Ahh yes, the Sr. Preferred Cramdown Plan. It's very scary and something FNMA Commons need to be mindful of, especially as the Election Clock is ticking.
If Biden wins the election, the Cramdown Plan may be the only option for the GSEs to exit Conservatorship. Unfortunately, it hurts Commons significantly (diluting them to sub-2% ownership) while allowing Jr. Preferreds to come out practically unscathed with a big pay day.
Will there not be more lawsuits if they go this route?! :-D
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