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No sure of Judge’s name, but wasn’t that in regard to liquidated presence - Treasury’s ownership and the amount that they would reap if this is resolved at a later date.
Great conversation that led up to amount Treasury has already been compensated- payday lender.
Judges know and indicated (IMO) that it’s time and it seems (always the case) Govt Lawyer agreed, but FHFA/Trsy willing to go back to business as usual.
For me, it’s obvious FHFA/Trsy will not act until told to dodoby the courts.
It’s back on.
Will listen again after it gets posted and looking forward to others comments/interpretations.
On the contrary, Treasury Lawyer submission, pointed out by Judges, was not noteworthy in regard to what they were arguing (just the opposite).
Lastly, Judge Owen was very good (it seems) at Her ability to work thru the impasse and set a new marker for what needs to happen. She certainly is very good at what She does and it appears the She is ready to end this without the distraction of another District Ct in-action.
Did FHFA and Treasury try end this and at what cost?
I resemble that remark!
Believe Judge was hinting that FHFA/Treasury were not willing to settle.
Lawyer argued with Judge about Watt being dismissed by President for (obvious reasons) - could have been addressed enter by Treasury Lawyer. In bowling that was a split (circle it).
Yes, Treasury has allowed this to be a dumpster fire!
Should be posted later. Certainly someone will post the link. A great discussion..
Not at this point of questioning to Treasury - Judge is indicating that if they send back to District Ct would allow the can to be kicked further. Why not litigate? There you have it - decision has been made - great day!
IMo - Judge Owen is asking awesome questions.
Appears the 5th would like to kick to District Ct, but argument is that FHFA hasn’t and not take action on liquidation preference.
How are FHFA employees dismissed? Was Watt not derelict? Did FHFA have to settle an issue (tattoo) after Watt finished his career?
Where there is a will, there is a way. This saga has gone on for way too long - say 12years too long.
How long before a ruling do you believe?
Judge Owen has an impressive resume!
https://en.m.wikipedia.org/wiki/Priscilla_Owen
Treasury may want it, but after Justice puts a boot to their hind end, it will be a great see them before the Finance Banking Committee trying to explain why they got slapped with such a big fine for a takings claim.
Not withstanding Her indentured belief that FHFA hasn’t done anything wrong and She hasn’t been briefed on Who and how to end c-ship, are the Banking/Finance Committee Senators willing to give ST a pass? How dangerous to give an on-the-job trainee this position? If so, what progress can She guarantee to ending c-ship?
Another observation that I notice with ST is that She understands FHFAs scope of duties, but I didn’t get a warm fuzzy that She cared at all of the Shareholders - no one mentioned the rights of Shareholders and this poses a question when taking on a position that requires decisions making that require some responsible judgement.
When the Court gets to work and it turns in favor (5th) of a taking, who will take the fall for not making a settlement beforehand? Will She go back to the committee and say it was Congressthat caused this to spin out of control? How will that go?
Responsible time frame. I see…+13yrs hasn’t been long enough?
That is correct - She is not qualified to carry that torch. Who can delegate this process? How long before the panel makes a decision on Her?
That’s the reason Congress Did the okay to implement the FHFA Congress didn’t want to jeopardize their elections with saying ya or nay to releasing them from c-ship. The FHFA should be the juggernaut in pushing that decision.
Agree. Is She a progressive thinker who can see the benefit of ending c-ship? If so, She would have gone on record as a positive force.
Wish I could give you a LOL, but this is seems to be true. Agree and may the Swamp Queens fall on Their swords tomorrow.
Some questions I wish that they would focus on would be communication with Stock treatment by FHFA, SEC & Treasury - with so many hidden emails. Could there be collusion to keep the stock suppressed to:
1) keep GSEs on OTC
2) control narrative that no one is interested in recap & release
If the GSEs were not on the OTC, it may be apparent who is trading. Especially since Congress doesn’t enforce their ranks when it comes to the stock act:
https://en.m.wikipedia.org/wiki/STOCK_Act#About_STOCK
GTLA
It appears that the talent managing the FHFA still doesn’t have a clue to endorsing an end to c-ship - they can’t even meet goals. Perfectly acceptable to Congress (Walters), who want to continue with what Obama started. Sure hope the court can send a clear message to right this listing ship.
Never mind what is right for the Shareholders.
FHFA Keeps the hate rhetoric going - nothing but banter to help promote a distraction and a distrust of the system.
A bit self serving. What of Shareholder rights? What is the timeline to realist and end c-ship.
Govt has screwed with this long enough.
Did He and/or Corker ever short the stocks? If so, what of inside knowledge?
Those who risk, win…
Didn’t see the first 15minutes, but did Ainsley Say anything positive. Didn’t get a warm fuzzy from watching…was She being throttled?
Wish I could join you. To witness the betrayal of our Govt is and will not be something that you’ll be able to get the average person to understand.
I wish you all the happiness this world can bring you and thank you for your steadfast determination to help get the word out regarding this boondoggle call Conservatorship.
