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"SCOTUS made history endorsing a Conservator looting the Conservatee. Can US stand tall in future ? I think their names will be remembered."
Can any one predict when will it will breach another bottom resistance? Looks like after FnF ruling there is no resistance to abyss.
"sound familiar?"
Unfortunately only such people get revolving door appointments.
"Someone just made some progress on their 13+ year conservatorship, maybe if we were pop stars and not 'evil hedge fund guys/mortgage banksters' we could make some progress..."
When will crooked third political branch of Gov free FnF from mafia conservatorship.
"It wasn't a crapshoot for us. We understood the trends of the mortgage market so well that we could almost predict with a degree of precision when the market would default," he said."
Nobody could have predicted timing of financial meltdown, unless he knew the plot to impose conservatorship on FnF. Imposing conservatorship on FnF was a single most factor in shaking the faith financial markets and caused the meltdown.
In the FnF conservatorship saga, most lawless villains were from the Bo administration. Even though Gov portrays FHFA as an independent agency, it is totally controlled from outside. FHFA's independence was just a fake cover to insulate FHFA from judiciary.
Now FHFA is part of executive branch. Does it also mean that FHFA is no longer independent and not insulated from judiciary? Also does it apply retroactively from inception of FHFA?
"I don’t know if it is too late to challenge HERA or not."
It is never too late to do right things. It will put FHFA/Gov in defensive mode and compel FHFA/Gov to explain the lawless HERA it has created and used to rob/destroy the private shareholder companies.
"If you feel like there are no paths forward, selling may be your best choice."
It is not a lost case as long as FnF are profitable. Gov/FHFA or financial establishment or Home owners do not have any better alternatives. If they had any better alternatives then they would not have waited for so long after decades of underground planning and attempts. FHFA will terminate conservatorship after running out of options and may be it will happen soon.
"Seems like you have convinced yourself that we lose no matter what happens now."
It is better to be skeptical of any realistic relief from Judiciary under lawless HERA. Judges are politically motivated and conflicted along with their intrinsic pro-Gov bias. May be Jury trial will help to avoid these issues to some extent.
The best short term as well as long term resolution for FnF is to get rid of lawless HERA. Private investor will be hesitant to invest in core capital of FnF because of serious uncertainties/risks associated with lawless HERA.
One can be hopeful but not because of lawless HERA.
"The path we have taken has already been taken. What is the path forward?"
Plaintiff's attorneys have to do much better job of convincing the courts. If they had pursued constitutional challenge path then it would have taken much shorter time with better results. This is despite Judge Lamberth clearly hinting at it long time back.
The root cause is HERA. HERA violates very basic legal principles and constitutional principles. Unless plaintiff's attorneys challenge HERA itself, there is no judicial remedy for this case.
All the federal and state courts have ruled that all FHFA decisions are compliant with HERA. Then how the outright day time robbery by FHFA (Gov) is lawful? If Plaintiff's attorneys do not have answers to this question then they should compel FHFA and Courts to answer this question.
"SCOTUS made clear the prez controls FHFA"
Congress did not do its job correctly in creating HERA. SCOTUS also did not do its job in fixing HERA or sending it back to Congress.
It is the citizens who are paying the price even though slackers were paid to do good job.
"GOVT LOOTED Fan&Fred of ALL of their CAPITAL
- Tim Rood today on Yahoo Finance"
BTW Gov means it also includes Judiciary.
"It is not just the judicial system. Anyway, I propose an annual review by all the judges to the Justices in SCOTUS. Whoever is rated the poorest in 3 consecutive years is replaced."
Only monarchies, dictatorships and communist countries have life time tenures. Democracy does not function with life time tenures. First remove most senile life time tenure privilege. Life time tenure has done most harm than anything else for the country.
Then put term limits for top 2 tier court Judges. Make the position rotating and transferable after fixed term like 3-5 years.
With this system will start functioning normally.
"The media controls the narrative. This is not likely to get attention from anyone."
JosephS,
In this country good things happen more often than not so good things. There is no need to be skeptical about FnF case when facts and laws are overwhelmingly in favor of FnF and its shareholders.
But it needs right people to present this case and get the attention of the right people. Plaintiffs attorneys have not done good job for various reasons. Financial media, financial establishment, many revolving door bureaucrats, lawmakers and judges, and many crooks acted together to confuse one and all with fake facts and fake interpretation of constitution and various laws. Revolving door bureaucrats used every possible unethical means to mislead with false public promises and secret sinister plans.
Take a recent example of completely rotten FnF conservator withholding the favorable and crucial 2020 risks analysis results to peddle his bank like capital rules for FnF.
