Desert_Rat

So what's the bias or fake news here? The article points out the fact that he was practicing in back of the car. I'd relate to your sentiment if they knocked him for it, but they didn't. Newsworthy? no. Fake? no. You read this, or any of the other pieces on the same thing and don't see it as rife with negative connotation? The random Twitter quotes? Presenting him as "weird" or some sort of buffoon for practicing a speech? Why is this is even a headline. No, no and no. Selective hearing. I can't stand CNN for even a commercial break, as it always takes them less time then that to shit on my country. I mean, that's BAD. I can stand pretty much anything during a commercial break, but CNN makes me so sad I'd rather go back and watch the viagra commercial.

That's the once CFO of Fannie Mae speaking. Man, as painful as this holding is likely to get (again), I just refuse to believe that, in the end, we're screwed. It's not gonna happen. It can't happen or I'm moving to Canada

▲ What they say

Other MSM can't touch FOX in the news game so they use another angle. Sadly, that angle is highly disrespectful of my country, never mind driving the millennials raging mad, and should stop. But it won't because $$ Capitalism at its worst.

I'm glad you said it. I too have read about this situation for a long time. It's not new. What is new is the possibility that it will be used in the battle against ACA. Any headlines that put the theft of FnF front and center is really great for us.

I am disappointed that any one on this site would lack the fundamental knowledge of a tax return. I should ignore the comment as leftist hate instead.

Not sure if you're looking for hugs here, but my worst - easy - was thinking Ford would go the route of GM 8 years ago. I had like 20 grand in (I'm not rich) and I sold at a loss, buying at around $6, sold when the preferred's divi was over 100%. LOLLOLAHAHAHAHALOLOOLOL!

Deference to the pres? who knows, I do not care. I was just pointing out that those crazy people have a leg to stand on.

I was picking up 50's last week for right around $10. 5 to 1

"In search of the elusive 10 bagger". It is what it is.

I don't expect anything next, I only expect that eventually we'll be made whole - unless we concede to time - because otherwise judge Brown is right about being a banana republic.

I wasn't wrong either. I gave it very little chance because, as illegitimate as the fed's case is, a court won't likely rule against how they managed the financial crisis. So, that said, I'm very surprised of the 40% hit. I thought the preferred's would dip briefly, then continue climbing while we wait for the govt to stop this nonsense and do what's right.

Personally I don't care where Obama was born. Sure, there's the constitutional issue but that'll be changed one day as it really shouldn't be a qualification. You shouldn't need to be born here to become our best leader. In Obama's case, even if he were born elsewhere, if our presidents primary job is to represent our country I think he did a bang up job, and voted twice for him for that alone. That said, what he actually accomplished he can go to hell for. But I wouldn't call the birthers crazy either. There are plenty of issues with both Obama's birth certificate and college record that he could have been more forthright with them. It took him years to share his birth certificate, and that thing is sketchy as hell, and to this day he has refused to share his college record. Given that and all the suspicions, I'd take terrible odds on a bet that he actually isn't a US citizen. But again, that doesn't matter to me. Note: if you're curious why I would vote twice for a guy based only on the way he carried himself, even though I detested what he was actually doing, pre-Trump they all sucked beans. I felt, what the hell, Romney will be as bad anyway. They all lied, they all bullshitted, not an iota of their public appearance was ever real. They did what their party's and pac's told them to do, America be damned. Between Reagan to Trump the swamp had become so bad no one cared about voting anymore. I still vote. I don't know why because it's become a circus, but i do. Edit: MAGA

I don't know anything about this but I'll say that I'm not surprised, if true. Sessions now works for the federal government, in support of its people, and those on this site who believe there's some handshake agreement in place to honor billion dollar investments made by associates or friends of those now in control should consider the implication of that. If I believed this were true I'd probably sell because you can't bank on unscrupulous.

If you consider how the preferred's trade - not much, you may agree with my assumption that 75% of them are owned by hedgies and banks which never dumped them. That and the fact the govt won't ultimately settle for theft has always been my interest in them.

