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Calabria is a complete idiot...wow
I was wondering about his accusation; self-inflicted wounds being a hallmark of the present administration, another walk back from the cat man...
Steve the Nooch (Die Moritat von Steven Mnuchin)
There's a Rumor going around (well, I started the Rumor) that Blind Sheep's "Die Moritat Von Steven Mnuchin" is #1 with a uranium-depleted bullet at the US Treasury, where its familiar melody (well maybe not so-familiar in This version, due to various sundry physiognomic limitations, but I digress) is being whistled in the halls of that cavernous institution, good echo in those halls LOL. Steve of course is in Da Bidness, so he gets the importance of a Super-Villain having his own Theme Song:
Fanniegate Blues #5: E for Evidence
Fanniegate Blues #7: Fannie & Freddie are Indentured Servants
Where Did All the GSE Profits Go?
Here's something to ponder about Fannie & Freddie:
Where Did All the GSE Profits Go?
GSE YIELDS FOREVER
Let me show you how we robbed the GSEs
Their Profits we steal
And no one's gotten hung about it
GSE yields forever.
Is Treasury defeasing Junior Preferreds through a third party?
Buying up Junior Preferred shares at current prices has the effect of retiring the JPS obligation at an extreme discount as well as creating capital.
hmmm...
GSE Hotel California
Fannie & Fred House
No, I was poxxing the vacation houses of those who put me here
“It is not sufficient just to remain calm in the event of catastrophe or emergency. When challenged by adversity, charge onwards with courage and jubilation. This is rising to a higher level. It is like the saying, “The more water there is, the higher the boat rises.”
--Yamamoto Tsunetomo
“No matter if the enemy has thousands of men, there is fulfillment in simply standing them off and being determined to cut them all down, starting from one end.”
--Tsunetomo Yamamoto
Isn't this stock crazy?!
Wow
What do other people do for fun and profits?
Any old timer here can tell you the same hit pieces and much worse have been written for lo these many years, as the rumblings of all this debacle really started in 2007, so nothing new, just keep building the position, a little here a little there. Days like this are good imho to build around. I've been in these shares since before 2007 and so I've learned to make hay while the sun shines, take what they give us, because:
"We seem to have a problem here, Fannie and Freddie are making money again"
GSEs: Now, Not Later
GSEs now, not later
End the Net Worth Sweep
Restore shareholders' rights
Build Capital reserves
To have no buffer isn't too smart
End the Net Worth Sweep now
before it's too late.
Ay, Matey
--said the old pirate on his birthday
as it's a wailing song, I used 100% autotune on the choruses, because I was going for maximum listener pain, so I wanted to sound like Justin Bieber.
The Long GSE Wail
Ten years ago, on a dreadful day
GSE profits were stripped away
There were few at the scene, but they all agreed
The scam was ran by US Treasury
No judge says “so what’s your alibi?”
“If you had conserved, Capital would not have died.”
And Trump tweets not a word about #Fanniegate
Billions to Treasury sounds just great
And from the Hill comes a long GSE wail
Treasury robs their graves every ninety days
No network shows, no reporters see
Theft of the GSEs
Oh, the payback’s so high that eternity's closer
For it MAY be HERA was written by a poser
But late at night, when the cool DC breeze blows
With a long GSE wail, shareholders cry over home loans
And from the Hill comes a long GSE wail
Treasury robs their graves every ninety days
No network shows, no reporters see
Theft of the GSEs
No network shows, no reporters see
Theft of the GSEs
GSE’s are Bound to Roll
When stocks trade we sit around in mom’s basement dreaming the American Dream
To buy GSE penny stocks real low that will rise on a Hedge Fund Scheme
Stung by tweets from Charlie Gasparino
Calling out our Hot Pockets made by our mom is so mean…
H ooooh!
Fannie these clowns stole our profits they’re all hacks
You’re a Strong Buy, We’re the reason why
They thought we’d get out before we got old
But now the GSEs are bound to roll
Yeah sure this time…
The Senate voted for him, put Calabria in, will he make the right decisions?
Just wrap your head ‘round these billions in profits, then slap the ask and add positions
If Treasury should cut the crap
We’ll run to the top, maybe we’ll never drop back
H ha
Wallison’s Hit Piece is out on the Net
‘Cause AEI’s a neo con fascist front
But we all know their tired deal
They wanna sell us to the big banks
Joe, we wanna know if the plan is real?
Ha you can show us…
Inside the Treasury accountant drones scan down the balance sheets
While reporters repeat rearview stories
Making noise to confuse the herd
The Fake News bark with risible old snark
Twits are muddled on a recap in a fog
We oughta be back on the New York Stock Exchange
Then watch buyers go whole hog
Net Worth Sweep No!
