Joshua 1:9 Have I not commanded you? Be strong and courageous. Do not be afraid; do not be discouraged, for the LORD your God will be with you whereve
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Obama Used Profits from Fannie and Freddie to Pay for Obamacare. The entire Obama administration should be in jail. | #RedNationRising pic.twitter.com/jWtDYuEc5w
— Red Nation Rising (@RedNationRising) September 27, 2017
Financial Stability Oversight Council - treasury.gov
"On Friday, September 29, Secretary Mnuchin will preside over an executive session of the Financial Stability Oversight Council (Council) at the Treasury Department."
https://www.treasury.gov/initiatives/fsoc/council-meetings/Pages/default.aspx
Here you go...
Wednesday September 6th 2017
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "A redacted copy of the government's response to Fairholme's second motion to compel is (linked above). The government doesn't want to show Fairholme any more documents, wants jurisdictional discovery to come to an end, and wants to resume brief on its motion to dismiss."
http://gselinks.com/Court_Filings/Fairholme/13-465-0389.pdf
Sorry I haven't found the gov reply. I remember I skimed over it when it came out and you're right they did mention dismissal...
I believe they also tried to claim bank or some kind of communication privilege.
Yes I believe they did. I got this info here. I'll read with you.
Sorry I don't believe I got defendants. I'll keep looking.
Plaintiffs
Monday August 14th 2017
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "A redacted version of Fairholme's second motion to compel (to allow the lawyers to see about 1,500 documents the government continues to withhold) is (linked above) and the Appendix to Fairholme's request is posted at http://bankrupt.com/misc/13-465-0385-Appendix.pdf"
http://bankrupt.com/misc/13-465-0385-Appendix.pdf
Defendants
Thursday August 17th 2017
New filing in the Fairholme case.
Peter Chapman writes, "Under seal, our government filed its response (Doc. 386) to Fairholme's second motion to compel this afternoon. A redacted copy should be filed in the coming days or weeks."
Thursday August 24th 2017
New filing in the Fairholme case.
Peter Chapman writes, "Under seal, Fairholme delivered a reply (Doc. 387) to the government's still-sealed response to Fairholme's second motion to compel to Judge Sweeney this evening. A redacted copy should be filed in the coming days or weeks."
Monday August 28th 2017
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Fairholme filed a redacted copy of its Reply this afternoon. It appears Fairholme redacted nothing. The filing reveals that the government was quibbling about the propriety of the quick peek process and expressing fear about waiving privilege."
http://gselinks.com/Court_Filings/Perry/13-cv-01025-0057.pdf
Plaintiffs filled a motion to have Judge Sweeney reconsider the "Quick Peek" since the gov hasn't turned over the documents that were ordered by her. Defendants have answered. We have been awaiting a decision for about a month.
I hear he's getting ready.
This link is pinned at the top of the page. Action8101 provided the link for our viewing pleasure.
https://prod-cdn-static.gop.com/media/documents/Resolution+on+Protecting+Taxpayers+by+Restoring+Safety+and+Soundness+to+Government-Sponsored++Enterprises.pdf
But to answer your question...
"Anyone have a link to the RNC piece. Also how does a stance like this come about and approved by a majority of a party between elections like this?"
I have a hunch it originated at the "White House"...
This change of the RNC platform is a big deal. Think of it like this, it is not a whim of the rules committee... This new platform on the GSE issue came from the "White House". It is awesome news. The market is overreacting to the comments made by Mnuchin Thursday. He simply gave the same answer to the question he gave in the Senate hearing. "We expect the dividend to be paid". That answer will be the same until he is ready to announce something.... Now as far as pushing this till next year I believe they do want to do that as they will have more flexibility then.
I just have a feeling we're going to be treated fairly. It's going to be fun to see all the speculation on here while the price goes up.
I don't believe they will.... however if they do exercise the warrants, I believe they will use that to recap. Maybe give a billion shares back to the shareholders some kinda way and probably keep some...
As for justice... I'm hoping for it... but not holding my breath... GLTU
I don't see the positives in the RNC letter or either one of them. You're kidding?
The RNC proposal still mentions the warrants....will they be exercised?
Yet it also mentions the shareholders and property rights....well which is it?
What's the likely resolution?
So far this week we have had:
1.) The IMF news story about the GSEs and the $200 billion dollar capital reserves. Nothing burger
2.) Congress or the Banking Committee Canceled a hearing regarding the GSEs
and hasn't given a date or time or even explanation of why the hearing was canceled. It was canceled because they're going a different route
3.) Ironically the hearing was cancelled right after of before Trump agreed to the debt ceiling increase... Nothing burger
4.) Then there was Corker and retirement talk and the Warmer admitting they screwed up with Obamacare. Better put these two on suicide watch
5.) Then there was Craig Phillips and the apparent endorsement of the NAFCUs housing reform proposal. Didn't commit to anything. His comments were good for us
6.) Then today certain democrats endorsing the GSEs to retain capital for buffers and the RNC blueprint... They know it's a good thing too...
