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It's hard to imagine that one judge would have a problem with the given facts.
Correct....but if a ruling is found in the plantiff's favor for the preferred shares and to receive damages, then a precedent would be set for the common shareholders to follow suit. As a common shareholder, you have also been damaged by the government's illegal seizure. You received no dividends during a period of great profitability and you've have no voting rights during that entire same period.
That would be about equivalent to a 50¢ dividend during the NWS period. I would be agreeable to that as restitution for my rights having been suspended illegally.
I suspect profit taking....and there's nothing wrong with that action at any time. In the big picture though, you've got to consider short term and long term capital gains in your investing philosophy. Obama tacked new rates on to the ACA so it may cause many to pay more money than necessary. I think Trump will fix that problem too but he's got to get into office to do so.
The media will ride the oppression to the bitter end. Flipping the channels last night, I happened upon that disgusting O'Connell on whatever network he's on and wished I could hit him right in the mouth with a Louisville Slugger!
You are correct. Shareholders of Fannie and Freddie have been supplying money for all of Obama's entitlement programs. Without the twins, there wasn't enough money in the treasury for working people to support the non-working people!
Mel Watt would be the one to remove conservatorship but he has been x-rayed and found to be spineless.
Read this profile and see if this is who you want to be above reproach?
Mnuchin amassed a fortune estimated at over $40 million while working for Goldman Sachs, where his father had worked for three decades and had also made a fortune.[5][6]
In 2002, Mnuchin left Goldman and worked briefly for his Yale roommate Edward Lampert, chief executive of Sears. He also briefly worked for Soros Fund Management in their private equity division during the "Goldman" period with Jacob Goldfield and Mark Schwartz.
After this stint, he founded RatPac-Dune Entertainment, which produced a number of notable films, including the X-Men film franchise and Avatar.[6] Dune bought the failed housing lender IndyMac in 2009, buying it out of bankruptcy from the FDIC and renaming it OneWest with Mnuchin as chair. According to The New York Times, OneWest "was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars." OneWest was sold to CIT Group in 2015.[5]
In November 2016, two nonprofits filed a complaint with the Department of Housing and Urban Development, alleging redlining by OneWest Bank.[7]
The California Reinvestment Coalition, which opposed CIT Group's acquisition of OneWest, helped to highlight a number of issues about the bank, using Freedom of Information Act (FOIA) requests. First, the "shared loss agreements" that Mnuchin and his group of investors secured from the FDIC when buying IndyMac and La Jolla banks proved to be quite lucrative. According to data obtained from the FDIC, as of December 2014, it had already paid out over $1 billion to OneWest for the costs of failed loans (foreclosures). The FDIC estimated it would have to pay out another $1.4 billion to OneWest before 2019.[8]
CRC also submitted a FOIA request to United States Department of Housing and Urban Development (HUD) to learn more about OneWest's reverse mortgage subsidiary, Financial Freedom. According to the data that HUD provided in its FOIA response, Financial Freedom foreclosed on 16,220 federally insured reverse mortgages from April 2009 to April 2016. This represents about 39% of all federally insured reverse mortgage foreclosures during that time frame. The 39% figure was criticized by CRC, who estimated that Financial Freedom only serviced about 17% of the market. In other words, Financial Freedom was foreclosing at twice the amount that one would expect, given its share of the market.[9]
CIT Group, which purchased OneWest, disclosed to investors that it had received subpoenas from HUD's Office of the Inspector General in the third and fourth quarters of 2015.[10]
Because Mnuchin received stock in CIT Group when it purchased OneWest, it's possible he could sell it tax free if he were confirmed to be Treasury Secretary and if he reinvested the proceeds in Treasuries or government approved funds, according to Bloomberg, which suggests Mnuchin has $97 million in CIT stock.[11]
In Hollywood, Mnuchin, along with film producer Brett Ratner and financier James Packer, working with RatPac-Dune Entertainment, produced American Sniper and Mad Max: Fury Road. Mnuchin was co-chairman of the trio's movie company, Relativity Media, but left before it went bankrupt.[5] A source close to the company said that he had resigned because of the potential for a conflict of interest between his duties at Relativity and OneWest, which had been sold days ago; weeks prior to Relativity's insolvency filling, OneWest was allowed to drain $50 million from it.[6]
That would be okay but at $20, it's just a small percentage of true valuation when the release from financial prison arrives.
GAO Letter
Congress has a track record of asking for GAO recommendations and then not taking action on their findings. Hell fire, that's the business of the GAO but Congress, on occasion, knows better than the professional investigators. What the GAO needs to come back with one time in the future is that as a result of their investigation, it is recommended that Congress be eliminated!
Nothing is going to happen until both are released but I disagree with your time prediction on getting back on the big boards. But we won't have to bet on the speed or slowness, we just have to wait and see because it's going to happen.
In general, the Trump committee seems to be tossing around some names for various positions that seem bad for the country. More specifically, they seem to be tossing around some names that would be bad for Fannie Mae and Freddie Mac. I didn't work my a$$ off this past election for Trump to see him make poor choices in appointed government positions.
Bid
3.07
Ask
3.08
B/A Size
22969x5700
Believe me, when Fannie and Freddie are released, the NYSE will be calling them for relisting, not the other way around. And I suspect, relisting will be almost instantaneous!
Share price seems to have changed.
