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Curious....how many here believe SCOTUS will find entire FHFA Unconstitutional? Knowing how spineless most of the lower courts have been, we will probably get that "President is allowed to fire for cause" decision, which will bump us a whole penny the day that decision is given, then lose .25-.50 the following day.
I'm not very optimistic on courts since it has seemed more and more that they are in bed with government and not providing "their checks and balances" to protect the little guy.
Still no proof on your part that what you claim you have contract wise in conservatorship is indeed true. Yes there is an UNDECIDED case.
Where is your judges order saying your contract rights matter in conservatorship?. Lmao more
FNMAS down 0.33 3.75%
Pref's capital structure argument WHILE IN CONSERVATORSHIP is moot, useless. What so called power or preference do JPS possess right now? The same that commons do, absolutely nothing. Commons have no voting rights currently or dividends and pref's have no place in the capital structure or dividends. The government has made sure that they and only them have upper hand ON ALL SHAREHOLDERS. So JPS rant until the moon turns blue about their place in things - it does not matter UNTIL RELEASED.
I see in my magic 8 ball ....15-20 JPS Shares for 1 common Guido.
Then reissue new pref's at lower interest, but still non cumulative :(
Seems like every time we drop below $2, large blocks being bought???
If the government offers a buyout on commons, we'll know why. Could very well be them buying up commons and manipulating price in their favor. If they ever do offer a buyout of commons, I'm gonna sue for the government to be transparent on shares they own not tied to warrants.
Kind of more like JPS:
no volume, no liquidity, no dividend, no direct claims in court, no growth potential, no conversion, no bankruptcy, non cumulative, no future, so yeah, irrelevant for sure.
I wish that guy would do a follow up article today. Spend both to Trump.
You know what the real shareholder tragedy is? The government managed a coup by villianizing the twins and it's shareholders, by turning the publics ire and anger at the banks during the 2008 crisis towards us! Then constantly harping about taxpayers are not going to suffer losses due to the GSE'S. The irony is it was millions of taxpayers who were blinded by the banks and government into over leveraging themselves, teaser loans, and walk aways due to bad government policy and corrupt banks. Government pulled a very coordinated campaign to villianize the twins/shareholders.... And here we are. They still harp about taxpayers not subsidizing shareholder gains but it is EXACTLY what the government did with every company it's bailed out. It is not the governments money, it IS taxpayer money always. GSE shareholders ARE taxpayers, so they need to stop kicking that beat up catch phrase.
FNMAS $8.70 -0.20 2,25%
Chart showing lower highs and lower lows.
Much appreciate the transcripts links Navy.
Mark Zandi obviously has a socialist bent and does not believe in free market economics. In Forbes article he advocates keeping the GSE'S in conservatorship forever. Wants them to be nothing but a mortgage holder ( taxpayer ) bailout mechanism every time the going gets tough. God forbid they should have stringent requirements to keep people from abusing the system. Capital rule is too high but credit scores and down payments were structured for a reason, to keep people from abusing their credit/loans.
July 4th is coming.....I am guessing around then we will have another positive event. Hopefully big! Relist and settlement announcement would be good. Most the good news we have been getting seems to be just before or after a holiday, so I am hoping July 4th really brings the GSE's their Independence.
Siela verdict, settlement and up list announcement sounds like the next batch of correct events to take place to me!
Keep the faith longs.
How does government settle 12 years of us being held like prisoners? I hope the courts do not jusy leave it up to the gov hacks to d9 the right thing, Im hoping that one of the court judges grows a pair and holds the governments balls to the fire. At very least, release those incriminating docs and allow them to see the daylight of truth.
I will give JPS holders this much....they sure put alot of faith in hedge funds whose main concern is themselves and their investors. When the hedge funds bail, it will be way to late for these smaller JPS holders.
Remember that Chinese proverb....If you lay down with dogs you will get fleas.
If pref shareholders say they are concerned about the capital structure and helping the GSE's, why are they not buying commons? Kthomp says pref's are concerned about the companies yet advocates a 1 to 10 or 20 pref conversion. Laughable.
