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In these short messages there is great scope for misinterpretaion.
Dilution based on warrants happened long time back.
The $20-$40 PPS includes warrants.
This seems to be the case.
ICBA is at grassroot level whereas MBA is topdown.
Politically ICBA is more connected with lawmakers where as MBA is more connected with wallstreet banks, Fed and regulators.
Navy,
Take it easy. Some times people make mistakes in understanding these messages. It is better to add a line clarifying the purpose of the message.
Shareholders are expecting PPS in the range of 20-40 based on various valuations (if there is no dilution).
If NWS is canceled and FnF are released today, FnF will start with more than $200B existing capital. With this capital FnF do not need Gov help or outside capital.
Thanks for your efforts and recommendations to buy more FnF shares.
Why these bankers discuss about converting pref or selling warrants?
FnF never needed additional capital before and FnF do not need any outside capital now. What is required is, third amendment needs to be voided so that FnF dividend payments are adjusted against principle and 10% interest.
FnF should be allowed to buy back the warrants for nominal price like other banks.
Thanks, Yes it is a good example.
Another very interesting new lawsuit filed in "THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION"
Seeking "DECLARATORY AND INJUNCTIVE RELIEF" under the U.S. Constitution (not under HERA or not under any other laws like in other cases).
http://gselinks.com/Court_Filings/Rop/17-cv-00497-0001.pdf
One really needs to read the filing to understand how either HERA is totally messed up law or how conservatorship's interpretation and exercise of its authority violates basic tenets of constitution.
No doubt Judge Lamberth put blame on Congress for creating such laws.
Why are you mixing up "receivership" and "conservatorsip"?
You first quote HR 6521 about "Agency as receiver" then quote FnF quote "FnF 8K regarding the Conservatorship".
Whom are trying to fool?
Excellent point.
The problem is Courts legislate their own laws.
Judges "also" use congressional laws to justify what ever way they want to rule.
appeals court overruled this decision.
Rekcusdo, Thanks,
" We are talking about post NWS, after the gov made it clear they never intended to let the GSE shareholders recover."
We have to strictly go by law in these matters.
Gov/Tsy is a investor/creditor in private companies FnF based on private contract agreement and SPSPA is not a law. As per HERA all Gov agencies are prohibited from interfering in FnF conservatorship.
There are no official public announcements. Internal memos and deliberations or TV talking points are not official positions of the Gov.
Loose talk utterances have no legal standing.
Also no Gov official is authorized to make such official statements. Only FHFA or congress or courts can make such announcements.
Here is the article without paying.
http://www.nytimes.com/2009/06/27/business/economy/27tarp.html
GS paid $1.1B and MS paid $950M to buy back the warrants after 2008 bailouts.
So FnF warrants may be worth about $5B to $10B.
Thanks for your great efforts and recommendations to buy FnF shares.
The more you say against FnF, the recommendation becomes stonger.
They could not do it when FnF were under the covers of HankBenEd darkness during 2008 crisis.
They could not do it when FnF were under the covers of ObTimEd darkness during after 2008 crisis.
Can they do it now under DJT/SMnuchin/BCarson/MWatt bright sunlight?
Can they do it now after FnF have paid back all Gov money with interest?
Can they do it now after FnF saved the housing market and housing market booming?
These cronies did not know what they were talking.
Only FHFA has the authority to say that and decide that.
After that shareholders can challenge that decision in courts.
Forensic account clearly exposes these lies.
Rekcusdo,
Saying that whatever Gov does is legal and lawful, is 100% incorrect.
"Courts rule against Gov all the time" and even void/modify the laws.
Gov never told investors not to buy FnF shares. In fact Gov told that FnF shares will be valid and will have market value pre and post Conservatorship.
FnF still show all the common and pref shares in their financial reports.
Gov Bureaucrats or judges can not just rule on how much private company shares are worth. It is the market that is going decide on the value.
As per the original SPSPA, Gov investment was redeemable. But Tim and Ed ( may be BO) decided that Gov can do what ever it wants, even it is expropriation from private shareholder companies. Until SCOTUS decides on this nothing is final.
Shareholders best investment bet is SCOTUS will not rule to end the democracy, free market economy, Bill of rights and will not make a Banana Republic out of USA.
The greatest memorable quote is:
"The question in front of the Court was NOT whether investor made the right or wrong bet. Investors made the bet that the rule of law will prevail and this forms the basis for reasonable investment-backed expectation. In this country, everyone is entitled to win that bet." -
- Judge Brown
Clear proof that GSE Conservator is suffering from complex syndrome of psychopathic personality disorder, bipolar disorder (also known as manic-depression), schizophrenia, and multiple personality disorder (also known by its clinical name, dissociative identity disorder).
GSE Conservator needs to be committed to asylum to have mental condition properly diagnosed.
