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"Intra governmental communications" aren't a substitution for the Law.
Hello?
Stop asking for emails and you'd better read the laws and regulations pertaining to FnF.
The Secret Plan: all the Capital generated is held in escrow, including the recent series of Retained Earnings that are wiped out once the SPS increased for free are debited from the Retained Earnings account.
***BOOM*** OUR NEGOTIATOR CONSIDERS THE DEFERRED INCOME AS A WINDFALL FOR THE BUYER, U. S. TREASURY, UPON ANNOUNCEMENT OF A TAKING OF OUR STOCKS.
Only in the case that, upon amortization in one fell swoop, the accounting standard for the upfront g-fee, is changed for the Revenue Recognition Principle.
More detail here.
4 DAYS LATER, WE LEARN THAT A PETITION TO THE SUPREME COURT WAS FILED ON THE DEADLINE JULY 22.
Wow! How can it take four days to make it public? It doesn't appear on the docket yet:https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/html/public/21a711.html
Was it really filed?
I always post REAL news. Other theme are the analyses based on the law in force and regulations, which are REAL and the cover-up is a crime of Making False Statements.
On the other hand, you are a 92 years' old guy that always forgets to wear pants when you go out.
JUDGE SWEENEY READIES THE FINAL DISMISSAL OF THE CORRUPT LAWSUITS.
The judgement already occurred, both her ruling and the Appellate Court's.
We are waiting for "until the Fairholme decision becomes final and non-appealable", which occurred on July 22, the deadline for filing a petition for writ of certiorari in the Supreme Court.
The queen of delay, also the Tipp-Ex Queen, established a Joint Status Report 30 days after this deadline.
This petition sought the declaration of Nationalization. So, now the only resolution is the announcement of the secret plan, according to the Law, and the stocks will begin to trade at their fair value.
THE FHFA IS CONSTITUTIONAL, and it was set up as "Independent agency from the Federal Government." (HERA), something that isn't achieved with the SCOTUS opinion stricking the "for cause" removal restriction.
A restriction necessary in congressional-chartered private corporations, because the FHFA director has very LIMITED powers and thus, it complies with the Separation of Powers doctrine.
The corrupt plaintiffs and law firms say: "Hi, Ron!"
Fiction "Implied Contract" claim and illegal Class Action: the fmcc holders don't have a contract and the absence of the fnma holders doesn't comply with the prerequisite of best option to resolve the dispute, under the court rules.
You are promoting an elaborate hoax.
The Appointments clause's 210-day time limitation was upheld with regard to the NWS, because the NWS was eanbled by the Final Rule CFR1237.12, that had an effective date July 20, 2011 that was exactly the last day to comply with the Appointments clause's time limitation for an Acting Director.
The plaintiffs are corrupt. They cover up the regulation. Crime of Making False Statements.
Is everybody attending the funeral for the appeal of Fairholme in the Supreme Court, which expired on July 22.
Fairholme is the lead plaintiff for all the related cases in the Court of Federal Claims.
Everybody now joins the secret plan theory and its huge expected compensation for Moral and Punitive Damages attached.
THERE IS NO EVIDENCE THAT THE BHATTI HEARING WAS REALLY HELD.
No written paper in the docket with the scheduling order.
It was only posted on the court scheduling that appears on the court website (with no traceability now) , but with the wrong judge. How is it possible? After judge Bowbeer resigned, it was reassigned to judge Docherty, not judge Schiltz who was the first that took the case in 2017 and dismissed it right away.
There is no transcript. A court clerk is making up the whole thing.
You are asking every day about this case for a reason. You and @Eternalpatience, remind me a lot to the elderly plaintiff Joshua Angel, known for using 30 different IDs on the Yahoo board, to harass the shareholders and promote the judicial news.
Another phony case spearheaded by the controversial attorney David Thompson.
July 22.
THE FnF EQUITY HOLDERS DECLARE REPRESENTATIVE FRENCH HILL, "DOUBLE FOOL".
.@RepFrenchHill,NOT SHAREHOLDER FRIENDLY
— Conservatives against Trump (@CarlosVignote) July 23, 2022
Twitter propaganda clip,again about the 2021 FHFA Report to Congress, taking advantage that the Feb 16, 2021 Capital Rule was withheld till Jan 1,2022.
