Hate to disillusion you, but I am way underwater on my FNMAS preferred shares, so I'm not doing any victory dance at common's expense. I haven't sold any, either, but I'm not buying anymore without some real developments or news from the courtside.
I have more time and DD invested in Fannie Mae than any other stock I ever owned or traded. I am frustrated no end at the delays, lack of progress and legal blockades that are keeping a normal resolution from being achieved. A LOT of the blame for lack of any payoff is the INSANE actions arising from the plaintiff cabal. Look at the # of motions filed regarding documents/discovery. The vast majority of them do not come from government, other than those objecting to more and more plaintiff groups stepping up to demand more and more documents. The lawsuit cavalcade has deluged the Sweeney court with document-related requests, each one of which bogs down the entire process. Then many of those same cases get dismissed, anyway. STUPID!
The government shares much of the blame for the Fanniegate saga. But so do the ghouls that insist this must head towards some mega-bonanza gain for them on shares bought at dirtbag prices."Oh, I was robbed. Woe is me, somebody stole my Fannie. I was victimized by a TAKING that only inflated my 25 cent shares to around $1.50 (6X return)." So much of the impasse is the result of self-inflicted stupidity and greed instead of any realistic investment objective.
Fannie and Freddie are now being held hostage by the penny flipper mentality that thinks every distressed stock will soon become the next American Airlines. Those are the hopes of broken dreamers that get buried, penniless, in Potter's Field.
JMHO.
