Author Topic: FNMA and FMCC preferreds. In search of the elusive 10 bagger.  (Read 3995040 times)

orthopa

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14640 on: February 21, 2020, 09:03:15 AM »
Found a copy of letter.


Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14641 on: February 21, 2020, 09:47:36 AM »
Found a copy of letter.

Thanks for posting!
"I have never seen a tombstone say 'I didn't work enough.' Nobody ever heard a Father say 'I held my kids too much'" Spend A Life by David Dunn, listen here: https://www.youtube.com/watch?v=QRYMn1mg8Ug&list=RDMMyUvxhGRUR3s&index=8

orthopa

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14642 on: February 21, 2020, 10:10:13 AM »
Mnuchin and Calabria basically said read our Treasury plan and we have no idea what we are going to do. Its been ~5 months since the last PSPA agreement and they are still "considering" changes.

All in all what a joke. Unless forced by courts these 2 seem not willing to act before the election. If Trump wins and nothing meaningful has been put in place I will highly consider reducing my position as that opens up another 4 year window of I dont knows, working with congress, and court appeals. Fuck that. At this point a lot of time and money has been spent/invested in this. From an investment standpoint urgency is the key that determines outcome and we can see there is none.

November and all that transpires before then cannot come soon enough.

allnatural

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14643 on: February 21, 2020, 11:30:44 AM »
Only silver lining is if we get the ruling we desire in Seila, shareholders get the remedy we want and it wouldn't be subject to any more appeals as its coming from SCOTUS. So pending further administrative action, the Seila ruling could be the "moment" we have been waiting for.

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14644 on: February 21, 2020, 11:54:36 AM »
How much detail of their intentions were you guys expecting them to give Congress? I didn't even bother to make a note of "response to Mark Warner & Co." in my list of upcoming events.
« Last Edit: February 21, 2020, 11:57:17 AM by Luke 5:32 »
"I have never seen a tombstone say 'I didn't work enough.' Nobody ever heard a Father say 'I held my kids too much'" Spend A Life by David Dunn, listen here: https://www.youtube.com/watch?v=QRYMn1mg8Ug&list=RDMMyUvxhGRUR3s&index=8

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14645 on: February 21, 2020, 12:43:45 PM »
this letter response was crafted for the D congressional recipients. many references to working with congress preference (knowing full well that is going nowhere) and saying we dont know what the future holds (and leaving out that there is a roadmap which they are pursuing...albeit slowly and with delays).  I would agree that if we get the seila holding we want in July, the handwriting will be on the wall...NWS is toast.  now, it would take awhile to process that through the 5th C and with the district court, but I really believe that will be sufficient political cover for M&C to proceed.

orthopa

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14646 on: February 21, 2020, 01:07:20 PM »
How much detail of their intentions were you guys expecting them to give Congress? I didn't even bother to make a note of "response to Mark Warner & Co." in my list of upcoming events.

I certainly didn't expect this to be the moment we have been waiting for. Just very tiring with the constant delays an extended timeline. I really do hope that legally their hand is forced or meaningful action takes place before election as a safe guard. If not we could again hear in Trumps victory parade that reforming FnF is a priority. Just like Mnuchin said going on 4 years ago. If their hand is not forced in some fashion it very well could take year(s) from now to get anywhere near par. FHFA took an extra 3 months just to hire a financial adviser. 3 months more for capital rule, then FnF advisor, then PSPA agreement, then consent decree etc, court appeals, etc etc.  There are many steps to come before we may see anywhere near par, a conversion or public offering.

Without a court ruling forcing their hand (hasn't happened yet in what 6 years?) and trump re elected we could be looking at years before this is all said and done. Maybe Im reaching full pessimism but there has been little to nothing suggesting that wont happen, and everything that has happened suggested it will.

I can also say now i misjudged for the worst Mnuchin and Calabria and actually believed what they said publicly in any relation to time line/expectation. You can throw in Otting too. Looking back that was big a moment and a turn for the worse in regards to timing, probably much more then we realized then and now. Shame on me and shame on all of us, as most wouldn't be in the trade if we didn't at least partially believe what they said.  If they continue to delay as they have, continue to vigorously defend lawsuits (how much more cover do you need?), and continue to lower expectations one has to think that Trump losing the election probably would allow the best/fastest outcome for shareholders.
« Last Edit: February 21, 2020, 01:24:48 PM by orthopa »

Jcmeg35

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14647 on: February 21, 2020, 01:36:30 PM »
I can understand the frustration given the public comments from the admin you site. Having said that, there has defiantly been tangible progress over the last year to start moving the ball forward, both on the legal and admin front.

While no doubt slower than we would all like, there for sure has been progress: published plan, more capital retention, hired FA, and new capital rule (hopefully by end of next month. All to say, tangible steps, and no longer just “talk”.

cherzeca

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14648 on: February 21, 2020, 03:25:57 PM »
How much detail of their intentions were you guys expecting them to give Congress? I didn't even bother to make a note of "response to Mark Warner & Co." in my list of upcoming events.

I certainly didn't expect this to be the moment we have been waiting for. Just very tiring with the constant delays an extended timeline. I really do hope that legally their hand is forced or meaningful action takes place before election as a safe guard. If not we could again hear in Trumps victory parade that reforming FnF is a priority. Just like Mnuchin said going on 4 years ago. If their hand is not forced in some fashion it very well could take year(s) from now to get anywhere near par. FHFA took an extra 3 months just to hire a financial adviser. 3 months more for capital rule, then FnF advisor, then PSPA agreement, then consent decree etc, court appeals, etc etc.  There are many steps to come before we may see anywhere near par, a conversion or public offering.

Without a court ruling forcing their hand (hasn't happened yet in what 6 years?) and trump re elected we could be looking at years before this is all said and done. Maybe Im reaching full pessimism but there has been little to nothing suggesting that wont happen, and everything that has happened suggested it will.

I can also say now i misjudged for the worst Mnuchin and Calabria and actually believed what they said publicly in any relation to time line/expectation. You can throw in Otting too. Looking back that was big a moment and a turn for the worse in regards to timing, probably much more then we realized then and now. Shame on me and shame on all of us, as most wouldn't be in the trade if we didn't at least partially believe what they said.  If they continue to delay as they have, continue to vigorously defend lawsuits (how much more cover do you need?), and continue to lower expectations one has to think that Trump losing the election probably would allow the best/fastest outcome for shareholders.

I as well did not appreciate how much more slowly this would progress in the politicized world of federal finance, as compared to a 6 month time schedule appropriate to a normal private recap.  at this point, I see either a light at the end of the tunnel or....
« Last Edit: February 21, 2020, 08:23:46 PM by cherzeca »

Luke 5:32

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Re: FNMA and FMCC preferreds. In search of the elusive 10 bagger.
« Reply #14649 on: February 21, 2020, 07:55:06 PM »
Freddie Mac adds Mark Grier to its Board of Directors
https://www.housingwire.com/articles/freddie-mac-adds-mark-grier-to-its-board-of-directors/
In late 2011, Grier led the $3 billion initial public offering of Prudential Financial, which was one of the largest IPOs in history at the time.
"I have never seen a tombstone say 'I didn't work enough.' Nobody ever heard a Father say 'I held my kids too much'" Spend A Life by David Dunn, listen here: https://www.youtube.com/watch?v=QRYMn1mg8Ug&list=RDMMyUvxhGRUR3s&index=8