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what about the paragraph I posted that repeats in clear language that every dollar - to the dollar - of growth in so called reserves is matched with an IOU to the LP count --- do you not understand . Holding cash but writing an IOU is not moving an inch (unless someone sometime kills the LP (wipes it out - calls it paid off) -- and THEN and ONLY then the CASH has a real worth
there was no end to paying a shitload of money to GOV - period
there was a lot of noise --- but it lead to a report - adopted by POTUS - that offered as an equal option -- bankruptcy
If you like DJT - cool ,, - but nothing in his four years as actual POTUS and head of Treasury and head of Justice proves he favors anything good for equity holders (note in your writing and that of other DJT fans ---- it is OBAMA and BIDEN who are no good - but in the case of DJT all the talk is about underlings who thwarted him ----- do you not see how that is not logical)
the NOV election has ZERO to do with anything FNMA
Thank you
can you specify the DOCUMENT page you are using - as I did not see a table
Re xxxx 552
all I was saying is - at 50% of PAR/FACE or $12.50 on the $25 JPS - I would sell 50%
A different poster had their reasons why they thought that might be an end or major resting point
The LP -v the Swipe is essentially the same... just a slight of hand trickeration on the uninformed public.
Only real difference is... the companies keep and are able to reinvest the earnings and in this interest rate environment is worth something.
How this ends... nobody knows. Its all speculative at this point of the temporary con-serveratorship.
I'd like to believe that eventually someone will speak up; and unmask the thieves and the roaches will run from the room so the peoples business can be done without the hooligans.
The goal here should have always been put the entities back to the shareholders after using them to calm the markets; but that's when greed got in the way and that's where we are now....
I was just thinking about the timing of all this the other day and it got me thinking. WHAT TIMING, how it all went down in 2008. It's pretty much a steel of private companies for the banks and greedy WEF to control the world in every aspect. Remember what they said ( YOU WILL OWN NOTHING AND BE HAPPY)
Those losses are just the beginning.
As shareholder capital gets wiped, the government will have no choice but to seize the company and
place it in conservatorship or receivership. Importantly, mortgage-backed security holders guaranteed
by Fannie Mae will see no losses.
Classic grab by those in power!!!! Turning the mortgage market into a Cartel just like the dollar, Banks, Car market, Food production, Medical. It's happening faster now across the board so if DJT does win the Whitehouse then what will 2025 to 2028 look like? Will there be changes in the mortgage companies Fannie and Freddie????
HI Ace - it is not What IF - it is what was actually planned:
From the NEC to the UST on March 8, 2008
https://fcic-static.law.stanford.edu/cdn_media/fcic-docs/2008-03-08_Treasury_Email_from_Hason_Thomas_to_Robert_Steel_Re_Source_document_for_Barrons_article_on_FNM.pdf
Government Bailout Is Necessary, Likely, And Potentially Helpful
Fannie Mae is demonstrably a failed social experiment. A realistic assessment of its balance sheet shows
its net worth to be overstated by tens of billions of dollars and the company to be already insolvent.
Even with all its accounting legerdemain, Fannie's losses are an accelerating horror show, with
shareholders losing $1.5 billion in 07Q3 and $3.7 billion in 07Q4. Those losses are just the beginning.
As shareholder capital gets wiped, the government will have no choice but to seize the company and
place it in conservatorship or receivership. Importantly, mortgage-backed security holders guaranteed
by Fannie Mae will see no losses. The government will likely allow debt holders to fare okay, with either
no or token losses, perhaps 1%.
Shareholders, both common and preferred, are likely to be left with nothing. However, these
shareholder losses have already been locked in by the company's credit decisions over the past few
years and cannot be helped. It must be remembered that Fannie is the biggest mortgage risk holder in
the biggest mortgage crisis.
A fully government-owned guarantor of mortgage debt might be exactly what is called for given the
current housing crisis. While various proposals have been floated to expand the FHA to meet this role, it
has neither the infrastructure nor the expertise to address the broader mortgage market. A nationalized
Fannie Mae would be refocused to directly address the various problems of illiquidity, affordability, and
sustainability in the mortgage market. Without the need to satisfy a fiduciary duty to shareholders,
Fannie might finally be able to perform its affordable housing mission in a helpful and proactive manner.
It's the same Common Equity Sweep as before.
Instead of through a cash dividend payment, through the offset attached to the SPS LP increased for free.
The same Retained Earnings account (CET1) flushed down the toilet.
Same prohibition and the same breach of the FHFA-C's Rehab power.
A NWS 2.0.
He and SM did it under pressure, it was the greatest learning event in the 15 years of GSE theft. but it seems P lawyers and KTCarneyCorker types, cant see it, or just want to ignore it cause of their laser focus loss efforts of greed.
