Oct. 3 at 10:48 PM
$FMCC $FNMA Reason for SPSโs potential to eliminate nearly all.
โข Without SPS changes, IPO fair value lands around
$230โ435B depending on multiple.
โข With 50% SPS forgiveness, that range jumps to
$400โ600B.
โข With full cancellation, valuation climbs into the
$570โ775B range โ which is exactly where the
$500B~
$700B โheadline IPOโ numbers come from.