So you are the GOP and you have this situation with the GSES.
You already have the Dems and Mainstream Media screaming about the Tax Bill and how it benefits only the wealthy and blaming the GOP...
If they GSES run out of capital and draw on treasury the Dems and Media would capitalize on that and as mentioned scream Bailout! Bailout!....
At the same time assuming you pass the tax bill and the corporate tax rate is reduced in 2019...
So you're the GOP what do you do?
You can't let them run out of capital and draw because that would be basically political suicidal...
1.) You can let them retain capital as a start towards what could be a moelis like plan or let them build up capital to a point which they have enough to exit conservatorship...
Or
2.) You can hand over all the discovery documents to the plantiffs in the court cases and pretend to be fighting the cases but in the end settle, void the warrants and write a check. This would be like a bailout except that the Dems and Mainstream media would not be able to say it was a bailout or blank check because it was a settlement in a court case.
The problem with the first option and moelis or retaining capital is both reqiure multiple years. With those options you have to cling to the hope that by the end of 2018, Gses would have enough retained earnings to pay the DTA's which would come due. I don't know the timeline of Moelis but I doubt they would be able to do the whole thing or raise equity that fast but then again, I don't know. Same issue applies to retained earnings. You have the DTA's.
Option 2 and settling with the plantiffs would be the least politically resistant and there would be less risk of a draw etc.
News 
Market Data 
Discover 
