Why is any capital raise needed? The stress tests all point to negative need for that and there is no reason for a par payoff of JPS if government relinquishes it's made up debt owed by the GSE's. JPS keep pushing this capital raise scenario, and have been since the first allowance of retained earnings, now at over 110 billion!!!. THE GOVERNMENT HAS BEEN COMPENSATED IN SPADES! They absolutely know this and it has been verified by a handful of folks in government. Also, releasing the GSE's while needing a gigantic capital raise is not keeping with the conservators job of putting in a "sound, solvent condition" BEFORE releasing.
People can dream of large capital raises and outrageous conversions, but that is not the end target of a true conservatorship, no matter how much you want that to be. Understand that no shareholder currently wields any power over the government since they have "assumed our rights and privileges", and even though we all know this is more of a nationalization than a conservatorship, the government gets away with the nationalization for 15 years by using conservatorship.
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