doughishere Posted November 28, 2015 Share Posted November 28, 2015 Anyone remember what the next few important dates are? Link to comment Share on other sites More sharing options...
doughishere Posted November 28, 2015 Share Posted November 28, 2015 22nd Annual Distressed Investing Conference Monday, November 30, 2015 Myron T. Steele, Esq., Partner, POTTER ANDERSON & CORROON LLP (and the former Chief Justice of the Supreme Court of Delaware and a Vice Chancellor of the Delaware Court of Chancery); Elliot Moskowitz, Esq., Partner, DAVIS POLK & WARDWELL LLP; and Ronit J. Berkovich, Esq., Partner, WEIL, GOTSHAL & MANGES LLP http://bankrupt.com/DI2015/ Anyone Going? Any Lurkers going? Link to comment Share on other sites More sharing options...
doughishere Posted November 28, 2015 Share Posted November 28, 2015 It will be 5 years in january...from when twacowfca first posted...wow. Link to comment Share on other sites More sharing options...
tede02 Posted November 30, 2015 Share Posted November 30, 2015 Out of curiosity, is there any speculation as to the origins of the 3rd amendment? Reading the Fortune article, I just kept thinking, who actually came up with the idea for the net worth sweep? Seems unlikely to be a cabinet level official. Probably some underling at Treasury or someone working on the budget. Link to comment Share on other sites More sharing options...
orthopa Posted November 30, 2015 Share Posted November 30, 2015 Out of curiosity, is there any speculation as to the origins of the 3rd amendment? Reading the Fortune article, I just kept thinking, who actually came up with the idea for the net worth sweep? Seems unlikely to be a cabinet level official. Probably some underling at Treasury or someone working on the budget. I think there is no doubt the depositions hold that info. Probably why many documents have been redacted and why some info would cause "instability in the markets". I would have to imagine the Fairholme lawyers know by now what that person is. Link to comment Share on other sites More sharing options...
Luke 532 Posted November 30, 2015 Share Posted November 30, 2015 Case to Watch: U.S. set to defend Fannie, Freddie profit sweep http://www.reuters.com/article/2015/11/30/fannie-freddie-idUSL1N13P0MG20151130 Nov 30 (Reuters) - The U.S. government is set to defend next month its so-called "sweep" of Fannie Mae and Freddie Mac profits in the face of lawsuits by private investors in the two mortgage finance giants. Government lawyers are due to file a brief by Dec. 21 with the U.S. Court of Appeals for the D.C. Circuit responding to plaintiffs who say the sweep, which has sent tens of billions of dollars into federal coffers through a 2012 amendment to Fannie and Freddie's financial crisis bailout agreement, has amounted to an illegal confiscation. To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/1SrFMZA Link to comment Share on other sites More sharing options...
Luke 532 Posted December 1, 2015 Share Posted December 1, 2015 Interesting read: http://seekingalpha.com/article/3723466-why-hindes-jacobs-plaintiffs-will-prevail-in-the-fannie-mae-and-freddie-mac-delaware-litigation Why Hindes/Jacobs Plaintiffs Will Prevail In The Fannie Mae And Freddie Mac Delaware Litigation Link to comment Share on other sites More sharing options...
Guest cherzeca Posted December 1, 2015 Share Posted December 1, 2015 i recommend this article by rule of law guy as required reading http://seekingalpha.com/article/3723466-why-hindes-jacobs-plaintiffs-will-prevail-in-the-fannie-mae-and-freddie-mac-delaware-litigation Link to comment Share on other sites More sharing options...
Guest cherzeca Posted December 1, 2015 Share Posted December 1, 2015 "I think there is no doubt the depositions hold that info. Probably why many documents have been redacted and why some info would cause "instability in the markets". I would have to imagine the Fairholme lawyers know by now what that person is." maybe yes, maybe no. perhaps one can only get to the origination idea for 3rd A from reading emails that have been claimed to be privileged, which means fairholme lawyers wouldnt have seen yet Link to comment Share on other sites More sharing options...
Luke 532 Posted December 1, 2015 Share Posted December 1, 2015 i recommend this article by rule of law guy as required reading http://seekingalpha.com/article/3723466-why-hindes-jacobs-plaintiffs-will-prevail-in-the-fannie-mae-and-freddie-mac-delaware-litigation "...I believe that Hindes/Jacobs will survive FHFA's Motion to Dismiss, and Judge Sleet will invalidate the NWS under Section 151 of the Delaware General Corporation Law (DGCL)." Link to comment Share on other sites More sharing options...
Luke 532 Posted December 1, 2015 Share Posted December 1, 2015 With Vitter’s Departure, Congress Loses Fannie Mae & Freddie Mac Reform Champion http://www.valuewalk.com/2015/12/with-vitters-departure-congress-loses-fannie-mae-freddie-mac-reform-champion/ Link to comment Share on other sites More sharing options...
Luke 532 Posted December 2, 2015 Share Posted December 2, 2015 http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=399999 Congressman Jeb Hensarling Excerpt: "Our nation’s highways shouldn’t be funded out of the functional equivalent of a tax on Americans’ bank accounts or on the backs of home buyers, particularly those who are forced to backstop Fannie Mae and Freddie Mac. But those were two of the Senate’s bad – and completely unacceptable – funding sources we started off with. Chairmen Neugebauer and Huizenga offered an alternative that, while far from ideal, is far superior to the Senate’s new taxes on bank accounts and home buying." Link to comment Share on other sites More sharing options...
