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wonder if he has been unleashed from fhfa to mislead everyone. they probably have someone to do damage control
It will help about as much as all his past ones have.
It should be obvious by now that the judicial path to getting the conservatorships resolved is basically closed off now. All non-monetary relief claims have been dismissed, as have all monetary relief claims seeking payment by the government. The only claim to succeed involves the companies paying money to the shareholders.
The January 2021 letter agreement acknowledged that release from conservatorship can't happen while there is significant litigation outstanding. That means Bryndon Fisher is actually hurting the recap/release cause by continuing to fight. But once his en banc appeal is denied and SCOTUS puts one final nail in the coffin, his case will finally be dead and we can move on.
Gabby and I are getting hitched. That’s about all the big news we have around here in these neck of the woods I reckon. Later on tonight get some chow.
Is there news or an important court date coming up? Both commons and JPS are doing really well. JPS variable rate 50 bids are at $6. 🤩
Hang On - Hold for the Gold
Load up and Raise the Ask
https://groups.google.com/g/fannie-and-freddie-preferreds/c/MqM3OJklPts
Commons up, Choo Choo moving, some Ps up...🖕🤡🖕...the creek. lets rock commons 2,3,4,5 to a theatre near you. 🚀🚀🚀🚀...
Mongo
Red;;---all sales-look for yourself
https://ih.advfn.com/stock-market/USOTC/federal-home-loan-mortgage-qb-FREGP/trades
WHAT Rick?? GREEN,, Green whale Balls? I Hope Not!!
And the Washington Corruption continues! Who got the fine money for all those Toxic loans forced down their throats like other things to the children on Epstein Island ?
What do you think? To be least disrupted to the market, does a three-day weekend (market-wise) offer the best time (if any) to end a c-ship and return these companies to the main board?
DATE
Is this DENIAL after the re drafting we just saw ?
Bluntly - an not picking on you --- I do not agree that judges are in the tank
They may be conservative or liberal or who knows what but I think - here - they judge by their read of the crazy HERA law and the true lack of precedent on our situation (such a huge GOV theft of property)
more like...
Not-So-Wise-Man💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮
Thank you Mr Bryndon Fisher
“The Court should reverse the dismissal of Appellants’ takings claims and remand these consolidated cases for trial.”
If this goes to trial the FHFA will lose just like the 8-0 verdict.
Do you mind, Bradford? We're having a moment here.
And we even have "shuffling madness" (from the song you mentioned) all over the place.
We are witnessing a concerted attempt to conceal the ongoing Common Equity Sweep.
From Timothy Howard concealing that FnF post $0 EPS, to the attorney Hamish Hume that has just opted out of filing the scheduled appeal on May 24th in the Wazee case that, for the first time, had challenged the ongoing NWS 2.0 in a recent 3rd amended complaint: SPS LP increase in the same amount as the Net Worth increase in the quarter, which translates into the Common Equity being substituted for SPS in the Equity or Net Worth of the Balance Sheet, currently concealed when these gifted SPS and its corresponding offset with reduction of Retained Earnings account (CET1) are missing on the Balance Sheet (Financial Statement fraud).
A Common Equity Sweep, equal to the prior Common Equity Sweep with the dividend payments (NWS dividend). This is why now, it's NWS 2.0: this time, the Net Worth grows but with the SPS (an obligation with respect of capital stock: an obligation is a compromise of repayment, that is, a debenture).
In other words, the underlying security in a Preferred Stock is an obligation, a fixed income security, just like a bond.
A made-up hybrid financial instrument.
As stated by the very Treasury Department and the FHFA in the SPSPA:
All the Preferred Stocks are permanent securities, but redeemable at the option of the issuer by definition.
So, Mnuchin's attempt to thwart it with "Optional Paydown of Liquidation Preference upon Termination of the Commitment", written in the January 14th, 2021 PA amendment, if I'm not mistaken, is wrong and futile: the SPS LP corresponding to the draws from UST were long gone: U.S. Code 4614(e) (December of 2013 and 2014)
The only way to "rehabilitate FnF" required by Justice Alito, when he interpreted the FHFA-C's Incidental Power that must uphold the Power (as stated by judge Willett in his half-baked ruling that preceded the SCOTUS's opinion) and he read "restore FnF to a sound and solvent condition", is building up Common Equity, for the CET1 and the Core Capital.
Tier 1 Capital = CET1 + Additional T1 (JPS)
Total Capital = Core Capital + Tier 2 Capital (ALLL account)
You can't rehabilitate FnF increasing the SPS. That's not "authorized by this section", unless it's part of a Separate Account plan, which is what Justice Alito authorized "...in a way beneficial to (in the best interests of) FHFA.". No "monetary benefit" allowed. Nice try though.
But regulatory capital.
All the items included in "regulatory capital" is for a reason: loss-absorbing capacity. Thus, the SPS isn't included due to its cumulative dividend feature.