Thus,the official Capital Deficit not known till the 1Q2022 earnings report.#Fanniegate https://t.co/LeSDENBBw3 pic.twitter.com/p1qpZnbG5V
REPRESENTATIVE FRENCH HILL, EXPOSED.
All day crying out loud for the safe and sound operations at FnF, when the latest 10-year Stress Test (August 2021) showed that they hold pristine portfolios.
He conceals that soundness is about capital adequacy and that there is a regulatory Capital requirement causing the stocks to trade at rock bottom prices, which makes us come up to the conclusion that he is behind another stock price manipulation ring by Congress.
Notice that he is the Ranking Member (top Republican) in the Financial Services subcommittee on Housing, Community Development and Insurance.
He is also in the subcommittee on Investor Protection, Entrepreneurship and Capital Markets.
The two subcommittees affected by the Fanniegate scandal (the oversight of the FHFA and the SEC)
LANGUAGE: A KEY MECHANISM OF CONTROL (1996 GOPAC memo). All lies and cover-ups.
"Safe/sound operations" song, to pretend to oversee the FHFA,w/ the portfolio's 10-yr Stress Test: $0 Capital NEEDED($42B provision set aside,$11B profit in 2yrs)
— Conservatives against Trump (@CarlosVignote) July 23, 2022
🚨Different:FnF's soundness (capital adequacy):$398B C.Deficit over Total Capital REQUIREMENT, March 2022.#Fanniegate https://t.co/Q6QmagYgHY pic.twitter.com/v1wEvBRPNh
The death spiral is when the dividend prompted the losses and more draws from UST. Then, more dividend payments, more draws, etc.
The NWS solved this problem, as FnF only sent as dividend the Net Worth (earnings) increased in the quarter. This prevented FnF from recording these earnings as Core Capital, which now we have to consider when we unwind the secret plan. In other words, we want that core capital back (dividend payments worth $301B)
You can't understand that the capital distributions were meant to reduce the SPS and Recap in a escrow account, according to the law, otherwise the dividends are RESTRICTED. (Different to interest payments)
So, we love the NWS, as it's the fastest gear to that end.
It turns out that this problem was also solved when the legislation by Congress over the FHLBanks, established that no payment is made when they report losses.
This is an excerpt taken from a FHLBank's earnings report:
OUR NEGOTIATOR PROPOSES TO SACRIFICE THE FNMA HOLDERS, FOR THE GREATER GOOD: THE RESOLUTON OF THE FANNIEGATE SCANDAL.
In a Taking of our stocks, they would only receive $75ps, far lower than the $124 using Relative Valuation with FMCC and $131 applying the "UST's breakeven price for a Taking" principle (Taking at $0 cost for the UST, at it would be using the shareholders' money, that is, the money that should be in their Balance Sheet had it not been a secret plan: recent Retained Earnings currently escrowed due to the SPS increased for free, plus the UST net refund of the amount owed to FnF, that is, held in escrow too)
For FMCC, it's been used this principle ($170ps), which is based on the Charter's Fee Limitation, that bars the UST from making profits using the assets or securities of FnF, other than a rate similar to Treasuries on redeemable obligations (the SPS fit in this definition)
Then, in the Relative Valuation we have taken into consideration their Deferred Income or Unamortized Premiums, currently recorded as debt instead of Equity (earnings), that is, earnings assessed and collected now in limbo, that are amortized into earnings during the life of the loans (then, the driver is the probability of these loans being prepaid with the refinancings, when the loan disappears and a new one is originated). These earnings are the upfront g-fee.
FMCC holds a disproportionate amount of Deferred Income ($64.2B), versus FNMA ($24.9B), as of end of March 2022.
These Unamortized Premiums can be amortized into earnings in one fell swoop, under the Revenue Recognition principle, because this g-fee is for a service delivered on day one, as FnF cover 100% of the credit losses as of day one.
Because the Price-Earnings ratio represents how many years it will take for an investor, to recoup the investment via earnings, it makes sense to include this Deferred Income, assuming that the UST would amortize it into earnings in full, in one fell swoop.
