And I don't know why everyone here disbelieves everything he says. Before he was conservator, he said that the sweep was illegal and that its creators should be in front of a judge. He WROTE HERA. He was the perfect pick for FHFA head and he's been 1000x better than Mel Watt. He's allowing us to retain capital--albeit with $$ also going to liq pref--and he's said repeatedly that it's his obligation to free the companies. He's hired consulting firms to figure out how best to approach an IPO. He's said that shareholders won't be wiped out and that he doesn't have the authority to do it. He's working with Treasury to release the companies under a consent agreement--they've written Congress to that effect. Calabria and Mnuchin are working together, which is the closest FHFA and Treasury have cooperated outside of stealing our money for the last decade. They're offering a timeline of 1-2 years out instead of the usual timeline of, you know, NEVER.
Calabria is practically the only competent appointee by Trump, and he'd be a good pick regardless of the Pres. He's done more in 3 years than any other FHFA director to get our money back. Compared to the pace of Sweeney and the courts, he's going a million miles per hour.
Let's be real here, releasing companies with $3bn of capital backing $5tn in mortgages in your first term as FHFA director is almost ludicrous. I know everyone here wants their payout, but this is a hole that's been dug over 12 years, and it's going to take longer than 3 to get out of. And I wouldn't be biting the hand of one of maybe two people on the planet with the motivation and authority to get us out of it.
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