It's a fact that the Treasury Department relinquished its dividend, primarily because it was aware that there is a special rate in the Charter Act in exchange for their Public Mission, that will be addressed in due time (estimated at a weighted-average 1.8% dividend rate with a 0.5% spread over Treasuries), either because it went through despite being restricted and unavailable for distribution (assessments applied towards the exceptions), and because it formally eliminated it to all effects with the 5th PA amendment, in favor of SPS LP increased for free, when it was called out by judge Willett and attempting to mislead us with "a game changer" (Justice Alito and the DOJ's Perdogar bought it). These gifted SPS are another capital distribution restricted. Oops!
The financial concepts have a definition for a reason. They want to change the definitions and problem solved!
What is it that you want? DENIED!
WHOA! Bryndon Fisher is in deep trouble.
PLAINTIFF FISHER FILES ANOTHER PETITION FOR HEARING EN BANC 1 MONTH AFTER BEING DENIED
— Conservatives against Trump (@CarlosVignote) May 24, 2024
5th Cir.
Even after interlocutory appeal along with the lead plaintiff Berkowitz(One co-Plaintiff appealed to SCOTUS his take)
He wants to turn a Conservatorship into Taking: DENIED!#Fanniegate pic.twitter.com/cYqywNKEKx
Bryndon... if you are still out there lurking ... thank you! and good luck! I am with you and your team!
From the Tim Howard blog:
74 thoughts on “The CRT Charade”
Bryndon Fisher
MAY 22, 2024 AT 7:43 PM
If you or your readers are interested, here’s our brief for the three-judge panel at the Federal Circuit. We’re requesting they recommend en banc review of our derivative takings cases.
https://drive.google.com/file/d/1SNTJG-C_KQgYCnqdZp9XZg4QCa54iHeS/view?usp=sharing
jtimothyhoward
MAY 23, 2024 AT 9:39 AM
Bryndon–Thank you. I found the arguments in this brief for an en banc review of your derivative case to be persuasive, and hope the Federal Circuit judges do as well.
Love the sentiment but this is 2 years old now - Housing Finance Reform and Regulation of GSEs(Apr 28, 2022)
https://www.icba.org/our-positions-a-z/current-policies/housing-finance-reform-and-regulation-of-gses
Rick - This is the second time that Patrick's post isn't supported by his attached link. The other one about Moelis update hasn't yet materialized.
Independt small medium even somewhat large but not TBTF large banks love us
Credit Unions love us
but the BIG BOYS appear to have far more say
Do you have the much "cash - investment" that you can weather inflation with the 4.6% or fixed interest cash flow or whatever that GOV long term paper offers?
(Consider some stock market index funds with some - 25% -(or more) - of the nest egg. You can draw 4% plus inflation with a 95% probability the pile will grow v shrink - over say 20 years Does not matter what the market did - you stay to the plan (The stock markets have been great - but long term averages can take 20 years to average to CGR of 8+% we are used to but 4% plus inflation has a 95% survival AND growth history for 100 years
or buy 2 5 7 9 10 12 15 17 190 year bonds or some sort of staggered maturities. That way at maturities you have different - sometimes very high - some times lower but average interest rates (search bond ladder and advantages of real bonds in a ladder)
NOT ADVICE - just a thought and suggestion that there is nothing conservative about living a nice long happy retirement an finding one does have the money needed in 2039 after say 3% inflation on average
not sure all of modern America - but for sure at SCOTUS
I know it was how the issue was raised and other specifics - but these 9 judges could have seen what was going on and done something
$FMCC $FNMA ICBA urges FHFA to expedite the process to end the conservatorships in an orderly and transparent manner while avoiding any disruption of the mortgage market https://t.co/mP6H5xjkRG
— Patrick (@InvestIt3) May 23, 2024
Good bye gains. It was nice to meet you. Hello low of day. Thanks for visiting.
I once bought a used car from Bob Corker. As I drove off the lot the car broke down. I immediately returned. The lot was gone.
The date is 5/22/24. It appears on the last page.
Today I reduced most of my preferred positions FNMAS, FNMAT and FNMAJ. Plan to move into 10 or 20 Year Treasury. Getting ready to close down my Used Auto business and retirement. Still have both commons and few thousands of FMCCTs that I plan to keep for next 5 years.
How much daily/monthly interest does that add, based on the 5% over Fed Discount Rate (5.75% in total) from the lawsuit? Is the interest payable on the $50 par value or the damages amount only? How much is that for FMCCT?
Thanks in advance.
Fisher has the law on his side but in modern America, that matters little..
the thing is that this admin hasn't done anything, lael already said nothing is in works. so everyone thinks maybe a change will be better. rightfully to think so, human nature, though no guarantee as we got foked even more during those last 4 years except lot of cnbc interviews, printing his stupid face on dollar bill , catman saying the c ship is wrong but then hiding stress test, raising capital levels, writing letter agreement.
see what calabria said and what he did
"The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles
— Mark Calabria (@MarkCalabria) February 9, 2015"
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174465016
they do well care about their own stock, making billions in djt stock, ramswmy making billions of buzzfeed, mnuchin making billions of ny bank, now pumping crypto for campaign donations. why aren't they talking about fannie freddie shareholders ? whose investment from $1500 down to $0.40, retirement lost, 529 lost, 16 year conservatorship where so many died without seeing a dime.
won't happen. I won't say why or post won't be visible.
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