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Why have the time frame slipped? What changed?
Sept 28 - Finalize Capital Rule
Nov 6 - Settle Lawsuits?
Nov 13 - Amend PSPA
Nov 16 - Relist on NYSE
Nov 20 - Approve GSE capital plans
Jan 08 - Convert Pfds
Jan 11 - Release (under consent decree, depending on election outcome)
My updated timeline
Freddie issues new 5 year reference notes
https://www.globenewswire.com/news-release/2020/09/23/2098083/0/en/Freddie-Mac-Announces-Issuance-of-New-Five-Year-Reference-Notes-Security.html
Warrants will not be exercised.
Yes, Capital Rule next Monday 9/28
Squidmore said TWO WEEKS! wink
The SEC has a say in the warrants.
I didn't post the document because it directly governs FnF. This is a document that governed TARP. However, it has language that explains the original motivation behind the government warrants during that "bailout era", and it can provide some insight into their motivation for the FnF warrants.
Much of this discussion of the government cancelling the warrants is grounded in a sense of "fairness." I agree, it would be "fair" for the government to cancel the warrants, since they have been more than repaid. However, it is not fairness that governs the warrants, but legal language of the PSPA's. So, even as a holder of commons, I do not hold out much hope that the warrants will be cancelled.
While I believe the original purpose of the warrants was to add insurance or leverage so that the government could recoup their investment in time, I think it would be very difficult politically for the government to not exercise the warrants now that they have them. There were major questions and concerns from Government Oversight groups about how the Treasury was disposing of warrants back in 2010 (https://www.reuters.com/article/financial-warrants-audit/update-1-us-audit-urges-controls-on-treasury-warrant-deals-idUSN1014485520100511?type=marketsNews)
There is a much, much higher probability that SCOTUS will rule FHFA unconstitutional, and either SCOTUS or Judge Atlas will award FnF a significant sum of money.
This is dollars spent buying back shares. Thank you. We need number of shares bought back.
OUTSTANDING SHARES of fannie mae is 1.2 billion (approximately)
Though, We never ask ourselves; who owns most of the OUTSTANDING shares?
Here is my research, I pulled from data:
DATE of fannie buyback shares:
||
\/
6/30/01= buyback =$787.7m
6/30/02= buyback =$90.m
9/30/02=buyback =$290.60M
9/30/03=buyback =$1.21B
12/31/03=buyback =$1.219B
6/30/08=buyback =$7.211B
_______________________
Fannie mae spent total about $10 billion dollars by buying back shares from 6/30/2001 to
6/30/2008
https://ycharts.com/companies/FNMA/stock_buyback
NOTE ! minus sign means buyback.
Yes, I see it that way.
The way I understand even if they stayed with 8 and the case was 4-4 the prior ruling would be upheld and shareholders would win. Do you see it that way?
You bet
Anyone who criticises her is sure to lose a lot of votes.
I'd like to think they follow the SEC rules on this. Thx for info.
Are you following SEC updates?
These are not official dates, a swag among friends.
What are the SEC rules for uplist? They didn't use any rules when they delisted.
Are these our dates to get fmcc out of cship?
Sept 14 - Final Listening Session - done
Sept 18 - Relist on NYSE
Sept 18- Amend PSPA
Sept 28- Finalize Capital Rule
Sept 28- Approve GSE capital plans
Oct 30 - Settle Lawsuits?
Nov 3 at earnings - Release (under consent decree)
"Ps might be able to tap into with a settlement approach pre-oral argument"
True enough.
No change in Final Capital Rule date, September 28
Pagliara's statement in ValueWalk article consistent with these dates
Sept 14 - Final Listening Session
Sept 28 - Finalize Capital Rule
Oct 16 - Relist on NYSE
Oct 30 - Settle Lawsuits?
Nov 6 - Amend PSPA
Nov 13 - Approve GSE capital plans
Dec 20 - Convert Pfds
Jan 11 - Release (under consent decree, depending on election outcome)
Bump
Sept 14 - Final Listening Session
Sept 28 - Finalize Capital Rule
Oct 16 - Relist on NYSE
Oct 30 - Settle Lawsuits?
Nov 6 - Amend PSPA
Nov 13 - Approve GSE capital plans
Dec 20 - Convert Pfds
Jan 11 - Release (under consent decree, depending on election outcome)
I am not able to open that letter. Can you tell me what it says?
Is October 9th relist?
What happens November 3?
It’s coming.
October 9th
November 3rd
Christmas GIFT
Stay strong and stay long FNMA & FMCC
What is ER and FP? Thank you.
the $CRYPTONATOR has SPOKEN !
it's COMING Beany Boy !
