Author Topic: FNMA and FMCC preferreds. In search of the elusive 10 bagger.  (Read 1944806 times)

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9160 on: January 13, 2018, 11:10:25 AM »
A copy of Judge Sweeney's scheduling order entered this afternoon is attached to this e-mail message.  Judge Sweeney directs that (a) amended complaints be filed by Feb. 22; (b) motions to dismiss be filed by June 22; (c) responses be filed by Sept. 20; and (d) the government's reply be filed by Dec. 19.  Judge Sweeney's order also denies without prejudice the government's supplemental motion to dismiss (Doc. 161) that attempted to segregate shareholders based on the dates they acquired their shares.


question: a big if, but if they move on something legislatively or administratively in 2018, is it viable that the govt wouldn't have to settle lawsuits such as the one above in conjunction with such a move? or theoretically the govt could just act with a legal overhang?


cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9161 on: January 13, 2018, 01:22:50 PM »
A copy of Judge Sweeney's scheduling order entered this afternoon is attached to this e-mail message.  Judge Sweeney directs that (a) amended complaints be filed by Feb. 22; (b) motions to dismiss be filed by June 22; (c) responses be filed by Sept. 20; and (d) the government's reply be filed by Dec. 19.  Judge Sweeney's order also denies without prejudice the government's supplemental motion to dismiss (Doc. 161) that attempted to segregate shareholders based on the dates they acquired their shares.


question: a big if, but if they move on something legislatively or administratively in 2018, is it viable that the govt wouldn't have to settle lawsuits such as the one above in conjunction with such a move? or theoretically the govt could just act with a legal overhang?

i would answer this way:  1) mnuchin is a banker who is used to seeing hair (litigation risk) on transactions...and what you do when you are an experienced banker is remove the hair as/when you do the deal; 2) congress folks are less experienced with large transactions and will not have a clue as to the need to eliminate the hair when they want to do the deal...in fact, congress isnt even aware that GSE reform is a deal, not just a bill.

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9162 on: January 13, 2018, 03:28:58 PM »
Thursday, January 18, 2018    12:00 PM - 1:30 PM EST   
Craig Phillips will discuss the state of financial regulation and housing reform in the Trump Administration.  He will give the Administration’s views on the best path forward.

http://www.whfdc.org/index.php?option=com_jevents&task=icalrepeat.detail&evid=42&Itemid=115&year=2018&month=01&day=18&title=financial-regulation-and-housing-reform-in-the-trump-administration-a-public-policy-luncheon-with-craig-phillips-counselor-to-the-secretary-us-department-of-the-treasury&uid=ac32398b1890bc28d64a3c2c708b76e8
« Last Edit: January 13, 2018, 03:37:24 PM by Luke 5:32 »
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investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9163 on: January 14, 2018, 05:47:26 AM »
Thursday, January 18, 2018    12:00 PM - 1:30 PM EST   
Craig Phillips will discuss the state of financial regulation and housing reform in the Trump Administration.  He will give the Administration’s views on the best path forward.

http://www.whfdc.org/index.php?option=com_jevents&task=icalrepeat.detail&evid=42&Itemid=115&year=2018&month=01&day=18&title=financial-regulation-and-housing-reform-in-the-trump-administration-a-public-policy-luncheon-with-craig-phillips-counselor-to-the-secretary-us-department-of-the-treasury&uid=ac32398b1890bc28d64a3c2c708b76e8

predictions from the big brains here on this board?

i'm guessing at this point he's got to mention more than the standard 'protect taxpayer and 30yr mortgage' line.  but I doubt he goes into deep specifics.   so I expect somewhere in the middle where he touts or refutes some specific concepts like:  explicit govt guarantee, multiple guarantors (i.e. competition), utility model, ginnie mae wrap role, and possibly how the transition to the new system works.  he'll likely reiterate their desire to go through congress.

I don't think he'll mention warrants in a positive light; at a minimum it's optically best to put proper policy above warrants as the driver of reform.

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9164 on: January 14, 2018, 05:49:37 AM »
A copy of Judge Sweeney's scheduling order entered this afternoon is attached to this e-mail message.  Judge Sweeney directs that (a) amended complaints be filed by Feb. 22; (b) motions to dismiss be filed by June 22; (c) responses be filed by Sept. 20; and (d) the government's reply be filed by Dec. 19.  Judge Sweeney's order also denies without prejudice the government's supplemental motion to dismiss (Doc. 161) that attempted to segregate shareholders based on the dates they acquired their shares.


question: a big if, but if they move on something legislatively or administratively in 2018, is it viable that the govt wouldn't have to settle lawsuits such as the one above in conjunction with such a move? or theoretically the govt could just act with a legal overhang?

i would answer this way:  1) mnuchin is a banker who is used to seeing hair (litigation risk) on transactions...and what you do when you are an experienced banker is remove the hair as/when you do the deal; 2) congress folks are less experienced with large transactions and will not have a clue as to the need to eliminate the hair when they want to do the deal...in fact, congress isnt even aware that GSE reform is a deal, not just a bill.

ok, thanks.  if i'm a congressperson, like tom cotton questioned, i'd like to have some conclusion on any large legal compensation overhang before signing off on a deal.  it's wild the courts take so long.