Then, it would be paying a PER of just 2.3 times (*) for the FMCC stocks. Applying this ratio to FNMA, we get $75 per stock.
(*)Adjusted annualized 1Q2022 EPS, 3.5% dividend on the JPS included, the UST pays no Income Tax.
LONG LIVE THE FNMA HOLDERS.
$FNMA HOLDERS SACRIFICED FOR THE GREATER GOOD:#FANNIEGATE RESOLUTION
— Conservatives against Trump (@CarlosVignote) July 22, 2022
Criminal behavior of conservator +UST,keeps us hostage($398B C Deficit)
Different valuation explained by the FMCC's disproportionate Deferred Income:multifamily biz,CSP,work for HFAs,?
LONG LIVE THE FNMA HOLDERS https://t.co/qsGVFXYdPP
Isn't congressman Luetkemeyer embarrassed for asking:
Loan? The funds were raised through SPS (obligations).
Then, FnF are NOT paying interests, but dividends on the SPS (Equity)
THE DIVIDENDS ARE RESTRICTED FOR UNDERCAPITALIZED ENTERPRISES.
The original Charter states that the UST is authorized to purchase redeemable obligations at a rate similar to the Treasury yields, which is the Charter dynamics. So, a 10% dividend won't be the final rate.
Please, stop writing if you don't know the basic law and financial concepts.
No. He isn't admitting that FnF have been nationalized. They use language as mechanism of control. If you repeat it a thousand times, it doesn't make it Nationalization and FnF, Govt Agencies.
We are increasing the request of moral and punitive damages accordingly.
Dude, that's the Treasury-stockholder. Not us.
So, no weeeee!
The entire Net Worth belongs to the UST, thanks to the SPS increased for free every quarter. A NWS 2.0.
Concealed with multiple securities fraud violations.
THE FHFA DIRECTOR, THOMPSON, LIES.
She bases her statements on the accounting fraud and financial statement fraud that we see every quarter in the earnings reports of FnF.
Now, the House of Representatives, Financial Committee, carries out the oversight of the FHFA, based on her statements and the 2021 FHFA report to Congress.
An elaborate hoax
FHFA's THOMPSON, LIES
— Conservatives against Trump (@CarlosVignote) July 20, 2022
"Capital protects the taxpayer from unexpected losses. Hence,CRT." No,FnF's losses.CRT steals C from FnF.
"Retained Earnings boosted Capital and NW." SPS for free,missing on the Bce Sheet. If you record them, double increase in NW for the same RE.#Fanniegate pic.twitter.com/ZWEGuIBAOa
The shareholders Equity refers to the UST. The Retained Earnings each quarter are wiped out once the SPS increased for free are recorded on the balance sheet (NWS 2.0), because....................
CURRENTLY THESE SPS FOR FREE DO NOT APPEAR ON THE BALANCE SHEET!!!!!
Otherwise you would be posting double the amount of Equity and a mismatch Assets/Liabilities.
Currently, there is Accounting Fraud and Financial Statement Fraud.
OUR NEGOTIATOR PROPOSES TO INCREASE THE FAIR VALUE COMPENSATION TO THE FMCC HOLDERS, FOR THEIR STOCKS.
In the case of announcement of a Taking by the UST and using their adjusted EPS.
After realizing that the Deferred Income is a fraud to their shareholders. Beginning with what the upfront g-fee represents: the money already collected, covers the credit loss as of day one. Then, the service was delivered on day one and the Deferred Income doesn't apply here.
A pot growing each quarter when it should decline, it looks more like a slush fund where income is deposited and of which the shareholders don't have a legal claim, as it hasn't been reported as income yet.
Then, the new fair values are:
FMCC: $245ps.
FNMA: $131ps.
In-depth analysis on the #Fanniegate hashtag.
When I write that this is NOT Nationalization, what do you understand?
You are paid to write the word Nationalization every few days.
This is a Conservatorship and all the illegal actions are struck down. Justice Alito faces charges of being a member of the Organized Crime, for his flawed opinion or, better said, his omission.
We all know what you are doing here.
RELATIVE VALUATION MODEL IS DEVASTATING FOR THE FNMA HOLDERS.
