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An IPO won't be necessary once SCOTUS rules in our favor and money is returned from treasury
Fantastic for f&f shareholders, the day we have been waiting for. Any estimates on when opinion will be released?
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
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.
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.
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?
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.
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.
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.
CTs are in parity with all senior preferred stocks, so should have been redeemed.
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.
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.
True enough.
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?
Thank you.
Thank you.
I don't see the golden parachute news posted on the fmcc financial site
I missed it. What did they say?
Who are the shareholders making this request?
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.
Well that's just great.
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?
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.