He did that only after the 5th Circuit Enbanc ruling. After becoming their Conservator, he still sent one sweep to the Treasury.
Calabria aka Calamari also hid the stress test results. He plays with his cat all day long. He is no good. He now posts here everyday under the user name FFFacts and makes fun of my new girlfriend Gabby and our first newborn and many more to come.
It literally just popped up on the sticky board.
Calabria did something, he stopped the 3B limit, ended the NWS, placed a capital limit, to lead the GSE, contrary to all the other preceding govrats.
Can you prove otherwise…
Doing something is better than doing nothing. I might not have been pleased by the limit and the snail pace.
There was also the Trump release letter. Hmm.
You seem to provide empty words.
Fnma
I prefer 100% of $325 if you don’t mind. Maybe throw a few bucks to Sherwin on the way out. Gotta feel bad for him. He tries so hard end of day.
It will be awesome if housing or GSE conservatorship question comes up in the first presidential debate.. We can listen from both the horses mouth on what can happen in next term.. My guess is still,. it willbe lipservice from both...and no action. but atleast something
I think it would be more accurate to say that they cannot assess the economic consequences for the housing market and the economy in general if they release the twins. We are talking about more than $8 trillion of FnF MBS - a lot of risk, and a lot that could go wrong. That's why they're postponing it forever ("never change a working system" - even if it's fraudulent).
BOOM. We have proof of the DOJ's involvement in the "Exit strategy": Blame DeMarco for the NWS dividend and blame Calabria for today's NWS 2.0 with the SPS LP increased for free every quarter.
This way, Sandra Thompson is left with the role of Regulator and she had nothing to do with the Conservatorship.
The recent Senate Hearing was held to the same end: "Oversight of Federal Housing Regulators", with the chairman of the Banking Committee unaware that the status of FnF today is still Conservatorship status.
The DOJ has been using the Wall Street law firm representing the FHFA, to do the dirty job in the Lamberth court: fiction claim (implied contract claim) and fiction damage, with the one-day share price drop on the 3rd amendment-day.
In the Lamberth court, we saw how the parties (FHFA and the attorneys Hamish Hume and David Thompson) requested that Sandra Thompson be dismissed as Defendant, and the two jury trials, have had the slogan: "Blame DeMarco" also peddled by their social media crew 24/7.
This week, the attorney Hamish with a different case, Wazee, and the other party, requested that Sandra Thompson be substituted by Calabria in their official capacity.
The bombshell is that, this time, one of the parties is the DOJ and it signed this brief that ignores the Federal Rules of Civil Procedure: Rule 25 Substitution of Parties (d) Public Officers: once an officer that was sued in his official capacity, resigns or retires, he is substituted for the successor in his official capacity, and not the other way around.
The DOJ ignores that a Separate Account plan has to be unwound, and not to start suing the officials responsible for each of the different phases, just because you are annoyed of this separate account and you have found a way to get around it with crooked judges and, desperately, peddling judicial maneuvers and financial flaws ("SPS, off-balance sheet", etc).
The attorney Hamish Hume ended up relinquishing the scheduled appeal in this Wazee case, once he finally realized that it dynamites the Lamberth case and his fat bonus attached, because it's the same Common Equity Sweep restricted as the prior NWS dividend, and not a Wonderland as the attorney for Berkowitz, David Thompson, peddled in the courts seeking damages: "With the SPS LP increased for free, the UST gets rich and, at the same time, FnF are recapitalized" (Collins case on remand).
A cover-up of the Restriction on Capital Distributions (Dividends and the ongoing SPS LP increased for free) that would also prohibit his fat bonus with the Lamberth rebate (CFR 1229.13).
A MOTIVE for the felony of Making False Statements for the cover-up of a material fact.
We also have OPPORTUNITY: a conservatorship, where the powers are transferred to the conservator and it's authorized to carry out a Separate Account plan (FHFA-C's Incidental Power).
And MEANS: the judiciary proceedings can be extended for years and the judges and attorneys aren't knowledgeable of the technical financial matters (Capital, dividends, Retained Earnings account, Equity or Net Worth, etc.), or the clear intent to play the fool with these matters, as the evidence heard from the self-proclaimed "unsophisticated lawyer. I am a litigator", the attorney for Berkowitz, David Thompson, in a Conference Call hosted by another hedge fund manager, Tim Pagliara.
These 4 tweets melt everything down:
EXIT STRATEGY: BLAME DEMARCO/CALABRIA@TheJusticeDept involved: Unaware of Rule25 "in official capacity".