Quote from an article, makes too much sense!
Fifth, the government should not play favorites among private shareholders. There have been rumors about allowing preferred shareholders to convert into common stock, or allowing a limited rights offering to certain shareholders. This will lead to disputes and delay.
The contractual and legal rights of all shareholders should be left in place and respected equally. Anything else will be seen as playing favorites to Wall Street hedge funds that have invested disproportionately in the junior preferred stock. The contractual rights of those shares should be respected, but not favored over those of common shareholders.
Quote from an article, makes too much sense!
Fifth, the government should not play favorites among private shareholders. There have been rumors about allowing preferred shareholders to convert into common stock, or allowing a limited rights offering to certain shareholders. This will lead to disputes and delay.
The contractual and legal rights of all shareholders should be left in place and respected equally. Anything else will be seen as playing favorites to Wall Street hedge funds that have invested disproportionately in the junior preferred stock. The contractual rights of those shares should be respected, but not favored over those of common shareholders.
Thanks
Corrected post to commons canceled:
Yep, no volume, no liquidity, no dividend, no direct claims in court, no growth potential, no conversion, no bankruptcy, non cumulative, no future, so yeah, irrelevant for sure.
If it is such a great idea to do a pref conversion to commons, then why has the government not done it already? None of the pref holders seem to provide a reason. No court case addresses conversion. Pref's bet all their money on a "maybe there might be a conversion" stated a long while ago, at a different time, during way different circumstances.
When government said no windfall for shareholders, they meant ALL shareholders. Why pref's quote this statement and take it as a given that it only applies to commons is part of their problematic reading comprehension and tactics of splitting hairs.
I will settle the pref's conversion dilemma.
I am making a one time offer : 100 pref shares for 1 fully licked and stamped S&H green stamp book. Hurry while supplies last.
Today:
FNMAS VOLUME 219,831 price -0.18
FNMA VOLUME 2,600,000 price even
You were saying?
Yep, no volume, no liquidity, no dividend, no growth potential, no conversion, no bankruptcy, non cumulative, no future, so yeah, irrelevant for sure.
Soooo, Lown might be another cLown?
Guido, I commend you for your solid points refuting these hair splitting partial truths pref holders. Their conversion will not happen. We will be released and court cases settled somehow, then the bod, financial advisors and government will determine at that point, what, if any capital raise is needed. Pref's saying conversion before court cases are even settled is a pipe dream. They are looking at 2 more years minimum with no coupon divi payment and possibly much longer if there is a staggered set of capital goals that must be met.
AND you have no conversion powers!
That is perfect description of a GSE shareholder! Groundhog day feeling like Phil Connors.
Okay, then as you guys think, common holders should ALL start calling for a conversion of 200 pref shares for 1 common right now! Who cares if it's fair and...don't go suing ya guys. Lol
Yes! Absolutely. The enemy of my enemy
Yeah for sure! FNMAS following right behind commons.
Please stop with the nit picking of FNMA. be brave and post both closing prices, otherwise you are looked at as FOS.
Agree.
There are smart informed people on here who could together structure a dam good proposal, in my opinion.
Good post!
Many are angry due to the corrupt government, judicial back scratching going on....and I do not blame anyone for being angry about that one bit.
Folks need to mellow out on this rule...there is a comment period, with hopefully a revising of the rule period to something saner. The former GSE CEO's commenting in public and in the media is good, but they really need to certify their opinions and actually comment on the rule to the government, through the process set up, otherwise they are talking through their hat. I think many will comment and drive this rule to a saner more robust end. Devil is always in the details, and we know many of the details on the "proposed rule". There is a chance many of these details change or evolve, so let's all keep our cool and see what happens.
Those debating the rule right now are only practicing a futile guess at what the end result will be. It would be much more productive, and better, to come up with unique and stronger ideas, make a list here from all concerned posters as a group and then submit on our groups behalf.
That's gonna be a long while....buy extra TP with your money instead of pref shares, it'll help with the hurt later.
He never specified any exact shareholder also, which PREF SHAREHOLDERS seem to constantly overlook.