Aunty, this time you seem to have mixed-up deep pocket investors with political hacks -- the investors in prefs prior to 2008 lost a great deal from the takeover. That was engineered by Hank Paulsen, yes as GS alum, but then perpetuated by tinfoil hat wearing rightwing ideologues like DeMarco, Parrot and the rest under Obama.

(As an aside: How the holy hell did that crew get in under a Democratic President? How could Obama oversee this crew of wreckers of the 30 year mortgage?)

The deep-pocket pref investors are the ones who have saved everyone's bacon by funding the lawsuits -- I say God bless Berko, and I hope that DeMarco, Parrot and others are revealed for what they are... but the latter looks like it will sadly never occur after a settlement.

I guess you are just angry at the elites, and I cannot fault you there... they got greedy and screwed ordinary people over the last three decades. The mob (in both senses with Trump) is one corrective, I guess

Nats, lol, thank you for a laugh this morning

Nats, Calabria just hired at least two of his twins at FHFA from the loonie rightwing thinktanks

If you think rightwing ideologues in institutions like the GSE's are good for business or stock prices (or their health, functioning or existence), then we diverge...

Nats, thank you for your inside view of this kind of process.

I do worry about whether Calabria is "slow walking" this deliberately, to stop something he ideologically opposes (i.e. the GSE's as institutions). I am sure you have seen that too?

I will get very, very nervous if this does not come out by the end of the month, since then I think Calabria is playing his own game.

What other explanation (except incompetence) would there be?

But fingers crossed that all as it is publicly presented as being... though Calabria has never explained why this was not done LAST year, right?

Nats, we are now at the wire with the capital rule, since much later and the Congressional Review Act kicks in, congress can review, and then the Dems are going to come a callin'

Holdenwalker summary fro Twitter:

CRA was used once in the 20 years before the Trump administration but 16 times since the start of 2017. @FHFA capital rule must be finalized before ~6/15/20 (fewer legislative days in election year). Release ~2/15/20 allows ~60 days to comment / ~60 days to finalize. $FNMA $FMCC

I have to ask myself: Why didn't Calabria do this LAST YEAR, get in done in good time, leaving say six months for overruns, mishaps or the unexpected... on something so important, why not start early? I have talked myself into being very, very worried about this... I hope we see the rule by month's end and that it is not filled with rightwing thinktank nonsense...

Perhaps not if you are really trying for RnR... we will wait and see

Polish your resume, we might have an opening in "1-2 weeks"

Capital rule draft... coming in "1-2 weeks"

I m not making that up

Hiring Financial Adviser... in "1-2 weeks"

I m not making that up either

"In the very early stages of discussions with HUD"... really?

Again, from the meeting yesterday

I really, really hope that Mark Calabria has everything ready to go and has just been stopped by the legal process and appeal to SCOTUS -- and when that is rejected all the work can be released

(But why does the SCOTUS appeal stop hiring an FA? Why has this hindered developing and releasing a capital rule draft?)

Two other possibilities loom:

First, Mark Calabria is slow-walking all of this to sabotage the release of FnF to which he is deeply ideologically opposed. (And note the recent hires of other thinktank loonies at FHFA...). That is the scenarion that DC vet Bill Maloni has floated.

Second, there is the real possibility that Mark Calabria is a ditherer -- the thinktank talking head cannot make decisions he has to live with decisively... The Mr "1-2 weeks" moniker is earned because of a deeper psychological/cognitive issue.

Could be both -- I *HOPE* it is neither but we will find out in "1-2 weeks", since with the capital rule draft is HAS to be out by the end of the month or this is close to over as locked in before the end of the Trump administration...

Stern says Calabria has done so much. Really? What exactly? Treasury released the plan pushing for recapping and releasing FnF. What substantively has Calabria done that is public?

Mark Calabria you have six months buddy-boy, either you are ready to go or you are DONE - don;t blow it (unless of course that wa what you always wanted...)

Lol, those who exploit and those who invest? Can you really have such a distinction? We are all investors in our wonderful capitalist system facilitated by strictly enforced laws...

Then the rest... what are you talking about? Everyone investor in FnF should thank Fairholme every bedtime - they saved all our asses. Thank you Berko!

Wait for the Bloomberg headline, that group can spin shit from gold

I heard "1-2 weeks" way from hiring adviser...

No one said Sweeney is fine with NWS, the question was did Sweeney say NWS conflicts with HERA - she apparently did not. However, Sweeney took there to be a substantive question whether NWS fall foul of the Tucker Act, hence she is going to trial to see whether that is in fact the case...

Please someone else weigh in on this, best, potty

Just talking and discussing how I see it this AM, this is a discussion board right?

And if you think anyone's views here are worth anything, including mine, think again. (I exclude Oberdictum who is gold...)

Painful, very painful

Rumple, Sweeney did affirm earlier courts in that finding about NWS which is why she went the Tucker Act route to get to a trial... I am not looking up the passage for you, since no one is paying me for that lol

Hi Nats, thank you for your take. I agree the draft of the capital rule has to come out soon otherwise they are really getting close to the deadline of this administration.

