$550 is .50x1B shares but all calcs use 5B shares (with warrants)
They have been doing this for a long time on services. The warrants have value and the reasonable expectation is that they would be exercised; they are 'in the money' so they get included.
"What happens when we have the next inevitable downturn in the US Housing Market?"
For those of you scoring at home, that will be this year. And what will hapen is as follows: The GSE's will post negative earnings in one of the remaining financial quarters There will be a capital drawdown on capital OR a new draw from Treasury Congress will then say what they've been waiting to say since the NWS began: "See...we told you that the GSE's were a systemic risk to taxpayers!" Conservatorship will be validated in perpetuity NWS will be validated in perperuity
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