Awesome thread. I can't add anything more than that I feel sorry for you people and your mindset of leaving things be, they've been great! MAGA and foremost, stop the PC shit that is ruining our world. That PC shit is all you have against the man.

He's the right guy, but must have ruled as a senior judge I guess. that's too bad

No position but in agreement with this. It starts getting speculative when you have to read between the lines and analyze tones. If Trump had not won (a seemingly improbable event), I can't imagine these securities would be trading anywhere near current market prices. I think a lot of the parsing is based on the narrative post-Mnuchin comments in November of last year. That's just what people choose to focus on. And, surprisingly, people (including on this board) seem to be ignoring the fact that the breach of implied covenant (dividends) and the breach of contract & implied covenant (liquidation preference) case gets to move on in district court -- something all three judges agreed on -- though that may be a function of ownership considerations (common vs. preferred). At least for me, I have very little faith in Lamberth given our previous experience. It's also largely because I'm not a lawyer, but based on my elementary reading, it just didn't seem like he gave a shit. So I take the DC case as a free call option, but I have higher hopes for Sweeney (again based on my amateur reading of the cases). Lamberth has stepped down. I assume his successor now leads? https://en.wikipedia.org/wiki/Richard_W._Roberts

Why does this board think that 0 capital or capital draw is less than a positive? I mean, it's not as if anyone would claim a draw occurred because FnF were doing poorly. It would certainly be attributed to the govt putting the country at risk by raping the companies of all capital and refusing to consider serious housing reform. If anything it should get the ball rolling Edit: NM. More draw adds to senior preferred outstanding. Yeah, this would be bad.

Could you please expand on why you think the preferred lost relative advantage and why you think the preferreds negotiating leverage diminished? sure. i'll try. the court cases weakened a lot with the ruling. these cases are sponsored by the preferreds. their confidence in a positive court outcome (and timing) goes down so they are willing to accept less in any future negotiation. moreover bc the senior preferred will likely need to be extinguished via congress or a 4th amendment in 2018 (rather than more purely in the courts), it increases the likelihood of exercising the warrants in some form to generate tax $ for political purposes. this suggests in dividing up the equity pie between common, jr preferred, and new equity, the common gets an advantage bc trump and the taxpayer is on that team. but all that said, I think if mnuchin can pull off his plan, a 2:1 exchange into common would be quite nice for preferred. I just believe all high end price targets needed to be reduced after the news, for both securities. good luck! edit: I also guess preferred dividends won't be turned on (except if court cases turn around), suggesting convergence between the higher and lower dividend preferreds. Actually it would be a loss at today's prices. You nuts ;D, only way a 2:1 is accepted on the $25's is if common is at $12.50. I agree with your convergence thoughts. I've always bought on that principle.

if you are anti-GSE what did you hear that excites you besides nothing is imminent? not trying to be difficult, just curious. thank you I am not anti-GSE. I own the common. Basically the usual can't go on like this....need housing reform...bipartisan...etc. You can read that a lot of ways. He gave no specifics. He said nothing directly to give the current shareholders support. No mention of ending the NWS. Everyone is trying to squeeze meaning out of the very vague comments he made. Just trying to be realistic. A bit disappointed with what he said today. I don't feel any better or worse about the position after the interview. ok, thanks. he's got the strategic long term view in mind imo. very GS-like. if he came out hot and aggressive, it puts more at risk. although I wish he would have mentioned how great the companies are. and I apologize, I should have said 'one' instead of 'you' regarding the anti-gse, ie if someone was anti-gse what did they hear.....sorry that's all well and good but not the impression shared before the ruling. I'm disappointed today because I can't help adding housing reform to ACA, tax reform, the wall, pretty much everything that's been promised as a super high priority. It's almost as if those goals exist but support for them doesn't so this administration is just filling a new swamp with different gators. I'll repeat, for anything to get done by this administration it will take damn near 100% GOP support. Dem's won't approve anything.