It does seem a recap is on track given the trend of news but what form will the recap take is still up in the air? True
Will it be the Moelis plan which dilutes the commons to being worthless and also exercises the warrants? We're fixing to find out soon
Will there be a settlement in court to successfully resolve the lawsuits in favor of the plaintiffs? It should be noted that in two of the lawsuits the plaintiffs attorney is the same person who prepared the head of the defendants or DOJ (Charles Cooper-Jeff Sessions), Cooper is also sessions personal attorney...Possible quid pro quo which would benefit Coopers law firm? You can be the judge of that lol. I don't know what will happen but something is going to soon. I think we're going to be happy
RNC "Lets make FnF GREAT AGAIN"
It has come to light this evening that the RNC as of 8/31/17 has changed their platform. Here is a link to the document
https://prod-cdn-static.gop.com/media/documents/Resolution+on+Protecting+Taxpayers+by+Restoring+Safety+and+Soundness+to+Government-Sponsored++Enterprises.pdf
Also see below;
BEST ARTICLE IN YEARS -- Democrats, RNC seek new life for Fannie and Freddie
By Lorraine Woellert 09/13/2017 07:36 PM EDT
Senate Democrats urged Treasury and the Federal Housing Finance Agency to allow Fannie Mae and Freddie Mac to build cash to prevent another taxpayer bailout of the mortgage giants.
The Democratic appeal came on the heels of a policy shift by the Republican National Committee, which last month adopted a resolution calling for recapitalization of the companies, which have long been vilified by free-market and fiscal conservatives.
Combined, the positions could signal a shift in thinking on the companies, which are in limbo after receiving a $187 billion government bailout during the housing collapse.
After being targeted for elimination in the wake of the subprime lending crisis, Fannie and Freddie have largely returned to health and consistently generate revenue for taxpayers. While under government conservatorship, they've sent nearly $273 billion in earnings to the Treasury, money that has been used to help drive down the budget deficit. But their capital will be exhausted by the end of this year as part of their bailout deal, raising the risk that they'll need another injection of taxpayer aid.
In a Sept. 13 letter to Treasury Secretary Steven Mnuchin and FHFA Director Mel Watt, Senate Democrats said the government-sponsored enterprises, or GSEs, should be allowed to amass capital to avoid another bailout.
"We are simply requesting that the GSEs be permitted to build capital," the senators wrote. "Protecting taxpayers does not limit the power of Congress to take up reforms."
The letter was signed by Senate Banking Committee Democrats Sherrod Brown of Ohio, the panel's ranking member, Jack Reed of Rhode Island, Bob Menendez of New Jersey, Brian Schatz of Hawaii, Chris Van Hollen of Maryland and Catherine Cortez Masto of Nevada.
Last month, the RNC went a step further, saying the government's stake in the companies could be sold for a profit.
"The Republican National Committee recognizes that no financial institution in the United States can safely operate without adequate capital, and that taxpayers will not be sufficiently protected until Fannie Mae and Freddie Mac are permitted to rebuild equity capital," the committee wrote.
Taxpayers can generate an estimated $100 billion in "additional cash profits" if Treasury sells the 79.9 percent of the companies the government seized during the housing collapse, the RNC wrote.
That position is an abrupt departure for the party. Just last year, the RNC questioned the value of the companies, saying they were based on "corrupt business models".
"The utility of both agencies should be reconsidered as a Republican administration clears away the jumble of subsidies and controls that complicate and distort home-buying," the RNC wrote in its 2016 platform.
Both the RNC resolution and the Democratic letter cited the position of a GSE reform coalition that includes the Independent Community Bankers of America, National Urban League, National Community Reinvestment Coalition and others.
"There is a bipartisan consensus that allowing Fannie and Freddie to operate with no capital is irresponsible," said Josh Rosner, managing director at Graham Fisher & Co. "There's also a consensus that the GSEs shouldn't be released without further reforms, which suggests agreement that the GSEs should ultimately be released."
Lorraine Woellert - POLITICO Pro
https://www.politicopro.com/staff/lorraine-woellert
Lorraine Woellert is part of POLITICO Pro's financial services team, where her beat includes housing policy, Fannie Mae and Freddie Mac and the Consumer ..
This is great news. The share price is getting ready to FLY... The RNC has changed the party platform...Wow
BEST ARTICLE IN YEARS -- Democrats, RNC seek new life for Fannie and Freddie
By Lorraine Woellert 09/13/2017 07:36 PM EDT
Senate Democrats urged Treasury and the Federal Housing Finance Agency to allow Fannie Mae and Freddie Mac to build cash to prevent another taxpayer bailout of the mortgage giants.
