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I paraphrased it....his actual words, when asked about reducing GSE risk for the taxpayer were....
"We've tried out a number of risk sharing methods. We are concerned that the private sector, the capacity of the private sector, to take on this risk, particularly in an economic downturn and a distress situation would concern us greatly."
He then said....
"If the entire system were converted to the private sector you would have that risk of not having a backstop during a downturn and you'd have that risk of increased cost to borrowers, both of which would need to be evaluated by Congress as they evaluate how to move forward."
He does have the authority to release them....it lies within HERA. I think Watt wants to give congress (his old buddies) every chance to create legislation reforming the GSEs, but he will wait for only so long. His breaking point is anyone's guess. While I do believe he is beholden to the Administration, it wouldn't really surprise me (now that he actually understands the job he has - something you couldn't say a year ago) if he decide to go rogue at some point and push for steps to release. Could it be before the next Administration or before serious negative documents are released to the public through the courts? I'm not sure, but I wouldn't put it past him, as he is much more confident in his position than he was when he first took over. At some point he has to ask himself...am I going to be known as the guy who had the authority to save the GSEs, but decided to do nothing and let them fail?
Here you go Cmdr.
Case 1:13-cv-00465-MMS Document 274 Filed 12/08/15
Mel Watt just stated...."I will comply with whatever law you pass."
Also,...We are greatly concerned with the private sector's ability to provide capital if the GSE didn't exist, especially in a downward market turn.
Someone needs to remind him of HERA and how he is NOT complying with it!
Dollars, I hear that. Not to worry, got us covered....
GSE Links. Your Starting Point for GSE News, Resources, and Information. "Ultimately, Truth Prevails"
Thanks for the BoD doc. What do you make of it? Possibly clearing a NYSE uplisting hurdle?
G-Monkey, I agree. Also, I have long felt the Govt could be part of the share price manipulation. Could it be that they know news is coming...say a possible Egbert Perry depo info leak or maybe Mulvaney's bill coming out soon. Who knows?
I don't trust the Govt's desire to somewhat control this stock price (keep lower) as long as they can.
Right? Wrong...the Gov't got much of it's repayment from AIG by selling it's 79.9% stock it took, illegally, the court said, I might add.
The GSEs have already paid back about $52B over what was borrowed (a lot of interest on interest to begin with) without a single new share needing to be sold. What did the TBTFBs pay? 0-3% interest? In comparison, yes, 10% is usury. AIG got screwed as well...made examples of/scapegoats I believe the term is.
B-Y, you're a smart guy, so it only proves you're wrong when you have to keep changing/removing the facts in order to win your argument.
I'm done...good luck selling your half-truths to someone, it just won't be me.
Except for the part where you say the Govt gets to cash out the warrants. It was stated by several Govt officials close to the PSPA's that the Govt never had any intentions on exercising the warrants as they were just considered collateral to make sure they were repaid and also acted as a way to keep the stock rice down during conservatorship.
The Gov't has been repaid at an usury, after tax rate of 10%. They have already taken more than their pound of flesh from FnF and certainly more than they took from anyone else they helped during the crisis.
I understand though, you want and uneven playing field so you can win your silly argument and sound really smart on a message board. ;)
Cmdr, why bother with it? It's just another jarenawar daily special. Big, extremely VAGUE comment with zero support/details behind it.
Anyone who can't answer repeated, simple direct questions with simple direct answers can't be trusted imo.
Thanks for the updates Cmdr and again for your service to our country!
There were at least five filings in the DE case late in the day today. Docs 16-20, but I haven't had a chance to read them all. They should be uploaded to gselinks.com pretty soon though.
Jarenawer, I'm not trying to argue, just looking for a clear answer in which you should have no problem providing.
Is the recently released Shapiro report the exact report that PA stated existed in their note(s) (note#1-they state it exists & comment#2-they confirm it exists)? Is this the report you have stated all along that you laid eyes on almost a month ago?
The reason I ask is because I'm not sure due to the fact that PA stated that folks within the current administration were seeking information on how to end the c-ship and no one involved in the Shapiro report seems to be in or part of the current administration. Again, not trying to argue, just trying to clarify.
Thanks in advance for providing me with a crystal clear answer as I just want to make sure the Shapiro report isn't something totally different and there is another report you have actually seen and are referring to.