Luke 532 Posted December 2, 2015 Share Posted December 2, 2015 Bethany McLean's latest... http://qz.com/557781/the-depressing-reason-obama-and-congress-have-failed-to-fix-fannie-mae-and-freddie-mac/ Link to comment Share on other sites More sharing options...
tede02 Posted December 2, 2015 Share Posted December 2, 2015 Seems pretty clear that nothing is going to happen by way of Congress (with respect to reform or recap). Any action (by Congress or the admin) will be re-active to how the lawsuits are proceeding or forced by actual rulings. How long will it take is the big question. Link to comment Share on other sites More sharing options...
Luke 532 Posted December 2, 2015 Share Posted December 2, 2015 Seems pretty clear that nothing is going to happen by way of Congress (with respect to reform or recap). Any action (by Congress or the admin) will be re-active to how the lawsuits are proceeding or forced by actual rulings. How long will it take is the big question. The timing is a big question. Scheduling for Perry below (Delaware is on a similar timeline). I believe the first item has been pushed back 2 weeks. Perry briefing schedule: That's around the same time as the Delaware case. Will be an interesting next few months. I wouldn't be surprised if the Administration is waiting on (1) jurisdiction to be upheld by Sweeney, or (2) to see what Egbert Perry said in his deposition (did he reveal the mastermind of the NWS, other damning information, etc.). Administration knows that Plaintiffs will be willing to settle so they might be waiting for a loss in either the jurisdiction decision and/or Egbert's deposition. I still think the settlement/release is the most likely outcome. Link to comment Share on other sites More sharing options...
Jurgis Posted December 2, 2015 Share Posted December 2, 2015 Bethany McLean's latest... http://qz.com/557781/the-depressing-reason-obama-and-congress-have-failed-to-fix-fannie-mae-and-freddie-mac/ That's a pretty balanced and level-headed article compared to most that are agenda and emotion laden. Link to comment Share on other sites More sharing options...
Guest cherzeca Posted December 2, 2015 Share Posted December 2, 2015 Seems pretty clear that nothing is going to happen by way of Congress (with respect to reform or recap). Any action (by Congress or the admin) will be re-active to how the lawsuits are proceeding or forced by actual rulings. How long will it take is the big question. agreed that litigation is driving this train...after all, it is only a $130B lawsuit. measure about 6 months from when oral argument is scheduled for both Perry and Hindes/Jacobs, though perhaps sooner Link to comment Share on other sites More sharing options...
brker_guy Posted December 2, 2015 Share Posted December 2, 2015 And this is one of the leading bozos who want to reform Fannie and Freddie? https://beta.finance.yahoo.com/news/sen--corker-s-relationship-with-real-estate-industry-highlighted-in-voting-record-144617523.html?ltr=1 What kind of a country do we have here in the US? Link to comment Share on other sites More sharing options...
hardincap Posted December 3, 2015 Share Posted December 3, 2015 preferreds crashed nearly 25% in a month. did I miss something? Link to comment Share on other sites More sharing options...
Jurgis Posted December 3, 2015 Share Posted December 3, 2015 preferreds crashed nearly 25% in a month. did I miss something? Fluctuations. :P Link to comment Share on other sites More sharing options...
Luke 532 Posted December 3, 2015 Share Posted December 3, 2015 preferreds crashed nearly 25% in a month. did I miss something? Didn't miss anything negative. Just Chapter 8 of The Intelligent Investor playing out. Link to comment Share on other sites More sharing options...
Jurgis Posted December 3, 2015 Share Posted December 3, 2015 Honestly, any binary outcome securities will be volatile like heck. They can only be valued based on success/failure probabilities and humans are notoriously bad in assigning probabilities. Ask on this thread - no actually don't, since it might raise a crap storm ;) - and if people don't see previous answers for anchoring, the probability distribution will be all over the place. Also, if market overall declines people look at their holdings and sometimes dump the binaries because it's not clear for them if continuing to hold makes sense. It's not like a business where you are getting incremental owner's earnings (well, you could argue that you do, but only in the case of success, so not really). Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted December 3, 2015 Share Posted December 3, 2015 preferreds crashed nearly 25% in a month. did I miss something? Didn't miss anything negative. Just Chapter 8 of The Intelligent Investor playing out. Have been trying to pick some up - can't get a fill at the prices I want though :/ Link to comment Share on other sites More sharing options...
Luke 532 Posted December 3, 2015 Share Posted December 3, 2015 preferreds crashed nearly 25% in a month. did I miss something? Didn't miss anything negative. Just Chapter 8 of The Intelligent Investor playing out. Have been trying to pick some up - can't get a fill at the prices I want though :/ It's extremely difficult to get fills. FNMAS isn't too bad on liquidity as it has 240,000,000 outstanding, but others are much more difficult as they are highly illiquid. Link to comment Share on other sites More sharing options...
orthopa Posted December 3, 2015 Share Posted December 3, 2015 Common way down today, some of the preferred too, FNMAS seems to have lost some of its premium compared to other preferred over the last little bit. I added some FNMAJ today. Link to comment Share on other sites More sharing options...
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