stevevri

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I haven't read yet... 17-20364_Documents.pdf

I would be cautious as to what to expect from this plan. We know a plan is coming. We also know that the FHFA & Treasury have to negotiate to end the net sweep, and we know there has to be IPOs. Calabria has said that could be up to the companies. All of these things could happen down the line from each other. The first plan could rather generally lay out principles including suggestions and direct the FHFA & Treasury to negotiate for the NWS. The FHFA & Treasury could then negotiate end the sweep and then like Calabria said it could then be up to the companies to raise capital.

That is just a summary. Here is the actual document. Document.pdf

The idiot that got the quote could also be wrong and he could have meant FHA and not FHFA and then it'd make sense.

I would also caution, there was a Judge that RE: Saxton, that helped out the government lawyers and said "Was a zero before, is a zero now" or something to that effect, it was the same Judge that thought Cedarminn was their best argument and not the other guy that kept asking about nationalization.

A slump or recession may not be good, that could incur more losses and make this situation more muddy. If they need to raise more private capital from the markets, the government would want market conditions to support those things easily.

He also said he has a strong preference to working with Congress on this issue. Did anybody catch the quote for the 75 day thing? Corker said something about 75 days... I think he was trying to talk about when the next sweep payment was due?

The dividend comment was definitely negative. He said he talked to Watt and said they expect the dividend and hope to receive it. However that was after saying he was committed to working with congress and he again wouldn't rule out acting alone (more explicitly then in his confirmation hearing). For the most part he is trying to punt as much as he can and say he is focused on tax reform and that this is a 2nd half of the year thing. A lot of questions aren't related.

The exchanges between Corker and Watt are classic. Corker is trying to tell him it's not a big deal to draw and even suggests he draws $10 billion just because he can. Watt tells him this is on him and if a problem happens it's on him not Corker and he can't take the risk.

There's also the Endnote 27 which is pretty negative. Lawsuits challenging the terms or actions of conservatorship have struggled, giving less incentive for Congress to grant rights or remuneration for equity or preferred equity in a legislative solution. See John Carney, The Wall Street Journal, In A Blow to Fannie and Freddie Shareholders, Court Tosses Out Another Lawsuit (Aug. 23, 2016), available at https://blogs.wsj.com/moneybeat/2016/08/23/in-a-blow-to-fannie-and-freddie-shareholders-court-tosses-out-another-lawsuit/.

H. Res. 280: H.R. 1694 - Fannie and Freddie Open Records Act of 2017 passes US House (Rule vote) by 226-192. That was a rules vote (confused me earlier too... weird congress procedures). The actual vote passed 425-0. See: https://pbs.twimg.com/media/C-cdFzQUMAAUVUD.jpg:large

Requires you to sign up and I've used my trial so I can't read but this explains the liquidation thing: https://www.americanbanker.com/news/mnuchin-targets-fdic-powers-volcker-as-top-reg-priorities From the little bit available, It doesn't appear to be related.

One big reason is the GSE Jumpstart. Although there may be ways around of it, the legislation prohibits getting rid of the Senior Preferred until after this year. That alone is enough of a reason for a new guy to want to play nice as he is building relationships and getting the lay of the land.

Republican Jason Chaffetz Head of the House Oversight and Government Reform Committed posted the following bill: https://oversight.house.gov/wp-content/uploads/2017/03/HR-__-the-Fannie-and-Freddie-Open-Records-Act-of-2017.pdf John Berlau of CEI testified in front of the House Oversight and Government Reform Committee today. Berlau testified about the Obama Administration claiming executive privileged regarding the 3rd amendment and how the taxpayer deserves sunshine on the issue as long as Fannie Mae and Freddie Mac remain under conservatorship.