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"Republican presidential candidate, former President Donald Trump and former first lady Melania Trump arrive at the home of billionaire investor John Paulson on April 6, 2024 in Palm Beach, Florida."
https://www.cbsnews.com/amp/news/trump-campaign-palm-beach-florida-fundraiser-90-million/
We'll know for sure in about 60 days (assuming the US District Court of DC follows the Federal Rules of Civil Procedure that is followed in the 4th Circuit):
"FRAP 4: For civil cases, notice must be filed in district court within 30 days after entry of judgment (60 days if federal government a party), or within 14 days after filing of a timely notice of appeal by any other party."
https://www.ca4.uscourts.gov/AppellateProcedureGuide/General_Provisions/APG-appellatedeadlines.html#:~:text=FRAP%204%3A%20For%20civil%20cases,appeal%20by%20any%20other%20party.
That could take awhile.
Sometimes you have to challenge the government in the Judicial Branch when they take your property.
What good are property rights in American Society if the government can take your property at will?
I think Bruce Berkowitz made a salient point here (just listen to the 1st minute of the interview):
The SCOTUS on the denial of a Writ of Certerrori on overturning NYC's 50 yr + Rent Control Laws:
"In a two-page statement, Thomas emphasized that the “constitutionality of regimes like New York is an important and pressing question” on which the federal courts of appeals have taken different positions. But, Thomas explained, this case might not be a suitable one in which to consider the constitutionality of such regimes, because the challengers’ filings “primarily contain generalized allegations about their circumstances and injuries,” rather than the kind of analysis that would allow the justices to understand how the city’s regulations work. But “in an appropriate future case,” Thomas concluded, the justices should grant review “to address this important question.”
https://www.scotusblog.com/2024/02/justices-reject-new-york-landlords-petition-to-end-rent-stabilization-system/
https://www.curbed.com/article/new-york-landlords-supreme-court-automatic-renewal-lease-challenge.html
This morning at SCOTUS: "This case presents a vital opportunity for the Court
to reject further agency evasion of judicial scrutiny
through the misapplication of 28 U.S.C. § 2401(a)’s
statute of limitations."
-PLF Amicus Brief
Issue: Whether a plaintiff’s Administrative Procedure Act claim “first accrues” under 28 U.S.C. § 2401(a) when an agency issues a rule — regardless of whether that rule injures the plaintiff on that date — or when the rule first causes a plaintiff to “suffer[] legal wrong” or be “adversely affected or aggrieved.”
https://www.scotusblog.com/case-files/cases/corner-post-inc-v-board-of-governors-of-the-federal-reserve-system/
https://www.supremecourt.gov/
HeeeeHeeee! Time will tell! BTW, I have NEVER seen anyone from your side of the aisle talk about release, can you show me one?
Why would the current administration EVER release these two profitable giants from their control?
So long as the FHFA acts in a way that benefits itself and by extension the public it serves it can continue to hand out benefits to its targeted political voter base.
How many folks on your favorite side of the aisle EVER mention releasing the GSES from the 15+ year CONservatorships?
Burns: I'm going to write a figure on this piece of paper. It's not quite as large as the last one, but I think you'll find it fair.
(draws a giant zero)
Hutz: I think we should take it.
https://www.tvfanatic.com/quotes/im-going-to-write-a-figure-on-this-piece-of-paper-its-not-qui/
"Government-sponsored enterprise Fannie Mae reported $77.4 billion in net worth at the end of 2023, including $17.4 billion in additional net income for the full year, according to its financial results report released on Thursday.
The $77.4 billion figure marks a sharp increase from prior years — $60.3 billion in 2022 and $47.4 billion in 2021."
“The fourth quarter capped another successful year,” Fannie Mae CEO Priscilla Almodovar said in an accompanying statement. “Fannie Mae reported $3.9 billion in net income, marking our twenty-fourth consecutive quarter of positive earnings. In 2023, we delivered $17.4 billion in earnings and continued to rebuild our capital and further strengthen our financial stability.”
https://news.bloomberglaw.com/daily-labor-report/courts-new-chevron-analysis-likely-to-follow-one-of-these-paths?context=search&index=1
"Lower courts are beginning to rely on the major questions doctrine as the basis to overturn scores of agency decisions."
https://news.bloomberglaw.com/daily-labor-report/any-outcome-over-chevron-doctrine-will-reach-far-beyond-courts
Blue Chip Corporations are Finally Challenging these over bearing Government Agencies, when will Fannie Mae and Freddie Mac?
"11. The Second Amended Consolidated Complaint should be dismissed because the
General Counsel’s interpretation of the Act and requests to the National Labor Relations Board in
this case implicate the Major Questions Doctrine and associated principles of non-delegation and
therefore violate Article I of the United States Constitution.
