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Treasury secretary may not even have a time to look at it and reply to that letter. So his assistant or deputy may take care of that in a very normal way, that their reply won't even change or effect any of their ongoing policies. So net worth sweep keeps on going. Thinking otherwise would happen based on an assistant or deputy secretary reply is a naiveness. This is just IMHO.
Don't have some big hopes on the response. Some assistant secretary or some deputy secretary may reply to their letter, just like an assistant secretary replied to senator Charles Grassley's letter last year. It's not that easy and simple, as every one thinks here, for a govt. which owns 79.9% of the share to come to a settlement with some one who just owns 5%.
http://online.wsj.com/public/resources/documents/GrassleyResponse04212015.pdf
I love both FNMA & FMCC. I thank you to you DT.
Warrants are invalid.
From the Ex.CFO Tim Howard comment:
http://howardonmortgagefinance.com/2016/02/23/the-takeover-and-the-terms/#comments
jtimothyhoward
FEBRUARY 24, 2016 AT 1:30 PM
It depends on what your goals are. If you want to have a reformulated version of Fannie and Freddie serve as the foundations of the future secondary market system, you wouldn’t concede the warrants. I think Treasury’s having given itself 79.9% of the companies in exchange for doing nothing (other than using them as instruments of public policy) is outrageous and can be successfully challenged in court. Also, if they emerge from conservatorship, Fannie and Freddie will need all the tools they can muster to sufficiently capitalize themselves. If Treasury exercises and sells the warrants, it takes capital out of the mortgage finance system (with the proceeds going to Treasury, for whatever purposes it chooses), leaving Fannie and Freddie with much less capital-raising power because of dilution from the warrant exercises. That’s the opposite of what we should want.
Liked by 3 people
Anonymous on February 25, 2016 at 12:25 am on www.timhoward717.com
Stockman, Are you serious ??? is this going happen ??? WOW !!!!!!
He said something about FNMA and FMCC ??
Ok. Thanks. Hope some FNMA related questions would be answered.
Is this open to everyone who is interested?
Conflict of interest. Owner & Regulator!!!
Stockman, I wish it will happen.
Me neither. I thought we would be above $1.70. But still we are at where we were before.
Anonymous on February 18, 2016 at 3:58 pm on www.timhoward717.com
Patriots,
No amount of rhetorics/ warning from Watts can enable 3R for reformed GSE/FNF except the courts case in Judge Sweeney, Perry Appeal, Judge Reade in Sexton case and Delaware pursued by Milton Steele. Not even Congress or current POTUS because all of them are looking for their interest and non of the middle class.
The political landscape will shift if there is even just one favorable ruling for the plaintiffs. Any ruling that will be favorable to the plaintiffs, just like the discovery in Sweeney’s court for the motion to compel will start the shift of the political scenarios. The NWS is a “criminal ” act under HERA but Judge Lamberth sees other wise that favored politicians from both sides. The political landscape is just being warned by Watt that court cases will show all the criminal acts of those involved and and how this will damage the US economy . The court cases will jumpstart GSE’s release, recap and relist.
Justice is grinding. It is slow but once it goes the political s…will hit the ceiling and all pieces of those s…wil hit the faces of all those involved.
FANNIEGATE is still alive. Remember Watergate , it did not fly until the court ruled the tapes must be released !
KTF in the court of law where truth trumps the lies !!
Liked by 2 people
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Anonymous on February 18, 2016 at 5:19 pm
Who ever it is, Really thank you for your post and time. An eye opener.
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Anonymous on February 17, 2016 at 10:57 pm on www.timhoward717.com
Only defense seems to be “taxpayers took big risk investing in FnF and taxpayers need to be compensated with pound of flesh “.
The idea is directly comes from Shakespeare’s Merchant of Venice, 1596.
‘SHYLOCK: The pound of flesh which I demand of him is dearly bought, ’tis mine, and I will have it.”
To begin with, all out big cash bailouts were never required. It was all big show.
The truth was many Big Banks including MS and GS needed large bailouts.
But Hank forced cash bailouts on all banks, despite protests from many Bank CEOs (like JPM, WFC). Hank told them if they do not take the cash bailout now he will not help them if they ever need help in future. It was forced help to protect few privileged ones.
Does any one know why Hank forced very large cash bailouts on FnF?
Hank forced large cash bailouts on FnF just to make Big Banks look better than FnF.
But FnF never needed any bailouts. But it was all smoke and mirrors needed to make FnF look like big bad companies which caused 2008 crisis. If this was not done then who would have looked bad? Big banks which needed big bailouts.
It was well thought strategy to redirect the blame to FnF.
