Fannie Mae Preferred S (FNMAS)

[EternalPatience]

Preferreds turn to fall to 3.xx started..

[Ace Trader]

JPS are rallying! Is it because the saga now shows that JPS are the best investment. Words of wisdom saying that a conversion of some sorts is expected but only a haircut for JPS could be on the cards. Makes for a better investment for sure

[Fanatical Infidel]

Very good day for FNMAS. Slow trickle up continues and broke $5...20% Par

[Fanatical Infidel]

R/S of common in order to uplist to a major exchange?
JPS , What to do with them all? Nothing? or a reduced share of the companies? Still at 50% on todays prices it's a far better beat than common shares

I never thought in a million years the NWS would withstand legal scrutiny, so any of the various scenarios that have been put out into the ether would not surprise me.

My guess is the govt, embolden by its numerous court victories, will not be kind to commons in any manner so I have swapped a majority of mine for JPS.

[Fanatical Infidel]

R U Sure? Wasn't it meant to stop Feb 4th 2024 ?? If this is continuing to grain interest that was Judges plan for them to settle and not drag this out!!

Not sure where you got the Feb 4th date from...My understanding is Lamberth granted interest to shareholders going back to August 2012 until final judgement is entered.

On October 24, 2023, the Court ruled that the Fannie Mae junior preferred shareholder plaintiffs were entitled to prejudgment interest, and awarded simple interest on the $299.4 million damage award, accruing from the date August 17, 2012 until the date on which judgment is entered, at a fixed rate of 5% over the Federal Reserve discount rate as of August 17, 2012. Fairholme Funds, Inc. v. Fed. Hous. Fin. Agency, No. 1:13-cv-1053 (RCL), 1:13-mc-1288 (RCL), 2023 WL 7002665, at *1, 9 (D.D.C. Oct. 24, 2023).
https://casetext.com/case/fairholme-funds-inc-v-fed-hous-fin-agency-5/

[Ace Trader]

With any possible release one must ask the questions :

R/S of common in order to uplist to a major exchange?
JPS , What to do with them all? Nothing? or a reduced share of the companies? Still at 50% on todays prices it's a far better beat than common shares!

[Ace Trader]

R U Sure? Wasn't it meant to stop Feb 4th 2024 ?? If this is continuing to grain interest that was Judges plan for them to settle and not drag this out!!

[Fanatical Infidel]

Really do they want to keep draging this out now the interest has stopped on the award?

Not following...interest hasn't stopped on the award. Interest is "accruing from the date August 17, 2012 until the date on which judgment is entered at a fixed rate of 5% over the Federal Reserve discount rate as of August 17, 2012."

We aren't going to have final judgement for quite a while...We are closing in on a year since the favorable jury verdict and we haven't even gotten to the appeals part yet. I expect to see 3-4 years of interest on that award when all is said and done.

[Ace Trader]

And still the delay for a final end to this ruling judgement and a payout for shareholders. Really do they want to keep draging this out now the interest has stopped on the award?

[Ace Trader]

I bet investors are starting see the out come from common to JPS and that any consolidation for release will be a hair cut for JPS and below a $1 for commons .

If it plays out to this tune then consider JPS will be 50% of par before Nov 5th

[Fanatical Infidel]

New 52 week high...we haven't seen these prices since the SC screwed us on 6/23/21

[Lite]

Reminds me of the price swings before the sweep. Let er rip potatoxhip.

[Fanatical Infidel]

Preferreds have been inching up all week...accumulation due to stronger Trump polls???

FNMAS at it highest since end of January

[trunkmonk]

completely wrong.

HOUSING AND ECONOMIC RECOVERY ACT OF 2008

RESTRICTION ON CAPITAL DISTRIBUTIONS.— page 2731
‘‘(1) IN GENERAL.—A regulated entity shall make no capital distribution if, after making the distribution, the regulated entity would be undercapitalized. The exception.

Quote: “Page 2732

EXCEPTION.—Notwithstanding paragraph (1), the Director may permit a regulated entity, to the extent appropriate or applicable, to repurchase, redeem, retire, or otherwise acquire shares or ownership interests if the repurchase, redemption, retirement, or other acquisition— ‘‘(A) is made in connection with the issuance of additional shares or obligations of the regulated entity in at least an equivalent amount; and ‘‘(B) will reduce the financial obligations of the regulated entity or otherwise improve the financial condition of the entity.’’.

