Oct. 3 at 10:48 PM
$FMCC $FNMA Reason for SPS’s potential to eliminate nearly all.
• Without SPS changes, IPO fair value lands around
$230–435B depending on multiple.
• With 50% SPS forgiveness, that range jumps to
$400–600B.
• With full cancellation, valuation climbs into the
$570–775B range — which is exactly where the
$500B~
$700B “headline IPO” numbers come from.