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Fannie, Freddie Soar as Hedge Funds Get Good News on Two Fronts
By
Saleha Mohsin
and
Austin Weinstein
September 9, 2019, 7:32 AM CDTUpdated on September 9, 2019, 10:24 AM CDT
Mnuchin says he’s negotiating with FHFA on retaining earnings
Shareholders also got big win last week on profit sweep
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Steven Mnuchin speaks outside the White House in Washington on Sept. 9. Photographer: Sarah Silbiger/Bloomberg
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Fannie Mae and Freddie Mac soared as hedge funds and other investors that have long hoped to make a windfall on their investments in the mortgage giants got a double-dose of good news.
First, shareholders won an important legal victory after markets closed Sept. 6 that gave them renewed optimism of getting their hands on billions of dollars in company profits that now go to the government.
Then, Treasury Secretary Steven Mnuchin said Monday that he will soon reach a deal that allows Fannie and Freddie to hold on to some of their earnings, so they can start rebuilding their capital buffers.
The step is considered crucial in eventually freeing the companies from federal control, which has been their status since the 2008 financial crisis. That’s because Fannie and Freddie are currently restricted from holding more than $3 billion in capital apiece, far short of what they would need to weather another housing crash as private companies.
Fannie jumped 26% to $3.42 as of 11:23 am in New York trading, reaching its highest level since Feb. 2017. Freddie rose 25% to $3.22, also its highest level in more than two years.
Among investors benefiting from the gains are some of the biggest names in finance, including John Paulson, Bill Ackman’s Pershing Square Capital Management and Blackstone Group Inc.
Read More: Fannie-Freddie Soar as Wall Street Hails Court Win, Mnuchin Plan
Treasury is “in the process of negotiating” a plan for Fannie and Freddie to retain earnings with the Federal Finance Housing Agency, Fannie and Freddie’s regulator, Mnuchin said early Monday in an interview with Fox Business “We expect a near-term agreement to retain their earnings,” he said.
Revamping Sweep
For Fannie and Freddie to hold on to their earnings, Treasury and FHFA would have to halt or revamp a controversial policy implemented in 2012 during the Obama administration, known as the net worth sweep, that requires the companies to send virtually all their profits to the Treasury.
Hedge funds and other investors that own Fannie and Freddie shares have long fought to end the sweep through litigation, claiming it was illegal. The shareholders won a big victory Sept. 6 when a panel of federal appeals court judges overturned a lower ruling that had backed the government’s right to take all of the mortgage giants’ profits.
Read More: Fannie-Freddie Investors Fighting Profit Sweep Get Key Win
The Fifth Circuit appeals court judges, based in New Orleans, also concluded last week that the structure of the FHFA is unconstitutional. Investors still face many hurdles, as the decision just kicks the case back to the lower court. Many other federal courts have ruled against the shareholders, making it more likely that an appeal could ultimately be heard by the Supreme Court if the case isn’t settled before then.
Litigating Shareholders
Fannie and Freddie don’t lend money to home buyers. Instead, they purchase mortgages from banks and other lenders and package them into bonds. Those securities have guarantees that protect investors from the risk of borrowers defaulting. Fannie and Freddie backstop nearly half of the U.S.’s $10 trillion of home loans, a process that keeps the mortgage market harming and borrowing rates low.
Fannie and Freddie were put into federal conservatorship in 2008 as the housing market cratered and were sustained by taxpayer aid. They have since started making money again and paid $115 billion more in dividends to the Treasury, through the net profit sweep, than they received in bailout funds.
Assuming that Fannie and Freddie would eventually released, hedge funds started buying their shares for pennies in the years after the crisis. Paulson & Co., Pershing Square and Blackstone Group’s GSO Capital were among those who got in on the trade.
Until now, shareholders have mostly suffered setbacks in their attempts to overturn the profits sweep. Their Sept. 6 win follows what also might be a watershed moment in Fannie and Freddie getting out of the government’s grip: the release of a Treasury report a day earlier that outlines the Trump administration’s plan to end the conservatorships.
Treasury Report
The Treasury document laid out dozens of suggested reforms to protect Fannie and Freddie from another housing crash, shrink their dominant market shares and create new competitors to the companies. Yet, it is only an initial step in what still would be a long and arduous road to freeing the companies from the government’s grip.
