Wednesday, January 25, 2023 3:38:09 PM
It's called conservatorship. I'm sure you have heard of it.
The FHFA Director. Currently that's Sandra Thompson.
This is an administrative bankruptcy, not one in a bankruptcy court, so there are no lawyers.
The creditors are FnF's bondholders, Treasury, junior preferred shareholders, and common shareholders. FnF have enough positive net worth that all bondholders are money good and won't be part of the restructuring.
That sounds exactly like conservatorship, with the FHFA Director acting as the bankruptcy judge. Just as Calabria said. HERA gives FHFA as conservator exactly the powers described in your quote (and a whole lot more besides).
Once again, you don't seem to have actually read Calabria's quote. I'll repeat it with emphasis:
Conservatorship not being an actual Chapter 11 in a court does not at all mean that it can't be handled as one. That's what Calabria was saying. You're getting wrapped up in semantics.
Bottom line: conservatorship functions just like a bankruptcy. That includes the restructuring needed to exit.
Calabria said "conservatorship is essentially an administrative bankruptcy." That means there are huge similarities, not differences.
You're confusing predictions and projections and opinions with facts. Calabria's words are facts, supported by HERA and the very bankruptcy code that you yourself quoted.
FnF have been in de facto bankruptcy for over 14 years. It's not the entry we need to be worried about, it's the exit.
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