@SecScottBessent, you have made clear that any GSE ownership restructuring will wait until 2027 or 2028 and will be guided solely by your North Star of preventing any widening in agency mortgage spreads over Treasuries. A new analysis (linked here) shows how a carefully structured recap/release can meet that priority while answering the persistent question of what the United States gains: Treasury would cancel its senior preferred stock as fully repaid, exercise its 79.9 percent warrants, and transfer the resulting common stake (potentially worth hundreds of billions) into a 501(c)(3) that distributes the shares ratably into tens of millions of Trump Accounts under the OBBB. The proposal is designed to fit within HERA’s existing sale authority, the temporary regulations already permitting qualified stock contributions, and formal findings that treat expanded youth asset ownership as valuable consideration, thereby reducing major-questions and appropriations risks. The recent D.C. Circuit decision in Fairholme affirming that the Net Worth Sweep (of Fannie Mae and Freddie Mac profits) breached the implied covenant further supports treating the senior preferred as economically repaid rather than converting it in a way that would further dilute private shareholders. I urge you to read the full piece... it supplies a clear, administration-aligned path that protects the mortgage market while converting the GSEs’ value into a lasting investment in the next generation. Please review here: ruleoflawguy.substack.com/p/… @BillAckman @pulte

Fannie Mae and Freddie Mac have more than repaid taxpayers through dividends yet remain the only major bailout recipients still locked in conservatorship more than 18 years later. ProPublica’s tracker shows the GSEs received roughly $191.5 billion in draws and have returned well over $300 billion in dividends, producing a large net gain for the Treasury, while nearly every large bank and AIG repaid in full with profits and were released.​ Companies that left taxpayers with permanent losses were allowed to restructure and operate freely. Keeping Fannie and Freddie under unique, indefinite government control after superior repayment is inconsistent and unwarranted. Companies and what they still owe: General Motors ~$11.3 billion Wells Fargo ~3.4 billion JP Morgan Chase ~3.2 billion CalHFA ~2.4 billion Bank of America ~2.3 billion Check for yourself: projects.propublica.org/bail… CIT Group ~$2.3 billion Chrysler ~$1.2 billion