After calculating the adjusted EPS, and from the buyer UST's point of view in the case of a Taking (it pays no Income Tax), the relative valuation model using the Price-Earnings-Ratio (PER), is devasting for Fannie Mae when considering the Unamortized Premiums or Deferred Income, in comparison with its only industry peer, Freddie Mac.
PE ratios
FNMA: 4.4 times
FMCC: 2.3 times
If we apply a 2.3 multiple in FNMA, the fair value drops to $75 from $131ps.
FMCC's stands at $170ps.
Why is the Deferred Income so important in a PE ratio? Because this multiple represents the number of years to recoup the investment with a determined annual earnings. The Deferred Income could be amortized into earnings in one fell swoop and thus, the UST would recover its investment sooner, which is what the PER is about.
With FMCC, the UST would recover its investment via EPS (earnings before taxes) and amotization of the Deferred Income, in 2.3 years, that is, two years and four months.
With FNMA's fair value at 4.4 times under another theory called "UST's breakeven price under the law", it's expense. For a Taking the law requires a fair value and using a Relative Valutation Model, is devastating.
Not considering this Deferred Income in a stock valuation, is unprofessional.
Other way to see it, is considering that the FMCC's fair value is too cheap in comparison with FNMA, and its fair value should be $245 instead of $170, although I doubt that the UST will choose this option.
Other theme is that it should be explained why Freddie Mac amassed such an enormous Deferred Income.
A DEEPER RELATIVE VALUATION LOWERS THE FAIR VALUE OF $FNMA TO $75
— Conservatives against Trump (@CarlosVignote) July 17, 2022
Comparing it with its only industry peer, $FMCC,the PER for the @USTreasury is only 2.3x, due to the Deferred Income(upfront g-fee already collected)
The combined Mkt Cap for a Taking: $197B.#Fanniegate @WhiteHouse https://t.co/EYHzZIA25e
The legal status is CONSERVATORSHIP, where it isn't authorized syphoning their profits (core capital) off to the UST, regardless of the SCOTUS's flawed opinion.
The Charter doesn't authorize it either.
Then, this is NOT a Nationalization until the UST announces a proper Taking of our stocks paying a fair compensation, which is the fair value of the stocks, and thus, we need to calculate an adjusted EPS, adjusted for all the fraudulent actions and deceptions during Conservatorship.
Our negotiator has already calculated a fair value on the #Fanniegate hashtag.
The allegations against the crooked Pagliara are based on his comments on Twitter and his book:
He has tweeted in favor of the UST exercising the Warrant.
He has promoted the conversion of JPS to common stocks in another tweet.
He advocates for the payment of a 10% dividend to UST, despite their low cost borrowing right from UST in their Charter.
He spreads the Govt theft story in his book.
All of the above, harms our interests as common shareholders, because it justifies trading at pennies with the massive dilution in EPS as a result.
On the other hand, the law states that the funds are held in escrow to reduce the SPS (like occurred with the FHLBs' 1989 bailout) and the recapitalization (per CFR1237.12), otherwise the dividends are restricted.
The more capital needs, the more stock offerings for his buddies hedge fund managers.
Pagliara is our enemy.
No hate list!
No accusation
The accusation against the attorney Thompson, Pagliara, etc, is about conspiring to steal our wealth jointly with the DOJ.
The case isn't that I hate them. A childish comment.
You clearly don't understand anything, when I say that with a victory in court, the stocks are worth pennies, as there is a $398B capital deficit that has to be raised on the market (massive EPS dilution). Plus the dilution of the Warrant.
With the Scotus opinion that you love, which allows the FHFA to steal all it wants from FnF on behalf of the Govt, the attorney Thompson requests a conversion SPS to common stocks. More DILUTION in EPS. Now, the fair value of pennies, is expensive.
The Conservatorship is a legal status and FnF were placed into Conservatorship lawfully. Another attempt to divert the attention from the real problem : the Capital deficit that the corrupt plaintiffs don't solve with their take in court. This is what drives the stock valuation.
The law says that the money must be held in escrow. PERIOD.
Leave the defense of the case to our negotiator and step aside. He is an expert in Finance and Law.
The ones that attack me and promote the judicial news, are JPS holders seeking par value with the fictitious Implied Contract claim in the Lamberth's court.