More: Key Takeaways From Treasury’s Road Map to Fannie-Freddie Freedom
The Treasury Department’s proposal left much to be ironed out, signaling many of the suggested changes may not come until after the 2020 presidential election. And if a Democrat beats President Donald Trump next year, the overhaul would likely be scrapped all together.
Mnuchin said Monday that while he hopes to work with Congress to implement changes to Fannie and Freddie over the next three to six months, he is “perfectly comfortable” making administrative fixes if necessary. Only Congress can create competitors to Fannie and Freddie. But there is much the Trump administration can do on its own with FHFA, including ending the profit sweep.
If Fannie and Freddie start retaining earnings, it would still take them years to build up adequate capital to offset big losses. That’s why most officials believe the companies will also have to raise money through other means, such as share sales. In conservatorship the companies lack of capital hasn’t been much of an issue because they have access to about $250 billion in Treasury funds.
Senate Hearing
The Treasury secretary will testify tomorrow on the administration’s plan before the Senate Banking Committee. Joining Mnuchin will be FHFA Director Mark Calabria and Housing and Urban Development Secretary Ben Carson.
The officials are expected to face aggressive push back for Democratic lawmakers, who are concerned that the administration’s proposals will do more to help hedge funds than assist consumers in getting loans, particularly lower-income buyers.
— With assistance by Josh Wingrove
Fannie, Freddie Soar as Hedge Funds Get Good News on Two Fronts (Bloomberg)($) https://t.co/tyd1bfZo6p
Mnuchin hopes for congressional support for U.S. housing reforms within 6 months
Pete Schroeder
WASHINGTON, Sept 9 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Monday the Trump administration would take administrative measures to overhaul mortgage giants Fannie Mae and Freddie Mac if it failed to secure congressional support for its plan within six months.
The Treasury is negotiating with the Federal Housing Finance Agency, which oversees the mortgage giants, which were bailed out during the 2008 financial crisis. It hopes for a "near term" agreement allowing the two companies to retain their earnings, Mnuchin said in an interview with Fox Business Network.
"They have been in conservatorship too long and we want to make sure they're not in conservatorship on a permanent basis," Mnuchin said of the two companies that guarantee more than half of the mortgages in the United States.
"So our first choice is to work with Congress on a bipartisan basis, but if we can't do that we're perfectly comfortable moving for it on the administrative side."
Fannie Mae and Freddie Mac securities soared on Monday, with their preferred shares last up more than 15 percent, while the common stock was up more than 19%.
The Treasury said on Thursday the government should draw up a plan to begin recapitalizing Fannie Mae and Freddie Mac, while calling on Congress to act on comprehensive housing reform.
Mnuchin said he hoped to get Congress on board in three to six months, otherwise "we'll move on, on the administrative front."
Mnuchin, as well as other top housing officials, will testify on Tuesday before the U.S. Senate Banking Committee on the report. Investors will listen closely for further detail on the administration's plan, as well as whether Congress is interested in pursuing housing finance legislation.
The Treasury holds warrants representing 80% of Fannie and Freddie's common stock, as well as senior preferred stock agreements that allow it to sweep the firms' profits into its coffers. That arrangement has left Fannie and Freddie with just around $3 billion of capital each.
On Friday, the 5th U.S. Circuit Court of Appeals overruled a lower court that had backed the federal government's claim to those profits. The ruling clears the way for Fannie and Freddie investors to make legal claims for a share of the companies' profits.
Mnuchin said an agreement with FHFA allowing the two companies to keep their earnings "will be a significant increase in capital."
He said it was unclear when he Fannie and Freddie would come out of conservatorship.
https://www.nasdaq.com/article/mnuchin-hopes-for-congressional-support-for-us-housing-reforms-within-6-months-20190909-00748/amp
5 major changes the Trump administration wants to make to housing finance
By Jacob Passy
Published: Sep 9, 2019 12:09 pm ET
Creating competitors to Fannie Mae and Freddie Mac, and loosening mortgage regulations are among the proposed reform
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Fannie Mae and Freddie Mac could see more competition if the Trump administration has its way.
The Trump administration wants to overhaul the country’s housing-finance system.
The Treasury Department and Department of Housing and Urban Development have proposed broad changes that could affect all players in the system, from mortgage borrowers to lenders to securities investors.
Here are some of the most notable recommendations:
Treasury and FHFA should work to recapitalize Fannie and Freddie
Ostensibly, the goal of any housing-finance reform would be to address one of the largest remaining legacies of the Great Recession: The conservatorship of Fannie Mae FNMA+28.04% and Freddie Mac FMCC+27.24%
One of the key recommendations the Treasury department made in its plan was to work with the FHFA, the regulatory body that oversees Fannie and Freddie, to consider allowing each enterprise to retain earnings beyond the $3 billion in capital reserves they are now permitted.
