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Tuesday, December 12, 2017 9:40:05 AM
I have a question about Dick's comments maybe someone here knows more? He said fannie's "common equity" was negative $132 billion.
What is he talking about here? It seems to be something very different from net worth.
He also said fannie's "total equity" was negative $9 billion. Again - how is this different from net worth and how is this determined? This does not include the DTA hit - he said that after the tax hit their "total equity" would be negative $19 billion.
He also made the comment that he believed that regarding the fannie and freddy net worth sweep at the end of December - this is something that "they are going to refuse to do". The wording indicates he thinks fannie and freddie will refuse to pay - not that FHFA or Treasury will refuse to ask for it. Does anyone else think they could/would do this? I suppose they could put the shoe on the other foot and tell Treasury and FHFA - go ahead and SUE US. Given how ineffective the courts are, maybe this would work.
And he did make a clear and concise point that the Obama administration's Treasury flat out lied. Good sound byte - I hope it gets traction.
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