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An IPO won't be necessary once SCOTUS rules in our favor and money is returned from treasury
No IPO until JULY of NEXT YEAR ....
Fantastic for f&f shareholders, the day we have been waiting for. Any estimates on when opinion will be released?
Oct 13th Collin oral arg
#SCOTUS releases October argument calendar, including all 10 cases set over from this term because of covid. pic.twitter.com/TvgMPp7Rv1
— Kimberly Robinson (@KimberlyRobinsn) July 13, 2020
Correct, no one will invest with a SCOTUS opinion hanging over FnF
Very possible Treasury will negotiate rather than leave it up to terms SCOTUS decides
Yep
so when FHFA is found unconstitutional soon or October
we can then sue for the forbearance crap that Cat man put on GSE's as well as everything agency has done since 2008?
LMAO
Lol, Calamari definitely showed his intentions on what he will do to fnma and fmcc
Feels like Calabria deliberately delayed the fnma and fmcc comment period until after the election.
Groups urge FHFA to extend comment period on GSE capital plan
Fannie-Freddie Bulls Get Warning in High Court’s CFPB Ruling
Bloomberg
Jesse Westbrook
,Bloomberg•June 29, 2020
Fannie-Freddie Bulls Get Warning in High Court’s CFPB Ruling
More
(Bloomberg) -- Fannie Mae and Freddie Mac investors just got another reason to hope that President Donald Trump turns around his sagging poll numbers and ultimately prevails in November.
That’s because a Monday U.S. Supreme Court ruling signals that it’s going to be much easier for presidents to oust heads of some federal agencies. Fannie and Freddie’s regulator, the Federal Housing Finance Agency, is now run by Mark Calabria, a libertarian economist who’s committed to something shareholders desperately want: the mortgage giants’ release from government control. Calabria won’t likely get the chance to finish that job if Joe Biden wins the White House and fires him.
In its Monday decision, the Supreme Court said the president has broad authority to remove the director of the Consumer Financial Protection Bureau because Congress went too far in insulating the financial industry watchdog from political pressure. In the 2010 Dodd-Frank Act, lawmakers stipulated that the president could only terminate the CFPB chief for “inefficiency, neglect of duty, or malfeasance in office.”
The CFPB and FHFA have identical structures -- they are independent agencies run by a single director. Last September, a panel of federal appeals court judges in New Orleans concluded that the FHFA structure was unconstitutional. The Supreme Court has deferred acting on that case until it resolved the CFPB fight. The high court could now deal with the FHFA matter as soon as July 2.
“This ruling should ensure that the president can now remove the FHFA director at will,” Cowen analyst Jaret Seiberg wrote in a note to clients. “This means election risk is significant for efforts to end the conservatorship, as Joe Biden could fire Calabria as FHFA director on Jan. 20 if the Democrat wins the election.”
Fannie rose 0.5% to $2.04 as of 2:45 pm in New York trading, while Freddie was unchanged at $2.07.
In a statement, Calabria said he respects the Supreme Court’s CFPB decision, while adding that it doesn’t “directly affect the constitutionality of FHFA, including the for cause removal provision.”
Read More: The New Twist in Endless Fight Over Fannie and Freddie.
Hedge funds and other shareholders have long wanted the Trump administration to help them make a windfall by halting the practice of funneling Fannie and Freddies’ profits to the Treasury and freeing the companies from conservatorship. Many of the policies implemented by Calabria since taking over in April 2019 have been focused on ending government control.
Compass Point analyst Isaac Boltansky said Monday’s Supreme Court ruling could prompt Calabria to take on a “sense of urgency” because he may not have many months left leading the FHFA.
Look for yourself at the profile of HighwayMap
Well there you have it.
Maybe they've reduced staff and have billed less than $1 Million for last 12 months or less than $150 Thousand for previous month.
For all we know, they may only have 1 or 2 people working there.
Note: The above list includes vendors that have been paid over $1 million on a trailing 12 month basis and vendors that were paid over $150 thousand for the month reported.
In other words, they are charging excessive fees and not reporting it.
Hmmm. If you put an invalid invoice through the post office or even email, isn't that mail fraud?
What does that mean?
