they will sell the warrants instead of exercising them to pay off the balance. 79.9% of the GSEs for about $220-230B. That would be good news because it will likely mean the restructured GSEs will be probably be worth about 300b which is below the 400b max. If that is the case, we all should be good. Cs and Ps. One big happy family instead of Ps and Cs bashing each other.
cship states fnf can keep up to 200b each = 400b in total.
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