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Replies to post #226953 on Fannie Mae-No Politics (FNMA)
Yahoo MB Nocki :
Sweeney's order - in plain English
There are three parts to Judge's order.
1. Government is ordered to produce ALL documents prior to 8/17/2012.
2, Parties are to propose date ranges for discovery beyond 8/17/2012 by June 23.
3. Parties are to propose scope of protective order by June 24 .
In short, the Judge rejects government's request for protective order as it stands and allowed discovery to continue for the portion that government currently agrees to, which is 8/17/2012. This is enough to gather documents to prove following in favor of the shareholders:
- FHFA had FNMA/FMCC earnings projections that favored recovery.
- FHFA conspired with Treasury to confiscate future profits to add to Treasury's general funds.
- FHFA conspired with Treasury to confiscate profits as dividends instead of applying payments to principal.
- FHFA conspired with Treasury to wind-down FNMA/FMCC against their statutory mandate as conservator.
- FHFA conspired with Treasury to wind-down FNMA/FMCC to hide any wrong doing.
- FHFA acted as an extension of the Treasury.
The judge also cancelled the next two meetings until July 16th. During this time, the judge will provide written order for the discovery of the scope and date range of the protective order. If a protective order is granted, then that might imply that FHFA is a government agency and the dividend sweep is illegal arrangement between the Treasury. If the protective order is rejected, then discovery continues past 8/17/2012 to date and scope as proposed by June 24th
So, for now the shareholders win and should celebrate tomorrow.
06/20/14 12:49 AM
