Sunday, June 30, 2024 1:32:10 AM
Judge Lamberth and judge Sweeney called him "pro se". I call him Mr. Pro Se.
Clueless.
He thinks that, by filing frivolous lawsuits, he can negotiate a better deal for the battered JPS. This is why he's been filing new lawsuits every time one got dismissed. 4 in total.
Just like the attorney for Berkowitz, the almighty David Thompson, seizing control of other 4 cases (Bhatti, Rop, Collins, Robinson) and, since last week, another one was added with Wazee.
The fate of the JPS is already written. It's called fair value chart under the Separate Account plan, which is a normal Conservatorship carried out secretly, precisely, to allow the JPS holders to negotiate with their frivolous lawsuits.
(*)Chart assessed with a 6% discount rate.
Nowadays, stuck at their par value valuation with this overtime in the conservatorship (Freddie Mac JPS since one year earlier), thanks to the Incidental Power of the conservator, presumably because it wants to get rid of the AT1 Capital instruments (JPS) before the announcement by the Congress of a Privatized Housing Finance System revamp, chosen for the release in 2011 by the UST, at the request of the Dodd-Frank law.
Which is what it already did with the FHLBanks in 2016: "Membership cleansing".
That scenario is only possible with CET1 > 2.5% of Adjusted Total Assets.
Currently, after the redemption of the JPS, FnF could even resume the dividend payments with more than the minimum threshold of 25% of their Prescribed Capital Buffer (Table 8: Payout ratio).
Capital Buffer: amount above the minimum threshold Tier 1 Capital > 2.5% of ATA.
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