There it is folks...anytime you have to bring up O.J. Simpson (or Hitler) to win an argument...you've already lost.
In this case...
Big Yank: 0
Rest of Board: 1
Thanks for playing, please try again.
Yes, I agree. Thank you for your service Cmdr.
Thanks Cmdr. Good news. Hope he can join the IU call as it would be nice to hear his thoughts on all of this.
I have often wondered if he is related to Rebecca (Steele) Mairone of the Countrywide 'Hustle' program fiasco. She goes by her maiden name, Steele, now and is from the NJ/DE area. Old enough to be a daughter or niece maybe. I kind of doubt it, but you never know, they might be related some how.
Got it. Another vague answer. Exactly what we all expected.
Just for the record, when you state you have seen the second PA note because you have a friend that is a an actual PA subscriber....then you're not a nobody here and in turn, can't claim to be one just to try to save your reputation.
Thanks for "sort of" responding though.
Jarenawer, not trying to be a pain, but when/where is the "bomb" you've stated is coming?
On October 22nd you stated a bomb is coming in the form of a second PA note (offering proof for the Admin claims) that you had personally laid eyes on. We've all seen the first note from early October, but where is the second one you claim to have seen? Major stories (bombs) like the one you claim to have seen don't stay hidden for 17 days, unless they don't exist.
As I've asked several times before and your answers have been extremely vague to say the least, I would rather you provide a concise answer to what the second note says and when it will be released by anyone who has seen it, and why we haven't seen it yet.
If you can't provide this information, I guess we'll all continue to see you for what you appear to be.
Time to prove all of your doubters wrong. I, for one, am waiting.
TIA
Freddie Mac (FMCC), the mortgage buyer under government conservatorship, on Tuesday said it lost $475 million in the third quarter, its first loss in four years, after earning $4.17 billion in the prior-year quarter. Freddie Mac blamed the loss on the mark-to-marking of derivatives as interest rates declined. Freddie Mac's regulator, the Federal Housing Finance Agency, said more losses should be expected. "Volatility in interest rates coupled with a capital buffer that will decline to zero in 2018 under the terms of the Senior Preferred Stock Purchase Agreements with Treasury will likely make both Enterprises increasingly susceptible to the possibility of quarterly losses that could result in draws going forward," said FHFA Director Mel Watt in a statement.
This statement is good imo. I believe it gives Watt some of the ammo he needs to negotiate an agreement rework or release with the UST.
or.....it could mean they need to retain/rebuild capital. It shows they are in danger because the Gov't is robbing them blind. It will be interesting to see what the Administration has to say about the loss, if anything.
With the slight drop in interest rates over the past 3 months I anticipated little to no gain or even a loss.
Cmdr, I agree. But, need to figure out a way to get any or all of the following to tweet/retweet it....it needs to go viral to have any value!
@rihanna
@KimKardashian
@shakira
@selenagomez
@JLo
@Oprah
@Drake
@KingJames
@LilTunechi
@BrunoMars
@aliciakeys
@KevinHart4real
@wizkhalifa
@pitbull
@NICKIMINAJ
@MariahCarey
@xtina
@kanyewest
@Beyonce
@iamwill
@tyrabanks
@SnoopDogg
@ricky_martin
@KDTrey5
@iamdiddy
@Ludacris
@SHAQ
@Usher
@TheRock
@enrique305
@SofiaVergara
@jessicaalba
@Common
@JohnLegend
The BIG fact that big-yank failed to conveniently mention is that the only way both boards would agree to being taken over by the FHFA was when they were offered and forced to accept immunity of any type of future lawsuits.
If the Gov't was offering a necessary and fair deal to the boards (and thus the shareholders) why on earth would they need legal immunity? Yeah, that happens everyday!?!?
hmmmm....
Jarenawer, the only matrix I'm concerned with is the one where you stated you've seen the second note (bomb) from PA, but won't share it.
So, where is this bomb? When will it be released to others? If it's the answer to our prayers then why is it still ticking? Not a single person (including you) seems to want to make it go off....why?
They're wrong. It states Equifax not FNMA. Watch the 30 second mark of this video. Don't know how they could misunderstand that is very clear!
CNBC $120 quote on Equifax not FNMA
You're not telling me anything I don't already know.
