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Tuesday, November 19, 2013 5:54:17 PM
Yes. We do not yet have verified opinion of what the US Treasury and FHFA will offer as a defense of their actions and inconsistencies in the application of the law governing the conservatorships.
It is the US Treasury that would be the single shareholder and the FHFA doing the immolating. The simple fact is that the conservatorship is a temporary status and it cannot be made into a permanent one. Thus, the law states, unequivocally, that the GSEs must remain private shareholding companies. There is no way around this provision. At all times, the FHFA and the US Treasury by law must adhere to the future release of the GSEs from the conservatorships in a safe and solvent condition and thereby preserve and conserve GSEs assets as mandated by law.
The allowing of the continued trade in GSE securities shows that the US Treasury and FHFA recognized and still recognize by law that these two GSEs are private shareholding companies and that they are not doing business as Fannie and Freddie with assets and liabilities on US Treasury's books.
Agreed. There is a war to be won.
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