FnF's core capital is around negative $170B right now, and you think they don't need to raise capital?!
In addition, Calabria is the one who sets the capital standards. If he says FnF have to raise capital then they have to raise capital, regardless of what you think. Given Calabria's words about FnF needing to raise capital, it is clear that he disagrees with you.
As I have said many times this drama needs to play itself out in the Courts where a huge award against the GOVT is awaiting.
That's going to take a very long time. The most proximate trial date is Lamberth in early 2021 (I forget which month), and any trial in front of Sweeney is at least as far away. Then you have to add in time to actually conduct the trial, appeals upon appeals, etc. It will be years before Treasury is ever forced to pay any money to FnF if it ever happens at all. By that point Mnuchin and Calabria will likely be gone (their terms expired), meaning that the recap and release train they are driving could go off the rails anyway.
Once again the GSEs should be buying back shares now !
They can't, at least not without permission from both FHFA and Treasury. See section 5.1 on page 8 of the SPSPA (emphasis added):
5.1. Restricted Payments. Seller shall not, and shall not permit any of its subsidiaries to, in each case without the prior writtenconsent of Purchaser, declare or pay any dividend (preferred or otherwise) or make any other distribution (by reduction of capital orotherwise), whether in cash, property, securities or a combination thereof, with respect to any of Seller’s Equity Interests (other thanwith respect to the Senior Preferred Stock or the Warrant) or directly or indirectly redeem, purchase, retire or otherwise acquire forvalue any of Seller’s Equity Interests (other than the Senior Preferred Stock or the Warrant), or set aside any amount for any suchpurpose.