Plaintiffs attorneys should try to get rid of root cause of lawless conservatorship. That is, HERA (banking laws) forced on non-banking companies. HERA violates most basic legal principles and many constitutional principles.
"so - how does the court close its eyes to a violation of Roe V Wade (using the notion that this is complicated and different?)"
Currently there is no checks and balances on Judiciary.
The better option would be to have regular constitutional ratification process that should apply to all Judicial interpretation of constitution.
“What’s next?”
There needs to be public outrage over lawless Conservatorship and Judiciary support for it.
"White collar crooks and the court crooks gov the most corruption and lowlife coward than any other countries in the world. "
Fake conservatorship and the role of judiciary in supporting it will go down as the one of the lowest points in the history.
One can understand judiciary supporting fake conservatorship in times of crisis. How can judiciary justify its rulings even during normal times? How did maters of conservatorship of private companies become top national secrets?
Judiciary owes an explanation to all in its failure to protect the integrity of the constitution and the rights of people.
"We can all now understand why that comment period on the cap standard was nothing but a dog and pony show to throw people off. They misjudged the election outcome, and here we are. MC never heeded or commented much on those who did comment, so those who took the time to try and parlay a reasonable cap standard must be mad as hell after Layton's latest revelations.'
Plaintiffs can use such patterns of capricious conduct by FHFA conservator to harm FnF and its shareholders. Surely this has prolonged the pain for FnF and its shareholders and they need be compensated appropriately.
" He speculates that Director Calabria may have withheld the 2020 results, using Covid as a (weak) pretext, because they did not conform with the capital standard he was proposing, which had a “risk-based” requirement of more than 4.0 percent. I find it hard to argue with this interpretation, which Layton says “appear to show politics and ideology unduly distorting proper regulation.”
"
MC looks like rotten hypocrite who misled all.
"
;What a Board of Directors should be doing under Delaware law: https://t.co/RqMRREYodv @SheilaBair2013
— Trump Trade GSE Preferred (@IndependentFHFA) August 16, 2021
"we would not be the first victims of ego and incompetence"
May be. As long there are helpless and desperate people, there are con men to take advantage of them.
"I have asked several times about where the settlement money went and through which trajectory. "
May be FnF public relations on their web site can answer this question.
https://www.housingwire.com/articles/fhfa-director-mark-calabria-must-go/
FHFA Director Mark Calabria must go
He is undermining the system he has been charged to oversee
June 23, 2021, 10:25 am By David Stevens, CMB and Bill Cosgrove
Good article on misfit MC.
"CATO Institite lecturer on million dollar cap requirements for hot dog street vendors in NY.
"
LOL! MC is very capable of doing this.
"That he lied we know ------ just read the test score
The question - why and under whose direction if not his own agenda?"
May be the answer is not that complicated. The misfits try to prove their worth by doing stupid things.
MC proved himself to be a misfit for the FHFA Director position. MC was simply loose thinker or loose talker.
MC had great opportunity to build his career as a capable executive. Instead he chose to become stupid ideological leader by setting unrealistic goals.
"***BREAKING***THE SCOTUS OPINION IS IN VIOLATION OF THE LAW."
Almost all rulings supporting NWS robbery and Dictatorial powers of FHFA conservatorship are in violation of the universally accepted legal principles and well settled laws.
Does any one know why they take years to rule on FnF NWS robbery and Dictatorial powers of FHFA conservatorship?
Answer is simple. They need that much time to come up with legal sounding analysis to rule in support of NWS robbery. Why would need any one need years to rule on simple case of NWS robbery? Is there one person other than beneficiaries of NWS who will support NWS any where in the world?
"1) Why can Congress not use its template for rescue of Industry X, for industry Y?"
LOL, You seem to think highly of yourself. Anyway I do not want to prick your ego.
The question can not be any more naïve or contrived than this.
Read my posts about this topic, it is clearly explained.
My simple question for you, why there are separate regulatory laws for different industries?
"Listen to it yourself and make your own judgement on these scam GOVT Tarp
loans.
"
Jamie is still CEO of JPM bank. How will he say anything critical of bureaucrats or fed/ust or Gov policies? Did not JPM a beneficiary in the crisis?
"Bhatti Plaintiffs' grasping at straws. Without L2, it is clear to me that market concurs."
Can you please explain how?
clarencebeaks2,
Did you read the listed documents and validate the questions I have raised for using banking laws (HERA) to regulate, control and victimize specific non-banking companies (FnF) and FnF private shareholders?
BTW this raises another basic constitutional question, why target and victimize specifically FnF and its shareholders with banking laws (HERA) when it is ok to to regulate companies with similar lines of business with totally different laws?