The internet’s crammed with disgraced Journos on a last gasp basher try
Carney, Muolo and Joe Light
Have no puff left to bluff
Gathered on iHub we post we’re the mad ones
Who own shares with sadness getting old
H-ha
Someday soon we hope so soon
We’re gonna get to that price
Where we really wanna be
And get back what they stole
But til then for trolls like us
GSEs are bound to roll
Oh Fannie, for trolls like us
GSEs are bound to roll
Haha Charlie, for trolls like us
GSEs are bound to roll
Yep, if only Pharoah Shoothimselfinthefoot would tell his minions to stop the dawdling, end the lollygagging, and get 'er done
Let the GSEs Rock
it's time to Let the GSEs Rock!
Now out of New Orleans comes a new judicial chance
Eighteen federal judges, some riding a-scance,
En Banc to take a new Lamberth stance
As they consult deep in their law books
Nooch, Otting and Phillips run to GSE Treasury nooks
There’s gotta be a real fix acceptable to all
We tell each other, ‘cause this system has the balls
See it workin’ these past ten years, spite-a bank bullshit n’ anti-GSE fears
And there's a hundred billion for Uncle Sam
If we don't foul up the executive plan!
So now at last between the Courts and the Admin
There finally could come a GSE win
N’ the best part is Fan and Fred can finally serve the public again!
And there's a hundred billion for Uncle Sam
If we don't foul up the executive plan!
THE GSE-MOJI MOVIE
GSE House in Washington
Thanks, Yank
I hadn't thought about the accounting treatment as a loss...no, they don't want that now.
Okay, 10B warrants buyback, why not?
I say let's get this party started!
Of course, I've said that pretty much every day since I was about three haha
I think the companies have a lot of options with how to deal with the various preferred classes. Each company has a different preferreds profile, with Fannie have quite a few billions more to deal with than Freddie. Some of these offerings were very small, like 250M, and perhaps they will buy them out immediately. Others could be converted or as you mention a rights offer.
The higher dollar offerings were all issued just before the crash and pay as much as 8.25%. One would think they may want to convert these asap, and also because of their $ size, which are quite large (I think the last was $7B). So instead of forking over $7B, couldn't they convert certain classes?
Mongo explained...
Will The Ballad of Fannie & Freddie Soon be Over?
It's like a metaphor or something
The only place it really matters is in court, and all the judges that sit in those courts took the same Corporations class that I took in law school (at the Harvard of the West) and I wasn't sleeping on the day the perfesser said preferreds wuz equity.
Bleak House
Years ago (and more than once) I mentioned that this case makes for a real life version of Charles Dickens' Bleak House, one of the longest novels ever written, as Dickens was paid a nickel a word. So this could go on a while, and you still may have time to read Bleak House.
"" At the centre of Bleak House is a long-running legal case in the Court of Chancery, Jarndyce and Jarndyce, which came about because a testator wrote several conflicting wills. In a preface to the 1853 first edition, Dickens claimed there were many actual precedents for his fictional case.[1] One such was probably the Thellusson v Woodford case in which a will read in 1797 was contested and not determined until 1859. Though the legal profession criticised Dickens's satire as exaggerated, this novel helped support a judicial reform movement which culminated in the enactment of legal reform in the 1870s.[3] ""
https://en.wikipedia.org/wiki/Bleak_House
GSEs: Now, Not Later
Haha thank you
please you can follow me on Spotify, Search "Fercris Hart"
GSE YIELDS FOREVER
"Accounting chicanery"
Thank you for posting this!
"" Bove argues that the U.S. government is essentially trying to pull one over on GSE investors, thinking they "will never figure out what is going on." He explained that in 2008, the government forced Fannie Mae and Freddie Mac to take a "non-cash accounting entry that would destroy their capital and give the government the right to take them over," a rule that is being contested in court.
Then in 2012, he said the government "blatantly lied to Congress, the press, and ultimately the courts." According to Bove, the government claimed the GSEs were in "dire financial" straits even though it knew they had returned to financial health. This revelation was revealed in discovery documents in the U.S. claims court. At that time, the government used this false claim to create the net worth sweep.
Now the most recent "agreement" which simply switches the accounting around is the latest chapter in this ongoing saga.
"Perhaps Congress and the Press cannot figure these things out, but investors can," Bove summed up. "Rather than becoming infuriated at the hedge funds that have turned up this information, one should be thanking them. There is too much at risk in housing and the economy to keep playing these games". ""
At least KBW has been consistently wrong
one wonders how they stay in business
KBW laughably wrong on GSEs for eleven years
why change now?
Fannie & Fred House
GSE Investors Know
Some things have actually changed since I wrote this, although not much.
Baby Steps
Walk, Don't Run
several days worth now
nothing but blue skies from now on
Excellent Video, must watch IMHO
What if...?
These two guys have been better reporters than any journalists in recent years, so maybe they're onto something...
100 Billion = Instant Recap ? ? ? ! ! !
Qatar Oil Sheiks' yachts cruising the Potomac
Fannie's new HQ has a dock and the sheiks are back
haha now there's a rumor