ATTENTION: MONTHLY FEE STATEMENTS NOT FILED
In every other BK case lawyers and others file monthly fee statements and LBHI case i could not find even a single statement.
wink wink?.
FNMA SEC Form Info, found this
"Deregistration under Section 12(g) will become effective 90 days after filing the Form 15. The SEC has the authority to deny such a request for termination, but has rarely done so. The SEC will not accelerate the 90-day period."
Fannie common and preferred stock become deregistered about first week in September.
https://www.sec.gov/Archives/edgar/data/310522/000031052220000261/form15document.htm
https://www.law.cornell.edu/cfr/text/17/240.12g-4
https://www.dorsey.com/newsresources/publications/2009/03/going-dark--voluntary-delisting-and-deregistrati__
This came out after hours June 5, and discussed on this board the next week.
IMO uplist coming this summer.
Can you please provide a link for this sec form 15?
This is needed to prep for up listing?
Anyone
Tia
Both FnF have hired firms to guide them through getting out of cship.
Fannie submitted SEC Form 15 to deregister their ticker, SEC deadline is first week September.
FNMA pre is up .18? What's going on everybody?
I think both the judge and Fails see this.
My question is, why are they ignoring it, especially the judge?
Correct. Recall that CTs were originally in class 4, then got moved to class 10B
Correct.
I originally thought on one of Wu's emails he made a mistake that LBHI's subs cannot issue new stock, redeem stocks, etc etc under the covenant because the subs can do whatever they like. But, if they are subs that means LBHI owns the stock therefore, Wu is right. The subs cannot issue new stock or redeem their stock as long as the CTs are outstanding. It also applies to the junior sub debt/debt securities of LHBI and its subs.
You guys agree? Am I reading it right? Thanks.
CTs are in parity with all senior preferred stocks, so should have been redeemed.
Neuberger Berman redeemed preferreds and common stock held by LBHI. So did others. In the future, my understanding is LBHI cannot issue new stock as long as the CTs are still outstanding. The CTs cannot be discharged unless certain conditions are met.
Docket # 60680
Plan Administrator should have settled with Wu/Waske and have significantly underestimated the knowledge and steadfastness of them.
Now they are pushing for the POR to not be able to settle until ALL CTs are settled.
By memory, there are 10 million CTs outstanding, or 40 million all together,
40,000,000 X $25 is $1 BILLION dollars.
Doesn't LBHI have just $2 BILLION left?
Waske asking for $65 for himself and joinders, or about $75 MILLION dollars.
Research by ticker on quantumonline.
For lehnq, it's $1.56 per year, 4 payments
Look for news after hours.
Why is TDAMERITRADE flashing invalid symbols for FNMA and FMCC..?
We're the ECAPS paid back just last year? That justifies the timeframe to research and respond, have court delays etc bringing us to this point.
And, Waske & Wu get to say what they want, too.
You know they are all playing the game as far as they can push it, jersey.
I posted a brief concern the Waske filing never mentioned the deferment period allocated in the CT prospectus.
The problem has been the Judge has been extending it as per the Trustee request in the POR.
And, I have yet to see Waske or anyone post a response to this observation.
If the ECAPS are paid back, then maybe the stronger argument is with them.
A few thoughts.
mojo
True enough.
Why have them, if their use can be denied?
Last sentence - is Chapman telling Wu/Waske they can't take this to the appeals court?
IDK much, but this sounds like a threat.
"ORDERED that this Court shall retain jurisdiction with respect to all
matters arising from or related to the implementation of this Order."
Were we expected to be on the hearing list today?
SUPREME COURT ORDER LIST ...
our Collins case not listed
https://www.supremecourt.gov/orders/courtorders/060820zor_i325.pdf
Thank you.
Thank you.
I don't see the golden parachute news posted on the fmcc financial site
***BREAKING*** THE FHFA AUTHORIZES A GOLDEN PARACHUTE PAYMENT BY $FMCC TO THE NEW CFO, LOWN. He will join Freddie Mac effective June 15th.
It's strictly prohibited after the appointment of a Conservator in the FHEFSSA §4518(e)(4). More when it relates to the compensation accrued in a prior job.
This means that the Conservatorship will be over in the coming days, otherwise the conservator accumulates another count more.
More detail on #Fanniegate.
https://investorshub.advfn.com/boards/read_msg
I missed it. What did they say?
