3R will be done when Congress is recess in August 2023 or 2024. Dems will use opportunity to pay for housing of low income Americans to buy votes. That's why Biden team is so confident about reelection.
In order to raise $100B, 3R is more likely possble in August 2023 than August 2024.
With 2Q income, GSEs will have $110B in reserve & SPS+10% paid off announcement, it would be easy to raise capital to meet 2.5% cap.
Gov can still control GSEs with LOC of 1.5% on top of 2.5% capital reserve.
Dems will NOT let this golden opportunity go waste.
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