The profit sweeps were initiated in 2012 to repay the federal government for the roughly $190 billion Fannie and Freddie received in bailout funds. All told, the two firms have now paid more than $300 billion back to the government, according to The Wall Street Journal.
Currently, any money earned in excess of that $3 billion is swept to the Treasury department. The specific timing and mechanics by which these sweeps would end has yet to be decided and will be determined with the Federal Housing Finance Agency (FHFA), senior Treasury officials said Thursday.
Also see: Why are green housing bonds not getting more love from ESG investors?
The lack of details regarding the profit sweep changes sends mixed messages, according to investment bank Cowen. “To us, this seems like it could be the next step for Treasury as it tries to figure out what to do with its preferred holdings,” Cowen wrote in a research note. “If Treasury intended to quickly deem the preferred shares as repaid, then there would be no need to discuss suspending the sweep as the sweep would no longer exist.”
However, Treasury Secretary Steven Mnuchin told Fox Business Monday that the end of the net worth sweeps could come as soon as September, pending negotiations with FHFA. “We expect in the near term we’ll have an agreement where we will allow both Fannie Mae and Freddie Mac to retain their earnings, which will be a significant increase in capital and a step in the right direction to us ultimately raising third-party capital,” Mnuchin said.
The net-worth sweeps have been a thorn in the sides of Fannie and Freddie’s investors for years now. Those investors scored a win last week when a federal appeals court overturned a previous ruling, thus clearing the path for the to trial court over the federal government’s sweeps. The court also ruled that the FHFA’s structure was unconstitutional. The case may ultimately end up in the Supreme Court.
Ending the net worth sweeps would not mean that Fannie and Freddie would necessarily stop paying any money to the federal government. In fact, Treasury proposed that the two enterprises continue paying a “commitment fee” after being recapitalized to maintain their access to the government’s preferred capital lines.
https://www.marketwatch.com/amp/story/guid/B68F3CAE-D0E5-11E9-B4A5-93F583A249DA
Mnuchin: ‘We will restructure Fannie Mae and Freddie Mac’
in Daily Dose, Featured, Government, News 1 hour ago
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Secretary of the U.S. Department of the Treasury Steve Mnuchin told FOX News Monday that he hopes to have Congressional support on GSE reform within the next three to six months.
“They’ve been in conservatorship for too long,” Mnuchin said in the interview.
He added that now is the right time to “recapitalize on them and make them stronger,” and to also protect taxpayers in the event of another housing downturn.
Mnuchin told FOX that the government is in the process of negotiating with the FHFA on current lines, and hope to reach an agreement that would allow Fannie Mae and Freddie Mac to retain their earnings. He said this would be a step in the right direction in increasing third-party capital.
He added that if the administration does not get Congressional support, it will move forward and make whatever changes it can administratively.
“We will restructure Fannie Mae and Freddie Mac.” Mnuchin said.
He said both Fannie Mae and Freddie Mac currently have about $3 million in capital.
The Trump administration released its plan for housing finance reform last week, more than a decade after the Great Recession sent the GSEs into conservatorship.
According to the department, the Treasury Housing Reform Plan consists of a series of recommended legislative administrative reforms aimed to “protect American taxpayers against future bailouts,” preserve the 30-year-fixed-rate mortgage, and help guide Americans toward the path to homeownership.
“The Trump Administration is committed to promoting much needed reforms to the housing finance system that will protect taxpayers and help Americans who want to buy a home,” said Mnuchin in a release. “An effective and efficient Federal housing finance system will also meaningfully contribute to the continued economic growth under this Administration.”
Fannie Mae and Freddie Mac suffered significant losses due to their structural flaws and lack of sufficient oversight during the financial crisis of 2008. The GSEs received more than $190 billion from the Treasury Department.
Despite the plan, industry insiders questioned whether reform of the GSEs will happen before the end Trump’s term as president, or if he is re-elected.
Watch the interview here.
https://dsnews.com/daily-dose/09-09-2019/mnuchin-we-will-restructure-fannie-mae-and-freddie-mac
Fannie Mae and Freddie Mac Are Soaring on Monday -- Here's Why
The Treasury just boosted shareholders' hopes that the companies could become privately held again.