"False. If HERA was a copy, it would be identical."
LOL, I wish, such one liners can be used to prove or disprove anything.
Are you saying that HERA and FDIC laws do not have any similarities?
If so what is the source law on which HERA is Based.
Please do some research and find out for yourself. You can post your own analysis to refute the fact the HERA is almost a copy of FDIC laws.
Court of appeals DC circuit uses word "Identical" as underlined in below references.
Here are some references:
1.
https://www.federalregister.gov/documents/2011/06/20/2011-15098/conservatorship-and-receivership
"Reflecting the approach in HERA, the rule parallels many of the provisions in the Federal Deposit Insurance Corporation (FDIC) receivership and conservatorship regulations."
2.
https://www.cato.org/sites/cato.org/files/pubs/pdf/working-paper-26_1.pdf
By Michael Krimminger and Mark A. Calabria
"Although a new statute, HERA was well-grounded in the long history of FDIC bank conservatorships. In fact, in adopting HERA, Congress virtually replicated the FDIA’s conservatorship and receivership provisions in part to provide comfort to stakeholders in two of the largest, and most important, U.S. financial institutions.6"
3. www.cadc.uscourts.gov/internet/opinions.nsf/66A4E1FEF4BB8401852580CE005620C3/$file/14-5243-1662090.pdf
Page 12 and 13:
"In language later copied word-for-word into HERA, FIRREA lists the FDIC’s powers “as conservator or receiver,” 12 U.S.C. § 1821(d)(2)(A)–(B), and it later lists the FDIC’s “[p]owers as conservator” alone, id. § 1821(d)(2)(D). Save for references to a “regulated entity” in place of a “depositoryinstitution,” the conservator powers delineated in the two statutes are identical."
"I don’t know that HERA is “banking law”. HERA covers Government Sponsored Entities, which is a term defined very specifically. At this time the GSEs under HERA are the Federal Home Loan Banks (FHLBs), FNMA and FHLMC."
FDIC laws are applied only to FDIC and Banks. HERA is copy of FDIC laws. There are so many articles about this. Plaintiffs, defendants and Judges have discussed this aspect. Please read DC appeal court's Perry ruling.
The most contentious NWS challenge is based on incidental powers of Conservators that is copied from FDIC laws.
"Whoever applied banking laws to insurance companies did not have a clear understanding of how insurance companies work or were just trying to cut corners."
Hank&co did have clear understanding. The nefarious plan was hatched with clear understanding. Calabria was part of the team and may be he is the one who should be held responsible for misusing banking laws to regulate non-banking companies.
Most lawmakers did not read or did not have good understanding of HERA. They did not understand that banking laws are being used to regulate non-banking companies.
Surprisingly Lower courts or even SCOTUS have not asked a single question on using banking laws to regulate non-banking companies or violation of basic legal principle that laws should be appropriate for type of business or industry.
Clearly most basic US/State constitutional rights of corporate FnF and its stakeholders have been violated with HERA. Attorneys for the plaintiff may be able to explain more on this question.
"But the eviction moratorium seems facially like another example of government overreach."
This is not just overreach. Even Joe was hesitant based on recent SCOTUS ruling but someone vetoed Joe.
"https://www.politico.com/amp/news/2021/08/09/judge-district-court-eviction-moratorium-biden-502828"
Did not SCOTUS also rule that unconstitutional laws and unconstitutional executive decisions are lawful in FnF case?
Under this precedence, Gov may ask judiciary to rule that let the affected Parties seek compensation under 5th amendment like FnF shareholders.
"No disagreeing with you but having been investing for almost 30 years I've seen plenty of reorg/restructure that have gotten rid of old shareholders and start new again."
This is a very old trick of loan sharks. They first burden the companies with the massive loans and then at most vulnerable time, cut off access to liquidity. This creates insolvency and creditors take control of the companies. Then creditors wipe out the existing shareholders.
But Hank&co used every trick and bureaucratic powers to make it worse for his adversaries (like Lehman, ML, AIG, FnF) and favor his cronies. Hank brazenly boasts about this in his book.
The big difference is loan sharks try the tricks within the framework of laws but Hank&co used banking laws (HERA) to violate framework of laws.
BTW what legal principles prevent Gov from using banking laws to regulate airlines or hospitals? The same legal principles should have prevented the Gov from using banking laws to regulate FnF (insurance companies). Unfortunately shareholders never understood the evil plans of Hank&co. Besides Hank&co mislead the shareholders with all kinds of false assurances.
