The analogy with FDIC and FHFA is not any stretch, at all, and involves the very same risks that Trump and Mnuchin are already deeply involved in with bank failures and the Volker Rule conversation.
It is not implausible that UST might walk away from the NWS, SPSPA, warrants and choose to RUN AWAY from GSE conservatorship... even to the point of returning some earlier swept net worth, simply to avoid the deficit exploding. There, now, is a huge incentive to get Fannie Mae and Freddie Mac recapped and off the Fed's hands ASAP.
I am actually quite surprised that the S/P did not rise significantly with the recent court ruling. The big money players may not have been tracking this case and its relevance, I guess. Or maybe I am looking too hard for any good news.
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