Fannie Mae-No Politics (FNMA)

[Always wondering]

Discussion › Discovery and Litigation Updates › Iowa Court Room Video

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December 17, 2014 at 9:20 am #3352 REPLY

DPSIMS

Participant
31:30 – County of Sonoma – Judge Pratt talks about a tax levied by California on land-owners and Judge Wilkin said this was a violation. 9th circuit came along and made a ruling. Pratt took this as a message that Fannie and Freddie would not take any of these mortgages that had the tax into their portfolio. Is this demonstrative of the power of the conservator?

Defendent – Yes. Conservator made a business judgement. Certain types of loans were subject to a prior lien were excessively risky…

(Side note: Net worth sweep is a business judgement?)

December 17, 2014 at 9:23 am #3353 REPLY

DPSIMS

Participant
35:00 – Defendant says that the plaintiff claims the entities were not insolvent at the time the entities were placed into conservatorship. Defendant says that he will accept this, but later in the year, draws were made because the entities net worth dropped below $0.

(Side note: This seems like an opportunity for Cooper to say “gotcha” because the act of placing the entities into conservatorship actually caused them to book losses on the deferred tax assets.)

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Reply To: Iowa Court Room Video
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