Someone posted that during the Urban Institute's roundtable with former GSE CEOs that there was a comment that new equity issuance would not be credited toward cap requirements. I cannot understand how or why that would be true. Reality is that FNMA will need at least $50b of new capital if exit is within this year and the cap requitement isn't lowered from the current 4% level. My current most likely scenario is a 2026 exit with sps cancelled, warrants exercised, jps converted and around $35b in new capital (somewhat lowered cap requirement).
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