Highlight of Mnuchin interviews: http://finance.yahoo.com/video/mnuchin-ive-practicing-signature-us-131200339.html

I didn't know that but it seems to be true. I laughed when I read "outspoken on government incompetence". How ironic.

i think this decision will hasten a settlement. certainly the Ps are ready to come to table with a more humble ask; Ps dont get much by waiting if mnuchin is ready to talk. but as you say, i think this decision hasnt changed the framework of a resolution that i think mnuchin will pursue. many have been very critical of treasury's warrant position. assuming mnuchin wants to maximize the economics of this position, within an acceptable political framework, we should all be very thankful that treasury got these warrants in 2008! Understand your point. Another point that I would like to make or bring up is that in effect both Mnuchin and the Ps are on the same team. What do I mean by that? We have been conditioned to believe that its Ps vs Treasury and the Gov. That was true for years, but that all changed when Trump won and Mnuchin became treasury secretary. If you remember correctly it was Mnuchin himself that brought up FnF getting out of govt control and restructured back just after the election on Fox. Where did this idea and thinking come from? He feels this strongly all by his lonesome? You cant tell me Mnucnhin thought this up all alone without other heavily incentivized people. If he does even better! Not going as far as saying that Mnuchin was planted for Treasury Secretary....but had anyone heard of him before Trump won? I know I beat this horse before but how much more of a perfect Treasury Secretary for Ps is there? He took a bank in distress due to bad mortgages and turned it around making millions with Pauslon as a partner. Came out on TV 2 months before being confirmed saying exactly what Ps wanted to hear. Did he really work as Trumps campaign finance manager and never talk to Paulson, Berkowitz, Icahn, Kushner etc about FnF? Just refreshing the memory for what he said unabated on Nov 30th. President-elect Trump’s choice for Treasury Secretary, Steve Mnuchin, said he believes it’s ABSOLUTELY time to privatize mortgage lenders Fannie Mae and Freddie Mac. “It makes no sense that these are owned by the government and have been controlled by the government for as long as they have,” He added, “In many cases this displaces private lending in the mortgage markets and we need these entities that will be safe. So let me just be clear— we’ll make sure that when they’re restructured they’re absolutely safe and they don’t get taken over again. But we gotta get them out of government control.” Mnuchin promised that he’ll execute the separation “reasonably fast”. Watch this....http://www.foxbusiness.com/politics/2016/11/30/steve-mnuchin-time-to-jettison-fannie-mae-freddie-mac.html Listen to what the freaking man is saying!!!!!!!!!!!!!!!!!!!!!!!!!!!! No mention of this court case, the Sweeney court case, the Delaware court case etc. He doesnt give 2 shits about them in my opinion. The guy just got done dealing with people protesting in front of his house due to fourclosures and lawsuits for robosigning. He is going o stay as far away from this court shit as he can. These are holdovers from an Obama administration. These court cases only exists because of the previous administrations unwillingness to find a solution. Everyone has said he is working hard on the GSEs. Anyone stop to think who he is working with? Himself? Unilaterally devising a plan to screw the shareholders but then look for private capital? I could go on and on. Like rros said before, don't lose sight of true North. http://gif-finder.com/wp-content/uploads/2016/03/Leonardo-DiCaprio-Clap.gif

i think this decision will hasten a settlement. certainly the Ps are ready to come to table with a more humble ask; Ps dont get much by waiting if mnuchin is ready to talk. but as you say, i think this decision hasnt changed the framework of a resolution that i think mnuchin will pursue. many have been very critical of treasury's warrant position. assuming mnuchin wants to maximize the economics of this position, within an acceptable political framework, we should all be very thankful that treasury got these warrants in 2008! I wouldn't be humble, it's still theft. And unless Mnuchin is this ridiculous genius, he's still going to need, if not FnF fully intact, something very, very similar to it. And he's also well aware that if 2008 hits again, the govt is bailing out whatever that may be again. And he's also well aware that if he punts FnF to the curb, no one is going to capitalize that new entity - even if FnF - knowing that eventually they're next, not without a hefty cost anyway. And, and.. I bought more today.