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FNMA and FMCC preferreds. In search of the elusive 10 bagger.


twacowfca

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3 months since last filing (Ps reply to govt's response) on motion to compel.  in the interim, judge sweeney received and ruled on motion to lift seal on certain perry exhibits, so we know she can be timely.  one would think she will rule on motion to compel soon.

 

Yea, I'm not sure what the hold up is at this point...

 

Doesn't seem like a good sign for it to take this long, when lifting seal decision came so quickly

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Guest cherzeca

3 months since last filing (Ps reply to govt's response) on motion to compel.  in the interim, judge sweeney received and ruled on motion to lift seal on certain perry exhibits, so we know she can be timely.  one would think she will rule on motion to compel soon.

 

Yea, I'm not sure what the hold up is at this point...

 

Doesn't seem like a good sign for it to take this long, when lifting seal decision came so quickly

 

yes and no.  this is a HUGE decision for a lowly court of federal claims judge.  this goes right to the heart of separation of powers and respect accorded one branch of govt by another.  sweeney knows that she will never have a more important decision than this, ordering the POTUS to disclose (likely under seal) docs to adverse litigant that POTUS wants to keep secret, so she needs to do her research and write an opinion that can stand the test of time.

 

not quite judge sirica in US v Nixon but close

 

plus, this is a very complicated assertion of privilege, calling into question among other things whether the prior review of claims of privilege by an agency official is required (this to avoid what happened in this case, not having an official decide what is really important and having lawyers defending the govt run amok, but this precondition is being called into question in recent cases); whether fhfa involvement (taking govt's assertion at face value that for jurisdictional purposes fhfa is not govt) waives privilege etc.  as i recall there were 10 separate claims made in the motion to compel.

 

reading sweeney's tea leaves, seems to me that she is no particular fan of the way the govt has been conducting its defense, so i think we can expect some level of granting of the motion; whether that gets at a small or large portion of the withheld docs is the big question

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http://www.marketwatch.com/story/fannie-mae-ceo-says-its-not-sustainable-to-operate-without-capital-2016-05-05?siteid=yhoof2

 

“Operating with essentially zero capital is not sustainable,” the CEO said Thursday morning, just after his company reported a $1.14 billion profit in the first three months of the year, the 17th consecutive quarter of profitability.

 

I think this is the second time that Mayopoulus has mentioned this?

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http://www.marketwatch.com/story/fannie-mae-ceo-says-its-not-sustainable-to-operate-without-capital-2016-05-05?siteid=yhoof2

 

“Operating with essentially zero capital is not sustainable,” the CEO said Thursday morning, just after his company reported a $1.14 billion profit in the first three months of the year, the 17th consecutive quarter of profitability.

 

I think this is the second time that Mayopoulus has mentioned this?

 

 

Incentive Merk. There's no incentive to build capital and billions not to not to.

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yes and no.  this is a HUGE decision for a lowly court of federal claims judge.  this goes right to the heart of separation of powers and respect accorded one branch of govt by another.  sweeney knows that she will never have a more important decision than this, ordering the POTUS to disclose (likely under seal) docs to adverse litigant that POTUS wants to keep secret, so she needs to do her research and write an opinion that can stand the test of time.

 

not quite judge sirica in US v Nixon but close

 

plus, this is a very complicated assertion of privilege, calling into question among other things whether the prior review of claims of privilege by an agency official is required (this to avoid what happened in this case, not having an official decide what is really important and having lawyers defending the govt run amok, but this precondition is being called into question in recent cases); whether fhfa involvement (taking govt's assertion at face value that for jurisdictional purposes fhfa is not govt) waives privilege etc.  as i recall there were 10 separate claims made in the motion to compel.

 

reading sweeney's tea leaves, seems to me that she is no particular fan of the way the govt has been conducting its defense, so i think we can expect some level of granting of the motion; whether that gets at a small or large portion of the withheld docs is the big question

 

thanks for adding color. i wish this would move faster but i understand things are far more complex than they appear on the surface

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Guest cherzeca

http://www.marketwatch.com/story/fannie-mae-ceo-says-its-not-sustainable-to-operate-without-capital-2016-05-05?siteid=yhoof2

 

“Operating with essentially zero capital is not sustainable,” the CEO said Thursday morning, just after his company reported a $1.14 billion profit in the first three months of the year, the 17th consecutive quarter of profitability.

