Fannie Mae-No Politics (FNMA)

[mrfence]

We've come a long way since then so now I do wish to see the terms of the orginal C-ship revisited as a taking from day 1 and I believe the tolling on that Taking was reset by the recent SCOTUS decision as Guido has pointed out. I'm unclear as to whether or not any of the currently active suits approach the original terms of the C-ship or have the capacity to be amended to include them. I do believe it's crucial to the purpose of arriving at an all inclusive just remedy to common owners of the GSE's as there was much more taken than dividends. From what I've gathered over the years, all the cash GSE's had at the 1st imposition of C-ship was sweep into a creative accounting black hole and most of the monies GSE's were forced to draw that they were to pay dividends on was used to buy known toxic mortgages from TBTF banks. Then of course the majority of these loans defaulted and these banks were sued for selling these unqualified liar loans in the first place. The suits were successful with total recovery in the billions that the Government kept instead of allowing it to be returned to the GSEs as it should have. So IMO, the whole C-ship charade was a creative way to steal by leaving the GSE's liable for the TBTF banking bailouts and that FnF never rightfully owed the treasury all the profits from the DTA's in the first place. Therefore, in absence of revisiting the original terms of C-ship takings, a remedy returning all taken after the 10% moment including a declaration that the SPS is paid in full with warrants voided would still leave the Government getting away with a large unaccounted for Taking.