FOFreddie - I want to use your comment to address something that the Rule of Law Guy put forth in his newsletter. Although I can't agree with everything he says, most of his comments are excellent (in that they are based on detailed knowledge of both the history of the conservatorship and what it will take to get them out - he sometimes has some great insights that I have not seen posted here or elsewhere). Alas, the ability to comment is behind his paywall and that puts me in a catch-22. Until the GSEs are released or some other resolution, I am too poor to pay and when it is resolved I won't need to subscribe anymore.
If I recall what he said correctly, it was that the ERCF could be addressed immediately (under HERA) and without further input from the public and the mortgage industry. Now this may be legally correct, however, this is no way on God's green earth that the FHFA would proceed in this fashion nor would the mortgage industry let them. As I have said before, they need to publish the draft rule NOW and allow for a short comment period and then don't sit on it. A six month turnaround is reasonable and achievable.
You MUST resolve the twin issues of the Seniors and the ECRF before any uplisting and IPO. Otherwise, how the hell would potential shareholders know what they are buying? We, as individual investors may be willing to take the risk, but it would been seen as irresponsible for large institutional investors such as retirement funds to do so. Why restrict the universe of buyers? (Hey - the TSP has almost $1T in it - and we all know a great place to put some of it!). I think, as a practical matter, we are looking at Q3 anyway. And before anybody screams they want the uplisting and IPO (or whatever you call it) tomorrow - we all know this is coming before the midterms - don't we all want the potential to buy more before this happens?
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