Hope your read is correct, but I’m not so sure. If Bessent liked the Ackman path he could have followed it last year, and MBS spreads wouldn’t have been affected, but he hasn’t, why? That tells me something different is on his mind regarding the ownership structure. With Ackman’s path, there is no need to wait 1-2 years. It’s simple and easy. My read is therefore he thinks a more comprehensive restructuring needs to take place. The word ‘tackle’ the structure also infers that the ownership structure has inherently not been decided upon.