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Thursday, December 15, 2022 3:29:32 PM
If this Conservatorship / Bailout B.S. isn't overturned, we're all screwed, the Government then has a working model to seize any privately owned company.
Only FnF (and the FHLBs) are subject to HERA. It's HERA specifically that has frustrated all the court cases so far. Other companies are fine until and unless Congress passes a law allowing other companies to be put in conservatorship.
Who should really be afraid of this precedent is the TBTF banks. They have their own conservatorship language with respect to the FDIC, and FDIC as conservator has the same statutory authority to act in its own interests as FHFA does.
So this is why I keep buying, because failure to free Fannie and Freddie is not an option and I'm certain that this fight will be won.
Said another way: doing the right thing for the right reason and making a ton of money doing so.
Just beware of the Pyrrhic victory that a senior-to-common conversion would present.
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