Luke 532

Collins case, Fifth Circuit en banc rehearing on January 23rd.

Something to keep in mind if Calabria takes over at FHFA... John Allison is on the Moelis BOD http://investors.moelis.com/OD Allison was CEO of the CATO Institute (late 2012 to mid-2015) while Calabria was there https://www.cato.org/people/john-allison

Interesting. Matthew Whitaker, Acting Attorney General, has represented Fairholme in the past. Search "Whitaker" in the attached document. Whitaker-Fairholme.pdf

Thanks for the comments, cherzeca. I registered for free with IMF to read the articles, no payment required.

According to David Stevens, errr... Paul Muolo. https://www.insidemortgagefinance.com/imfnews/1_1491/daily/White-House-Contemplating-Calabria-for-fhfa-job-1000048542-1.html

https://twitter.com/realDonaldTrump/status/1066116263649382400 @realDonaldTrump I am extremely happy and proud of the job being done by @USTreasury Secretary @StevenMnuchin1. The FAKE NEWS likes to write stories to the contrary, quoting phony sources or jealous people, but they aren’t true. They never like to ask me for a quote b/c it would kill their story.

Given what we know about Carney, and the rest of the horribly biased article (which I regret reading, as with all of his stuff), he's using this line to warn Congress and those in the administration that are not pro-Moelis. Given Carney's obvious biases, I'm not sure we can even trust this line that you quoted. Agreed. Was just throwing the article out there so we're aware of it, for what it's worth.

https://www.breitbart.com/economy/2018/11/21/carney-hedge-funds-are-manuevering-to-loot-fannie-and-freddie-from-the-u-s-taxpayer/amp/?__twitter_impression=true "It has garnered support among some Treasury Department officials, including very high-ranking advisers to Treasury Secretary Steven Mnuchin. Most of the officials who have taken a favorable view of the Moelis plan have close ties to Wall Street firms themselves."

Emily, can you please save these kind of posts for the IHub and Yahoo message boards? I suspect the content would be appreciated more in those forums. Thanks.

Attached are the questions...

Tim Howard's response to cherzeca's comments above... Thank you. That’s very good information and analysis. And i agree with you that the en banc rehearing is excellent news for the plaintiffs. We’ve now seen two reversals of judicial viewpoint on net worth sweep-related opinions in the last month and a half: Judge Lamberth’s ruling on September 28 that claims related to the breach of implied covenant in Perry Capital should be allowed to proceed, and now the 5th Circuit’s decision to rehear the appeal of the Collins case. In both instances, I suspect what’s happened is that as judges have had time to focus more closely on the fact patterns in these cases, the argument that the net worth sweep was a matter of judgment permissible under HERA–as opposed to a pre-meditated seizing of two companies’ assets, covered up by a now-revealed sequence of false statements by Treasury– becomes less credible or sustainable, and is now cracking. If so, we may indeed finally have reached a turning point in this saga.

Moelis plan backed by Blackstone/Schwarzman... https://www.nationalmortgagenews.com/articles/paulson-blackstone-said-to-back-plan-for-freeing-fannie-freddie Paulson & Co. and Blackstone Group are among investors backing a proposal... ...was developed by investment bank Moelis & Co... ...Both John Paulson and Blackstone Chief Executive Officer Stephen Schwarzman have acted as economic advisers to President Donald Trump. Schwarzman hanging out with Trump on the eve of the mid-term election last week... https://www.bloomberg.com/news/articles/2018-11-07/-good-night-for-trump-despite-house-losses-sanders-says President Donald Trump watched election returns Tuesday with dozens of friends in the palatial East Room of the White House, including Republican megadonors Sheldon Adelson and his wife, Miriam, and Blackstone Group chief executive Steve Schwarzman.

Thank you to all those that replied to my questions. Much appreciated!

Specifically, I'm curious about FMCCL, FNMAH, and FNMAS. I know it depends on dividend rate, when the dividend might be re-instated, etc. but (1) what are your thoughts on where these three securities would trade if NOT converted? (2) Would yield even matter for conversion terms, settlement terms, etc.? Thanks in advance for your input!

Partial conversion of prefs... I wonder what percentage of prefs will convert vs. the amount that will not. I wonder at what percentage of par the conversion will take place. It will also be interesting to see at what price (relative to par) the non-converted prefs trade in the market.

brilliant if trump does The Federalist thinks it's a good idea: https://thefederalist.com/2018/11/07/yes-president-trump-replace-jeff-sessions-janice-rogers-brown/ She has talked with The White House about it recently and also worked with Kavanaugh in the past... "Janice Rogers Brown, who is African-American and well-liked in conservative circles, served alongside Supreme Court Justice Brett Kavanaugh and spoke to the White House about the job in recent weeks, the Sacramento Bee reported." https://www.foxnews.com/politics/former-kavanaugh-colleague-among-group-being-considered-to-replace-sessions-as-ag-reports

brilliant if trump does The Federalist thinks it's a good idea: https://thefederalist.com/2018/11/07/yes-president-trump-replace-jeff-sessions-janice-rogers-brown/

Sherrod Brown, too.

From the attached document... "Plaintiffs’ Position: Given that they believe there is a reasonable probability for settlement, Plaintiffs believe the case could benefit from ADR procedures such as mediation. Plaintiffs’ counsel have discussed ADR and their response to this provision with their clients. While Plaintiffs believe that ADR procedures could be useful, they do not believe that proceedings in the case should be delayed during the pendency of any such procedures. Defendants’ Position: Defendants do not believe ADR would be productive." 13-cv-01053-0089.pdf

fixed it... think of it this way: Joe light is the JV for women's field hockey; some guy writing for BI is Varsity for men's ice hockey at Bloomberg

Thanks for those 2 posts, allnatural. Good stuff!

Interesting quote from Layton: "We should be helping affordability; we’re not supposed to be a honey pot for politicians to raid and give money away." https://t.co/z774Y8qB2d https://t.co/TflGmluW94

They basically argue the following... "Judge Lamberth, we know we lied to your face in your original ruling. So sorry about that. But please consider your lack of legal logic (i.e. you're an idiot) as grounds for changing your mind. Thanks!" Except that Lamberth already upheld the dismissal for everything else even after finding out about the Fairholme discovery documents. If he really took so much umbrage to the defendants' prior behavior, wouldn't he have found more than just one count to allow to proceed? Perhaps.

They basically argue the following... "Judge Lamberth, we know we lied to your face in your original ruling. So sorry about that. But please consider your lack of legal logic (i.e. you're an idiot) as grounds for changing your mind. Thanks!"

Where oh where are we going to get the necessary money for infrastructure plans? :-) "We should think of housing as core infrastructure of the country," similar to roads and transportation, says outgoing @FannieMae CEO Tim Mayopolous #MBAAnnual18