12. The structure of the NLRB violates the separation of powers because its
Administrative Law Judges are insulated from presidential oversight by at least two layers of “for
case” removal protection, thus impeding the executive power provided for in Article II of the
United States Constitution.
13. The structure of the NLRB violates the separation of powers because its Board
Members, who are principal officers of the United States, are insulated from removal by the
President except for inefficiency, neglect of duty, or malfeasance of office, thus impeding the
executive power provided for in Article II of the United States Constitution.
14. NLRB proceedings violate Article III of the United States Constitution and the
Seventh Amendment to the United States Constitution by seeking to adjudicate private rights
outside an Article III court and award a broader range of legal remedies beyond just equitable
remedies without trial by jury."
https://news.bloomberglaw.com/daily-labor-report/amazon-joins-spacex-trader-joes-in-challenging-us-labor-board
Classic stuff! The dog piloting the boat was priceless and Ert, as obnoxious as he was use to post the burning dumpster floating down the street, had me rolling on the floor in laughter 🤣
Good times, good times!
We're all in the same boat as we wait for an act of benevolence from our 'dear leaders' or sue the sh*t out of these guys !
The thing I will miss most from the Yahoo board was all those zanny pictograms to choose from, it added a whole nother level!
https://www.merriam-webster.com/grammar/whole-nother
She's da Boss Lady!
"We're waiting for Congress to decide the future of the GSES."
I haven't been there in awhile, do you remember Boat Shoes Optional, he was a fun guy (when are we gonna know the SECRET PLAN? )
How about these guys:
Yanks Ghost?
Evad?
The multiple personalities of a certain "Wise" "Man"?
Good times, good times!
The government can be of great benefit to the citizens, but ohh how it can go way wrong like here.
As you've mentioned the Progressives are worried about the impact of the possible overturning of the Chevron Deference and you may enjoy this Amicus Brief I was reading yesterday:
There's a link in this article that was on the SCOTUSblog yesterday, read it and then we can discuss:
https://newrepublic.com/article/178806/public-pressure-supreme-court-chevron
Just clink the link in this paragraph (i.e., just click the word "wrote" and the Amicus Brief will open):
"This catch arises not merely because, as administrative law expert Professor Thomas Merrill wrote in an amicus curiae brief, the Supreme Court considers only a “handful” of statutory interpretation, whereas “lower federal courts have caseloads many times greater [and lack] the decisional capacity to engage in an exhaustive review of every statutory interpretation question arising on judicial review.” A far worse threat is that overturning Chevron, however qualified, will surely be brandished, by the cadre of partisan judicial zealots sitting on federal district and appellate courts, as a license to seize every opportunity to further their cherished goal of “dismantling the administrative state.”
We'll find out shortly if you are right...
The government has misbehaved badly here and has unclean hands, but what's in the 11,000 SEALED DOCUMENTS?
It buys Uncle Suggy some time so he can figure out what to do, he's a slow learner !
"As King put it: "Winston Churchill once famously observed that Americans will always do the right thing, only after they have tried everything else."
https://www.npr.org/sections/itsallpolitics/2013/10/28/241295755/a-churchill-quote-that-u-s-politicians-will-never-surrender
Hey Lawyers need to work too..
That's right but what if Damages are expanded beyond the mere one day price drop, my friend?
How would that make you feel? 🤔
Don't you think that the damage from the Net Worth Swipe and its breach of the Implicit Contract between the Shareholders and the Corporations was GREATER THAN the one day price drop?
Will Uncle Suggy be happy with the minimal damages he escaped with by the malfeasance of his agent, one Mr. Edward J Demarco?
Will the Plaintiffs Attorneys simply be exhausted and refuse to continue fighting, knowing their payday is closer by NOT appealing?
The Answers to these questions AND MORE will be revealed in upcoming episodes of the DAYS OF OUR CONservatorships LIVES:
I think in Lamberth's court, we are very likely looking at an appeal from 1 or both parties after the Judgment is entered and both parties have already done multiple rough drafts of their pending appeals.
On tap at the courthouse in the federal district court for the District of Columbia:
1. Judgment entered.
2. Parties Note their appeals
3. File appeals
4. Appeal to 3 Judge Panel
5. Oral Arguments
6. Decision
7. Losing side petitions for En Banc Hearing or Writ of Certerrori.
Don't spend your winnings yet!
DJT is in the same exact courthouse, here's what his attorneys said on Monday in their petition to stay the 3 Judge Panel Decision:
"This order departs from the D.C. Circuit’s ordinary procedures, which provide,
consistent with Federal Rule of Appellate Procedure 41(b), that “the court ordinarily will
include as part of its disposition an instruction that the clerk withhold issuance of the
mandate until 7 days after the expiration of the time for filing a petition for rehearing or a
petition for rehearing en banc and, if such petition is timely filed, until 7 days after
disposition thereof.” D.C. Cir. R. 41(a)(1).
