With any proposal to NOW --- NOW -- make them an agency ---- I hope we (equity of any sort) can then AGAIN bring up the TAKING - and use Charter act or whatever and focus away from NWS which is where we lost
Just thinking out loud - that becoming an agency via a PAID FOR taking - is fine by me --- (That is GOV policy beyond me - but we should get paid some average of PPS for the three months prior to Paulson Bush taking us (and then three more Presidents or administrations equally guilty by lack of reversal !) GOV has the right to take my store to build a needed and approved highway on my plot - but they must pay for that when they take it. YES - I view all of this as a TAKING (if not defacto by now) without the quid pro quo required - payment to us for taking these profitable companies away from Equity ownership
The ongoing Common Equity Sweep not only is seen in the Income Statement posted yesterday.
Net Income Less the amount of SPS LP increased for free (10% and NWS dividends on SPS before) = Net Income Attributable to common shareholders
Thus, close to $0 EPS every quarter.
It's also seen in the other Financial Statement, the Balance Sheet, if it wasn't because it's missing both the $125B SPS LP increased for free, and its offset with $125B reduction of Retained Earnings account (Financial Statement fraud). Fannie Mae: There is always $121B SPS LP, when the real SPS LP oustanding as of December 31, 2023, including the one scheduled to be increased on March 31 that must show up as well, is $199B. Freddie Mac: The SPS LP stuck at $73B every quarter, when the real SPS LP outanding, including the one scheduled to be increased on March 31, is $120B.
As we can see in the Adjusted Net Worth activity table:
Another capital distribution, restricted, we consider that this Common Equity is held in escrow, in compliance with the exception "for Recap" in the Restriction on Capital Distributions (CFR 1237.12) and also with the FHFA-C's Rehab power: Put FnF in a sound and solvent condition, related to Capital levels. Because this payment existed and we are just legalizing. Carry out thanks to the FHFA-C's Incidental Power (Any action authorized by this section, in the best interests of FnF or the Agency): 3rd phase: "Just joking. Zing!" This is what the FHFA is interested in.
Sandra Thompson continues to peddle the lie about capital requirements met with "$125B Capital Reserve" (amount of Net Worth above the Capital Stock) that she sees on the Balance Sheet, in her written testimony in Congress last week. Enough reason to fire her for cause, because the FHEFSSA and her own ERCF state otherwise (they are met either with Core Capital, Total Capital, CET1 or Tier 1 Capital) By the way, once adjusted for the Financial Statement fraud mentioned, the Capital Reserve =$0 (All the Net Worth is SPS)
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