Matthew Frankel, CFP
(TMFMathGuy)
Sep 9, 2019 at 11:46AM
What happened
Mortgage giants Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) have been some of the best-performing stocks in the market recently, thanks to optimism and anticipation surrounding the Trump administration's plans to overhaul the U.S. mortgage finance system and return the two companies to the private market.
In the past month, the two companies have risen by nearly 50%, and on Monday alone, Fannie and Freddie are up by 23% and 22%, respectively, as of 11 a.m. EDT.
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IMAGE SOURCE: GETTY IMAGES.
So what
As I mentioned, the Trump administration recently unveiled its plan to reform Fannie and Freddie, but the plan failed to get investors excited. There were simply too many vague statements and an overall lack of answers to the question of how the mortgage giants will be recapitalized.
On Monday, Treasury Secretary Steven Mnuchin gave investors some much-wanted details, saying on Fox Business that an agreement between the Treasury and the FHFA that would end the profit sweep from the two companies is in the works, allowing them to retain earnings and recapitalize. If you aren't familiar, since the government's crisis-era bailout, Fannie and Freddie have been required to send their profits to the government.
The administration's plan vaguely called for the agencies to retain some of their profits to start building up capital, raising questions about how they could build enough capital to reasonably function as private companies.
Now what
Mnuchin said that the forthcoming agreement would produce "a significant increase in capital and a step in the right direction to us ultimately raising third-party capital" and also emphasized that the priority is to build up adequate capital before the companies are released from government control.
A government focus on building up capital for the companies is a big step in the right direction, and investors seem to agree.
https://www.fool.com/amp/investing/2019/09/09/fannie-mae-and-freddie-mac-are-soaring-on-monday-h.aspx
Can FHFA start uplist proceedures once share price stabilizes high enough? Is anything but their own agenda stopping it?
Go FnF!
I am happy this morning but does anybody else feel that this whole saga is unfolding according to a script?
Go FnF!
So far I like this movie!
Look at all of the kids staying up late on Christmas eve. Lots of posting for this late on a Sunday
Go FnF!
We that stay informed know about this victory. I am just not seeing major news outlets picking this up. 20% of the U.S. economy is news worthy. I hope it picks up like Rick is thinking it will.
Go FnF!
Thanks again Obi
It is curious that when certain uncomfortable questions are asked time runs short during the tap dance answer.
Go FnF!
Damn it I mean if SC refuses to hear the appeal will the decision stand as is now?
Is this only if the supreme court agrees to hear the appeal? If so does the judgement from en banc stand?
Go FnF!
Stop listening to your cousin. ALSO stop lending him money!
Go FnF!
How Fannie and Freddie Have Changed Since the Crisis
The two mortgage giants have shed some risk, paid back their bailout and now report billions in income
By Ben Eisen and
Andrew Ackerman
Sept. 8, 2019 10:30 am ET
The Trump administration said Thursday it would like to make big changes to Fannie Mae and Freddie Mac , including pushing to release them from government control.
The Treasury, led by Secretary Steven Mnuchin, generally avoided specific policy recommendations. However, it said it would work to curtail the firms’ role in housing finance while also developing plans to recapitalize the companies.
But the two mortgage giants have already quietly transformed in the decade since they were seized by the U.S. government during the depths of the financial crisis.
What Fannie and Freddie Do
Fannie and Freddie run the plumbing meant to make U.S. mortgages more readily available and affordable. The 30-year, fixed-rate mortgage, by far the most popular in the U.S., might not exist without them.
The firms don’t make mortgages, but buy them from lenders, package them into securities to sell to investors, and provide guarantees to investors in case the mortgages go bad. The two firms guarantee nearly half of U.S. mortgages.
Returning the Money
Fannie and Freddie took a roughly $190 billion taxpayer bailout to help them stay afloat during the housing crisis. In 2012, the Obama administration said it would collect the firms’ profits so the government could get repaid more quickly.
SHARE YOUR THOUGHTS
What changes in oversight, if any, do you think are appropriate for Fannie Mae and Freddie Mac? Join the conversation below.
The two firms now post billions of dollars in net income each year, aided by a bounceback in the housing market and the general economy. They also brought in more money by increasing the fees they charge lenders to guarantee mortgages—which had been very low before the crisis.
All told, Fannie and Freddie have sent more than $300 billion back to the government.