On February 12, 2024, as required by the D.C. Circuit’s judgment, President Trump
filed this application to stay the D.C. Circuit’s mandate pending disposition of his petition for
certiorari. President Trump also asks this Court to stay the D.C. Circuit’s mandate pending
resolution of his planned petition for en banc consideration in that court."
https://www.scotusblog.com/2024/02/trump-asks-justices-to-intervene-in-jan-6-case/
Pg. 9 Financial Supplement: Single Family Home Price Appreciation since 01/19?
56% or 11%/yr
Pg. 11 Fannie Mae and Freddie Mac 2023 MBS Market Share is 59%
Ginnie Mae is 36%
Private Label MBS is 5%
The GSES aren't going anywhere, I suspect that Uncle Suggy will over capitalize them and eventually release them BUT, they could do it today as their book of biz is AWESOME - MTMLTV is 51% with > 750 FICO (see pg. 13 of Financial Supplement).
Pg. 5 of Financial Supplement: Net Worth Ratio is 1.8%
(3) Calculated based upon net worth divided by total assets outstanding at the end of the period.
But for the Net Worth Swipe, both of these Corporations should have been back in the S&P 500 where they belong along time ago!
Shame on the federal government for engaging in a defacto Nationalization of hard working Americans investments in these 2 Great American Corporations.
Uncle Suggy won't release his death grip on the twins or will he?
>$27B in Net Income from both in 2023 alone!
Why these 2 Great highly profitable corporations are STILL after OVER 15 YEARS in CONservatorships is simply INSANE!
"I'm from the Government and I'm here to help "
-RR
https://www.prnewswire.com/news-releases/fannie-mae-reports-net-income-of-17-4-billion-for-2023-and-3-9-billion-for-fourth-quarter-2023--302063026.html
Fannie Mae Reports Net Income of $17.4 Billion for 2023 and
$3.9 Billion for Fourth Quarter 2023
• $17.4 billion annual net income and $3.9 billion fourth quarter 2023 net income,
with net worth reaching $77.7 billion as of December 31, 2023
“The fourth quarter capped another
successful year. Fannie Mae reported
$3.9 billion in net income, marking our
twenty-fourth consecutive quarter of
positive earnings. In 2023, we delivered
$17.4 billion in earnings and continued to
rebuild our capital and further strengthen
our financial stability. It was a challenging
year for housing, with higher mortgage
rates, limited homes for sale, and high
home prices weighing on affordability.
Against this backdrop, we provided $369
billion in liquidity, helping 1.5 million
households buy, refinance, or rent a
home. As we close on our 85th year
supporting America’s housing system, we
remain committed to effectively
managing risks and being a reliable
source of mortgage credit for America’s
homeowners and renters.”
Priscilla Almodovar
Chief Executive Officer
• Net income increased $4.5 billion in 2023 compared with 2022, primarily driven
by a $7.9 billion shift to a benefit for credit losses in 2023 from provision for credit
losses in 2022
• $369 billion in liquidity provided in 2023, which enabled the financing of
approximately 1.5 million home purchases, refinancings, and rental units
• Acquired approximately 805,000 single-family purchase loans, of which more
than 45% were for first-time homebuyers, and approximately 179,000 single-
family refinance loans during 2023
• Financed approximately 482,000 units of multifamily rental housing in 2023; a
significant majority were affordable to households earning at or below 120% of
area median income, providing support for both workforce and affordable housing
• Home prices grew 7.1% on a national basis in 2023 according to the Fannie Mae
Home Price Index
• The U.S. weekly average 30-year fixed-rate mortgage rate increased from 6.42%
as of the end of 2022 to 6.61% as of the end of 2023
10k pg. 213-4: "Litigation Concerning the Purchase Agreement in the U.S. District Court
for the District of Columbia
In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations. This is a
consolidated class action lawsuit filed by private individual and institutional investors (collectively, "Class Plaintiffs") against
FHFA, Fannie Mae, and Freddie Mac.
Fairholme Funds, Inc., et al. v. FHFA, et al. This is an individual plaintiffs’ lawsuit by certain institutional investors (“Individual
Plaintiffs”) against FHFA, Fannie Mae, and Freddie Mac.
Plaintiffs in each of the District of Columbia lawsuits filed an amended complaint on November 1, 2017 alleging claims for
breach of contract, breach of the implied covenant of good faith and fair dealing, breach of fiduciary duties, and violation of
Delaware and Virginia corporate law. Additionally, the Class Plaintiffs brought derivative claims against FHFA for breach of
fiduciary duties and the Individual Plaintiffs brought claims under the Administrative Procedure Act. Both sets of claims are
generally based on allegations that the net worth sweep dividend provisions of the senior preferred stock that were
implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights, including the rights to
receive dividends and a liquidation preference. On September 28, 2018, the District Court dismissed all of the claims except
those for breach of the implied covenant of good faith and fair dealing. The cases were consolidated for trial.