You're the one that came on here and stated you know what the new note/paper says and it's a "bomb". I believe you said you got the info from someone who has the paper, but couldn't say more because you didn't subscribe to PA yourself.
I realize PA only releases to institutional investors such as hedge funds because they pay for the info. One would have to think they have many subscribers, not just a handful or they wouldn't be in business very long.
How come all (dare I say 100's) of these subscribers/hedge funds have had this "bomb" info right in front of them and none have acted on it? If they did, we would see it in the daily volume.
Sorry, it just doesn't add up.
Activated "bombs" don't sit silently ticking this long, imo.
Again, hope I'm wrong.
Edit...what time today did CNBC say FnF worth 120? What was the context of the conversation?
TIA
Jarenawer, I've long seen you state your position here many times, so no accusations of lying here, I just don't understand what you have to lose by sharing some of your so called intel. You appear to be anonymous so I don't see the risk and it's not like we are asking you to reveal your source.
I did see Michelle Celarier's (of the NY Post) Oct. 21st twitter response to 717's tweet. He said..."Political Alpha is circulating a new note where they double down and offer proof for the Admin claims". She said..."OMG", and because there was absolutely no follow up I assumed there was sarcasm behind her OMG, not a real sense of she couldn't believe what "bomb" she had just seen.
Don't get me wrong, I would love to be wrong.....but, just because someone says flying unicorns exist, doesn't mean they do.
Two things will happen...
1. You share your info and soon be proven right or wrong.
2. You don't share your info and soon be proven right or wrong.
Either way, soon, your future credibility will be revealed here, for all to see.
Thanks again.
Jarenawer, I have long felt the Gov't was purposefully depressing the stock prices of the GSEs, but have never actually been able to prove it. On numerous occasions, Gov't officials have said they had ways to control (hurt) the stock prices of the GSEs if they so wanted to. Other than negative statements being released at times to counteract a positive price movement, I've often thought they actually may have set up some sort of shorting system to keep the stock suppressed, but again, had no proof, just a theory.
Are you saying the Gov't has been actually shorting the common shares of FnF and there is now well documented proof? As well as proof as to why they've been doing it?
You've always seemed like serious/reliable poster here, so I'll give you the benefit of the doubt...for now, but you have to give us something more than "a bomb is coming".
Have you seen the note/proof in question yourself or just heard about it (first-second-third hand)?
What is your best educated guess as to when this news will leak to the general public?
If this is such a "bomb", then surely something would've leaked (even to major players paying for said information) within the last 2-3 days. Would you not expect recent, major daily volume increases in the stock?
TIA for answering my (and other's) questions.
And remember, your (like PA's) reputation is on the line here.
Thanks again.
Thanks Cmdr. Here's a link to the video if anyone is interested.
What should be done with Fannie Mae and Freddie Mac?
Cmdr, good to see. Thanks for your continued efforts.
New filings today in both Fairholme and Saxton cases...
Fairholme is a Response to Motion, but it's sealed so we can't see it.
Saxton, I haven't seen yet, but I believe it might be a Stay by the Judge on defendants motion to Dismiss. (could be good news)
Maybe someone can find it as I'm unable to at the moment.
Go get'em Cmdr!!! : )
Convention Opens in San Diego / Fannie Mae Execs Make Themselves Available
By Paul Muolo
pmuolo@imfpubs.com
The annual convention of the Mortgage Bankers Association opens in San Diego this Sunday amid contained optimism that the purchase business is really starting to kick in and that brighter days could be ahead, particularly in the non-agency space. It?s widely believed that PIMCO and The Blackstone Group aren?t buying mortgage companies just for the Fannie Mae/Freddie Mac angle. They want to be players in non-agency as well ? if not now, eventually. PIMCO, we?re told, is working on a non-agency security that could see a private placement before 2015 ends. Bond investors are thirsting for yield and what better way to find yield then buying bonds backed by nonprime mortgages...
Not only are mortgage bankers optimistic these days, but so too are the GSEs. Fannie Mae, for instance, is hosting a welcome center at the MBA convention where it promises to make its top executives ?Tim Mayopoulos, Andrew BonSalle, Zach Oppenheimer and Doug Duncan ? available to current and prospective customers?
