Luke 532

Interesting that people are catching on, at least in other ways, that the Obama administration is stealing to fund its initiatives. “The Obama administration can no longer take money from taxpayers to bail out Obamacare,” said Senator John Barrasso, Republican of Wyoming. http://www.nytimes.com/2016/09/30/business/obama-affordable-care-act.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well&_r=1

Pretty much any of them. It just depends on your need/desire for liquidity, price relative to par, dividend rate (if it gets reinstated), etc. Go to Fannie Mae's or Freddie Mac's investor relations page for a prospectus on each one. Personally, I own FNMAS, FNMAH, and FMCCL.

Fairholme e-mail sent out today... Dear Investor, Last Friday, Judge Karen K. Caldwell of the U.S. District Court for the Eastern District of Kentucky entered an opinion dismissing a lawsuit brought by an individual shareholder challenging the Net Worth Sweep (Robinson v. FHFA, No. 15-109, E.D. Ky. Sept. 9, 2016). Judge Caldwell was referred this case on July 11, 2016, and her opinion borrows heavily from Judge Royce Lamberth’s 2014 decision in Perry Capital LLC v. Lew, 70 F. Supp. 3d 208 (D.D.C. 2014). She issued her decision without the benefit of any oral argument or further briefings. We found Judge Caldwell’s decision to be flawed and entirely unpersuasive, and believe that it is unlikely to influence the ruling on the lawfulness of the Net Worth Sweep in our case pending before the U.S. Court of Appeals for the D.C. Circuit. Our counsel in the D.C. Circuit appellate case filed a notice with the Clerk of the appellate court regarding Judge Caldwell’s opinion. The notice succinctly indicates that an implication of Judge Caldwell’s reasoning is that there are no meaningful limits on what a federal conservator may do with the assets of a financial institution under its care and that “[t]o accept this reasoning is to allow not only FHFA but all federal conservators to plunder the assets of financial institutions whose assets they are required to preserve and conserve. No federal conservator has ever been permitted to enrich itself or a sister federal agency at the expense of the company for which it is responsible, and Congress did not authorize FHFA to become the first when it enacted HERA.” Sincerely, Investor Relations Fairholme Funds, Inc. 4400 Biscayne Blvd. 9th Floor Miami, FL 33137

Well, this is the lowest level of the federal court system in the United States that is issuing these decisions. Hopefully the higher level courts (Appeals Court, SCOTUS) don't act in the same way.

Thoughts? Scroll down his feed: https://twitter.com/carney/with_replies

Judge’s ‘Paint By Numbers’ Decision Will Not Deter Shareholders https://investorsunite.org/judges-paint-numbers-decision-will-not-deter-shareholders/

Republicans want more frequent discussion of ending Fannie, Freddie limbo http://www.marketwatch.com/story/republicans-want-more-frequent-discussion-of-ending-fannie-freddie-limbo-2016-09-12

Question for the lawyers in the room... Will the Kentucky decision impact none, one, two or all three of the following cases: -Sweeney/Fairholme -Sleet/Delaware -Appeals/Perry Thanks for your input!

Kentucky dismissed, so are we out of luck?

Thanks.

added a claim for unjust enrichment (which amendment must be granted by court) Merkhet, cherzeca and others, I'm interested in reading your thoughts on the amended complaint. Thank you in advance for any comments you make.

More than half done with the April arguments. GSE case is likely much more complicated than many others, but it's good to see they are working through April cases at a decent clip... better than 3 or 4 from April being completed. GSE case likely will be an outlier and have a longer timeframe than most, but that's not such a bad thing as far as I'm concerned. The Captain Kirk side of me wants my emotions to be catered to with a quick decision, but the Spock side of me is comfortable with a lengthy decision process (especially given what Hume has said on the matter). Plus, the longer it takes the more of my shares gain long-term tax status which will save me a pretty penny on any gains.

I think it was a valid hypothesis given that the lead attorney made a point to mention that the more time it takes the more favorable it might be.

Hume: "We think that the more the court studies the case and looks at what really happened, looks at all the legal arguments, and looks at the decision below and at what we say about the decision below, the more likely it is that we're going to win. I take it as a very, very good sign for the plaintiffs that the court is spending this much time on it." http://www.dsnews.com/news/04-19-2016/counsels-corner-the-battle-over-gse-profits-is-raging

Fanniegate: FHFA's Circular Reasoning Defeats Its Earlier Arguments http://seekingalpha.com/article/4003541-fanniegate-fhfas-circular-reasoning-defeats-earlier-arguments

this is under "Tweets & Replies"

pubic hair comments. Wut? Do I want to know? You're probably too young to remember. Clarence Thomas was the judge and you don't want to know.

PwC settled one non-GSE fraud suit today. Plaintiff law firm in that case is the same that is representing Fannie shareholders against PwC. "Hey, while we're on the topic of settlements, how about we settle that GSE case?" http://www.reuters.com/article/us-pricewaterhouse-trial-idUSKCN1111RF

According to her Twitter page, Gretchen Morgenson is preparing another article.

Me too. I think the odds are very high that we win. The question in my mind is whether it's a good win (remand) or a great win (reversal). Here's hoping for the latter. Of course, as always, the devil is in the details of whatever decision they make.

My mistake... hard to gauge that stuff on the Internet. Thanks.

Hardincap, can you expand on that? Why would it be 5 years away?

Pagliara suit dismissed. Does this impact the Hindes/Jacobs case in Delaware in any way?

Fannie and Freddie Need Another Bailout? Starts at 4:45... http://thenationalrealestatepost.com/fannie-and-freddie-need-another-bailout/

Only need a majority (2 out of 3) to decide.