My response is:
Attack and expose.
Attack and expose.
Attack and expose.
Attack and expose.
As you can see in this post.
Why the stocks exploded today. After a series of tweets this week by our negotiator over on the #Fanniegate hashtag, explained very clear the purpose of the Core Capital of the enterprises in their balace sheets: cover unexpected losses.
The expected credit losses are covered by their existing Reserve for Future Losses, better known as Allowance for loan losses.
This is why the dividends are RESTRICTED while in conservatorship (Retained Earnings is Core Capital) and what has happened is that the money sent to UST is held in escrow, corroborated in the statutory provisions that the corrupt plaintiffs have covered up.
THE SECRET PLAN.
With the plaintiffs's take in court, FnF don't recover even $1 of Core Capital ($398 billion capital defict over total capital requirement as of end of March, 2022) and they are the DOJ's counterparty for the Government theft story that justifies the stock price manipulation. They represent the Organized Crime.
The Berkowitz-Mnuchin Gang.
*Too many crisis actors on this message board, paid by the Mafia, promoting the judicial news.
Our negotiator requests that the full compensation for moral and punitive damages, worth $49 billion, be defrayed in full by the plaintiffs, law firms, Moelis and sponsors, and all others promoting the Government theft story through formal documents (books, articles, amicus briefs, etc): Pagliara, Howard, Rosner, Bradford, Bove and all other analysts involved.
There is a 4-box checklist circulating on the internet to see what's their final bill, depending on the cover-up of the 4 main statutory provisions:
-Restriction on capital distributions. Exceptions: SPS reduction and Recapitalization.
-FHFA-C's Recap power.
-Fee Limitation: tcca fees, etc
-Special borrowing right from UST.
The key is that with their take, FnF don't recover even $1 of core capital, that would offset their $398 billion capital deficit over Total Capital requirement, as of end of March, 2022.
The Capital needs is what drives the share price, both the commons (dilution expectations) and the JPSs (discounting the time period to become Adequately Capitalized and resume the dividend payments)
They have acted in collusion with Govt officials at the DOJ, SEC, FHFA and UST, but if you conspire along with the Govt, you get burnt. Don't expect to share the liability with the Govt. The taxpayer is behind and it doesn't understand about U.S. officials teaming up with the American Mafia to abuse on the retail investor.
COMPENSATION FOR MORAL/PUNITIVE DAMAGES, REQUESTED IN ANY SCENARIO
— Conservatives against Trump (@CarlosVignote) July 14, 2022
The economic damage is redressed unveiling the secret plan.@TheJusticeDept to raise full amount w/ its co-conspirators,counterparties in the Govt theft story that justifies the stock price manipulation.#Fanniegate https://t.co/SH6OGSoKSB pic.twitter.com/RbVgW5N576
The attorney David Thompson has not requested damages as of end of 2016, worth $18 per stock, primarily because the common shareholders don't have a contract and the case in the Lamberth's court is about an implied contract claim. "Implied" means that it doesn't really exist. A convenient fiction.
It's our sole negotiator Carlos, over on the #Fanniegate hashtag, who has requested moral and punitive damages worth:
FNMA = $50 JPS of fnma = $18.4
$50 JPS of fmcc = $17.7
FMCC = $18.5.
The amount was calculated with a 6% rate as of end of 2016. 12% rate after FnF could resume the dividend payments under the Secret Plan: fnma, 2Q2021 ; fmcc, 3Q2021.
Fmcc holders, an additional 5% for being included in the illegal Class Action mentioned, in the Lamberth's court.
2016 was chosen because it's when the dividend should have been resumed under a normal Capital requirement.
The economic damage is redressed with the announcement of the secret plan.
Now, a crisis actor claims that David Thompson requests $18 and also an amount calculated as of end of 2016.
Coincidence?
Clearly, there's an orchestrated effort to discredit the negotiation that is being carried out by our maestro.
Follow him to read the news before it happens.
MUST READ.Explanation of what's included in Core Capital.
And if you click on the tweet cited, there is a thread explaining that there are two reserves that cover losses:
-Reserve for EXPECTED credit losses or Allowance for Loan Losses.
