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I see only 59 reposts of Fiderer's excellent thread. Other than cowardice, is there a valid reason why those who constantly complain here haven't reposted?
1. Why have Fannie & Freddie been kept in conservatorship for 15 yrs? Because of demand for GSE "reform" based on an anti-GSE narrative used to distract away from the fatal flaws & institutionalized fraud of private label residential mortgage securitizations. An explainer 🧵
— David Fiderer (@Ny1david) May 29, 2024
Agree. Good volume on FMCKJ. More than quadrupled daily average. FNMAT 12 times daily average.
Thanks. To quote Bryndon Fisher, “We’re all in this together “.
If each shareholder does his/her part, instead of waiting for the media, we’ll be way ahead.
EVERYONE: Please retweet Fiderer’s post.
My only criticism of the excellent thread is that Federer continues using the the term GSE. Much, much better if he were to substitute it with Fannie and Freddie or just FnF.
Read the entire thread.
1. Why have Fannie & Freddie been kept in conservatorship for 15 yrs? Because of demand for GSE "reform" based on an anti-GSE narrative used to distract away from the fatal flaws & institutionalized fraud of private label residential mortgage securitizations. An explainer 🧵
— David Fiderer (@Ny1david) May 29, 2024
He did that only after the 5th Circuit Enbanc ruling. After becoming their Conservator, he still sent one sweep to the Treasury.
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.
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
Republicans r as much corrupt if not more than https://t.co/yA0Cfn0USy was under Bush when they started the scam&Obama just seized opportunity2rob them since Corker wanted GSE gone.Under Trump nothing was✅bc he hired2many🏦swamp&here we’re16years later&gov still robs them blind
— Eva Gama (@EvaG6068) May 25, 2024
Freddie Mac’s proposal to buy second mortgages puts American taxpayer dollars and the U.S. housing market at risk.
— U.S. Senate Banking Committee GOP (@BankingGOP) May 24, 2024
@SenatorTimScott, @SenatorHagerty, & their colleagues called on @FHFA to reject this misguided and hastily executed proposal. pic.twitter.com/otp18sKTbv
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.
Bryndon Fisher's filing might help:
https://drive.google.com/file/d/1SNTJG-C_KQgYCnqdZp9XZg4QCa54iHeS/view?pli=1
You say I am wrong but can't back your position. The government has been OVERPAID. It has ZERO EQUITY in the corporations.
I have held common shares since before conservatorship. Bought my preferreds after. If you are with KT and Bradford trying to give 95% of the corporations to the government, we're not on the same boat.
Just saying I am wrong without backing it up is a hit-and-run. You appear to be a government stooge.
The government has already taken out all the equity it invested in FnF (and more). It has zero equity left. Whatever equity remains in the corporations belongs to the junior preferreds and commons.
What does net worth mean? What does equity mean?
https://www.investopedia.com/terms/n/networth.asp
https://www.freshbooks.com/hub/accounting/equity-accounting
I repeat: "When the government Net Worth Swept, it also swept out it's own equity out of the corporations.
Treasury equity = $0.
SPS = $0."
What exactly are your arguments to back your position?
THIS NOT A POLITICAL POST. SANDRA THOMPSON IS FANNIE MAE REGULATOR & CONSERVATOR. PLEASE DON'T DELETE.
Director Thompson is listed as #1: https://t.co/ODdMvEQsN1 https://t.co/hdxVnox4gy
— Vern McKinley (@VernMcKinley) May 21, 2024
When the government Net Worth Swept, it also swept out it's own equity out of the corporations.
Treasury equity = $0.
SPS = $0
Here's what Calabria said before he was appointed Director of FHFA:
The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles http://t.co/ujWQYLPiFI
— Mark Calabria (@MarkCalabria) February 9, 2015
This article shouldn't be considered a political post. It just discusses what was/is being done by two different administrations to release Fannie Mae from conservatorship.
https://www.americanactionforum.org/insight/comparing-trump-and-biden-administration-policy-housing/
Was this the reason for today's across-the-board price rise? Sandra's possible exit?
Who would be a likely pick for FDIC chair in an accelerated confirmation process? One possibility is Sandra Thompson at FHFA. She has already gone through the confirmation process and also has decades of experience at FDIC: https://t.co/eCPZLvESpv
— Vern McKinley (@VernMcKinley) May 20, 2024
All green now. Commons and jps.