NOTE: REPURCHASE, REDEEM, RETIRE...

WILL REDUCE THE FINANCIAL OBLIGATIONS OF THE REGULATED ENTITY.

Link: https://www.congress.gov/110/plaws/publ289/PLAW-110publ289.pdf

[Fanatical Infidel]

Video of Senator Hagerty comments starts at 01:22:10
https://www.banking.senate.gov/hearings/oversight-of-federal-housing-regulators

I would wager Tim P's team wrote those comments for the distinguished gentleman from Tennessee...

[Fanatical Infidel]

Senator Haggerty's comments to FHFA Director Sandra Thompson at today's banking hearing...

Director Thompson I would like to direct this to you. You have testified that in order to end conservatorship of Fannie Mae and Freddie Mac, two things need to happen. First, they’ve got to build capital through retained earnings before ending the government’s 15 year long conservatorship. Second, you’ve said that Congress needs to decide the future of these two government sponsored entities and the US mortgage finance system more broadly. On the first point, the quickest way to end the GSE conservatorships is to raise private capital just as bailed out banks were allowed to do in the wake of the 2008 financial crisis. Now that the GSEs control so much of the housing market, there seem to be a reluctance to relinquish government control. I ask myself: Why? Well, judging by the redistributive housing policies that have been pursued while you’ve been at the helm of FHFA it seems that the GSEs are viewed by the Biden administration as simply backdoors to push its DEI social policy agenda which is well beyond your mandate. On the second point, congress has already decided what type of mortgage finance system it wanted with the 2008 HERA law. That law significantly enhanced the regulatory and supervisory powers of your agency over Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The problem here is that the Obama and Biden administrations have never taken their feet off the throats of Fannie Mae and Freddie Mac so that they can succeed as private companies. The responsible thing to do for yourself, for Secretary Yellen and for Attorney General Garland is to continue the work that was begun by former FHFA director Calabria to raise private capital and return Fannie Mae and Freddie Mac to the private markets. This would result in a $100B+ windfall for taxpayers and could be used to immediately to help expand the countries housing supply and support affordable housing for Americans most in need. We talked about this at the time of your confirmation to be the agency head and our housing markets and American taxpayers deserve to see these conservatorships to be brought to an end. I appreciate your full attention to this in the time you have left remaining as director. Thank you.

https://www.glenbradford.com/2024/04/senator-hagerty/

[RickNagra]

Next stop $0.05 hold on tight.

[trunkmonk]

its rotation back into Ps, but surprisingly its not way green. Trend is your friend.

[RickNagra]

It’s a rotation from the preferreds to the commons. Makes perfect sense. Buy the commons. Dump the preferreds. That’s exactly what smart astute intelligent brilliant investors are currently doing.

[RickNagra]

Big crash today. Too bad for Bradford. Yeah too bad. Five cents on deck.

[Fanatical Infidel]

Lamberth's order released...

https://ecf.dcd.uscourts.gov/cgi-bin/show_public_doc?2013mc1288-420

[trunkmonk]

Ps are going up cause commons are going up. Like I said before, Bradford is no dummy, he gets the connection. Most Ps are just dummies following greedy dummies like KTCarney.

[RickNagra]

Interesting spike end of day. John Paulson news related ?

[3antar]

Humm, hope so

[Fanatical Infidel]

What is up with FNMFM?!!! Hopefully we got some foreshadowing going on...
FNMFM 9.94 +4.44 +80.73%

[Fanatical Infidel]

Trump will be a few votes shy of securing the nomination after tonight...looks like FnF preferreds are moving in line with that...FNMAS up bigly

[Fanatical Infidel]

Fannie and Freddie’s stocks have gone up on speculation about a tight presidential race, but would a Trump win really deliver privatization? My story on the odds: https://t.co/3WrHAr61s1

— Katy O'Donnell (@KatyODonnell_) March 4, 2024

[trunkmonk]

Ps red, as it should be. Commons should could and would be same or more if unconstitutional and illegal actions by government were stopped.

[Fanatical Infidel]

U still have the issue of comprehension and math. Go back and read, I said rounding off, so ur a trivial moron??? U always round down below 5. Is this your knowledge base, trying to knock someone down with 6th grade arguments? Pitiful.

