Author Topic: FNMA and FMCC preferreds. In search of the elusive 10 bagger.  (Read 2803031 times)

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10930 on: December 04, 2018, 08:05:58 PM »
Collins case, Fifth Circuit en banc rehearing on January 23rd.


rros

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« Last Edit: December 06, 2018, 03:28:27 PM by rros »

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10932 on: December 06, 2018, 12:20:53 PM »
anyone else surprised a holder(s) of FNMAS wouldn't sell some @ 6.80 and buy some less liquid securities with the current 35-40pct liquidity (and a slight dividend) premium on the S shares?
« Last Edit: December 06, 2018, 12:27:30 PM by investorG »

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10933 on: December 06, 2018, 01:02:34 PM »
@IG. not surprised at all.  this is a special situation, event name.  most hedges etc who are in this will want as wide an exit door as they can find among the prefs in the event of an event

rros

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10934 on: December 06, 2018, 03:12:37 PM »
anyone else surprised a holder(s) of FNMAS wouldn't sell some @ 6.80 and buy some less liquid securities with the current 35-40pct liquidity (and a slight dividend) premium on the S shares?
Watt is shining his dance shoes.

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10935 on: December 07, 2018, 09:53:14 AM »
anyone else surprised a holder(s) of FNMAS wouldn't sell some @ 6.80 and buy some less liquid securities with the current 35-40pct liquidity (and a slight dividend) premium on the S shares?
Watt is shining his dance shoes.

it appears Emily was correct, Watt may end up a disappointment barring some last minute heroics.  Similar to the judges hiding behind the technicalities, he has refused to take material corrective action in deference to Congress even though a) based on his white paper he seems to be a GSE supporter and b) fixing the NWS doesn't preclude legislative solution(s).

Sunrider

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10936 on: December 07, 2018, 10:35:49 AM »
@IG. not surprised at all.  this is a special situation, event name.  most hedges etc who are in this will want as wide an exit door as they can find among the prefs in the event of an event

Hmm ... wondering if it makes sense to swap some FNMAS into FNMAJ - similar coupon but at 20% discount.... I presume there's no reason to think the different pref series will be treated differently if there is a deal / conversion / etc.?

Thanks!

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10937 on: December 07, 2018, 11:26:33 AM »
Rumor mill: Calabria to head FHFA, Otting to serve as interim.

https://www.insidemortgagefinance.com/imfnews/1_1500/daily/white-house-to-name-mark-calabria-to-head-fhfa-1000048717-1.html?ET=imfpubs:e11655:73599a:&st=email&s=imfnews

It appears that conservative economist Mark Calabria – presently serving on the staff of Vice President Mike Pence – will be nominated by the Trump administration to be the next director of the Federal Housing Finance Agency. Of course, it hasn’t happened yet. All this week we heard from a handful of Washington-based lobbyists and advisors who thought the announcement would come by the weekend. (So far, no.) But there’s a twist as well. The White House is expected to name Comptroller of the Currency Joseph Otting interim FHFA director, wearing two hats. It’s just a hop, skip and a jump from the OCC building to FHFA headquarters…

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10938 on: December 07, 2018, 12:28:16 PM »
turns out Otting is a Mnuchin boy.  from wikipedia:

"Otting was President, CEO, and a board member of OneWest Bank, N.A.,[14] from October 2010 until August 2015, when the bank merged with CIT Group, which purchased OneWest Bank for $3.4 billion, following regulatory approval.[15] He served as President of CIT Bank and Co-President of CIT Group from August 2015 to December 2015.[16]

At OneWest, he worked closely with the bank’s founder, Steven Mnuchin, who later became the U.S. Secretary of the Treasury.[17] Mnuchin led a group that purchased the California-based residential lender, IndyMac Federal Bank, FSB, on March 19, 2009, from the FDIC to create OneWest, FSB.[18] The FDIC established IndyMac Federal Bank, FSB, in 2008 when IndyMac Bank, F.S.B., failed.[19] OneWest Bank, FSB, converted to a national bank and was renamed OneWest Bank, N.A., in February 2014, as the bank transitioned from a residential lender to a full-service bank.[20]"

rros

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #10939 on: December 07, 2018, 12:32:32 PM »
Maybe they do the 4th with Otting while Calabria "inherits" the situation and appears cleaner.