— Conservatives against Trump (@CarlosVignote) May 26, 2024
But when atty Hamish saw that today's gifted SPS is Common Equity Sweep like the NWS div(RESTRICTED),not "Recap"(Berko's atty,DT),he scrapped the scheduled appeal.#Fanniegate https://t.co/TJhNaH0H32 pic.twitter.com/3L2ZEckbTx
FHFA/@TheJusticeDept:UNAWARE OF ONGOING CONSERVATRSHP
— Conservatives against Trump (@CarlosVignote) May 24, 2024
W/ appeal scheduled for 5/24, the parties asked to switch ST for Calabria, in their official capacity:
-NWS 2.0 began w/ Watt(2017)
-Ongoing NWS 2.0
-Calabria no longer an official.
ST is regulator, not conservator?#Fanniegate https://t.co/barQmamOf2 pic.twitter.com/20mhrMDWzR
"They don't know how to end it.."
It is as simple as it has always been . . . just a signature. Both F&F know what to do when the conservatorships end.
You said "SPS increased for free in Separate Account".
Which is like khtomp19's "SPS, off-balance sheet".
In the mean time the GSE share price will be 100 times that it is today once release even if there's a R/S in the common shares but long term this will be priced just like the major banks in time.
Once the warrants are sold off and who knows what will happen with the SPSA but one thing is sure there will be an auction off of the Gov state in common share and there will be a lot big compaines linning up for it !!!! Commons will sore after new offering and R/S !!
Have you a guess on the initial duration of the zero coups invested? 20yr?
Reason I ask is the value of those may now be accruing in line with the net worth figure.
They also know there are so many such questions and complexities if they end it. That's why they are choosing to look at the other side. They don't know how to end it..
Uh oh
You are getting a 4000 worded response with lot of references to 4617e and 4614e and secret accounts. If you are lucky, may be by midnight itseld
Wise Man,
That was a lot of words about the SPS. Next time try reading what you are replying to. My posts have said the LP is not on the balance sheet. Nowhere have I said the SPS are not on the balance sheet because they are. Reading is fundamental. I guess you dont want anyone to agree with your hypothesis. Thats ok. I think you might be right. I dont understand why you post if you dont want anyone to agree with your theory. Strange behaviors.
How this c'ship ends, what happens with current shareholders, what the actual final judicial decisions end up being, what precedents are set by those decisions, and how much ownerhsip in the GSEs is utlimately "given" away or offered to Wall Street and big money players will definitely help determine how much what you talk about comes to fruition and how much progress those established powers have made in achieving their goals.
Conversely, if those powers had complete control and there were not ANY counterforces they could have completely taken control and ended this in their favor long ago. This tells me there are still road blocks to that OWO agenda. We will see with this outcome.
However, a strong indicator of what is to come in this regard - not necessarily concerning the GSEs - is what happens in November. If there is no change in Nov that will not be a good sign.
Housing policy analysts expect discussions about the U.S. debt limit and the end of tax breaks to dominate the fiscal agenda in Washington, D.C., in 2025, obscuring talks about a potential return of Fannie Mae and Freddie Mac to the private sector.
U.s. debt is now at $34 trillion, it's so high that they have confidence about these two giants Godzilla, Fannie Mae and Freddie Mac.
.."This was all planned pre 2008 "
Gses conservatorship was all planned since 2002 .
The purpose is to reinvent America in a new digital world of AI.
WHAT IF...This was all planned pre 2008 for the WEF and OWO ??
When did Blackrock start doing business? 2008.... what timing.....and they now own 80% of the SMP 500.
The plan to own the housing market and turn it into a rental market. ( BY 2030 YOU WILL OWN NOTHING AND BE HAPPY) where have we heard that before?
Banks foreclosed on 100's of 1000's of homes! Banks still own a lot of these homes and are managed by rental companies! WHO OWNS THE BANKS??? The same people/companies that are buying up properties as fast as they can!!
Put the 2 biggest mortgage companies in the world in Gov control ! until private banks and investments companies AKA: Blackrock, Statestreet, Vanguard, Google, Amazon, Bill Gate etc can buy up as many properties as possible.
After a 20 year timeframe (2 years before 2030 agenda) release the 2 biggest mortgage companies in the world and sell off the shares ( warrants) to?? GUESS WHO......... The above companies and turn the GSE into a mortgage caltel just like the banks.
THATS DOUBLE DIPPING !!
The mortgage interest on the mortgages from these homes will be paid by ??? RENTERS !!! Once these properties are paid off or 50% paid off these companies can borrow/ leverage against these properties to buy ALL remaining properties left !! The property market is going to be worth 10 fold in the next 10 years or less !!!!!!
He doesn't understand haircuts ever since he went bald.
Give me 10% and out the door I went
lol
10% of $325
$1500 ain't gonna happen but I think unencumbered, Patswil is pretty close with his figure of $325. Note I said UNENCUMBERED.
