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This is unfolding as expected……I still highly doubt Mnuchin will let the government’s warrants, which could be worth $50-$70B become worthless. The only way for that to happen is for the common stock to retain value.

For  the last 10 years we’ve heard one ideologue after another say the GSE’s should be wound down. After several plans were floated it seems even the most hard core of the naysayers is coming to a simple reality……….they can’t go away