Sure, they can do it during their weekly announcements which they state they won't stand behind and bail out any of the TBTF Banks....oh wait,...
That's surely good news to hear that taxpayer's are not on the hook for Fannie Mae's MBS. Based on this fact, there should be no objection to the government issuing a statement that it will offer no guarantees on any loan paper that involves the GSEs.
Right?
They don't own 728 million common shares. They own $728 million worth of bonds/MBSs, big difference (see my post-a few back). Also, there are about 1.15 Billion common shares outstanding, not counting the warrants...if they are deemed countable at some point, that is?
You are correct jarenawar. They are not common shares. If one clicks on the "Bond View" tab they will also see the same FNMA "shares" listed there with a coupon rate of 3.50%.
They own zero commons that I can see....but maybe one day? One can hope!
Yep, MMs took it down 5-6 cents in the last 15 minutes on about 200K shares and only a handful of trades had over 5k in them. Pure manipulation.
Still up 4 cents for the day.
Yep, now Iowa law group will get to see everything from Sweeney courts. Might/would help if/when an appeal is in play for Iowa case.
Yep, now Iowa law group will get to see everything from Sweeney courts. Might/would help if/when an appeal is in play for Iowa case.
New filing from Fairholme....
Looks like Fairholme lawyers are adding (bringing into the case) the Iowa lawyers from the Continental Western Insurance Company case.
Hmmm....
IN THE UNITED STATES COURT OF FEDERAL CLAIMS
FAIRHOLME FUNDS, INC., et al., )
)
Plaintiffs, )
) No. 13-465C
v. ) (Judge Sweeney)
)
THE UNITED STATES, )
)
Defendant. )
NOTICE OF APPEARANCE OF ADDITIONAL ATTORNEYS FOR PLAINTIFFS
Under the Amended Protective Order entered by the Court on July 29, 2015 (Doc. 217),
counsel for the parties are authorized to access Protected Information. In addition to attorneys
previously identified in Plaintiffs’ notice of July 25, 2014 (Doc. 76), Plaintiffs hereby identify
the following attorneys who Plaintiffs have retained and should be considered “of counsel”
attorneys in this action within the meaning of RCFC 83.1(c)(1):
Matthew G. Whitake
Matt M. Dummermuth
Kendra L. Mills Arnold
WHITAKER HAGENOW &GUSTOFF, LLP
521 East Locust Street, Suite 302
Des Moines, IA 50309
(515) 284-5001
J. Joel Alicea
Harold S. Reeves
COOPER &KIRK, PLLC
1523 New Hampshire Avenue, N.W.
Washington, D.C. 20036
(202) 220-9600
(202) 220-9601 (fax)
Date: October 14, 2015
Respectfully submitted,
Of counsel:
Vincent J. Colatriano
David H. Thompson
Peter A. Patterson
Brian W. Barnes
COOPER & KIRK, PLLC
1523 New Hampshire Avenue, N.W.
Washington, D.C. 20036
(202) 220-9600
(202) 220-9601 (fax)
s/ Charles J. Cooper
Charles J. Cooper
Counsel of Record
COOPER & KIRK, PLLC
1523 New Hampshire Avenue, N.W.
Washington, D.C. 20036
(202) 220-9600
(202) 220-9601 (fax)
ccooper@cooperkirk.com
Case 1:13-cv-00465-MMS Document 251 Filed 10/14/15 Page 1 of 2
1
CERTIFICATE OF SERVICE
I hereby certify that a true and accurate copy of the foregoing was served upon all
counsel of record on this 14th day of October, via the Court’s Electronic Case Filing system.
s/ Charles J. Cooper
Charles J. Cooper
Case 1:13-cv-00465-MMS Document 251 Filed 10/14/15 Page 2 of 2
2
Wait what? You shorted 10K....that's it? With years of posting on here and your strong conviction of FnF being worthless, that's it 10K, really? Here I was thinking you were an actual player. Man, even if you're right (which we all know you're not) that's what, something like less than a buck a day profit for all your hard work. You might want to consider a new job/hobby, I here Arby's is hiring.
Is he serious?
Looks like they might be all out of BEAR claws for a while...yaaay!
So far, we have 2 glazed, 3 éclairs and a jelly filled. Time to add some more.....woops, add a cream filled too.
But, No Soup For You! Come Back One Year! NEXT....