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Calabria talks too much. He's already let the news out.
I believe they use the words wisely whenever they talk.
Instead of forward split, MC used the word additional shares to avoid a global massive buy. Buy.buy.
4;1 sounds good. 10, 20, or 30:1 sounds better lol
Correction !
Additional shares would mean forward split , example Forward split by 4 means 1 share will become 4 shares since government does Not have money; government might compensate shareholders by applying a forward split .
We won! This will be over $10 in no time.
The NWS is over. The 1 year timeline gives Treasury ample time to settle.
https://www.wsj.com/articles/fannie-freddie-poised-to-keep-profits-in-an-initial-privatization-move-11569157202
Warrants will not be exercised.
Trump already has asked the supreme court if he could fire the head of CFPB. If he can fire him, he can fire Calabria.
https://www.vox.com/policy-and-politics/2019/9/18/20872236/trump-justice-department-supreme-court-cfpb-unitary-executive
Quote:
considering the severance of HERAs's removal for cause provision
If the Collins case gets settled prior to Judge Atlas ruling on it, will Trump be able to fire Calabria at will? Could he do it right now anyway?
The Treasury recommendation was put out in advance of the 5th circuit court ruling.
Things changed.
The sweep (imo not happening) would be on September 30
can someone answer my question....
is the 30th the day of the sweep based on past sweeps or is it the end of the quarter? TIA
this matters because they can still stop the sweep in October if the 30th is just the end of the quarter and sweep isn't actually done until for example end of October,
Thus our timelines to hear from nooch and catman may be different than we are anticipating.
thanks again
I just read the header.
https://www.insidemortgagefinance.com/
End of NWS imminent
https://www.insidemortgagefinance.com/
End of NWS imminent
https://www.insidemortgagefinance.com/
At the senate hearing a week or so ago Ben Carson asked congress for a plan to IPO FHA so that it will report up to HUD.
The Department of Housing and Urban Development recently released a major housing finance reform plan in conjunction with a Treasury Department report on future plans for Fannie Mae and Freddie Mac.
HUD’s reform plan states four main objectives – including refocusing the Federal Housing Administration to its core mission and providing FHA and Ginnie Mae the tools to appropriately manage risk.
Read on for a deep dive into the plan.
Everyone is going to settle.
Owl Creek and other Jones Day clients alerted Judge Sweeney
to the Fifth Circuit’s Collins decision today, and a copy of that
notification is attached to this e-mail message.
Excellent Latergator. That was updated within the last day.
Excellent find CBS
There's no names for BoD on the FMCC and FNMA home pages
Didn't they used to have names, pictures and responsibilities? Why would they remove them?
EXCELLENT
An institution unconstitutional "lacks authority to bring cases", according to a Court with regard to the CFPB.
IMO Mnuchin is giving ahis estimate for how long it will take to settle with plaintiff. Gotta agree though, they're liars.
M is a liar, he said : “ first six months “ now “ a year “ ! How can he became S.T.D! Maybe all of them are liars!
IMO those two are doing a lot of BS talking. They aren't even agreeing with each other.
The writing is on the wall for FHFA. Essentially the only purpose for FHFA was to steal money from FnF. Now they can't even do that.
Calabria can't demand FnF send them the qtrly sweep. FnF Board of Directors must protect shareholders, it's their fiduciary duty. NWS is over, so is FHFA.
it’s FUNNY that treasury mnuchin says he is looking into taking decision to supreme court lol but the en banc decision was of fhfa not treasury. i think mnuchin was just bluffing. Calabria didn’t even talk about an appeal
The 5th circuit en banc has opinioned FHFA to be unconstitutional. If FHFA wanted to appeal it would go to the Supreme Court. CFPB is not fighting the unconstitutionality of their organization and I doubt FHFA will either.
Can a Director of agency termed as Unconstitutional by En-Banc file an appeal? Don't they first have to prove that they are constitutional and legally structured before they can file for an appeal?
My thoughts exactly.
The jig is up for unconstitutional agencey
Or better yet:
FHFA imagines they save face by Treasury telling FHFA no sweep while we know FnF execs don't take direction from an unconstitutionally structured agency.
Meanwhile, Treasury is negotiating how much they pay FnF for overpayment, 10% interest and damages.
The 5th circuit court deemed the structure of FHFA to be unconstitutional. Under the current structure FHFA cannot direct FnF to send money to Treasury. FnF execs would be neglecting their fiduciary duties to shareholders unless FHFA structure is changed by September 30.
The 5th circuit court deemed the structure of FHFA to be unconstitutional. Under the current structure FHFA cannot direct FnF to send money to Treasury. FnF execs would be neglecting their fiduciary duties to shareholders unless FHFA structure is changed by September 30.
I'd say likely to that.
Which means he already has.
Mnuchin says he'd invest in the GSEs if he were a private investor.
https://twitter.com/peteschroeder/status/1171432958802063367
One step closer to Calabria being out the door
Ginnie Mae Punished His Firm. Now, Trump May Put Him in Charge
By Elizabeth Dexheimer and Saleha Mohsin - September 17, 2019
--- White House might tap NewDay’s Murin to run mortgage guarantor
--- NewDay faced bond restriction amid predatory lending crackdown
Calabria had to read and understand the Capital Rule then team Mnuchin wrote it and gave it to Calabria. He just gave us proof he's a do-nothing.
