"The GSEs are clearly distressed without a shred of doubt"
What do the stress tests say? Not just the current ones, but over the past 16 years? In the worst of the worst adverse scenarios? The GSEs are in no danger of operating as an ongoing concern.
Except....
The GSEs now, just like in 2008 are artificially distressed through accounting tricks and backdoor agreements that are not in the GSEs best interests. The NWS that puts $1 in LP for every $1 of profit is the only reason they are distressed. When (if) the NWS to LP is revised, the depressed state of the GSEs will be lifted.
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