Agree. These are pricing as post NWS announcement yet:
-GSEs still retaining capital and no profit sweep to TSY.
-Financial advisors hired (who knows if they influence on pushing utility model recap)
-Despite SCOTUS loss, Lamberth case and COFC look pretty good and the SCOTUS sentence made pretty clear that this is a takings case. Many shots on goal are left.
-For me, Calabria being fired is a positive, it's nonsensical to have someone in front of the FHFA that does not fit with new admin objectives. I know that the next one could be Zandi (which is worse), but what if Wachter or Calhoun are hired? Market pessimism would shift fast.
-Warrants due to expire in 2028, I don't think that this money will be left on the table.
-TINA. GSEs are not going anywhere.
I know that there is a lot of pessimism post-SCOTUS, and it was a disgrace, but this is not over. Trading at 6 cnts on the dollar any positive news should take us close to 15-20 cents at least.