Once again you did not justify your unsolicited suggestion.
No that is not realism. The realism is based on facts.
Your facts are based on your agenda.
Give us the facts to justify your realism of 50/50 odds or better to keep it to one self.
No would have expected FHFA conservator to act in lawless manners even though as per Perry appeals court, HERA allows FHFA conservator to act in lawless manners.
"The question in front of the Court was NOT whether investor made the right or wrong bet. Investors made the bet that the rule of law will prevail and this forms the basis for reasonable investment-backed expectation. In this country, everyone is entitled to win that bet." Judge Brown
If conservator voids NWS and holds only original spspa as valid,
then how much capital FnF will be left with.
Sogo,
Ignore TCJ crap.
Agree, same thing with me.
CNN is just focusing on selective news items so as to damage credibility of DJT administration. CNN is acting like a opposition party.
The difference is who is telling the truth and who is lying.
The bias makes one side to tell truth that hurts other side.
In FnF case, infowar is telling the truth and MSM has lied about FnF since well before 2008.
Judge Steele (former) is the attorney for plaintiff.
Accounts look genuine.
There are 2 accounts
melwatt_FHFA, melvinwatt_FHFA.
Hope you guys will read in the proper context.
Did Gov lose 2/3rd of the cases against private entities?
The problem seems to be judges do not have the willingness to rule against Gov. If a private entity were to do the same, these judges would have given a big public speech admonishing the private entity and then long time along with bing penalty.
Why would these GOP lawmakers want to destabilize the economy and derail DJT plans to do something good for America?
These lawmakers had the very good chance to do same or worse during Obama administration with willing Obama and these lawmakers did not do anything about it.
this is another way to scare shareholders.
There is no explanation on how assets will vanish on merger.
The share holder cases have been already ruled as ripe.
It is better to have reasonable expectations from courts especially in FnF cases.
1. District courts presided by single Judge will never rule in favor private citizens and always in favor of Gov.
2. Appeals Courts presided by panel Judges may rule partly in favor of private citizens and partly in favor of Gov. But will never award damages against Gov.
3. Appeals Courts presided by enbanc Judges may rule favorably for private citizens but will never award damages against Gov.
4. SCOTUS Court may rule favorably for private citizens and remand to lower courts.
"FHFA would suspend and argue that the NWS agreement it entered into is not valid "
FHFA does not have to justify to anyone. Facts and Motives do not matter. FHFA can do whatever it wants to preserve and conserve FnF assets.
If Director Watt does what is right for conservatees, public, economy, taxpayers, shareholders, and rule of law and explain it to all, then who would oppose him. May be all law suits would become moot or go away. May be DJT will make him cabinet secretary.
Any contract agreement to be valid, the contract agreement should be compliant of all laws and should not violate any laws.
HERA does not impose duty of acting in the best interest of taxpayers on conservator because that is the duty of Tsy-sy. Original agreement violates laws because Conservator has duty to act in the best interest of conservatees and public and not taxpayers. Conservator is also complicit in
imposing huge paper losses to impose huge usury debt like burden and giving up 80% of assets when there were better options to manage the losses and finance the operations.
NWS is illegal as confirmed in congressional hearing. HERA authorizes FHFA to order review of all agreements modify or cancel.
It is naive to expect any sort of ruling in favor of private citizens in such cases that too in lower courts. Attorneys owe it to DOJ even long after they leave. It is human nature.
Why invest in FnF pref. when there are other much safer prefs are avilable?
Thanks for your efforts and recommendations to buy more commons.
Since Nov 4th, there is clear emerging pattern that, those who continue to oppose FnF are on the losing side. Most of those who worked in the administrations hatching plans against FnF, are now working for lobbying firms and associations without much powers and money. Some of these people opposing FnF have to start thinking about this.
Consevatorship has been wishful thinking for people opposing FnF, that keeping FnF under conservatorship with NWS will get them some thing like in a fishing expedition.
navycmdr,
None of these people are expecting DJT to do personal favors for supporting him. The best part in case of FnF is, these supporters want DJT to do what is good for rule of law, what is good for the nation and its people.
As for as loyalty is concerned it is not just with DJT, it is always mutual invariably with almost all people. To expect anything else would be uncharacteristics of human nature and would considered as bad human nature.
In case of FnF, all these people and other investors invested in FnF knowing 100% for sure that every law is on their side and there are no better alternatives than FnF business model. In 2008 FHFA/Tsy promised that FnF will be returned to private shareholders once the economy is stabilized and FnF are restored to safe and sound condition.
So there is nothing wrong in supporting DJT and expecting DJT to do what is good for rule of law, what is good for the nation and its people. It is patriotic thing to do for all these supporters.
capital...,
Common and Jr. preferred capital add to core capital.
Sr Capital does not add to core capital.