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Sad but true.
"I really can't believe we are all still going back and forth on this board after all this time, when will they just give up and do the right thing"
The "back and forth" is just one of many ploys used by those who wanted the heads of Fannie Mae and Freddie Mac in the guillotine executioner's basket and has been a useful tool for those here on this board who have been sympathetic to the government. The only way that "give up and do the right thing" will come about is when the government is legally forced to do the right thing. With Trump's almost three years in office, it is crystal clear that his administration is not one iota different from the two administrations that preceded this one when it comes to justice, Fannie and Freddie. Not one iota!
So true Patswil.
Bove is full of it.
Acg will attend Bhatti vs FHFA hearing
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=151586477
Court Filing, look for rest on gselinks
https://gselinks.com/Court_Filings/Bhatti/17-cv-02185-0027.pdf
How does FHFA have authority to represent legal opinion when it is already declared unconstitutionally structured per 5th circuit court?
Quote Tweet
ACG Analytics
@ACGAnalytics
· 35m
Next Tuesday we will be attending the @US8thCircuitCt hearing of Bhatti v. FHFA. A right leaning court that may echo @US5thCircuitCt 's decision in #Collins. #GSEs
https://ecf.ca8.uscourts.gov/webcal/oct19stp.pdf
12:28 PM · Oct 8, 2019·Twitter Web App
Bhatti vs FHFA info can be found on gselinks.com on the right.
Bhatti v. FHFA
05/10/2018 - Notice of Supplemental Authority
01/12/2018 - Motion Hearing Transcript
08/04/2017 - Plaintiffs’ First Amended Complaint for Declaratory and Injunctive Relief
How does FHFA have authority to represent legal opinion when it is already declared unconstitutionally structured per 5th circuit court? https://t.co/G64HFmd1rH
— Eva (@EvaFandF) October 8, 2019
Imo the only purpose of FHFA is to steal money from FnF. The 5th circuit court has already said they can't do that. FHFA will go away. USSC is only to decide remedy.
Imo FHFA does not have authority to do anything.
Calabria forgot about the electronic trail that will prove the firm that wins the contract wrote and emailed the sow to Calabria.
Is that jail time?
Regarding the "financial adviser" solicitation
Many times in government contracts, the "adviser" writes the plan, but may not participate in the implementation.
My gut feel is, this "statement of work" was heavily influenced or written by one of the potential bidders, due to the limited amount of time to respond. This favors the firm that wrote the SOW, knowing the intent and content. Including requirements to reduce competition.
I also think FHFA already knows who they want and what to accomplish. This is just going through the steps to appear unbiased and have a "arms length transaction. Later FHFA is able to claim the plan and decision was "fair" and without political bias.
Add in the amount in fees Treasury/FHFA had to pay to protect themselves. $1,200 an hour for an expert lawyer in DC, at least a team of 5 or more lawyers and that's another $12 million a year since 2013
Agree!!! $100 million a year in wages alone along with pensions and benefits plus rent, expense accounts and other that bring this total to my guess of $250 million yearly. Wouldn’t it be great to hear “we are protecting the Taxpayer” and we’re shutting down the useless FHFA?
Given the uncertain future of FHFA, I hope these positions are not able to get filled.
There are +600 employees at the FHFA .... UNBELIEVABLE !!!.
What have they DONE all these years besides
ILLEGALLY STEALING $Billions from Fannie & Freddie,
while collecting a FAT GOVT paycheck w GOVT benefits ?
Shut this agency down immediately! Do it for the TAXPAYER!
FHFA FACTS:.... from the FHFA WEBPAGE !!!
https://www.fhfa.gov/AboutUs/Careers
Senior Examiner/Examiner (Market Risk) Open & Close Dates: Sept 26 to Oct 21, 2019
Salary: $94,937 to $213,280 per year !!!
Location: Washington, DC
Supervisory Status: No
Senior/ Financial Analyst (Fair Lending)Open & Close Dates: Sept 23 to Oct 18, 2019
Salary: $94,937 to $182,818 per year
Location: Washington, DC
Supervisory Status: No
Funding for fhfa is not appropriated. Imo funds come from a slush fund with FnF money. Cut off cash flow to FHFA and it goes away
Does not paste well. The FHFA indicated today that it is looking to hire a financial advisor to work on
Eva
@EvaFandF
Isn't it Calabria's role to figure out how to recapitalize Fannie Mae and Freddie Mac? What has he been doing for the last 6 months.
Quote Tweet
ACG Analytics
@ACGAnalytics
· 1h
Hiring an FA gives @FHFA and Administration non-political backing to act on recommendations from @USTreasury report. https://acg-analytics.com/wp-content/uploads/2019/10/FHFA-Statement-of-Work-10042019.pdf #GSEs
advising the FHFA on recapitalizing the GSEs. #fanniegate $fnma
3:04 PM · Oct 4, 2019·Twitter Web App
They would bill themselves as the most knowledgeable subject matters.
UGH.