-Reserve for UNEXPECTED losses, better known as Core Capital. Hence a Capital requirement and Adequately Capitalized concepts.
All about "Govt Implicit Guarantee on the MBSs", "taxpayer on the hook for losses" (Trump, French Hill) or directly, call the SPS "taxpayer's losses" (UBS's Jeb Hensarling), is bs.
FnF've got it covered.
WHAT IS INCLUDED IN CORE CAPITAL?
— Conservatives against Trump (@CarlosVignote) July 13, 2022
Any item with loss-absorbing capability: Retained Earnings, etc
It's why SPS are NOT Core Capital (cumulative div). SPS offset a neg NW.
JPS holders suffered Regulatory Risk($203B Capital requirement +Table 8)
DIV IMPECCABLY SUSPENDED.#Fanniegate https://t.co/rrPdiOoqul pic.twitter.com/GFTFgCVrCH
More lies. There is no committment fee paid. Not $25 million, not $1. You aren't to be trusted.
It's illegal in the Charter's Fee Limitation.
You are paid to promote the Govt theft story under the orders of your boss, Tiim Pagliara., to justify the crime of stock price manipulation. So, you are an accessory of this crime.
Because the law says that there is no swindle, but the money is held in escrow for their Recapitalization and also for the repayment of the $191B worth of SPS.
In the Restriction on Capital Distributions. Exception:
-Reduce the SPS
-As of July 2011: for their recapitalization.
Thank goodness that we have our negotiator on the #Fanniegate hashtag.
Besides, you have copy/pasted a large excerpt from the earnings report, that only shows highlighted
More lies. It says "as soon as this weekend", which means that it may not occur this weekend.
More bogus claims by this elderly Brazilian who works for Pagliara with the objective to rip off the shareholders.
All his bogus claims or internet links posted that lead to the bogus claims made by others (which is what this elderly guy does frequently, like yesterday with a link about a non-existent accounting fraud), aim to discredit the few factual claims made by others.
Each actor has a role in this criminal conspiracy based on deception.
You make all up. The upfront fees are amotized over the life of the loan.
This unamortized premium does appear on the balance sheet as DEBT. Line item: Debt securities of consolidated trusts held by third parties.
It is amortized into earnings, which is what is recorded as Core Capital (Retained Earnings) and Equity.
I've been requesting this amortization into EARNINGS in one fell swoop since many years ago. Now, pointless with Capital Surplus under the secret plan.
You don't want the earnings amortized today, but the unamortized premium be recorded as Asset,..... and more blather, which proves that you don't understand the accounting concepts that you are referring to.
That's called Housekeeping Accounting.
More housekeeping accounting?
1. An Asset isn't recorded on the Core Capital. It's the profits.
2. SPS written down to zero, like the plaintiffs request, doesn't change the Core Capital of the enterprises. It must be explicitly requested that FnF post a tax exempt profit (Retained Earnings) that would offset the Accumulated Deficit in the Retained Earnings that we see today. Primarily because the SPS were repaid with dividends (core capital) and we want it back. The word "replace" doesn't exist in accounting. You have to post a book entry.
You forget about the illegal 10% dividend, following orders from your boss, Pagliara.
You don't have to mention the conman Howard to request a lower Capital ratio. Just point out that the latest stress test requires FnF to hold $0 of capital.
Lastly, things aren't changed as if by magic. According to the SPSPA, the UST hasn't been repaid, so you have to back it up with a statutory provision, which is what The Secret Plan is about.
-Restriction on Capital Distributions
-Fee Limitation
-Special borrowing right from UST
-FHFA-C's power.
SAY NO TO HOUSEKEEPING ACCOUNTING.
Representative French Hill is the Ranking Member (top Republican) in the Financial Services subcommittee on Housing, Community Development and Insurance.
He is also in the subcommittee on Investor Protection, Entrepreneurship and Capital Markets.
The two subcommittees affected by the Fanniegate scandal. This is why he is now scheduling hearings and sending letters, with the word "oversight".
He will resign, Others will get up to 30 years in prison. 5 years for each securities fraud violation, 5 years for the crime of Making False Statements, abuse of court process, etc.
Then, the accessories.