FHFA shd just show the finger to Tim Scott and say, nice try. You can change this in 6 months if you want (if you win) but right now we are moving forward with this.. now GTFO is what they shd say
Debate 1-Trap T on $400/m to FTHB for 2yrs
Debate 2-Victory lap for $400/m for 2yrs funded by released GSEs on July 4th. Lamberth time indicating July 7th is end date for filings.
Agree. There are a whole lot of other things FHFA can't t do but has done anyway without any adverse consequences to itself or it's employees. Can't tell what will happen as currently FHFA only answers to the President. Congress has no control over FHFA budget.
My personal opinion about FnF buying and bundling 2nd mortgages is that it's fine as long as they maintain the same prudent standards that they require for 1st mortgages.
I am worried about the present. Don't have the time to sing laurels of the past. I see now and the future and not look back the beauty. Sorry
The GOV can do either per the DJT policy document - which does not lean in either direction
I think this is just - just FNMA alone - from that link (I put in BOLD what I call the smoke and mirrors nonsense by Calabria and Mnuchin and DJT ---- one pocket is filled and the other emptied - MAGIC
Under the terms governing the senior preferred stock, no dividends were payable to Treasury for the first quarter of 2024 and none are payable for the second quarter of 2024.
Under the terms governing the senior preferred stock, through and including the capital reserve end date, any increase in our net worth during a fiscal quarter results in an increase in the same amount of the aggregate liquidation preference of the senior preferred stock in the following quarter. The capital reserve end date is defined as the last day of the second consecutive fiscal quarter during which we have had and maintained capital equal to, or in excess of, all of the capital requirements and buffers under the enterprise regulatory capital framework.
As a result of these terms governing the senior preferred stock, the aggregate liquidation preference of the senior preferred stock increased to $199.2 billion as of March 31, 2024 from $195.2 billion as of December 31, 2023, due to the $4.0 billion increase in our net worth in the fourth quarter of 2023. The aggregate liquidation preference of the senior preferred stock will further increase to $203.5 billion as of June 30, 2024, due to the $4.3 billion increase in our net worth in the first quarter of 2024. See “Business—Conservatorship and Treasury Agreements—Treasury Agreements” in
our 2023 Form 10-K for more information on the terms of our senior preferred stock, including how the aggregate liquidation preference is determined. Increases in our net worth improve our capital position and our ability to absorb losses; however, increases in our net worth also increase the aggregate liquidation preference of the senior preferred stock by the same amount until the capital reserve end date as discussed above.
I have seen the LP (which is investment and then the phantom capital gain at F and F) quantified as about 300B
I suggest you look back to 1950 to say about 1990 or whatever
Both parties aimed to grow - get votes - from the middle of America which was HUGE !!
So compromise was not just feasible it was a way of life
BUT
NOW that both R and D are scared of their extreme voters in a primary - much of what you say is becoming true ---- but it is not the nature of a two party system - it is the nature of the last 30 years of growing R and D or D and R extremists with growing power due to gerrymandered districts in particular
all IMO
so we know who is in the pocket for the TBTF banks
T Scott
Hagerty
ok
sit down
from KT
From what I understand, a senior pref writedown would be accounted for by reducing the senior pref line in the balance sheet to zero and adding that amount to retained earnings. Since retained earnings do count towards all forms of regulatory capital, that writedown really would increase CET1/Tier 1/core capital by $193B.
I do think this is a viable path forward because it would allow FnF's retained earnings account to accurately reflect the reality of the company's health, rather than having a huge negative number for retained earnings (accumulated deficit) and a huge positive number for common stock.
I can handle split adjusted $1,500
LOL
What is this $1500 you keep harping on? Released and relisted, it would never reach such a number because there would be a split way before $1500.
the key point they are making is fhfa can't do it as they are undercapitalized and under conservatorship: you cannot load them up with more risk . i wonder how fhfa will counter this? do you know? or may be they don't follow the law, so they will go ahead and do it anyways. the right way is to rewind and let them be free.
we are at 0.1% of $1500, long ways to go. but why 5 yrs? the market will see through it if the fix is in and we can have amc/gme moment
i may be in the minority here, but i am not too sure he will fix it either.
why? there would not be any hair cut. fannie mae and freddie mac is making money hand and fist, they have helped wither away pandemic, shore up the banks, provided affordable housing, given back close to 300 billion, i can go on and on. why does tresaury need more? no warrants should be exercised, no more money, in fact they should refund the excess. the thing is i have no clue who is going to fix it. do you?
question is who will end this charade. everyone knows it is wrong.
How do we prevent scams perpetrated by our own government? In 2008 @FHFA put Fannie Mae and Freddie Mac in a "temporary" conservatorship and refuses to release them although they are among the most profitable corporations. It has already swindled $301 billion of their equity. https://t.co/lPyxpZaU0p
— Guido da Costa Pereira (@GuidoPerei) May 25, 2024
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