FNMA and FMCC preferreds. In search of the elusive 10 bagger.

[cherzeca]

An additional point to be made in connection with Collins cert petitions.  You need to add fairholme and wash federal to the mix. Based upon transcript it would appear that judge Sweeney will deny both motions to dismiss so even if Ps lose both Collins claims in scotus there would still be three trials before Sweeney and Lamberth sitting there next summer that would impede any capital raises. And it looks like Sweeney may be releasing her decision sooner than one might expect.

[emily]

“It is clear that Judge Sweeney has already made up her mind with so much discovery at hand. Nothing will change her opinion. Case not dismissed, NWS illegal, let’s now discuss if conservatorship was illegal in the first place and how accounting firms played into the politics and settled privately with few investors on the side rather than sharing the books for which they were paid for as an auditor.”

[emily]

“Sweeney’s, Chief Judge of  US Court of Federal Claims,  decision will be based on discovery and her writings will play a huge role in Scotus decision and other court cases. No need to reinvent the wheel for other courts when rendering their decision”

[cherzeca]

“Sweeney’s, Chief Judge of  US Court of Federal Claims,  decision will be based on discovery and her writings will play a huge role in Scotus decision and other court cases. No need to reinvent the wheel for other courts when rendering their decision”

this is actually an interesting point.  good for you Emily. you will recall in the collins en banc oral argument that govt tried to introduced its own version of facts and judge jones jumped down the govt lawyer's throat, saying on a motion to dismiss the Ps allegations must be accepted as fact.  govt repeated this trick in its cert petition to which Cooper & Kirk had to rebut in its reply. and in the fairholme oral argument in front of Sweeney, the govt lawyer referred to the record showing the GSEs were insolvent, and Cooper & Kirk having to say there is no record, there is only the complaint.

having judge Sweeney decide the motion to dismiss on the basis of discovery will be the first time in this GSE judicial saga that a judge has actually weighed testimony and evidence in connection with a decision.  this should be a helpful opinion for Ps to reference in the event SCOTUS grants cert.

[Luke 5:32]

Rule of Law Guy's post today on Tim Howard's blog: https://howardonmortgagefinance.com/2019/10/21/some-simple-facts/#comment-13752

[TonyG]

https://housingfinancestrategies.com/235-2/

Latest from Craig Phillips

[cherzeca]

https://housingfinancestrategies.com/235-2/

Latest from Craig Phillips

great post tonyG.  private citizen Phillips sounding very sane.  the choir is growing and getting into key

[Midas79]

https://housingfinancestrategies.com/235-2/

Latest from Craig Phillips

There are some very specific and relevant recommendations in there. What we need to ask is: how much of what Phillips is saying is just his view compared to what Treasury is actually thinking?

[onyx1]

https://housingfinancestrategies.com/235-2/

Latest from Craig Phillips

There are some very specific and relevant recommendations in there. What we need to ask is: how much of what Phillips is saying is just his view compared to what Treasury is actually thinking?

Phillips: "I also believe that there is not only consensus but complete cooperation between all the relevant parties, particularly Secretary Mnuchin and Director Calabria.  I am very supportive of the recommendations in the Treasury report and believe they are possible to achieve."

Sounds like they are all harmonizing Kumbaya.

[Luke 5:32]

Bloomberg Law quote...
https://news.bloomberglaw.com/banking-law/fannie-freddie-investors-should-be-paid-ex-treasury-aide-says

Fannie Mae and Freddie Mac’s existing shareholders should be compensated as part of any overhaul that ends U.S. control of the companies, according to a former top adviser to Treasury Secretary Steven Mnuchin.