Replies to post #310207 on Fannie Mae-No Politics (FNMA)

[955]

11:45 Treasury still taking every penny - conservator-ship is supposed to be temporary but in next month it will be seven years - shareholders are suing in two jurisdictions for net sweep - shareholders are taking discovery - we do not have access although we are getting access- it sounds like Fairholme found that the Govt knew Fannie and Freddie were becoming profitable before net sweep decision - in other case, we think its a strong case - eight parties are in the brief including us - many important parties including FDIC official who says net sweep overturns 80 years of prior precedent - also net worth sweep could dry up the markets - Tim Howard ex-CFO says the accounting decisions forced upon Fannie were the cause of the net sweep.

DC circuit dealing with Fairholme has suspended briefing - this should be good for shareholders - many positive developments during Q

http://www.valuewalk.com/2015/08/pershing-square-conference-call/99999/