Pretty much green across the board. At the moment only one red.
https://finance.yahoo.com/quotes/fmcc,fnma,fmckj,fmcki,fmccm,fmcck,fmcct,fmcci,fmckk,fmccg,fmcch,fmccl,fmccn,fmcco,fmccp,fmccj,fregp,fmckp,fmccs,fmcko,fmckm,fmckn,fmckl,fnmap,fnmao,fnmfo,fnmam,fnmag,fnman,fnmal,fnmak,fnmah,fnmai,fnmaj,fnmas,fnmat,fnmfm,fnmfn/view/v1
Someone just reposted an oldie:
News outlets in Bangladesh recognize our government swindle while the media and politicians in this bastion of democracy hide under their beds in fear of exposing the truth!https://t.co/Yv8nahhhDq
— Guido da Costa Pereira (@GuidoPerei) August 18, 2023
I still can't find the spreadsheet with the breakdown of the warrant repurchase program. Attached is an article that summarizes the proceeds from buybacks and auctions in early 2010.
https://www.reuters.com/article/idUSN20148970/
Agree for the most part. But why would he remove my post about the warrant repurchase. If it doesn't apply, he could just comment on it.
Treasury actually received warrants from all the institutions they "bailed out" and then allowed them to repurchase them once the SPS had been paid. Most bought back their warrants. Bank of America was one of the few that didn't repurchase their warrants. Theirs got auctioned off. Obiterdictum once provided us with a spreadsheet of the amounts received by Treasury from the buybacks and the auctions. Can't find it. I tried the Treasury website. Couldn't find it readily. Maybe others might have better luck.
Tim Howard previously took down my comment about Treasury allowing the warrant buy-back. Now he took down the one where I said they were issued fraudulently. Looks like gas lighting to me. Why is he doing it? Don't know. But I no longer trust him. Lost faith in Pagliara long time ago. Right about the time the Moelis Plan came into the picture.
I agree. Practically everything they've done is illegal. The people who should speak up for the corporations (e.g. Tim Howard) are for personal reasons (possibly bought and paid for by hedge funds) suppressing any mention that the warrants are illegal. If Treasury agrees that FnF have paid down the SPS, Treasury still owes them over $30 billion in overpayment of the 10% dividend. At current prices FnF could buy back the warrants for less than $10 billion. That gives them an additional $20 billion towards their capital. Politicians can claim the profits they made from their "investment" is $301B-$187B-$30B+$10B = $94 Billion.
The reason Ackman, John Paulson and possibly Berkovitz legitimize the warrants is because they probably want to buy the warrants from the government. Ackman and Heroic it's previously made offers to buy them. And Moelis Plan was a thinly disguised plan by John Paulson to buy them cheap.
When Treasury deems that the SPS has been paid, Fannie and Freddie can buy back the warrants based on previous 20 days average closing price.
https://home.treasury.gov/news/press-releases/200962612255225533
Used that in my response to Tim Howard. It's there now but could be deleted soon.
"for nor reason at all". Exhibit A that the author is a government stooge. Vermint!
What comes first: McDonald's $5 meal or FNMA @ $5?
Why share rumours? Is Patrick a Moelis client? He has been asked about the link or to provide more information, but is unable or won't provide any information. It's no different than moving couches a few years ago.
Where's the link?
Why don't you just Net Worth Sweep all the electricity to @USTreasury like you and your cronies schemed with Fannie Mae & Freddie Mac equity?
— Guido da Costa Pereira (@GuidoPerei) May 14, 2024
Isn't that what you and your predecessors @FHFA did to your wards? Here at least the owners get to benefit from using their equity instead of some government bureaucrats.
— Guido da Costa Pereira (@GuidoPerei) May 13, 2024
Where in HERA does it say that it is Treasury's job to fix GSEs? That's the job of the conservator, FHFA, not Treasury — correct? If not, please point to the statute. You wrote the law, so you shouldn't have trouble finding it.
— Jeremy Cain (@jeremycain_usc) May 10, 2024
Thanks for sharing.
EVERYONE: Like and repost the entire thread.
The biggest scam in history is @FHFA putting 2 financially healthy corporations in a “temporary” conservatorship in 2008 and then siphoning $301 billion of their equity for projects not funded by Congress.
— Guido da Costa Pereira (@GuidoPerei) May 10, 2024
FREE FANNIE!
FREE FREDDIE! https://t.co/Quy94sg2Q7
Our cases have been sustained because of Tooley, and other things. Our focus now is on First Hartford, and the Fifth Amendment to the Constitution. We’re trying to save those companies, and thus save our investments in such.
— Bryndon Fisher (@bryndonfisher) May 9, 2024