Not sure why the attorneys for plaintiff have never challenged the use of banking laws (HERA) to regulate insurance companies (FnF). This is the heart of FnF conservatorship problem. Unless this blatant violation of legal principles is resolved, there is no judicial solution. Shareholders of Insurance companies can never get any justice under Banking laws.
"That's why they gave up their defence in SCOTUS. They tried to give in, hoping the SCOTUS would rule against them and fix their problem. But, SCOTUS was kind of "don't bother me. It is your problem. Fix it yourself". IMO."
It is not just that. Plaintiff's attorneys are not even challenging the root cause of all these problems. What would cost them to challenge HERA itself or what worst would happen if they challenge HERA?
Plaintiff's attorneys are beating around the bush hoping that something will come out.
Gov bureaucrats have merrily violated every kind of legal principle and laws and Plaintiff's attorneys are not able to explain this without calling bureaucrats as crooks.
"How we got to this place where middle bureaucrats can trump the constitution is beyond me. Everyone in DC should have term limits for service along with a total service limit so that we get new clowns every few years."
They extended rent moratorium knowing that it is unconstitutional but with the intention to buy the time in lengthy litigations.
During litigations many owners may incur losses and go bankrupt.
"I understand your argument, but they will never rule it the way you want. No lawsuit challenges HERA at this point."
That is the point. Plaintiffs are foolishly playing the devil's game and that is why plaintiffs have been losing in every case to the devil.
If HERA is not based on valid constitutional and legal principles then why plaintiffs are not challenging it to get it cancelled.
Will anyone agree if FDIC laws are applied to aviation business or hospitals? The laws should be appropriate for the business. In this case devils copied FDIC laws to create HERA but FnF are not banks. This is the heart of the FnF conservatorship problem.
Can not Collin's submit totally new questions to SCOTUS or add to their complaint?
"This is not an original thought."
If Gov wants to capitalize FnF with new fresh private capital then the options are very limited. If any thing is done at the cost of existing private shareholders then there is absolutely no hope of raising fresh private capital.
Any one of the Gov decisions like below rule out raising any new fresh private capital.
1. Continuation of Conservatorship
2. Continuation of any type of NWS including 4th amendment
3. Gov continuing the litigations with same old deceptive narratives and not settling all pending cases.
4. Not setting the SPS liquidation preference as fully paid
5. Exercising the warrants instead of allowing FnF to buyback.
6. Not compensating existing shareholders.
Why would any private investor want to put fresh money in FnF with any of the above decisions?
"just noting I think a blanket statement like that can not be backed up with facts"
Do you want legal proof? Just read all the court rulings in various cases including SCOTUS ruling. How can unconstitutional laws and unconstitutional executive decisions be lawful? Why judiciary is rewriting the laws and then ruling against plaintiffs? Why is judiciary using totally discredited FHFA deceptive narratives in its ruling?
Read the comments by the experienced legal experts. Most say litigating with Gov is like playing with loaded dices that favor the Gov always. Anyway it is the same story one can find all over the world. School children are indoctrinated to believe that all three branches are independent, but in reality all three branches work together to screw the common people.
"I would like to contribute the following opening Brief to all the coming lawsuits."
I would like to add few points. Plaintiffs should have presented these important points in their filings to SCOTUS to get HERA cancelled.
HERA is a copy of Banking laws that should not be used for FnF:
HERA is a copy of FDIC Laws that is used for banking business. FDIC laws are used to implement and regulate Federal Bank Deposit Insurance Corporation involved in insuring Consumer deposits with the bank. When FDIC acts as both bank deposit insurer and bank conservator it has valid contractual and legal standing to acts in its own interest to minimize its insurance business losses.
But FHFA is pure bureaucratic regulatory agency with no business functions and has no insurance or any financial interests in FnF. FnF are not banks and do not work with consumers or any consumer bank deposits. FnF are mono line insurance companies that buy loans from financial institutions and sell mortgage based securities. FHFA has no valid contractual or any standing what so ever to act in its own interest at the cost of conservatees.
So Court should rule that all HERA clauses as unconstitutional that fail on universally accepted legal and constitutional principles.
At least Court should rule that:
1. FHFA has no valid contractual or valid standing what so ever to act in its own interest at the cost of conservatees.
2. All HERA clauses that are meant for pure Banking business are unlawful because FnF are not banks. All these clauses violate universally accepted legal and constitutional principles.
"I would like to contribute the following opening Brief to all the coming lawsuits."
Will it make any difference to self serving judiciary? Judiciary always comes up with some excuses to rule in favor Gov.
Judges think that their main duty is to protect Gov from the people forgetting that founders created constitution based on checks and balances to protect people from Gov. Judiciary seems to be most unaccountable and insular branch of Gov.