Maybe Crypto will comment further, but I do not read his content as remotely supportive of the "Secret Squirrel Plan" or any obligation to repay the obligations under the SPS agreement.
What I find reassuring, and a point I had not previously considered, is that Treasury has no legal standing to sell or transfer rights on another governmental Agency that are bestowed by HERA on a receiver but are not afforded a conservator. This means that UST has no seeming right to proceed with any LLRE actions as has been previously and then, again, recently proposed including the "Inside Mortgage Finance" "hit"piece that just broke 2 days ago.
This bar to transfer of rights to UST could also affect the legitimacy of the warrants.
Despite many claims to the contrary, I still believe the Collins en banc ruling may hold the key to unwinding the entire SPSPA and freeing the GSEs at long last. Not simply ending the Net Worth Sweep, although that has huge merit in its own right.
The "Secret Squirrel Plan" presumptions and presumptions are appealing but half-baked, ungrounded in law and childish distractions from legitimate routes to Release & Recap, IMO.
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