 

I think this is the second time that Mayopoulus has mentioned this?

 

when the ceo of fnma says the conservatorship approval of NWS has made its business model unsustainable, shouldnt Ps firms make a filing for judicial notice with perry ct app?

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I used to be so bothered by what carney wrote but now ive just come to accept it. It is certainly odd and frustrating how vocal he is about it.

 

Cherzeca,

The ceo AND the conservator himself have now said that.im not advocating everyone email perry attorneys, but cant someone let them know? What would be their reasons for not doing so?

 

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He doesn't like hedge fund guys.....thinks he should be running his own hedge funds...plus maybe some commitment bias.

 

I think his bio says he was a hedge fund lawyer...probably wasn't very good at it...so now he's writing.

 

That being said he's not a very good investigative journalist either...but I have my own biases(I'm still not sure) in that...sorry I woke up on the wrong side of the bed this morning.

 

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If Donald Trump wins, or has even a shot at winning, I feel they will recap and release. I can't imagine Mel Watt and Obama handing over the keys to the nation's housing market to Trump...

 

 

Please let's leave the politics out of this thread

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I used to be so bothered by what carney wrote but now ive just come to accept it. It is certainly odd and frustrating how vocal he is about it.

 

Cherzeca,

The ceo AND the conservator himself have now said that.im not advocating everyone email perry attorneys, but cant someone let them know? What would be their reasons for not doing so?

 

Carney is Treasury's unofficial spokesman.

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Guest cherzeca

I used to be so bothered by what carney wrote but now ive just come to accept it. It is certainly odd and frustrating how vocal he is about it.

 

Cherzeca,

The ceo AND the conservator himself have now said that.im not advocating everyone email perry attorneys, but cant someone let them know? What would be their reasons for not doing so?

 

w/o revealing sources or methods, i can assure board that at least cooper & kirk (fairholme) is aware of this quote from fnma ceo during CC

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While I don't Ike carney, I think he has a point here

 

 

And Fannie would struggle to meet its obligations to Treasury in tough quarters even if a court ordered the government to revert to a 10% dividend and reduced its stake by the $76 billion or so paid in excess of what would have been owed. In that case, Fannie’s quarterly dividend would be just over $1 billion.
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Legalities aside I'm a little shocked no one has quarterly estimated what the dividend to the govt should be.....you would think TO would show that in a presentation..I guess he just needs more preparation....you know quantify the damages done to shareholders

 

Aussie Leslie Luk (my spelling is shit,I owe her a pint ) is spot on. im actually a little shocked no one else has bought it up....

 

 

Read her comments.......fucking Aussies...some tough sobs....Google her SA article.

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Guest cherzeca

While I don't Ike carney, I think he has a point here

 

 

And Fannie would struggle to meet its obligations to Treasury in tough quarters even if a court ordered the government to revert to a 10% dividend and reduced its stake by the $76 billion or so paid in excess of what would have been owed. In that case, Fannie’s quarterly dividend would be just over $1 billion.

 

math doesnt work out that way.  the fnma profit would more than cover the adjusted for NWS invalidation amount of treasury preference. but this also ignores that the $3B+ derivative loss was non-cash, a pure accounting entry.  one pays dividends with casn not accounting entries

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Guest cherzeca

fnma common up over 10% today. anyone hear rumors?

 

Hah no wonder my broker asked me a ton of questions about Fnma when I called him up this morning....I knew something was weird.

 

Chez, don't look at prices daily. Can't help ya.

 

Nothing could go wrong here.

http://m.ocregister.com/articles/percent-714878-credit-mortgage.html

 

cheez i often check prices.  you think i only read briefs?

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Guest cherzeca

@cherzeca apparently stansberry research put out a piece over the wkend recommending fnma as a buy

 

stansberry has a checkered past, kinda sleazy.  hope there is more to it than that

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