1. Under the Common Securitization Platform (CSP), will mortgage g-fees become a uniform security that can be traded among market participants? If so, couldn't an asset be recorded to reflect the discounted cash flows of this asset, similar to Mortgage Servicing Rights (MSRs)? Each GSE has a multi-billion intangible that they could record under this scenario.
2. Is the CSP plan moving forward?
3. Under IRS Section 382, could the Deferred Tax Asset (DTA) valuation be called into question by the execution of warrants for 79.9% of the common stock? Additionally, if a shareholder like Ackman were to increase his common stock ownership percentage beyond 10%, could this trigger an event under section 382 that would make these assets worthless?
I believe the Treasury cannot execute the warrants without devaluing the DTA. Therefore, they must be auctioned to the public markets with no single holder receiving more than 9.99% of the company.
Maybe this rule is only for non-governmental owners.
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