The Democratic appeal came on the heels of a policy shift by the Republican National Committee, which last month adopted a resolution calling for recapitalization of the companies, which have long been vilified by free-market and fiscal conservatives.
Combined, the positions could signal a shift in thinking on the companies, which are in limbo after receiving a $187 billion government bailout during the housing collapse.
After being targeted for elimination in the wake of the subprime lending crisis, Fannie and Freddie have largely returned to health and consistently generate revenue for taxpayers. While under government conservatorship, they've sent nearly $273 billion in earnings to the Treasury, money that has been used to help drive down the budget deficit. But their capital will be exhausted by the end of this year as part of their bailout deal, raising the risk that they'll need another injection of taxpayer aid.
In a Sept. 13 letter to Treasury Secretary Steven Mnuchin and FHFA Director Mel Watt, Senate Democrats said the government-sponsored enterprises, or GSEs, should be allowed to amass capital to avoid another bailout.
"We are simply requesting that the GSEs be permitted to build capital," the senators wrote. "Protecting taxpayers does not limit the power of Congress to take up reforms."
The letter was signed by Senate Banking Committee Democrats Sherrod Brown of Ohio, the panel's ranking member, Jack Reed of Rhode Island, Bob Menendez of New Jersey, Brian Schatz of Hawaii, Chris Van Hollen of Maryland and Catherine Cortez Masto of Nevada.
Last month, the RNC went a step further, saying the government's stake in the companies could be sold for a profit.
"The Republican National Committee recognizes that no financial institution in the United States can safely operate without adequate capital, and that taxpayers will not be sufficiently protected until Fannie Mae and Freddie Mac are permitted to rebuild equity capital," the committee wrote.
Taxpayers can generate an estimated $100 billion in "additional cash profits" if Treasury sells the 79.9 percent of the companies the government seized during the housing collapse, the RNC wrote.
That position is an abrupt departure for the party. Just last year, the RNC questioned the value of the companies, saying they were based on "corrupt business models".
"The utility of both agencies should be reconsidered as a Republican administration clears away the jumble of subsidies and controls that complicate and distort home-buying," the RNC wrote in its 2016 platform.
Both the RNC resolution and the Democratic letter cited the position of a GSE reform coalition that includes the Independent Community Bankers of America, National Urban League, National Community Reinvestment Coalition and others.
"There is a bipartisan consensus that allowing Fannie and Freddie to operate with no capital is irresponsible," said Josh Rosner, managing director at Graham Fisher & Co. "There's also a consensus that the GSEs shouldn't be released without further reforms, which suggests agreement that the GSEs should ultimately be released."
Lorraine Woellert - POLITICO Pro
https://www.politicopro.com/staff/lorraine-woellert
Lorraine Woellert is part of POLITICO Pro's financial services team, where her beat includes housing policy, Fannie Mae and Freddie Mac and the Consumer ..
Post of the day!!
Folks this post just illustrates some of the many possibilities that are out there "for us". Good post Potty!!
New filing in the Fairholme case.
Peter Chapman writes, "Under seal, our government filed its response (Doc. 386) to Fairholme's second motion to compel this afternoon. A redacted copy should be filed in the coming days or weeks."
We might see a ruling on this before the end of the month... Start the clock... We are now on "Sweeney watch". I hope she grants that "quick peek".
Board veteran should listen to cousin... It could save future of having to post link to GoFundMe account.
Comment by J Timothy Howard
Not much new in these three documents, although the emails between two FHFA officials affirming their knowledge of discussions at Fannie and Freddie about the likely impending release of the reserves on their deferred tax assets are further evidence (if more was necessary) that Treasury and FHFA imposed the net worth sweep to prevent the companies from beginning to rebuild their capital through retained earnings.
I was more interested, though, in the motion filed yesterday by Cooper & Kirk asking Judge Sweeney to again consider authorizing the “quick peek” procedure to help plaintiffs identify which of the 1500 documents the government continues to withhold might contain information relevant to their case. The earlier request for the quick peek made by plaintiffs in March was denied by Judge Sweeney as being “premature,” but given the government’s prolonged objection to and foot-dragging on further document production, I suspect Sweeney may grant the quick peek this time. If so, that would both speed up the document production process and significantly increase the possibility that more documents will be produced (with some made public) in the relatively near future that are helpful to the plaintiffs’ case.
Very good work bcde...That's an impressive list of positive outcomes for us. Thanks
I'm looking for a response on this any day now. This (below) was filed about a week ago. Sweeney should put a big smack down on Gov. Sweeney has seen the documents that defendants were able to get the Presidential privilege from the mandamus. She knows.