October 9th, 2020 (ER)
April 5th, 2021 (FP)
Sticky added
Sticky please
BUMP
Timeline?
Sept 14 - Final Listening Session
Sept 28 - Finalize Capital Rule
Oct 16 - Relist on NYSE
Oct 30 - Settle Lawsuits?
Nov 6 - Amend PSPA
Nov 13 - Approve GSE capital plans
Nov 20 - Convert Pfds
Nov 30 - Release (under consent decree, depending on election outcome)
It seems that FHFA could not approve any capital plans that do not have clarity on the final PSPA. But pushing capital plans into Nov gives very little time for the advisors to do a roadshow with investors before inauguration day.
Obviously, SCOTUS has not ruled against FHFA at this point, so Calabria is safe in his position until they do. So perhaps the time horizon should not be 1/20/2021, but more like the summer of 2021
fnma short as 12.74% fmcc drops next
https://otcshortreport.com/company/FNMA
Let's wait and see what's in the capital plan.
I have to admit, I'm in the "or not" camp. I know this has been discussed ad nauseum on this Discussion Board, so feel free to ignore my thoughts.
I still fail to see why FnF would want to convert the JPS as the first item of business. I understand that an eventual conversion needs to be laid out in their capital plan, but they may choose to delay the execution of that until the end of 2021. That way they can maximize the value of a much higher share price (Just like TSLA did recently when their share price was soaring through the stratosphere). As long as they fully disclose their plan for eventually converting the JPS, it should be easy for new investors to buy into it. It should not be a problem to delay that conversion/buyout. To convert earlier than that would be overpaying for that capital, which makes no sense. If this Capital Plan is going to take multiple years (4-5 years?) to carry out anyway, why would you be in a rush to convert the JPS. I am with Whitney Tilson when it comes to my perspective on how they deal with JPS.
There are those on the BOD who are owners of common. I'm not aware that any are owners of JPS. So while they will do what is necessary with JPS to meet capital requirements, they are unlikely to do it sooner than necessary, because they have a personal interest as well as a fiduciary responsibility to the commons.
Absolutely correct.
Trump's FHFA, US Treasury and GOVT needs to solve all lawsuits, in case biden wins, calabria may continue at least on mid 2021, but if biden govt wants to keep GEEs as now???
Trump needs to solve/settle all GSEs. issues before election in case biden wins...
Just what has Calabria been doing all summer After submitting the draft Capital Rule; I would think he's been drafting an amended PSPA. With comments he's receiving through Monday, the PSPA should need only a tweek.
Timeline
.
I guess my main questions revolve around the timing between the amendment of the PSPA and the approval of the capital plans. These amendments will, obviously, have a substantial impact on those capital plans. How long will the GSE's need to formulate these capital plans, how long will the FHFA need to review them and approve them?
If they try to postpone all of this until after the election, can all of this be done before inauguration?
Are there any historical examples that provide a template for this timeline?
And since any conversion of Pfds will be a part of the capital plan (assuming that is the route FnF want to go), those capital plans first need to be approved before that conversion takes place.
What is your timeline if Trump wins? Thank you.
If trump loses then consent decree must happen around late November to December
That is SO obvious.
MC should be dismissed / put out to pasture... he's in way over his head.
Is there a new deadline for comments to capital rule?
Perhaps the sell off in preferreds is because commons will perform better.
FNMAS _$8.64_-.36 _ -4.00% _ 577,636 vol
word is Leaking out the JPS are screwed - no bueno frown frown frown
FNMFO _$26,900 +$900 _ 1,004 vol
No documented extension on Capital Rule
https://www.fhfa.gov/search/Pages/allresults.aspx?k=capital%20rule
No documented extension on Capital Rule
https://www.fhfa.gov/search/Pages/allresults.aspx?k=capital%20rule
At least fnma and fmcc are still green.
Freddie on fire this morning.
Can we confirm?
FNMA LISTED NYSE
I did not know that this is how they convinced FnF execs to go into cship. good info
Given that the Companies were not in financial distress and were in no danger of defaulting on their debts, the Companies’ directors were confronted with a Hobson’s choice: agree to conservatorship, or they would face “nasty lawsuits” and Treasury would refuse to provide the Companies with any capital if they needed it.
My estimate is FnF are buying back about half their shares.
cbs misread the filing it’s really no big deal anyway
I’m interested to find out how many shares Fannie is buying back?
Monday is Labor Day, stock exchanged closed. But you knew that lol
I'm taking all bets that neither issue trades Monday.
Can't hardly wait to see what happens with fnma
Yes, you could say that.
Would it be right to say I'm in Fannie even though I'm not? wink
I don't see a boom in a fnma share buyback program.