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Comments from the Plaintiff lawyer seemed to suggest this would be completed in a few weeks, so potentially before Xmas.
It has started and it is now ongoing -- we have not seen Plaintiffs go back to Judge Sweeney to complain about government non-compliance.
It is interesting we get to this point just a legal freeze on Treasury action comes off... Has DOJ been working to a Treasury plan? I am very curious how and why DOJ adopted the course it did in these cases.
Whatever. But the process is slated to be done in weeks.
Nice move Navy, I think it is good to be back with discovery at an expedited pace in the Sweeney court... just IMHO
Following the free fallin preffereds,,, those went to the 5's
Sneak peek hits just when Corker’s blocking act expires
Good fortune, good planning, or both? We have the appearance of some potentially damning docs looming in Sweeney’s court before year’s end - and then the freeze on government action disappears Jan 1st
Plus congress has shown itself incapable of action
Talk about priming the pump for Mnuchin’s explicitly stated goal of moving GSE out of c-shop...
Be careful being out of the stock during this upcoming phase of discovery
Your pref may be paid off in new common. And no gaurantee you get par.
Just saying, since a lot of pref holders here seem to have collapsed into smug condescension.
Far from clear still whether pref or common make out better imho
With all key docs that might be useful to other courts Sweeney has done just that already!
Sneak peek is going to start in Sweeney court...
THAT may well turn up something in the next few weeks, so there is chance for a bump (probably short term) before Jan 18.
I would not discount that -- as the lawyer said in the Investors Unite call it is very common for defendents to withold the damaging docs to the very end. From their cold dead hand, as it were. Sneak peek gets us close to that point (aside from the few Presidential priveldge docs, which I would love to see)
There might be hedge funds shorting all of Ackman's positions on the goal of forcing redemptions, then Ackman selling, getting a vicious cycle -- hence paying off the shorts.
(Paulson also holds the common, but he does not publicly lobby -- rather he funded Trump's campaign and won)
But that is a short term story about Ackman's holdings and not related to the fundamental issues about FNMA
There are three fundamental stories, imho, underlying a long position on FNMA (common or pref):
(A) There is no viable alternatives to the GSE's that delivers equally cheap 30 year mortgages to the middle class -- so pragmatically anyone interested in helping middle class has to keep GSE's;
(B) The Trump administration claims to want to deal with GSE's in a way that accepts (A), and also rejects Obama approach (hence different from status quo), hence holding out potential to administratively reform GSE's satisfying (A) and middle class, sticking the finger in the eye of Obama once more (and paying off backer in Paulson)
(C) At some point, the government's efforts to dodge and stall releasing documents, and dodge and stall legal cases, runs out and we go to one or more courts -- whether a trial in Sweeney's court and/or SCOTUS and/or Delaware and/or cases over constitutionality -- and if just one of those courts finds for the stockholders, then government enters world of pain financially.
I am happy to sit and wait for story (C) to play out, but the potential for stories (A) and (B) to independently play out in 2018 is interesting too imho. Ackman's issues are a side-show, but he is right about the stock and its value.
BOOM
Mark Calabria: Trump administration "committed" to ending conservatorship
Nov.1 2017
housingwire.com/articles/41
Fake news. No reason for Trump to appoint Hensaerlng to FHFA and lots of reasons not to
Hensaerling is gone cos he knows a Democrat house is coming
Good riddance - what did he achieve?
True they are claimed to be "dividends". But that violates the relevant law on what can be a dividend, ie Delaware law. Once Delaware rules that such "dividends" are clearly illegal, then this whole shit-show in the SPSA is in trouble...
Wow, now this is news as well... THAT is substantive evidence pointing collusion, right there
And wider-spread than it appeared, since who heard of this guy?
I smell burning...
OFC they can exercise the warrant, what legal impediment is there to that? None. No court has ruled in a way that stops the warrants...
Get over it, we have R&R coming with warrants enticement for Trump to do that
AND if you want to try to bury Russia, why not give Obama a Fanniegate scandal?
What did Mel do? That is the question.
What did Mel do to advance affordable housing if he did not protect the GSE’s?
A shameful end to a career of public service to this point anyway...
A smear price. It might be journalism IF it mentioned the lobbying by big banks to kill gse’s. But, fantasy- land, just the big bad hedge funds buying people and a narrative.
As if David Stevens and MBA were not two of the biggest lobbying whores out there working k street for thei big bank pimps.
This stuff will get more common and is a good sign. It shows the big banks finally take r&r setioudly enough to buy whores to smear it - THAT spending is what needs calling out.
Lol the people who got carried away with Watt are disappointed
People waiting for the courts are patiently waiting still and yet to be disappointed - or elated
The Senator from Wells Fargo's statesmanlike bill does not expire till Jan 1st, so nothing doing till then administratively either
I may invest my tax refund, we see
More likely to pay the reported redemptions from his funds...
Six to nine months from now you will be smiling ;)
Moved up on no news, moving down on no news
Nothing to worry about
3, 4. 5 cents a day -- EVERY day...
Someone, or a number of folks, are creeping in here in a steady, but big, way.
Sweeney decision is coming but no idea when.
My bet is she lets us go to trial in 2018
Joseph, I agree. Has all the marks of a well planned accumulation by one or more big players. Sucking up shares without too much run up... been relentless.
Steady accumulation regardless of news
Someone knows. And they are buying, perhaps?
Except Moelis put a teens figure on common
And Moelis assumes much higher capital requirements than will be used imho - so add 25-33% to that figure for common
Is 15-20 to start for the common really getting screwed over? I am not seeing that
Common gets at least 12 a share - likely more
Of course we take it
"Just" need to Mnuchin to stop NWS and Watt to release...
Yeah, Cubs "just" needed to win world series to break the drought
Agreed. I think the Moelis plan estimates do the same.
My point was Ackman had previously said 23-45 as valuation. Now he says "teens". So something has changed.
I made most of my net worth following Ackman on GGP. He doesn't lie. But like everyone he makes mistakes...
Yeah, we see this morning. No real news, pennies gain today imho - or pennies loss
January is the fireworks
12 under Moelis - and Ackman now saying common worth in the teens
Join the dots
$15
Stinkie, all the way to SCOTUS my friend if need be.
I am still holding since it will rocket at some point, probably 2018. So chillin till then. Though it hurts me not to buy more UNIT.
Lots of good signs here tho.,.
Good to see you. But I ain't going anywhere, don't worry ??
2 plus 2 is not 7 big guy
This news has nothing to do with NWS
Methinks someone knows what Watt will say tomorrow...
Did some staffer over in congress see Watt's statement? Or did something leak somewhere else
One obvious potential reason for this run, we shall see tomorrow
We are looking at Sweeney trial next year, rather than a month imho
Looks like we need court movement in order to provide cover to the Trump administration to do the right thing
The sky is falling in...
Saw my cue
Got buying interest again today...
Curious whether we have news tomorrow. I am holding my powder to be honest...
oh yeah, still no link...
Link or go away
News? Anyone see any news yet?
Looks someone heard something here...