Thursday August 3rd 2017
New update in the Fairholme case.
Peter Chapman writes, "Discovery isn't over in Fairholme v. U.S. Under seal, Fairholme filed a second motion to compel this afternoon in order for its lawyers and other parties to Judge Sweeney's protective order to obtain access to documents the government continues to claim are privileged. A redacted copy of today's filing (Doc. 384) should be filed in the coming days or weeks."
You have completely forgot to factor in the possibility of more documents released. Also, Watt has not declared a dividend and most likely will not according to recent testimony. Your math is not viable. It would be best for you to cover Mon am and move to new position as long FNMA investor.
New update in the Fairholme case.
Peter Chapman writes, "Discovery isn't over in Fairholme v. U.S. Under seal, Fairholme filed a second motion to compel this afternoon in order for its lawyers and other parties to Judge Sweeney's protective order to obtain access to documents the government continues to claim are privileged. A redacted copy of today's filing (Doc. 384) should be filed in the coming days or weeks."
Excellent move. I hope Judge Sleet is mad about it. He should be.
I agree with you. Lets not forget the documents that had "Presidential Privilege" that she denied that status, only to have the appeals court overrule on those 7 or 8 documents.... She has seen those. It's not like she can unsee them... Must have been something huge in those...
Great video. Thanks for sharing. I noticed this video was just published today. Over 30,000 views already.
Share it. Tweet it.
This was the one held today. Yesterday now. Lol
Ahead of 6th Circuit Oral Arguments tomorrow at 9am, here are the 3 judges presiding over the Appeal:
1. Judge Alice Batchelder (R) – appointed to District Court by Reagan, then to the 6th Circuit by Bush in ’91. Bush also considered her for Supreme Court.
2. Julia Gibbons (R) – appointed to District Court by Reagan, then 6th Circuit by Bush in ’02
3. Deborah Cook (R) – 6th Circuit by Bush ’03
Yes I believe it was. Let me check and see if I can find that.
Right you are my friend. We could get more bombshells from the documents, or Watt, Mnuchin,or President Trump could do something. Lot's of possibilities....
What's the name of this show "Scare Tactics"? Last night everyone was upset that the order was sent back to Lamberth (which we already knew was coming). Tonight it's one Judge on a three Judge panel. LOL These things are not going to be decided for months...
All this just one day after Dick Bove and Josh Rosner were on national TV telling the viewers of the business world that the Gov. lied and that they should have to pay Fannie and Freddie 100,000,000,000 billion dollars. People are speaking up! It will take some time..... It is best to not get too high on the good days or too low on the bad.
We've got a lot more things coming down the pike before anything from Lamberth or the three Judge panel.
To get rid of all the old news on this board. At the top of the page on the right click HIDE INTRO. It will get rid of that old stuff.
That is about the same way I took his response. If he was in Judge Sleets shoes. Game over
This is great. News getting out. I believe more documents are coming. It's a great time to be invested/investing in F&F.
Big League https://twitter.com/DoNotLose/status/889374336548827136
SHTF <<<<< about to
Tim Pagliara (Twitter) Truth- leverage to settle: U.S. Foresaw Better Return in Seizing Fannie and Freddie Profits http://NYTimes.com
Truth- leverage to settle: U.S. Foresaw Better Return in Seizing Fannie and Freddie Profits https://t.co/2WZAfRJaGC https://t.co/DHD5gZ2dwc
— Tim Pagliara (@timpagliara) July 24, 2017
It looks like this could be the game changer we're looking for and Mr. Ugoletti could be in some serious trouble.... Thanks for posting.
Another unsealed document, a draft memorandum circulated before the profit sweep, shows that federal officials recognized it would generate more money than the original bailout terms. Net income generated by Fannie and Freddie and paid to the government “will likely exceed the amount that would have been paid if the 10 percent was still in effect,” it stated.
Mr. Ugoletti swore in a 2013 declaration that by mid-2012, the amounts owed by Fannie and Freddie under the original rescue had grown so large that “it appeared unlikely that either of the enterprises would be able to meet that amount consistently without drawing additional funds from Treasury.”
The intention of the change “was not to increase compensation to Treasury,” he stated.
Mr. Ugoletti could not be reached for comment for this article.
https://www.nytimes.com/interactive/2017/07/23/business/document-policy-change-housing-rescue.html#document
More than a small victory. Sen. Brown: lenders shouldn't be allowed any ownership of a guarantor.
— Rob Zimmer (@RobTVDC) July 21, 2017
Which means the MBA plan is dead. https://t.co/7AulUbEMar
The Moelis plan is perfection. Time to put the past behind us, and settle this. Corker/Warner is like shooting at a moon with an air rifle.
— Tim Pagliara (@timpagliara) July 20, 2017