Fannie Mae (FNMA)

[kthomp19]

Set the record straight.

I already did in this post. The contract language proves me right.

Judge Lamberth agrees with me. From page 16 of his unsealed ruling on summary judgment:

First, before the Third Amendment, the PSPAs and Treasury Stock Certificates prohibited the GSEs from paying down Treasury’s Liquidation Preference absent certain conditions that have never in fact occurred, and the Third Amendment did not change that.

Both Epstein and Hume are wrong about the seniors being repayable, either now or in the past.

It is highly unfortunate that Hume used an incorrect argument in his petition for cert. I hope that doesn't lead to the Supreme Court denying it.