The key structuring component is the CSS subsidiary that jointly owned by FNMA and FMCC. The idea is that a new affordable housing jointly owned sub would be set up and the UST stake would be deposited in that corporate entity and the UST equity stake would be sold off over time. Calhoun should be the CEO for this entity - it if probably better that he is CEO of this entity - BBB Affordable Housing Solutions - than the FHFA itself.
This will be a very difficult task and the JB Admin will want to make sure it can not be unwound by DJT II. This is why I dont think the 10 cent Cram Down will work because it will be too complex to get done in an way that can not be changed by DJT II with the restrictions and requirements of Administrative Law.
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