Author Topic: FNMA and FMCC preferreds. In search of the elusive 10 bagger.  (Read 2803122 times)

Midas79

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11210 on: January 11, 2019, 12:36:08 PM »
good post - this missed the point though - the point is - if legacy shareholders can be wiped out based on lies - whats to stop them from doing the same thing to new buyer? The gov't holds all the cards and could 0 you out the day after your check clears based on the history here - that's the point.

Not quite. If people had any idea that an NWS-like event was eventually going to happen, they would have challenged the conservatorship within the 30-day window provided for by HERA back in 2008. I'd bet anything that if FHFA tried that again they would be flooded with lawsuits, discovery requests, etc.

Now, the risk of another huge downturn and shares going to zero is still clear and present, but all that's going to do is lower the share price of the secondary offering, not keep everyone away entirely.


rros

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11211 on: January 11, 2019, 12:57:24 PM »
He should spend time taking care of his health and praying to god to forgive his sins. But he keeps committing more sins.. some never learn.
https://www.mortgagemedia.com/opinion/former-fha-commissioner-reform-before-recapitalization
So it's not really about reform anymore. Nor the housing market. Neither about the 30 Y mortgage, affordable housing or the Trust Funds. What it is really desperately about -as it is finally coming out for the world to see- is reviving Obama's old war against vulture capitalists.

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11212 on: January 11, 2019, 04:34:50 PM »
The attached could prove interesting.  Can't wait to read their filing on Monday.  FHFA requested and was granted an extension to this upcoming Monday to file a supplemental en banc brief in the Fifth Circuit because "[t]his case raises significant issues of interest to FHFA's new leadership [and] FHFA’s new leadership requires additional time to review the issues presented in the case and to evaluate FHFA's positions."


ValueMaven

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11213 on: January 11, 2019, 05:04:38 PM »
how so Luke?

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11214 on: January 11, 2019, 05:24:56 PM »
how so Luke?

Otting evaluating FHFA's position makes it possible (I'd say highly probable) that FHFA's position will change in a meaningful way.

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11215 on: January 11, 2019, 05:52:00 PM »
how so Luke?

Otting evaluating FHFA's position makes it possible (I'd say highly probable) that FHFA's position will change in a meaningful way.

maybe yes, maybe no.  remember, this is Otting's filing on behalf of FHFA, not the lawyers representing fhfa.  Otting may simply have asked fhfa lawyers for a look at the brief being submitted in his name as acting director, and the lawyers may have said, ahem, it is due today, and Otting simply said get an extension so I can at least read it over the weekend.

I expect there will not be any changes.  while I think Otting will have an effect on fhfa, I doubt it will be by red pencilling this brief.

edit: another reason I don't expect any change is that argument is in only 2 weeks, and the court en banc was insistent that filing deadlines be met...so that the extension could be only for the weekend and another will likely not be granted.  I don't know that Otting can read this brief, talk to his lawyers and get lawyers to change brief in 48 hours...happens all the time on Wall Street but much less in DC
« Last Edit: January 11, 2019, 06:05:23 PM by cherzeca »

emily

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11216 on: January 11, 2019, 06:00:41 PM »
This is huge. Otting may simply say that FHFA agrees with court’s decision that it is not an independent agency. Only thing left  to discuss in en banc hearing  would be NWS. It is actually an easy way out for FHFA to resolve this legally, would it not? They do not have to take political heat, not that he cares.

how so Luke?

emily

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11217 on: January 11, 2019, 06:02:12 PM »
Why have both preferreds and commons (especially FNMAS, FMCKJ) moved much higher after so much news? What else is market waiting for?

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11218 on: January 11, 2019, 06:04:49 PM »
how so Luke?

Otting evaluating FHFA's position makes it possible (I'd say highly probable) that FHFA's position will change in a meaningful way.

maybe yes, maybe no.  remember, this is Otting's filing on behalf of FHFA, not the lawyers representing fhfa.  Otting may simply have asked fhfa lawyers for a look at the brief being submitted in his name as acting director, and the lawyers may have said, ahem, it is due today, and Otting simply said get an extension so I can at least read it over the weekend.

I expect there will not be any changes.  while I think Otting will have an effect on fhfa, I doubt it will be by red pencilling this brief.

ValueMaven, I recommend placing infinitely more weight on cherzeca's (Christian) comments than mine when it comes to legal matters.  That is definitely not an area of expertise for me, and it certainly is for Christian. 

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11219 on: January 11, 2019, 06:17:30 PM »
as I posted a bit earlier, I doubt this will result in a meeker fhfa brief.  but I am sure this has fhfa counsel (Arnold & porter) shitting in their pants.  all prior briefs were likely delivered on a courtesy copy basis to watt who never read them.  they sent over a courtesy copy this time to Otting and Otting asked how long do I have to read this.  and counsel said, excuse me, you want to read it? and Otting said, of course, it is being filed under my name as acting director. then counsel said, gee, well, um, it is due today.  and then Otting likely ripped counsel a new one.

maybe this happened, maybe it didn't. but if I were a betting man....