Fannie Mae-No Politics (FNMA)

[obiterdictum]

Hi obiterdictum,

Hi Fully Diluted.

even though it's not very important, I'd like to respond to that line you made:

Calabria was not mentioned in the Collins et al. original complaint, reply briefs, or appeal to the 5th Circuit en banc. It seems that the Krimminger/Calabria working paper was retrieved by court clerks or panel judges.

Investors Unite held a Teleconference entitled "GSE Shareholder Litigation Update" on January 31, 2019. There, lawyer Thompson said the following at 22:53:

"...and his nomination[Calabria] was announced literally just a couple of hours before we put in our opening brief to the en banc panel and so we quickly pointed out and added a citation with the quote you know that this is an egregious violation of law the NWS was. The en banc court is aware of cat Calabria's views on this point."

Understood. Below is an abbreviated timeline.

~~~~~~~~

The 5th Circuit Court of Appeals issues a negative decision for Plaintiffs on 7/16/2018.

The Plaintiffs-Appellants file a petition for rehearing en banc (opening brief) on 8/2/2018.

The 5th Circuit affirmed a rehearing en banc for Plaintiffs-Appellants on 11/12/2018.

Mark Calabria was nominated for FHFA Director on 12/12/2018.

Oral Arguments were heard on 1/23/2019.

5th Circuit en banc decision was issued on 9/6/2019.

~~~~~~~~

Prior to 12/12/2018, the Kimminger/Calabria working was not mentioned, noted, or used in arguments in the Collins et al. original complaint, reply briefs, or appeal to the 5th Circuit en banc. It is not to be found.

An opening brief to an en banc panel was not filed on 12/12/2019. Thompson misspoke. The opening brief to the en banc panel was filed on 8/2/2018.

What Thompson most likely is referring to is a reference and note in a Supplemental En Banc Brief of Plaintiffs-Appellants submitted on 12/12/2018.

In the Table of Contents under Other Authorities is found this reference:

Michael Krimminger & Mark A. Calabria, The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles (Cato Institute, Working Paper No. 50, 2015), https://goo.gl/azRQTT

On page 44, there is Note 8 that states the Calabria agrees with the Plaintiffs interpretation without including a quote in the body of the brief or in an argument:

8 The President’s nominee to head FHFA after the end of Director Watt’s term also agrees with our interpretation. Michael Krimminger & Mark A. Calabria, The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles 50 (Cato Institute, Working Paper No. 50, 2015), https://goo.gl/azRQTT (“The conservator’s duty is to rehabilitate the Companies to a ‘sound and solvent condition’ by restoring their compliance with regulatory capital and other prudential requirements since the whole goal is to return the Companies to normal, operating businesses. Contrary to this fundamental requirement for conservators, the effect of the Net Worth Sweep is that the Companies will never be able to build capital, as both Treasury and FHFA have stated publicly.”). p. 44

This brief was overlooked and not included in the statement "Calabria was not mentioned in the Collins et al. original complaint, reply briefs, or appeal to the 5th Circuit en banc."

However, the statement "It seems that the Krimminger/Calabria working paper was retrieved by court clerks or panel judges." is incorrect and now corrected.

Collins et al. referenced and noted the Kimminger/Calabria working paper and the reference and note is likely to be the primary source of the en banc panel's clerks' and judges' knowledge of the working paper.

It is with amazing attention to detail and memory and good looking out to see and offer correction for my error.

Thanks Fully Diluted.

Source:
SUPPLEMENTAL EN BANC BRIEF OF PLAINTIFFS-APPELLANTS
http://www.glenbradford.com/wp-content/uploads/2018/12/17-20364-00514758699.pdf

Cat Calabria - not bad, Mr Thompson.
Please don't ask me what they all have with their cats...
Even though this may not contribute much to the outcome, it shows one thing: Calabria is one of the new internet influencers - pro cats.

GLTY

Sources:
Teleconference entitled "GSE Shareholder Litigation Update"
https://investorsunite.org/wp-content/uploads/2019/01/GSE-013119.mp3

Influencer tactics:

Street #CatsofCosenza in Calabria, spotted at least five in the pile pic.twitter.com/9it2wLQv8r

— Mark Calabria (@MarkCalabria) June 25, 2019

He seems to enjoy talking and shining lights on his past, current and future achievements.

Obit
GLTY2