4cents, I agree fully...Tsy just wants thier money back with some return would be better. Tsy also knows that timing the release from c-ship is key as well (needs to be done when private lending is happening on a larger % basis). I also agree this new arrangement strengthens F&F chance of survival and allows F&F to payback at a faster pace.
The wind down will logically happen as they raise g-fees to make private lenders able to compete. At the end, F&F will be a smaller player in the mortgage market. They will also be healthy and out of conservatorship.
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