FHFA Director Says New GSE Capital Rule Months Away
dhollier@imfpubs.com
Federal Housing Finance Agency Director Mark Calabria acknowledged in an interview late Monday that the long-awaited release of the final capital rule for Fannie Mae and Freddie Mac may still be months away. At issue, he said, is the sheer complexity and importance of the 100-plus-page rule.
“I look at this as, if not the single most important rulemaking I’ll engage in here, then at least it’s high up there. So, at a minimum, I thought I had an obligation to read it all and understand it.”
The director told IMFnews the final rule isn’t simply a capital level for the GSEs – it also establishes the relative prices of various business choices (not just for Fannie and Freddie, but for the mortgage sector as a whole). That, of course, is why the proposed rule attracted so many comment letters.
“So, the process of going through the comments, the process of going through the choices involved, the process of making sure I’m comfortable with what we’re doing – that was always going to be an extensive process,” Calabria said.
One industry lobbyist, requesting anonymity, noted that when it comes to a possible recapitalization-and-release plan for Fannie and Freddie, “Everything flows from the capital rule. This shows us the [recap-and-release] process will not go quickly
Worth a repeat
we have to carefully listen to what was asked. She asked how long does he see outside capital investment and does it look like a re-ipo. that was when his answer of seeing 6months -1yr of track record before going to market. So what he is saying is end of 2020 for outside investment re-ipo.
this means they will build capital and they can if they want to relist with what they have now.
Read the last paragraph
Trump’s S.E.C. Nominee Disclosure Offers Rare Glimpse of Clients and Conflicts
https://www.nytimes.com/2017/03/08/business/dealbook/sec-nominee-jay-clayton-client-list-conflicts-interest.html
Clayton is connected to Trump. Mnuchin is connected to Trump. Trump tells Mnuchin to call Clayton.
Lookie what I found. Jay Clayton was nominated to chair the U.S. Securities and Exchange Commission on January 20, 2017, by President Donald Trump. Mnuchin would just call up his buddy and ask for a favor.
https://www.google.com/search?q=who+is+the+director+of+securities+and+exchange+commission&rlz=1C1JZAP_enUS681US683&oq=who+is+head+of+securities+and+exc&aqs=chrome.1.69i57j0l4.14953j0j7&sourceid=chrome&ie=UTF-8
RECAP PLAN. TOTAL CAPITAL=$177b
— Conservatives against Trump (@CarlosVignote) August 31, 2019
$6b 2Q Net Worth
$5.2b 3Q div withheld
$18b Loan Loss Reserve
Total amount owed by @USTreasury:$148b
$103b excess over SPS. Div restricted
$7b Corp Tax on settlements
$18b TCCA fees
$15b MHA pgm
$5b 1.5% on escrow acct#Fanniegate @WhiteHouse @FHFA
Page 56 of 61
http://otp.investis.com/clients/us/federal_homeloan/SEC/sec-show.aspx?FilingId=6148608&Cik=0001026214&Type=PDF&hasPdf=1
$FNMA~Post the site link for others to monitor as well. I'll take a shot a day myself.
Done deal.
PS take screenshots.
FMCC was supposed to save $2 billion every year and stocks remain outstanding.
Check out page 56 of 61
"Seventh, in order to conserve over $2 billion in capital every year, the common stock and preferred stock dividends
will be eliminated, but the common and all preferred stocks will continue to remain outstanding. Subordinated debt
interest and principal payments will continue to be made. "
SEC Form 8-K
https://ton.twitter.com/i/ton/data/dm/1173260161777111044/1173260118542233600/1dkRY4nc.jpg:small
http://otp.investis.com/clients/us/federal_homeloan/SEC/sec-show.aspx?FilingId=6148608&Cik=0001026214&Type=PDF&hasPdf=1
FMCC was supposed to save $2 billion every year and stocks remain outstanding.
Check out page 56 of 61
"Seventh, in order to conserve over $2 billion in capital every year, the common stock and preferred stock dividends
will be eliminated, but the common and all preferred stocks will continue to remain outstanding. Subordinated debt
interest and principal payments will continue to be made. "
SEC Form 8-K
https://ton.twitter.com/i/ton/data/dm/1173260161777111044/1173260118542233600/1dkRY4nc.jpg:small
http://otp.investis.com/clients/us/federal_homeloan/SEC/sec-show.aspx?FilingId=6148608&Cik=0001026214&Type=PDF&hasPdf=1
I was looking at the FHFA/Conservatorship/Senior Preferred Stock Agreements on Saturday morning for September 2008 and noticed a different version than I remembered as the original spspa. 10 minutes later, the original version was there.
I suggest everyone monitor the fhfa website.
The SPSPA On The FHFA's Website Is BS, And MC Keeps Revising It With Criminal Purpose..