> The government owns student loans.

To back up your point, the US federal government guarantees the vast majority of the student loan market: https://fred.stlouisfed.org/series/FGCCSAQ027S

I believe the total student debt market is estimated somewhere between $1.3-1.4 trillion these days, so at least 77.5% backed by US taxpayers. I don't know what TARP topped out at, but I doubt it was 75% of banking assets.

A) not all of them.

B) the government owned the mortgage debt, given that they paid it.

I think the main question is how to get access to capitalize on the downside risks of A).

- Find out who has exposure to student loans portfolios and what percent is non performing?

- Find out what other assets A) is holding that will have liquidation pressure if *-swan occurs?

- What extent is B) tied to A)?

- What pressures B) would face long term due to non performance of student loans that would influence A) and the larger market of assets under the jurisdiction of B)?

- How much could be made from theoretically capitalizing on the downside risks of A) vs other assets in the mean time?