"You can't recap and still have those warrants in place"
This isnt true.
The only thing we'd need to recap is to eliminate the NWS. We would recap then with or without the warrants.
I might also add that we still dont know what the details of thier plan are for the GSEs. We only know it involves deregulation and restructuring. Recap has not come up yet as a course of action. Hopefully that will change.
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