Fannie Mae-No Politics (FNMA)

[FFFacts]

For the Washington Federal case, September 6 2008. For all other cases, August 17 2012.

The commons traded below $7 on the day of the NWS, so Treasury's maximum liability is $7 per share plus interest in the Washington Federal case (for pre-conservatorship shareholders), plus whatever the prefs traded for at the time in aggregate. And that's only if the share prices go to zero.

What happens to the contractual agreement between the pref holders and the company as it relates to liquidation value?

Is $7/share still a baseline for a taking or illegal exaction claim even though direct claims were dismissed? If derivative claims were allowed to proceed in the CFC court, how does the share price matter? Would the market value based on the stock price of the companies when publicly traded matter or would an internal accounting be more precise? Is there any case law out there that shows a plaintiff was able to sue in the CFC derivatively and what the result of that case was?

the government's liability in a takings case is limited to what property owners lost (and not what the government gained)

What have the owners lost and what has the companies lost? Is there a difference?

This is where the spaghetti starts to get tangled.

The spaghetti is already tangled.

The commons closed at $0.30 the day before the NWS and $0.24 the day of, so any direct takings award based on only the NWS wouldn't cost Treasury a dime because the commons trade higher than that now.

When did the alleged taking or illegal exaction take place for the active cases in the CFC? Is it the day of the amenmenent to the NWS or can it be proven that it may have occurred sooner?

Therefore there are only two possible takings/illegal exaction dates: September 6 2008 (the date of conservatorship) and August 17 2012 (the date of the NWS).

As Wheeler and Sweeney both pointed out there cannot be both a taking under the 5th and an illegal exaction. Does the mere imposition of the conservatorship or an amendment determine the date of an alleged taking or illegal exaction?

For the Washington Federal case, September 6 2008. For all other cases, August 17 2012.

There can also not be a taking twice.