Author Topic: FNMA and FMCC preferreds. In search of the elusive 10 bagger.  (Read 3212290 times)

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11700 on: February 14, 2019, 09:16:23 AM »
Calabria seems extremely smart and forceful.  If confirmed, imo, he will drive the outcome leading both Tsy and Congress.  If he makes it in, I think he will check many of his libertarian leanings at the door in order to try to get things done.

I believe the original plan coming into this year was likely changed - rather than Otting get any ball rolling, the pushback from his taped comments and/or further clarification on the legal front post the 5th circuit session probably led to a pause.   Calabria is a black belt and thus would theoretically have more gravitas on any potential big actions vs. Otting.

I guess we now wait until either Calabria is voted on and/or the 5th circuit ruling.
« Last Edit: February 14, 2019, 09:24:02 AM by investorG »


cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11701 on: February 14, 2019, 10:40:51 AM »
Calabria seems extremely smart and forceful.  If confirmed, imo, he will drive the outcome leading both Tsy and Congress.  If he makes it in, I think he will check many of his libertarian leanings at the door in order to try to get things done.

I believe the original plan coming into this year was likely changed - rather than Otting get any ball rolling, the pushback from his taped comments and/or further clarification on the legal front post the 5th circuit session probably led to a pause.   Calabria is a black belt and thus would theoretically have more gravitas on any potential big actions vs. Otting.

I guess we now wait until either Calabria is voted on and/or the 5th circuit ruling.

I don't know if you are right about Calabria leading treasury, but in any event having a guy as fhfa director who believes the NWS is illegal (and an impediment to fixing GSEs) is a good thing

DRValue

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11702 on: February 14, 2019, 10:58:10 AM »
Anyone familiar with the timetable for when the confirmation vote will be? From the small amount I can find we're probably talking at least a month.
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Midas79

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11703 on: February 14, 2019, 11:36:52 AM »
I don't know if you are right about Calabria leading treasury, but in any event having a guy as fhfa director who believes the NWS is illegal (and an impediment to fixing GSEs) is a good thing

How do the court cases get affected once Calabria is confirmed? Having a FHFA director - who believes that the NWS is illegal - defend it in court seems odd. Wouldn't something have to give?

It's like Otting changing FHFA's mind about the constitutionality of its leadership structure, only much more profound because the NWS is the central issue in all the cases.
« Last Edit: February 14, 2019, 11:40:18 AM by Midas79 »

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11704 on: February 14, 2019, 12:04:17 PM »
I don't know if you are right about Calabria leading treasury, but in any event having a guy as fhfa director who believes the NWS is illegal (and an impediment to fixing GSEs) is a good thing

How do the court cases get affected once Calabria is confirmed? Having a FHFA director - who believes that the NWS is illegal - defend it in court seems odd. Wouldn't something have to give?

It's like Otting changing FHFA's mind about the constitutionality of its leadership structure, only much more profound because the NWS is the central issue in all the cases.

I have been thinking about that.  once Calabria is fhfa director, I don't know how he can tell fhfa attorneys to back off defending NWS without also causing the entire senior pref balance to vaporize...plus some $19B of overage paid to treasury.  so before he makes that move, all of the admin plan steps had better be "signed off" by everyone!

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11705 on: February 14, 2019, 01:02:55 PM »
I don't know if you are right about Calabria leading treasury, but in any event having a guy as fhfa director who believes the NWS is illegal (and an impediment to fixing GSEs) is a good thing

How do the court cases get affected once Calabria is confirmed? Having a FHFA director - who believes that the NWS is illegal - defend it in court seems odd. Wouldn't something have to give?

It's like Otting changing FHFA's mind about the constitutionality of its leadership structure, only much more profound because the NWS is the central issue in all the cases.

just because he said something a long time ago doesn't mean he'd act on it as FHFA director.  He walked back many things he wrote years ago in today's hearing.

investorG

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11706 on: February 14, 2019, 01:08:02 PM »
Calabria seems extremely smart and forceful.  If confirmed, imo, he will drive the outcome leading both Tsy and Congress.  If he makes it in, I think he will check many of his libertarian leanings at the door in order to try to get things done.

I believe the original plan coming into this year was likely changed - rather than Otting get any ball rolling, the pushback from his taped comments and/or further clarification on the legal front post the 5th circuit session probably led to a pause.   Calabria is a black belt and thus would theoretically have more gravitas on any potential big actions vs. Otting.

I guess we now wait until either Calabria is voted on and/or the 5th circuit ruling.

I don't know if you are right about Calabria leading treasury, but in any event having a guy as fhfa director who believes the NWS is illegal (and an impediment to fixing GSEs) is a good thing

it appears Crapo, Mnuchin/Phillips, and Calabria are somewhat close to each other regarding views.  That leaves the Democrats.  It's likely that if he is confirmed, Calabria - rather than Tsy - stands the best chance to get them on board and get something through Congress, which per their comments is the goal and permanent.   Why would the Democrats go along? perhaps because if they don't play nice then all those reassuring comments Calabria made to the Democrats today could go out the window and back somes Cato-calabria.  but this is all speculation, we'll see if he makes it through confirmation first.

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11707 on: February 14, 2019, 03:14:37 PM »
you might notice that in crapo's opening he did say that the conservator had a "mandate" to conserve and preserve

allnatural

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11708 on: February 14, 2019, 04:14:02 PM »
Calabria himself also said that "The powers of the conservator have to conserve the assets and preserve the assets of the companies' during the hearing. Seems like he still agrees w/ his paper.

you might notice that in crapo's opening he did say that the conservator had a "mandate" to conserve and preserve

muscleman

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #11709 on: February 14, 2019, 05:04:07 PM »
I rebuilt the position today in a few preferred series, though obviously not in FNMAS. (Otherwise it would make no sense to sell it yesterday.).