Yes, let's get that part out of the way, then we can sue the government, class action style, for damages to the shareholders since 2012 when our rights were usurped.
Corker needs to be fed to the catfish in one of his TVA lakes! LOL!
Me thinks we need Rudy as AG and Newt as SoS. Also, no Mnunchin as Secretary of the Treasury. It's like replacing the fox guarding the hen house with another fox. There we need a Scottish Protestant because they are as fragile as all get-out! Lastly, Bolton to the UN.
All this talk about reforming/revamping/etc. is all a smoke screen. Fannie and Freddie have long ago taken care of their only problem which was acceptance of substandard mortgages.
The only thing that needs to be done is their RELEASES by this lawless government where they can gravitate back into the mainstream markets and get away from these OTC outlaws.
The day to day management of both firms has performed admirably over the past 4+ years considering the enormous burden heaped on them by the crooks at FHFA, the Treasury, and the administration.
Remember, the government can't successfully run a damn thing!
Just saw a John Deere broken down in a field!
Me and you, both!
Corker should open up a insider trading school.
Wouldn't do it!!!!!!!!!
What a waste of paper.....better known as bureaucracy by a bunch of "know nothings"!
Thanks for raising your hand. Helps me to know who will be first in receiving their signs.
The Resident Cheerleading Squad
is hereby put on leave without pay while an investigation is conducted to determine why they are unable to push share price upward. Perhaps their pom poms are too large to see the proper direction needed.
When the lights come on, the cockroaches scramble. Always have, always will.
I'm still wondering why, at Treasury, everyone must be of a certain religious persuasion to hold the top post. Aren't these the same people who tried to steal F&F from mom and pop?
I, personally, think a goodly portion of those funds can be recovered, legally, by Fannie and Freddie.
Picture Fannie and Freddie in bondage. Without bondage, their share prices would be in the $75-100 area. When they are released, there is no bondage because they are actually run better without the interference of the government and will quickly gravitate to the mentioned share price levels because that's the natural level of the businesses.
The CAUSE is there. It's called fiduciary failure. It won't even be necessary to bring up the fact that he's stupid or an Obama puppet.
Why would there be a draw? Things have changed drastically since 2006/2007.
I suspect Ichan will get back to cost basis on his portfolio very quickly......possibly by the end of next week.
On all of the chatter this weekend, don't lose sight of the fact that shareholders have been DAMAGED financially by the U.S. Government. I want some restitution.
Had HRC abided by the law (which she clearly knew), there would have been no investigation. Blame is in the mirror when she looks at that ugly face early in the morning!
If you will recall, one of our shareholders who is a CPA and owned a financial accounting firm did a forensic accounting and made a determination the share price should be $105. That seems to be in agreement with CFO Howard. I think he also determined that Freddie was about $95.
When compared to similar corporations with revenues and profits of a similar nature, the multiple increases and that's the figure some prefer to use in a comparison. I have seen 10X and have seen 17X. Regardless, the unencumbered price should be at least $100. Upon release and relisting, it will gravitate in that direction and as someone suggested, management might have to do a stock split to keep it affordable for mom and pop. All scenarios (in the legal arena) point to valuable stocks with Fannie Mae and Freddie Mac.
A goodly portion of that $67 billion overpayment belongs to the equity holders and the warrant requirements have been satisfied. I understand the government wrote the agreement where Fannie and Freddie could never be released but it would be easy for a jury to determine that the warrants were held for security(collateral), that normal requirements for release had been satisfied, that warrants should be returned to Fannie and Freddie, and they would be declared null and void.
"The Washington Federal plaintiffs would say, “We’ll drop our suit, and you can keep the $67 billion that you granted yourself with the terms you unilaterally imposed on us, but in exchange for that you [Treasury] have to give up the warrants. Sixty seven billion dollars of the shareholders’ money is enough for us to pay you in this settlement.” That, to me, seems more than fair."
He agrees with the Washington Federal scenario. Just keep the excessive payments but set us free. That's not my idea of justice.
$67 billion/$189 billion = 35.450%
Wouldn't that go down in history as the worst case of "loan sharking" ever imposed on the public.....and by the federal government? With the terms as written, much of that $67 billion belongs to you and me. The so-called inability to repay the debt would be struck down immediately in any court in the land.
You've missed nothing except exuberance and chest pains from a host of shareholders excited about the rise in share price. To help prevent any health issues with readers, I will remind all of you that Fannie and Freddie are still only $2 and change stocks. Both have enormous potential but they are still only $2, not $200!
Somebody please remind Timothy Howard that the warrants were nothing more than collateral; exactly like the merchandise one has to surrender at the local pawn shop to secure a cash loan. Once the loan is satisfied, with its terms, the collateral is returned to the owner. Since payment has been made, the warrants must be returned to the owner (F&F) and thus become null and void.
If Howard wants to tell the government it's okay to keep the warrants, maybe he should do it with his own money but tell him to keep him hands off my damn money!
Yep
Big retracement during the later half of the day but still in the green at the end of the day. I would expect the action to resume next week with more upward movement. Contribute some of the decline to OTC.
On the comment about Obama's move with F&F, I haven't heard the fat lady singing yet.
Don't forget in the haste........
shareholders need to be compensated for damages during the NWS or period of nationalization (2012-2016). Not only did we not receive any compensation in the form of dividends during this most profitable period but our rights as equity holders were also suspended without merit.