"Thus, even if the GSEs were to retain $100 billion in capital, it is unlikely that the market value of their net worth would equal that amount," the office concluded.
Indeed
The market value should be much higher or we simply have a low book value which the CBO assumes would sell at a discount due to risk to the book value
But earnings do not seem to be factored sufficiently in price per share
(although if the model suggests all profit above X is for us as owners the current senior preferred value should be at a discount - but that should disappear anyway for past money paid !!)
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