Ok Mongo. You showed me...stay giddy!

[trunkmonk]

U still have the issue of comprehension and math. Go back and read, I said rounding off, so ur a trivial moron??? U always round down below 5. Is this your knowledge base, trying to knock someone down with 6th grade arguments? Pitiful.

[Fanatical Infidel]

lol, I have math & reading issues?!!...At first you say $4.80 to $4.30

wow FNMAS did a 10% swing from 4.8 to 4.3,

but now it is $4.80 to $4.20

since the high was 4.80 and it went back to 4.20 ill perform it for you. 4.80 - 4.20 = .60

Of course you were wrong on both counts - the low was $4.24

I am embarrassed for you. Truly...If you going to try to insult someone, maybe have your shit together first before you hit the submit button.

I highly recommend you just stick to the Mongo impersonations...at least that comes natural for you.

[trunkmonk]

yeah i know, for those lacking in amplitude or simple math, memory, and reading skills ill review.

wow FNMAS did a 10% swing from 4.8 to 4.3,

since the high was 4.80 and it went back to 4.20 ill perform it for you. 4.80 - 4.20 = .60
down 60c from its high, which was my premise in the first place and only place. I rounded off not to confuse dolts too much. keep your filthy mind off children and stop thinking like a smart ass teen, you might make to college some day.
i will even elaborate some more, a day trader could make a lot more than opening and closing numbers, on almost every stock, thats how it works for anyone above 6th grade level skills

[Fanatical Infidel]

I would know the first thing on what makes little school girls giddy

I know that...Hence the reason I said you were giddy as one.

its now down 60c ouchi woochi

60 cents??? I only show the evil empire down 30 cents for the day...All that preferred hate causing you to see doubles?

[trunkmonk]

ok infidel, figures, some seem to think about school gilrs, i would know the first thing on what makes little school girls giddy. Freak its now down 60c ouchi woochi

[Fanatical Infidel]

wow FNMAS did a 10% swing from 4.8 to 4.3, must be a figment of my imagination if Shellgamers say its huge for JPS? was that for JPS shorts?

You must be giddy as a little school girl...

[trunkmonk]

wow FNMAS did a 10% swing from 4.8 to 4.3, must be a figment of my imagination if Shellgamers say its huge for JPS? was that for JPS shorts?

[Fanatical Infidel]

Make it happen…

pic.twitter.com/1mhkv0JU2n

— Free FnF (@afguy31) January 24, 2024

[trunkmonk]

reality?

[3antar]

What just happened 😳

[Fanatical Infidel]

All Fannie 50's have broken the $6 threshold...Freddie 50's not too far behind.

[RickNagra]

Excellent point.

[cgw]

Preferred are all green on my screen. I still do not understand those who see the game as pfds vs commons. The game is pfds plus commons vs FHFA and Treasury.

[RickNagra]

Preferreds headed down the crapper along with Bradford. Good.

[Fanatical Infidel]

This was a fun week! I am now more on the side of Tim Pagliara's belief that Biden will release the twins after reading the Bloomberg interview with Fannie CEO Priscilla Almodovar.

Unusual for FnF leadership to make public comments like that...I don't believe she would without the blessing of the Biden admin.

Biden is getting trounced in the polls by Trump...he needs some kind of policy victory and housing would be a good one

[Fanatical Infidel]

Into the $4's

[RickNagra]

What's the difference between an overflowing nuclear waste landfill and FNMAS ? Not much.

[Fanatical Infidel]

You are getting some nice returns on your recently purchased FNMAJ...well done.

Today was a good day. After last nights landside in Iowa it is obvious FnF wants Trump to win...FJB

[trunkmonk]

Observing both Commons and Preferred movement, the thing i like about preferred is when they move, they dont bounce around and often lose all gains by end of day. that predictability does make them more attractive then commons. In order for commons to break 1 and move to 2, they will have to have that same predictability(strong believers or hands , as some call it, its a cheezy description and is more like value investors, or even strong speculators)

[Ace Trader]

I toko my 4Q tax money and brought FMNAJ in Nov, Dec. will hold off as long as I can for this pop and payout from the settlement.

[Fanatical Infidel]

Another good day for preferreds and commons blowing up...Exciting times the last few days.

Curious what is behind this price movement - my wild ass guess is a change to the capital rule...I guess we will find out shortly.