Shareholders need to focus on these points to expose the myth that ” FnF needed big bailouts, and taxpayers took big risk investing in FnF”.
Rocco, do you think it will go much lower ??
Anonymous on February 16, 2016 at 12:10 pm on www.timhoward717.com
Has anyone thought of this probable scenario:
As per the new 2017 White House budget plan, the treasure sweeps profits of FnF for 10 years. After that, the warrants get invalidated by 2028?, then the FnF released with no warrants.
Is this a possible scenario or this is just my assumption. Please clarify. Thanks.
Today already traded 1900 FNMA pre market.
If what you said is proven, UST is driving the bus not the conservator, then aren't the plaintiffs won the case ?? Please clarify !!
Ada, I really thank you for your explanation. I thought they charge for each fill while buying. That's why I chose AON. Thank you again.
Isn't it the current pps is good for accumulation for long term holding for good returns ????
The orders not filling easily. Even at 1 or 2 cents above the trading price!!!
Final Obama Budget Banks on Fannie and Freddie for Years to Come. -- Investors Unite
Yea it is all or none.
My Order for FMCC not filling even at 1 or 2 cents more than the trading price!! My order share quantity is about 5k.
The court finds it important to correct false statements and will not permit such an injustice, and thus happily and with alacrity allows Mr. Parrott to correct the false statements described herein made by bloggers, anonymous or otherwise, or members of the media. That portion of defendant’s motion is therefore GRANTED. However, the court has insufficient information at this time to determine whether information regarding the deposition was actually leaked and the second amended protective order was violated. Defendant’s reply in support of its motion is due on February 4, 2016; accordingly, any determination regarding whether the second amended protective order was breached will be made after that time. Finally, the court files this order under seal out of an abundance of caution. The parties shall file by no later than Friday, January 29, 2016 a joint status report advising whether this order should remain sealed.
IT IS SO ORDERED.
s/ Margaret M. Sweeney MARGARET M. SWEENEY Judge
http://www.glenbradford.com/wp-content/uploads/2016/02/13-465-0292.pdf
Stockman, Thanks for posting your view.
You are wonderful on the board. Like a guide willing to help others on this board!!! Thanks.
Ok lumpiana. Literally hoping to hear some real good news. Thanks.
Every time before the earnings it used to go up. May be that might be the cause. Just IMHO.
Is Big Yank = Rob Neiman ??
$1.36 now. Looks like going down in short term ??
Today it's 2.5 million and day before yesterday it's above 2 million and below 3 million. Yesterday it's above 3 million. As per TDAmeri.
Patswil, actually the trading is very dull for the last 3 days. Just around 2 million. May be very easy for MMs to control the price. Just IMHO.
Isn't it Obama said wind down FnF in Arizona in 2013 ??
Very dull trading yesterday and today. Just around 2 million.
DoJ spokesman Patrick Rodenbush says Parrott was deposed a week ago and didn’t invoke the 5th. (joe.light@ wsj.com; @joelight)
From www.timhoward717.com comments.
Yesterday the trading is very dull. I think only the retail bought yesterday. I have a feeling that the MMs don't want this to go up yet. Just IMHO.
Nice post. All longs should read.
Taking fifth by a active public servant, always leads to immediate termination or resignation and possible criminal investigations.
Taking fifth by a public servant is never a trivial matter and it is the end of any public or private career.
From the part of the comment from www.timhoward717.com
This is 100% crappy theory just like death spiral excuse.
As public servants whether political appointees or career bureaucrats, they are judged against higher standards than ordinary people.
Jim Parrot was working as a economic policy adviser and not as a spy agent on secret mission. Probably he may have worked as a covert agent of WS and that is not a national security issue. Economic policies are never a top secret. In fact all economic policies are publicly discussed and public are invited to contribute with questions and concerns.
If it relates to any national security matters, witnesses have the legal rights to refuse to answer those questions.
Taking fifth by a active public servant, always leads to immediate termination or resignation and possible criminal investigations.
Taking fifth by a public servant is never a trivial matter and it is the end of any public or private career.
One can come up with any number of lame excuses, but taking fifth by a public servant is never a cheap defense. One has to look at this as if this was part of larger strategy in which case Judges will draw their own adverse opinion about defendants.
In the court of public opinion, taking fifth is never a innocent defense.
Anonymous on January 26, 2016 at 5:15 pm
By that logic why dont they classify everything Fannie Mae related, and that way no evidence ever has to be turned over no matter how illegal it is. So much for a system with checks and balances.
Anonymous commented on January 26, 2016 at 5:17 pm on www.timhoward717.com