Shrinking the Portfolio
During the housing bubble Fannie and Freddie purchased large amounts of mortgages and mortgage-backed securities they kept on their books, which they funded by issuing debt. Each of their portfolios topped $800 billion at their peak.
As the housing market tanked, those so-called retained portfolios proved toxic, hastening the mortgage giants’ fall.
After the crisis, Fannie and Freddie planned to shrink their retained portfolios to less than $250 billion apiece by the end of 2018. Both are now well below those levels.
Shedding Credit Risk
Fannie and Freddie have also begun to hand off some of the risk in their bread-and-butter business of guaranteeing mortgages.
The two companies have together done more than $70 billion of so-called credit-risk transfers, where investors take on some of the risk of the mortgages defaulting. They have each unloaded risk on pools of mortgages totaling more than $1 trillion, according to the Urban Institute.
Growing Share of the Market
In the years before the financial crisis, Fannie and Freddie bought about a third of U.S. mortgages to package into securities. Many other mortgages went into private bonds.
But after those private bonds blew up during the financial crisis, investors shunned them and the market effectively evaporated. Instead, investors wanted Fannie and Freddie securities because they were perceived to have government backing.
Though their market share has been falling in the past few years, about 40% of mortgages ended up in Fannie and Freddie securities in the first half of this year.
What Fannie and Freddie Look Like Now
Today, Fannie and Freddie look a lot like the mortgage market at large. Many of the mortgages they buy are made by nonbanks, which are less regulated than their bank counterparts. Many of the nonbank firms have yet to weather a housing downturn, and some regulators worry about their financial strength.
monthly debt payments that make up more than 43% of their income, a threshold typically indicating a riskier mortgage.
More borrowers also use Fannie and Freddie programs that allow them to make a down payment of just 3%.
While Fannie and Freddie buy many conventional mortgages for individual borrowers, they also buy loans on investor properties and second homes. Some say those fall outside the core mission of the companies and should instead be pushed into the private market.
Write to Ben Eisen at ben.eisen@wsj.com and Andrew Ackerman at andrew.ackerman@wsj.com
Gasbag has the market's ear. If somebody explains it to him in layman's terms he may be able to remember and parrot to the public.
Go FnF!
The en banc ruling contains some very harsh language against the defendants. I would think that this ruling would have a positive effect in Sweeney's court. This is a very layman point of view. I have absolutely no legal background aside from my FnF research. It just seems like common sense.
Go FnF!
Damn. Closer than I thought it would be. This sort of illustrates our uphill battle. In any case a win is a win. Thanks
Go FnF!
After scanning the numerous posts and the en banc decision I have a question. Does the ruling include how many judges agreed and disagreed with all of the individual parts of the ruling? I did not see that but I have only had time to scan the ruling in pdf on my phone. I may have missed that info. I have to wait till I get home and print the whole ruling. Then I will possibly highlight it and frame key points. I will definitely frame the best part if this leads to significant wins for us.
Thanks in advance
Go FnF!
Oh, I expected nothing else from you!
But I am loving the possibilities!
Go FnF!
Fannie-Freddie Investors Fighting Profit Sweep Get Key Win
By
Austin Weinstein
September 6, 2019, 6:55 PM EDTUpdated on September 6, 2019, 8:07 PM EDT
Appeals court concludes FHFA structure is unconstitutional
‘Expedience does not license omnipotence,’ judges say
The Federal National Mortgage Association (Fannie Mae) headquarters in Washington
Photographer: Andrew Harrer/Bloomberg
Fannie Mae and Freddie Mac investors won a big victory in their long battle to reap benefits from their stakes in the mortgage giants with a court ruling letting them pursue claims that the U.S. sweep of the companies’ earnings is illegal.
A panel of federal appeals court judges in New Orleans overturned a ruling that backed the government’s right to take all of the mortgage giants’ profits. The judges also concluded that the structure of Fannie and Freddie’s regulator, the Federal Housing Finance Agency, is unconstitutional because of job protections for the agency’s director.
“Congress created FHFA amid a dire financial calamity, but expedience does not license omnipotence,” a majority of judges on a 16-member panel said in Friday’s ruling.
The ruling came a day after the Treasury Department unveiled its long-awaited plan to end more than a decade of federal control of Fannie and Freddie. The plan disappointed investors, in part because it lacked specifics on key details that would determine how to end the government’s conservatorship of the companies. Shares of the companies fell the most since January after the report’s release.