Fannie on CNBC Now !
This is it . What you’ve been waiting for !
(FNMA)
Who are the shareholders making this request?
THE SHAREHOLDERS REQUEST THE INDICTMENT OF THE PLAINTIFFS.
For the coverup of the provision in HERA called Restriction On Capital Distributions (like dividend payments) when FnF are undercapitalized.
The U.S. Code specifically categorizes this act as a crime of making false statements, as it's a concealment or coverup by any trick or scheme of a material fact.
It will force them to withdraw the lawsuits and facilitate the unilateral resolution with a simple reimbursement to the enterprises of what is due, and payment of moral damages to the Equity holders.
More than $100 million in litigation costs flushed down the toilet.
Excellent Comments.
Well thought out and based on likely events. Thank you.
Cap rule delayed for presidential nominations and Q2 report?
It looks cap standard and comments period is delayed and designed to occur after presidential nominations and Q2 report.
My guess Collins judgment will be announced in September and that 11,000 sealed documents from Sweeney will also be released in September which will force government to release, relist and recap GSE with $135B before election after 12 years of conservatorship on September 6th, 2008.
Not recco
Notice that now we're all chatting about timeline for full recapitalization and release from cship. A far cry from chatting about the possibility of receivership.
He might not have any Fannie or Freddie preferreds at all.
There isn't a separate line listing his preferred FnF holdings. So, it's got to be under "Very small holdings". And this has been reduced from $64 million to $23 million. Without John Paulson there's no Moelis plan. Just another strike against conversion.
Let's count the strikes:
1) Not in Calabria's capitalization plan.
2) Not requested by any plaintiff.
3) John Paulson, Godfather of conversion, has reduced or eliminated his preferred shares.
Well that's just great.
jtimothyhoward - MAY 24, 2020 AT 9:09 PM
I’m still sorting through my thoughts about
the proposed capital rule.
While I’m disappointed with it, I can’t say
I’m surprised by it.
Director Calabria has never supported Fannie
and Freddie–either conceptually or in practice
and his capital rule is aggressively anti-Fannie
and Freddie, which means it’s also anti-these
companies’ stakeholders, the homebuyers they
serve and the investors who have invested in
them and soon will be asked to invest
considerably more in them.
My policy interest is aligned with the potential
home buyers who will be penalized by this rule,
while yours is aligned with those who have a
current investment in the companies and wish
to maximize its value.
At this point, however, neither of our views
matter; it’s going to be up to the group of
potential new investors to tell the financial
advisors for FHFA, Fannie and Freddie what
terms and conditions they will require to invest
in two companies whose regulator
does not believe they should exist,
and who will continue to at exert at least
some degree of control over them for
as long as he remains in his position.
At this point I don’t have any advice to give
these potential investors; perhaps at some
time in the future I will.
I attended the last hearing with Sweeney, gov't, plaintiffs. It's open to the public. Sweeney was not appreciative of anything gov't said, but listened carefully to plaintiffs. They said they would give her a roadmap out of cship. Why wouldn't their roadmap include gov't paying back overpayments?
"Oh wait. With the govt returning the stolen money, just get rid of the Cship and the fhfa altogether."
1) Do you know something the rest of us don't? The Government is NOT returning any of the NWs or overpayments. It's been 8 years since they began the NWS and 12 years since C-Ship. What more do you need to realize they act with impunity.
2) Getting rid of C-Ship is not as complicated as they are making it sound, and Calabria or whomever is the Director could do so without Congressional involvement. Frankly, if Mnuchin just said the Treasury is no longer taking the NWS the C-Ship would go away quietly. He never did, and in only "modified" the terms while leaving the NWS in place. That much harder o justify NOT having a Conservator when you are forfeiting 100% of your profits after a financial threshold achieved.
3) Despite being a self-dealing arm of the Government, and as much as I agree the FHFA deserves to be dismantled, it never will be. It should have been dismantled before it ever started.
Can you make Calabria fix this so that us shareholders can move forward?
Firing Calabria for cause works for me. He I has not done anything worthwhile.
Maybe Otting will step back in temporarily again.
Oh wait. With the govt returning the stolen money, just get rid of the Cship and the fhfa altogether.