but I suspect he was throwing some crumbs to treasury.
Crumbs?! His paper has Treasury:
1) cancelling the seniors 2) paying FnF $29.6B in cash 3) cancelling the warrants
all for no return consideration and when his case has been dismissed (pending appeal to the Supreme Court). Quite a list of demands from someone with no leg to stand on in a negotiation. All of those amount to Treasury writing a giant check to existing common shareholders when there is no reason whatsoever for them to do so.
There's a reason he called the list what the government "should" do: what they "will" do is an entirely different thing.
Also note that if you change $175/150 (for Fannie/Freddie) per share to something like $7/5 (while adjusting the share counts accordingly), the plan works just as well. Better, in fact, because who on earth is going to be willing to pay $175/150 for new common shares when that would give them but a token stake in the companies in return for providing most of the capital?
Fisher's paper is pure wishful thinking, plain and simple. A reason for the cheerleaders to put on their short skirts and pick up their pompoms but nothing more.
he proved a point as he set out to do, for whomever reads it. the hate and corruption in DC cant even see how even middle of the road solutions are win win. SCOTUS, congress, Treasury, and FHFA are led by dark forces. politely avoiding the use of who is their God.