It WILL happen in due time, the longer things play out the better. Barring another fairly severe economic / housing downturn the significant GSE overages to the UST and the "retained capital" thus far should weather most sincere attacks against their soundness - so the UST can hold off for years. I am for letting the litigation play out at the pace it needs, and continuing to build capital, both financial and political.
Self-serving though I know it is, I have a "gut" feeling the government has played complete hardball to relieve itself of paying out significant damages and done its best to ensure the GSE have a sizeable cushion. It will recognize the difficulties of raising the crazy amounts the GSEs need in the capital markets, reduce the bank-like capital standard once the GSEs show their progress, it will recognize the significant stability the GSEs provide to the housing market, and in the end do something quite a bit more sensible than what the numbers currently project - which negates this happening quickly from this current point in time. CBOs second scenario projected starting capital raises in 2025.
The longer this plays out, the better - within reason. Without the courts handing us a significant victory, shareholders like us badgering the government for quick turnaround with high rewards only betrays us as greedy as we portray the government. Of course, we have been in this for 15 years so I use "quick turnaround" ONLY in relation to the funding hurdles that they have now CLEARLY defined for us since the 4% capital standard was established.
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