Court rulings have limited the Plaintiffs’ damages theories to those based on the decline in Freddie Mac’s and Fannie Mae’s
share value immediately after the Third Amendment. The Plaintiffs have asserted losses based on the decline in value of
Freddie Mac’s common and junior preferred stock from August 16 to August 17, 2012. During the trial in October and early
November 2022, the Plaintiffs requested that the jury award $832 million plus pre-judgment interest as damages against
Freddie Mac. The jury in that trial was not able to reach a unanimous verdict and on November 7, 2022 the judge declared a
mistrial. The retrial started on July 24, 2023. On August 14, 2023, the jury returned a verdict against FHFA, Fannie Mae, and
Freddie Mac awarding compensatory damages of $282 million to Freddie Mac junior preferred shareholders and $31 million to
Freddie Mac common shareholders. The jury declined to award the Freddie Mac shareholders prejudgment interest. In 3Q
2023, we recorded a $313 million accrual in other expense on our condensed consolidated statements of income for the
adverse judgment. The entry of final judgment remains before the court."
David Maxwell (former CEO of Fannie Mae) told me personally, when I worked there, that, "the number 1 Risk for this stock is political risk".
https://www.referenceforbusiness.com/biography/M-R/Maxwell-David-1930.html
"Awards: Named one of the 10 Greatest CEOs of All Time by Fortune magazine, 2003; 1993 Housing Person of the Year award, National Housing Conference; the Maxwell Awards of Excellence are given annually in honor of David Maxwell by the Fannie Mae Foundation.
¦ David Maxwell transformed the Federal National Mortgage Association (Fannie Mae), the largest investor in residential mortgages in the United States, from a financially unstable, floundering company into a stable, profitable company that helped low- to middle-income families obtain mortgages. He was described as an innovative and skillful leader whose vision helped motivate employees and management."
Unlike most federal government agencies, the Annual Budget of the FHFA is completely covered through the funding provided by Fannie Mae and Freddie Mac (the fhlbb may cover some of it as well). Normally the FHFA Director would submit a budget to Congress and the US Treasury would fund the federal government agency's budget if the Legislative Branch approved their budget.
Pursuant to HERA, so long as it's 'reasonable' then the funding is extracted from the balance sheets of the GSES.
CFPB has a somewhat similar bypassing of the Appropriations Process funding mechanism and the Supremes are figuring out if that passes Constitutional Separation of Powers procedures.
https://www.scotusblog.com/2023/10/court-divided-over-funding-mechanism-for-consumer-watchdog/
Look what the government gets in return for the never ending CONservatorships and maintaining the Status Quo:
1. Unlimited funding from 2 private corporations (instead of asking Congress for funding) into Perpetuity of a federal government agency that continues growing.
2. Absolute 100% control over the GSES (try to ask a question during next weeks conference call on Earnings - Uncle Suggy says "NO").
3. The ability of the latest FHFA Director to implement the POTUS agenda FREE of Congressional approval.
I've got more if you want to hear why the current administration is NOT going to release them before the election.
Q: Was Fannie Mae ever included in the S&P 500?
A: Yes, Fannie Mae was included in the S&P 500 index until it was delisted in 2008. Fannie Mae, along with Freddie Mac, faced significant financial difficulties during the subprime mortgage crisis and was placed into conservatorship by the U.S. government in September 2008. As a result, Fannie Mae's stock was delisted from the New York Stock Exchange (NYSE) and removed from the S&P 500 index.
Q: In his letter to Senator Rand Paul what did President Donald Trump say about the August 17, 2012, net Worth Sweep?
A: In his letter to Senator Rand Paul, President Donald Trump criticized the August 17, 2012, net worth sweep, referring to it as a "waste" and highlighting its impact on shareholders of Fannie Mae and Freddie Mac. He argued that the sweep diverted profits from shareholders to the U.S. Treasury and questioned its legality and fairness.
Source: Chatgpt
“From the start, I would have fired former Democrat [sic] Congressman and political hack Mel Watt from his position as Director and would have ordered FHFA to release these companies from conservatorship,” Trump wrote. “My Administration would have also sold the government’s common stock in these companies at a huge profit and fully privatized the companies. The idea that the government can steal money from its citizens is socialism and is a travesty brought to you by the Obama/Biden administration.”
https://www.housingwire.com/articles/trump-comes-to-the-aid-of-gse-investors/
"Over the past 18 months, more than 30 companies and trade groups representing banks, funds and other firms have brought at least 15 suits against financial regulators over major rules, policies and supervision issues, Reuters reported in November."
https://www.reuters.com/legal/us-bank-business-groups-sue-regulator-over-updated-fair-lending-rules-2024-02-05/