Calabria needs to go. You'e fired, lol
Meanwhile Trump is telling congess if they can't get FnF out of cship he will.
Who wants to place bets as to the 'firm(s)' awarded said contract. Surely not one of the same-consulting-piggies and their revolving-door-of-experts who got us INTO this mess. You know. The same corrupt minions who worked overtime to lie and deceive and steal these companies from shaeholders. After having hidden the collusion and corruption and mortgage subprime scandals at TBTF banks. Those great folks at Deloitte or PWC or KPMG or Mckinsey or Blackrock. Or maybe they'll hire the same ole local DC swamp-critter 'experts' thru their favorite women-or-minority-owned shell company who all slap each other on the backs and re-cycle the same tired BS for a piece of a $5MM+ consulting contract. Cuz that's what they'll bill. More taxpayer $$$ wasted on an Agency with NO CONSTITUTIONAL standing. I'd rather see Sec'y Carson hire some no-bodies to reboot OFHEO. And give jobs to people who didn't play a role in this Armageddon.
Rewind this fiasco to pre-2008. Get rid of FHFA who's ONLY job is to steal assets from honest, taxpaying American's. So weary of Clown-world.
Uh Hello! That is Calabria's job. Sounds like he needs to hire a team to help him figure out how to prolong his job.
--------
The FHFA job position to provide a road map for “recap & release” related to the scope of work:
III. Scope of Work
The Contractor shall provide analytical, advisory, consulting, drafting, and other related services to FHFA for the purpose of providing expert advice on developing the Roadmap and, if necessary, the execution and on-going monitoring of the Roadmap’s implementation.
These services may include but are not limited to a comprehensive assessment and detailed analysis of the needs of FHFA and the Enterprises for the purpose of providing analyses and recommendations regarding the Roadmap in the following areas:
• Options and recommendations for business and financial restructuring transactions and alternatives.
• Financial projections and sensitivities, including review and assessment of modeling of the Enterprises’ financial projections and estimates.
• Capital raising options, timing, and feasibility.
• Regulatory framework, including but not limited to a framework for capital
restoration plans.
• Potential revisions to the Treasury Senior Preferred Stock Purchase Agreements
(PSPAs).
• Enterprise activities and changes necessary to develop and effectuate the
Roadmap.
• Costs, structures, pricing, and terms and conditions of transactions proposed as
part of implementing the Roadmap, and suggested modifications.
• Strategic communications, in conjunction with public relations counsel.
• Other financial advisory services as may be mutually agreed.
Isn't it Calabria's role to figure out how to recapitalize Fannie Mae and Freddie Mac? What has he been doing for the last 6 months. https://t.co/9dCFl2YRL3
— Eva (@EvaFandF) October 4, 2019
https://twitter.com/acganalytics/status/1180191664712945664?s=21
Think they're negotiating with all the plaintiffs?
I think everything is already in place, except for the fact that there are the lawsuits to contend with.
So my guess is that they remain in negotiations with plaintiffs on this, which only strengthens our position further, if also stretching the timeline out a bit longer
FHFA's sole function was to swipe money from FnF and give it to Treasury. That time will end.
If FHFA will be shut down. Who will "conserve and preserve"(air quotes )?
Is conservatorship still in effect?
I absolutely believe FHFA will be shut down.
FNFA is a total waste of taxpayers money and hopefully that sham of a group is dissolved and shut down. You think that will happen? I do.
I’m also somewhat upset as to how the gov keeps saying protecting the taxpayer is important yet they continue to waste millions in legal fees on these cases.
What has Calabria been doing since in office except to set capital rule, 6 months now?
How many qtrs of retained earnings does it take to build confidence?
PSPA amendment to write down liquidation preference - that's another 2 pager that could be done in half an hour if they wanted to.
ACG Analytics Retweeted
Alec Mazo Retweeted Tim Pagliara
.@timpagliara outlines next steps in GSE reform.
- Calabria/FHFA to set capital rule
- The companies build confidence with investors
- PSPA amendment (include liquidation pref writedown).
This is a rule of law Administration, will fix errors of the past. Be patient.
$fnma
Agree.
1. Do we need the qtrly earnings announcement for Board to set price?
2. Do we need SCOTUS to direct FHFA/Treas to get their stealing hands off of FnF?
3. Can the BoD give FHFA the finger and just do what they want without FHFA's Ok? (IMO they can but scotus remedy is so close maybe wait for it)
COMMON STOCK CAN OPEN UP ON NYSE AT WHATEVER REFERENCE SHARE PRICE AT ANY TIME OR ANY DAY THE BOD THINKS THEIR COMPANY IS WORTH.
Maybe settlement Q1 2020
Anyone have an informed view on the timeline after October 11 that SCOTUS opinion and remedy will be published? 2-3 months? The opinion is already provided by 5th circuit.
Yes. On Oct. 11, there is a hearing (US SUPREME COURT) involving CFPB. Cooper and Kirk (our attorneys) have "joined" and are arguing that the En Banc decision is relevant, and that we are appealing even tho it sounded favorable, really the net worth swipe didnt end.