Hope there will be a venue we all, who struggled with this oppressive situation, can gather to celebrate a settlement.
To you and yours, I wish you well in your journey.
They are sitting on a bunch of cash - correct?
They should do a buyback before diva gets reinvested.
The price in this stock still appears low enough for short trades. I would think once above $65 the shorts will drop off - tough to tell.
Praying that Shareholders gets relief and something, other than aspirin, for pain and suffering.
Great post.
I believe when Treasury jumped in and invoked the 3rd Amendment - the breached the terms and killed the share price going forward because of their intention to send all profits to themselves.
https://www.treasury.gov/press-center/press-releases/Pages/tg1684.aspx
(Short note, each time I read ‘taxpayer’ I sub/use the term ‘Government’ - this is who is who is directly spending the taken profits.)
Just wish We could see that Lambert believes Shareholders were not just lied to, but we’re and are being damaged by Govt actions. All monies to support this scheme is coming from GSEs profits - a self-dealing travesty.
It would be a great trophy to take into retirement that He could/would have tif He stand up for the common investors instead of the Govt overreach.
https://libquotes.com/ronald-reagan/quote/lbr7s2f
Robert, I am surprised that FHFA hasn’t come up with a way to help stimulate the housing front by not simply helping Those buying a home, but helping Retirees pay off their mortgages.
From what I could tell, the fines levied on the banks were mere pennies on the dollar. I wonder if a plan has ever been proposed to offer a deal to folks on fixed incomes to pay off their mortgages?
We must believe for Justice to happen.
Yeah, the ‘show me the money’ scenario does read like a grift movie. It’s always been a part of the broken cycle that our forefathers warned us about - the reason for checks and balances.
Again, He has to be the one to make the decision to be good or bad. As a Reagan appointee, I would like to believe that He believes in fairness and will need to explain to His Maker how deliberate He was in His calling.
Maybe one last run to the finish line - Fannie winning by a nose..
Hopefully, the narrative can be changed to show GSEs as abused entities. The narrative has always been painted by the Dems, but as you know, there are only so many lies to cover lies - no matter if they are hidden via Executive Privilege.
Oh what a web We weave..
It was written y some that He realized that Govt was not providing truth - we can only hope He is honest to His bench.
End result = purpose? What is the purpose - keep repeating so People aren’t confused emotionally.
Great Post.
So the Board of Directors (BOD) are essentially doing everything as usual, except FHFA keeps them in this forever…set-up. They report to the Conservator - is the acting director of FHFA serving a dual role?
The BOD positions are political appointees - speaks for itself.
Is there a class action for the terms of c-ship being changed?
The intention of c-ship was to ensure and confirm sound business practices have been established and the enterprises can operate on their own.
Why wasn’t this agreement followed?
Why wasn’t it followed?
Who initiated the change in terms of the original c-ship and why?
If GSEs are deemed rehabilitated, at what date were they deemed rehabilitated?
It was and has been a back and forth argument between President, Treasury and FHFA regarding housing policy and how much monies can be allowed to new home buyers. Congress have left the discretion for FHFA to ensure sound housing policies are being implemented and processed.
The only other factor that comes into play is the Executive ( ie President) policies, Congress and the Banks. All this is now (seemingly) tied to the Treasury (in the guise of the FHFA).
Wait, I thought the FHFA was independent? If not, when did the FHFA lose the ability to go work independently of Treasury?
From what I have pieced together is that the last act of defiance of FHFA that caused Treasury to tear up the original terms of c-ship began with Obama Housing plan - that Demarco opposed. Demarco did not want Fannie Mae to participate in the HAMP PRA program.
https://www.forbes.com/sites/steveschaefer/2012/07/31/fannie-mae-freddie-mac-regulator-rejects-principal-forgiveness/
Demarco stance looks to have sparked the restructuring of FHFA and the terms of C-ship at the behest of Treasury:
From what I read, this act against the FHFA by Treasury essentially kicked in the “salt of the earth” plan - to keep the GSEs from being able to return a profit to Shareholders and exit from C-ship. Better yet, provide funding for those much needed President Projects that Congress could not fund.
So in this 8/17/2012, a press press release from Treasury, announcing the 3rd Amendment sweep. This could be the date that Govt made its move against the GSEs and the date that Govt knew GSEs would be back to making huge profits.
https://www.treasury.gov/press-center/press-releases/Pages/tg1684.aspx
(Short note, each time I read ‘taxpayer’ I sub/use the term ‘Government’ - this is who is who is directly spending the taken profits.)
Did Treasury get its orders to do this from the Oval Office?
Were Shareholders damaged?
Should that Government had ended C-ship at any time? If so, what time?
Hopefully a good Lawyer can help explain this to a Judge and Jury so We taxpayers can move on with our lives.
She should be dismissed from Her position if She deliberately enters into wasteful contracts. Also, no oversight from FHFA on wasteful spending.
What about the building that was built - did GSEs loose money on that one?
Thx - ludicrous logic that goes back to a broken political system. This needs to be fixed.
Knit one, pearl two…and We wait.