Thanks for agreeing....for the others who have replied I offer the following.
Essentially, the GSEs would not be operating outside the US. Even when they exit conservatorship they would still be limited to the USA. Functionally, other countries who uses Mortgage Back Securities (MBS) already have their own version of FnF operating. And those countries would prevent a subsidiary of FnF (even if possible) from operating within their borders. Those countries who do not utilize MBSs, would not even have a market to enter. So, there is essentially, zero chance of FnF expanding beyond the USA.
Ultimately, it does not matter the companies cannot operate outside the US. Once released from Conservatorship they will adjust up to their historical price range plus the adjustment for inflation.
The issue is the conservatorship itself. We keep discussing capital requirements for FnF. Those do not require a conservatorship to implement. The banks are managed by capital restrictions without a conservatorship in place. FnF have proven they can continue to operate without failing. No one is questioning the board of directors' ability to operate. No one has called for the board to resign or stop making decisions. The board in place during the housing crisis is gone. I am pretty sure almost every position on the board has rotated out at least once if not twice without issue during "Conservatorship".
So, what is really stopping the two companies from being released? There is no need for a plan. The government can implement regulations without being the conservator and the businesses have proven they can operate within the regulations already passed.
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