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Luke 532

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    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    Posted

    Can't add attachments for some reason but Lamberth had this to say, according to Peter A. Chapman...

    Judge Lamberth released his opinion this afternoon and entered an order saying Treasury must produce the documents Fairholm's requested (or produce a privilege log identifying the documents it won't produce and the reasons why).

     

    "To be frank, Treasury's Memorandum of Points and Authorities in Opposition to Plaintiffs' Motion to Compel Third-Party Discovery leaves the Court with more questions than answers."

     

    "Treasury also has the resources to complete the requested production, and the Court will not entertain the preposterous notion that an agency as large as Treasury lacks the manpower to complete this request."

    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    Posted

    Prepared Remarks of Dr. Mark A. Calabria at SFA Residential Mortgage Finance Symposium

    https://www.fhfa.gov/Media/PublicAffairs/Pages/Prepared-Remarks-of-Dr-Mark-A-Calabria-at-SFA-Residential-Mortgage-Finance-Symposium.aspx

     

     

     

    SCOOP: In an exclusive interview w @FoxBusiness @MarkCalabria says it doesnt matter who is president, he will be looking to release GSE's from government control in 2021; says opposition from a Dem like @ewarren would be ignored more at 130 w @TeamCavuto $FMCC $FNMA @FannieMae

    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    Posted

    Consider the source, of course, but found this interesting coming from IMF (a long time adversary to shareholders)...

     

    https://www.insidemortgagefinance.com/articles/216273-analysis-maybe-its-time-for-uncle-sam-to-settle-with-the-gse-shareholders?v=preview

    If the Treasury Department ultimately decides to place Fannie Mae and Freddie Mac into receivership as a way to re-charter the two mortgage giants and sell a new class of stock, existing shareholders would be wiped out. That’s a given.

     

    But that wouldn’t end the three dozen or so outstanding lawsuits filed against the Treasury Department over the net worth sweep and likely would spur additional lawsuits.

     

    And with that thought in mind, it’s believed the Treasury Department has an open line of communication with the shareholder plaintiffs and may move eventually to strike a universal (shareholder) legal settlement as a way to clear the decks for an eventual initial public offering of stock.

     

    Sounds like a long shot? Not necessarily. For the full analysis, see the new edition of Inside Mortgage Finance, now available online.

    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    Posted

    I know this has been discussed quite extensively here and on Tim Howard's blog, but since we seem to be just a couple of weeks away at this stage, I wonder what others' current thinking is about the risk of Calabria repurposing a higher capital level vs. what Watt already put out.

     

    I have become increasingly concerned given his constant drumbeat for "leveling the playing field" and "bank-like capital" etc., and potentially repurposing, combined with the fact that there is not an advisor fully on board yet to temper his misguided thinking - that we get something with a 4 handle on it. Curious what others think.

     

    Thanks in advance.

     

    I believe Calabria will go with a 4%+ level.  I hope he doesn't, but I think he will for the two reasons you mentioned above (level the playing field and bank-like capital levels).

    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    Posted

    What We’re Hearing: Talk of a GSE Legal Settlement? / Using Consent Decrees / Goldman’s New Prime Non-Agency MBS / Fannie Exec Departs for Industry Vendor

    https://www.insidemortgagefinance.com/articles/216144-what-were-hearing-talk-of-a-gse-legal-settlement-using-consent-decrees-goldmans-new-prime-non-agency-mbs-fannie-exec-departs-for-industry-vendor?v=preview

    The Treasury Department is weighing a legal settlement with the junior shareholders in Fannie Mae and Freddie Mac stock. At least that was one rumor making the rounds this week in both New York and Washington. One veteran MBS source said talks between these investors (who sued the government over the quarterly profit sweep) have taken on a new urgency ever since the Trump White House released its housing-finance reform blueprint in early September. For more on the story, see Inside MBS & ABS, now available online…

     

    By the way, we ran the settlement rumor by a very large GSE (preferred) shareholder who did not respond to our inquiry…

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