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9165 on: January 14, 2018, 06:05:12 PM »
Thursday, January 18, 2018    12:00 PM - 1:30 PM EST   
Craig Phillips will discuss the state of financial regulation and housing reform in the Trump Administration.  He will give the Administration’s views on the best path forward.

http://www.whfdc.org/index.php?option=com_jevents&task=icalrepeat.detail&evid=42&Itemid=115&year=2018&month=01&day=18&title=financial-regulation-and-housing-reform-in-the-trump-administration-a-public-policy-luncheon-with-craig-phillips-counselor-to-the-secretary-us-department-of-the-treasury&uid=ac32398b1890bc28d64a3c2c708b76e8

predictions from the big brains here on this board?

i'm guessing at this point he's got to mention more than the standard 'protect taxpayer and 30yr mortgage' line.  but I doubt he goes into deep specifics.   so I expect somewhere in the middle where he touts or refutes some specific concepts like:  explicit govt guarantee, multiple guarantors (i.e. competition), utility model, ginnie mae wrap role, and possibly how the transition to the new system works.  he'll likely reiterate their desire to go through congress.

I don't think he'll mention warrants in a positive light; at a minimum it's optically best to put proper policy above warrants as the driver of reform.

this is a very small potatoes venue and event to make a big beef announcement

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9166 on: January 14, 2018, 06:47:40 PM »
Thursday, January 18, 2018    12:00 PM - 1:30 PM EST   
Craig Phillips will discuss the state of financial regulation and housing reform in the Trump Administration.  He will give the Administration’s views on the best path forward.

http://www.whfdc.org/index.php?option=com_jevents&task=icalrepeat.detail&evid=42&Itemid=115&year=2018&month=01&day=18&title=financial-regulation-and-housing-reform-in-the-trump-administration-a-public-policy-luncheon-with-craig-phillips-counselor-to-the-secretary-us-department-of-the-treasury&uid=ac32398b1890bc28d64a3c2c708b76e8

predictions from the big brains here on this board?

i'm guessing at this point he's got to mention more than the standard 'protect taxpayer and 30yr mortgage' line.  but I doubt he goes into deep specifics.   so I expect somewhere in the middle where he touts or refutes some specific concepts like:  explicit govt guarantee, multiple guarantors (i.e. competition), utility model, ginnie mae wrap role, and possibly how the transition to the new system works.  he'll likely reiterate their desire to go through congress.

I don't think he'll mention warrants in a positive light; at a minimum it's optically best to put proper policy above warrants as the driver of reform.

this is a very small potatoes venue and event to make a big beef announcement

possible. or it could be done in conjunction with a ft opinion article.

craig phillips has had a year to work on this, and it's a subject he knows like the back of his hand.  with tax reform over, they are overdue to spill some beans.  this could well be a material week one way or the other.

Eye4Valu

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9167 on: January 14, 2018, 08:25:32 PM »
Is he going to mention the shoddy mortgages he sold them while at MS?

emily

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9168 on: January 17, 2018, 10:00:40 AM »
Warrants exercise may be the only sure bet to fix GSE’s.   What is the possible highest price they can get on warrants? It could fund infrastructure, border wall and avoid shutdown?

Jtimothyhoward January 11, 2018 at 4:58 pm
One word: warrants.
https://howardonmortgagefinance.com/2017/11/30/the-economics-of-reform/#comments

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Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #9169 on: January 17, 2018, 12:52:45 PM »
https://www.bloomberg.com/news/articles/2018-01-17/fannie-freddie-regulator-calls-for-utility-mortgage-guarantors
In a proposal obtained by Bloomberg News, Federal Housing Finance Agency Director Mel Watt wrote that he and agency staff believe the mortgage market should be supported by shareholder-owned utilities with regulated rates of return and an explicit government guarantee of mortgage bonds.

« Last Edit: January 17, 2018, 01:05:12 PM by Luke 5:32 »
You are willing to give your life, if necessary, to protect a stranger... me, my bride, each one of our children. For that I thank you every single day, veterans. And I consider you a friend. "Greater love has no one than this, that someone lay down his life for his friends." John 15:13