This is not a bankruptcy, never has been. It is a takings and fraud on governments part to save the banks. Restructuring is bullshyt. Everyone knows government was paid for phony rescue, phony set of fraudulently created accounting books on the GSE's. This is why treasury is stuck. 3 previous administrations contributed to a deepening fraud and extortion, so they are trying to wiggle out of what they did now. They are painted into a corner as one poster put it.
This was not any average conservatorship since government has managed to weave tons of money from the GSE's into their general fund to pay for things that are illegal based on the conservatorship F'd up bylaws and amendments. What we do know is FHFA can usurp to fund itself and FandF, but the government, via treasury, has been using GSE funds for many other things. Why do you think they hi-jacked the G-fee to put in the infrastructure plan?
This is a long ways from a bankruptcy and never was. They can't BK FandF, markets would crash, countries would be hot after our government, a cluster fuk of huge proportions would ensue.
So logically, if not a BK, then not your run of the mill restructure. Especially if this first takings is proven.
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