So, the legality of the FHFA which is similar to CFPB, needs the Supreme court to decide a remedy for the constitutional illegality of these 2 agencies.
Cooper and Kirk will be arguing that shareholders deserve a remedy when FHFA (unconstitutionally structured) enforced the net worth swipe. Simply being able to remove the director wont make fannie shareholders whole, we need a "real remedy".
Now, do I have that summary about right, Obit???
Many of us here have bought against the advice of brokers, accountants, friends, family.
Welcome to the club.
Against my brokers advice I just bought 5000 more Freddie ,,, have an equal amount of FNMA and Freddie now,,,, couldn’t resist at this price ,,,
Definitely no sweep.
Source: Freddie Mac and Fannie Mae
N/A = not applicable;
TBD = to be determined but not later than 9/30/2019
That's the footnote.
The sweep did not happen yesterday, so it can't happen.
https://www.fhfa.gov/DataTools/Downloads/Documents/Market-Data/Table_2.pdf
Source: Freddie Mac and Fannie Mae
N/A = not applicable;
TBD = to be determined but not later than 9/30/2019
That's the footnote.
The sweep did not happen yesterday, so it can't happen.
https://www.fhfa.gov/DataTools/Downloads/Documents/Market-Data/Table_2.pdf
Why are FHFA employees still being paid? Their mission was just taken away from them.
I think Mnuchin's stated timeline is 6-12 months. We'll see.
But this is enough capital so that Treasury/FHFA can settle with plaintiffs without FnF needing another agreement with Treasury.
They still aren't admitting to the theft. "further advance broader housing finance reform" = payback of theft, they're working on how much it will be.
"Statement from FHFA Director Mark Calabria on Letter Agreement with Treasury to Increase Fannie, Freddie Capital Retention
FOR IMMEDIATE RELEASE
9/30/2019
??????Washington, D.C. –? “The Enterprises are leveraged nearly 1,000-to-one, ensuring they would fail during an economic downturn – exposing taxpayers once again. This letter agreement between Treasury and FHFA, which allows the Enterprises to retain capital of up to $45 billion combined, is an important milestone on the path to reform,” said FHFA Director Mark Calabria. “FHFA commits to working with Treasury in the coming months to amend the share agreements and further advance broader housing finance reform. These reform goals include limiting the government’s role in housing finance, increasing marketplace competition, focusing on affordable housing, and sustainable homeownership. The status quo is not an option. Now is the time to act.”
This is enough capital so that Treasury/FHFA can settle with plaintiffs without FnF needing another agreement with Treasury.
https://www.bloomberg.com/news/articles/2019-09-30/fannie-freddie-permitted-to-boost-capital-cushions-by-billions
Shadow Copper agrees with CBS.
That right there tells me it is over lol ??
Unconstitutional agencies CFPB and FHFA do not have authority to appeal.
Mostly true, except we're not confused.
Ahem. Treasury is also a puppet. Trump is pulling ALL the strings. And he's using MC and SM as his armor. To deflect and confuse the enemy.
Calabria is a puppet. Treasury will tell him what to do and he does it.
Calabria is "negotiating w Treasury" on behalf of WHO as the CONSERVATOR ?
CFPB and FHFA do not have authority to appeal as they are unconstitutional.
ATTENTION! ANYONE involved in FNMA lawsuits........STAND YOUR GROUND! For the very first time, WE HAVE THE UPPER HAND. En Banc gifted us with it and is only a starting point. USE IT! DO NOT GIVE IN to some measly low pps settlement. Seek restitution for damages. You're entitled to it. The twins are worthy $100+ easily. WARRANTS are a TOOTHLESS CLUB only meant to suppress share price. Any attempt to exercise will ripen Takings Claim in Judge Lamberth's Court. Lamberth stated as much. Gov knows it. Gov also knows that filing any appeal dramatically increases risk of misdeeds exposure through release of damning 11K docs. Don't be fooled over Treasury chess moves. Call their bluff!
I'm not going to stay awake at night worrying about what Dick Bove says.
First time I've seen us get a break.
MEMO ENDORSEMENT on re:8 Letter, filed by Dan Ianello. ENDORSEMENT: The court notes that Mr. Ianello filed his brief on September 16, 2019. Dkt 14. The court will accept it as timely filed but reminds Mr. lanello to adhere to all future deadlines. Appellee's opposition is now due by 10/16/2019 and Appellant's reply brief is due by 10/30/2019. SO ORDERED.
Sounds like Calabria is making sure he has another job after this fiasco.
Did you read this Horrendous statement ???
(in "exchange for allowing them to retain earings now ????) - SWAMP RAT Agreement !!!!
so Calabria needs permission and GIVE appeasement shares TO TREASURY
to DO HIS REQUIRED JOB
How can unconstitutional FHFA direct FnF to send money to Treasury?
Is it legal for FnF to send money to Treasury?