Fannie and Freddie don’t make loans themselves. Instead, they keep the nation’s mortgage market humming by buying mortgages from lenders and packaging them into bonds that are sold to investors with guarantees of interest and principal.
The companies were put into federal conservatorship in 2008 as the housing market cratered and were sustained by taxpayer aid. They have since returned to profitability and paid in $115 billion more in dividends to the Treasury than they received in bailout funds. Since 2013, nearly all of their profits have been sent to the Treasury under a policy called the “net-worth sweep.”
The companies’ shareholders, including hedge-fund luminaries such as John Paulson and Bill Ackman, have griped for years about the terms of conservatorship. Investors have sued regulators multiple times seeking to end the sweep and gain access to the Fannie and Freddie’s profits. Those lawsuits have mostly been unsuccessful and this case, a full court review of a ruling of a three-judge panel, was seen as a last hope by many of the shareholders.
“We are delighted that the court has made clear that the net worth sweep will not be allowed to stand,” the shareholders’ lawyer, David Thompson, said of Friday’s ruling.
The U.S. Supreme Court last year declined to consider a case arising from a Washington appeals court decision that blocked another group of investors’ attempt to sue the FHFA over its authority to impose the sweep.
A U.S. Treasury Department spokesman referred a request for comment to the Justice Department, which declined to comment. An FHFA spokeswoman didn’t immediately reply to a request for comment.
The case is Collins v. Mnuchin, 17-20364, U.S. Court of Appeals for the Fifth Circuit (New Orleans).
https://www.bloomberg.com/amp/news/articles/2019-09-06/fannie-freddie-investors-get-key-win-in-bid-to-end-profit-sweep
Trump still wants this resolved prior to 2020 election. He wants that feather in his hat/cap. Release,uplist,recap and more to come. Of course it will not all happen over night but lots of good things will start happening soon.
Go FnF!
WHAT IS WITH ALL OF THIS UNWARRANTED OPTIMISM? STOCK IS STILL TRADING BELOW $3.22!....UNTIL MONDAY!!!
LOL!
Go FnF!
I think that if this keeps going our way I will have so many better things to do with my life that I will not waste a minute of my time thinking about Carney or the likes of him. My time is too valuable. Yours too! Some of us will have to completely rethink our priorities.
Go FnF!
Good questions. How many of the FHFA directors' decisions (if any) will be deemed in some way unbinding due to the unconstitutional structure and the other en banc findings against the FHFA? A lot of decisions could have been tainted since the directors of the FHFA knew that the were untouchable. Oh what a mess to unravel!
Go FnF!
Obiterdictum, thank you for your factual responses. They continue to be clean and to the point. It is refreshing to read your posts which are unadulterated with opinion when no opinion is asked. That being said, your opinions are also highly valued by many on this board. So, do we win it all? LOL!
GO FnF!
"Winning solves everything!"
Tiger Woods
Is it subtitled? My French is rusty.
Go FnF!
As the narrator for a wise owl once said, " The world may never know!"
I shouldn't encourage your behavior but I couldn't resist. At least you are getting some of the attention that you crave.
Go FnF!
I put a buy in at $2.50 for 1500 more shares. Missed by a penny. I guess it is good since we are slowly recovering. I still think this is a hellofa tree shake. Hold your shares.
Go FnF!
Millenials to the rescue? Really? Ok!
Go FnF! Go millenials!
I like the cut of your job! Yes I said jib.
Go FnF!
Maybe treasury will give that much back as part of a settlement. They know the result of the en banc.
I just pulled out of my fannie.
Go FnF!
It is all a ruse. Hold your shares. There was an attempt to cause a panic sell off EOD. The vague and generally uncommiting language of today's announcement is to shake your shares loose before en banc. They can not stop it. Why should the big boys share companies responsible for 20% of the U.S. economy with you or I? It may seem like a riddle wrapped in a mystery inside an enigma but if you ask yourselves who could do it and who will profit it becomes very clear. Who has the power? Who has the money? Hold your shares. Don't give them to TBTF.
That concludes tonight's conspiracy theory.
Go FnF!
I am looking forward to some reaction from the hedge fund owners
Go FnF!
So far it seems that the games are being played. I figured this would happen. I will wait until everything has been digested. Gasbag may be getting paid for his negative comments. Is he a real journalist or just a talking head?
Go FnF!
Damn, gone 2 hours and there are 241 posts. I am playing catch up.
This is not a pop! Not even a fart in a hot tub. Projectile acceleration soon!
Go FnF!