I take your point about the capital rule draft being necessary for settlement talks to start, since otherwise the plaintiffs do not know what business they are being offered an interest in and to what degree.

On the settlement, I agree the sensible way forward is going to be taking the SPS to pay off the overpayment from the NWS, with the NWS shut down, and the remainder coming back as a DTA. I also then think we see the $33 billion of JPS offered a voluntary conversion (possible above par to settle Lamberth claims) and the government rescinds its voting rights on warrant shares whilst in government control (hence returning companies to control of private shareholders with certain conditions.)

That settlement would resolve all the suits except Washington Federal, Treasury might seek to roll that in as well -- though who is going to fund that suit after the settlement is not clear to me.

So... the capital rule is what is holding us all up alongside the SCOTUS appeal. With the latter, I assume Treasury wants to say "We tried ALL legal recourse before this settlement...", but who knows? I am puzzled why this has taken so long -- the capital rule (and hence Calabria) looks like the fly in the ointment to me. It will be telling if we have seen nothing by the end of the month - then I smell something bad at FHFA.

Wrong board... no security here is worth $0

lol, Mr "1-2 weeks" Calabria usually talks about the receivership option being still possible, how they want to have new entrants to the market, how congress ought to amend charters and much other pie-in-the-sky thinktank nonsense to take the SP down

Wait for a red wave around 1 to 1.30pm as the Bloomberg boys and girls take the chum to spin their shock headlines

You re looking at the pref dude, that is green...

We are waiting for the Catman to throw his rotten fruit and bring the SP down -- would be a prime shorting spot except the guy cannot keep his stories straight, so who knows what comes out of the mouth

Stern, I hope this is so. I agree, IF they want anything done, THEN that consent decree needs to be in place as an agreement between the companies and FHFA with lots of very clear conditions. But I do wonder about the capital rule move -- why wait so long to reinitiate that? Pushes out everything to June and so we are getting very close to the wire. Is that prudent? Or is that someone trying to gum things up?

On the other hand, if Mnuchin and Trump knew Calabria was rogue and with his own agenda, then we would have seen the knives out for the the Catman in a way he has never seen before. So maybe I need to calm down...

Just very surprising to see them wait so long.

One last thought. Right now, the FnF stuff is going to go down in the heart of a brutal, very dirty Presidential campaign. I actually think that is clever -- people will be so engrossed with all the mud being thrown that they really won;t care about FnF moving out on a consent decree. Maybe that has been the discussion about timing? (Or they could do it after the election, but if Trump loses then that would send everyone crazy...)

Nats, lol... so lots of young Hill staffers, aides etc.

Not healthy they are all so young...

Maloni has been warning about Calabria for a while and Calabria has been hiring these other tinfoil hat-wearing thinktank loonies -- I hope this not to aid him in his devilry...

Thanks for taking the trouble to go the other times, potty

Yeah, but who has the string? Mnuchin and/or Trump? or the TBTF lobby that funds all those tinfoil hat waaering right wing think-tanks Calbria comes from?

I honestly wonder if there is some plan behind his "gaffes", or whether it is just slanted reporting -- or maybe a bit of both

The re-proposing the capital rule was just mind-blowing -- he had SO LONG to have decided that, nearly a year before he decides

I worry that Maloni is right, Calabria is a third column saboteur...

Shitshow tomorrow, Iran attacked US bases -- down market PLUS Calabria bad mouthing...

Ah well, SCOTUS can do us a favor and decline to hear the case on Friday

Or 10% down... Calabria has a habit of talking FnF down...

Yes, was a lot of volume on some issues I watch and they went up or stayed the same

Yup, made me laugh when IMF news said, with straight face, the capital requirements was coming in a couple of weeks -- Calabria said that for 3 MONTHS about the last last proposal... then went for a re-proposal...

Embarassing.

Like blabbering like a teenage schoolgirl to every group you talk to and changing your story to tittilate each crowd... like no regulator I have ever, ever seen in any country...

Though I have not had experience of the Zimbabwean housing regulator -- maybe Calabria is training for that job? The Crocodile likes yes-men down there...

Calabria's answer is known: "1-2 weeks"

SCOTUS to come...

But watch Calabria take a dump on us all....

Hope your dog pulls through -- and hope you get your dip, too

Right, so much depends on the terms of the settlement, then the recap process... so I agree the Nomura guy is guessing or maybe taking low end of the guess

Mind control... ask Catbird

Yes, we all like to dream

FNMAS expects to be converted, at 150% of par, to common shares at $4 in 2020 that will be worth $5 in 2021 -- to be VERY precise

Thank you for the correction

$5 expected in 2021 to be precise... just sayig

I am pointing out that a lot of people are counting their chickens before they are hatched -- nothing more...

Remember she said this in the context of MOTION TO DISMISS...

I did not know that Judge Atlas had set a date? Atlas could also go to trial, though let us hope not -- but if Atlas goes to a trial... looking a long wy out, no?

Anyone know what Judge Atlas has said? I have not been following her...

Amen, trolling people just makes a poisonous atmosphere that hurts discussion...

The Layton paper came out MONTHS ago - IMF is desperate for material...