I'm surprised you feel that way. Considering this would remedy the Collins' plaintiffs (return everything over 10% NWS payments [~$125B back to GSEs] and eliminate the sweep), then converting the Sr. Preferreds to Commons so Treasury can still make a boatload of money.
Especially considering the crunched time line Calabria may be working with (pending Seila ruling). This seems like the path of least resistance since it's a damn near instant recap and it also eliminates all of the lawsuits besides Wash Fed.
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