A little more mainstream coverage / discussion -- http://video.cnbc.com/gallery/?video=3000617377
Mnuchin up next, on the 18th. I'm sure the GSEs will get discussed at length -- https://www.banking.senate.gov/public/index.cfm/hearings?ID=18B0F99C-2D7C-425D-875F-A0B40DB54207
Paulson, Blackstone Said to Back Plan for Freeing Fannie-Freddie -- https://www.bloomberg.com/news/arti...-said-to-back-plan-for-freeing-fannie-freddie
Here are the details on the Paulson/Blackstone proposal put out by Moelis. This projects Commons could be in the $9-13 range by 2018-2020. This has been near my projections as well. Long-term they could be significantly higher. My whole plan is to convert ~50% from Preferred to Common in this scenario. It's a really good read:
https://www.dropbox.com/s/mhoquf811tljksb/Safety-and-Soundness-Blueprint.pdf?dl=0
https://www.dropbox.com/s/mhoquf811tljksb/Safety-and-Soundness-Blueprint.pdf?dl=0
From earlier today. Proposes what many others have suggested, that F&F never needed a bailout to begin with so why the heck are they still in Conservatorship sending the Treasury all of their profits?
The Unsolved Case of Fannie Mae and Freddie Mac -- http://www.huffingtonpost.com/entry...e19e4b06bff911d7c75?ncid=engmodushpmg00000004
The Unsolved Case of Fannie Mae and Freddie Mac -- http://www.huffingtonpost.com/entry...e19e4b06bff911d7c75?ncid=engmodushpmg00000004
Big Win on the Remand today. Blue skies from here:
http://www.glenbradford.com/wp-content/uploads/2017/07/14-5243-1684471.pdf
Full opinion here:
https://www.cadc.uscourts.gov/internet/opinions.nsf/82D64389A0983CF585258160006833BC/$file/14-5243-1684473.pdf
"FHFA, like the FDIC before it, was given broad powers to enable it to respond in a perilous time in U.S. financial history. But with great power comes great responsibility. Here, those responsibilities and the authority FHFA received to address them were well-defined, and yet FHFA disregarded them. In so doing, FHFA abandoned the protection of the anti-injunction provision, and it should be required to defend against the Institutional and Class Plaintiffs’ claims."
Now we get to argue our contract rights, which should be Par for Preferreds. Surprised prices didn't jump more today. I imagine we see big buying through the end of the week.
http://www.glenbradford.com/wp-content/uploads/2017/07/14-5243-1684471.pdf
Full opinion here:
https://www.cadc.uscourts.gov/internet/opinions.nsf/82D64389A0983CF585258160006833BC/$file/14-5243-1684473.pdf
"FHFA, like the FDIC before it, was given broad powers to enable it to respond in a perilous time in U.S. financial history. But with great power comes great responsibility. Here, those responsibilities and the authority FHFA received to address them were well-defined, and yet FHFA disregarded them. In so doing, FHFA abandoned the protection of the anti-injunction provision, and it should be required to defend against the Institutional and Class Plaintiffs’ claims."
Now we get to argue our contract rights, which should be Par for Preferreds. Surprised prices didn't jump more today. I imagine we see big buying through the end of the week.
HUGE article from Gretchen. Some really damaging docs have been revealed. I believe we'll start to see the narrative switch in short-order following this information.
U.S. Foresaw Better Return in Seizing Fannie and Freddie Profits -- https://www.nytimes.com/2017/07/23/business/fannie-freddie-treasury-lawsuit.html
Docs here: https://www.nytimes.com/interactive...nt-policy-change-housing-rescue.html#document
U.S. Foresaw Better Return in Seizing Fannie and Freddie Profits -- https://www.nytimes.com/2017/07/23/business/fannie-freddie-treasury-lawsuit.html
Docs here: https://www.nytimes.com/interactive...nt-policy-change-housing-rescue.html#document
Got some decent coverage on CNBC today. Announcers tried swinging the conversation towards F&F getting involved in Rental market; however, Josh and Dick pushed the Fraud discussion. This is great:
http://www.cnbc.com/video/2017/07/2...tal-property-rafferty-capitals-dick-bove.html
http://www.cnbc.com/video/2017/07/2...tal-property-rafferty-capitals-dick-bove.html
More mainstream coverage today, this one from Rolling Stone:
Newly Released Documents Show Government Misled Public on Fannie/Freddie Takeover -- http://www.rollingstone.com/politic...sled-public-on-fanniefreddie-takeover-w494007
Josh Rosner is going to be on Closing Bell again today on CNBC. Hopefully they will give him a chance to discuss the accounting fraud and not how it affects the rental market.
Newly Released Documents Show Government Misled Public on Fannie/Freddie Takeover -- http://www.rollingstone.com/politic...sled-public-on-fanniefreddie-takeover-w494007
Josh Rosner is going to be on Closing Bell again today on CNBC. Hopefully they will give him a chance to discuss the accounting fraud and not how it affects the rental market.
This time CNBC allowed Rosner & Bove to discuss the fraud and theft a bit more:
http://www.cnbc.com/video/2017/07/2...ow-fannie-freddit-bailout-details.html?play=1
The truth is creeping out little by little. Get on the right side of the trade while there's still a few hundred % upside left.
http://www.cnbc.com/video/2017/07/2...ow-fannie-freddit-bailout-details.html?play=1
The truth is creeping out little by little. Get on the right side of the trade while there's still a few hundred % upside left.
New blog post from Tim Howard:
https://howardonmortgagefinance.com/2017/07/31/a-pattern-of-deception/
Freddie Earnings: 8/1
Fannie Earnings: 8/3
Let's see if we can get Watt to implement a capital buffer this week or if the perpetual dividends continue as the GSEs march closer and closer to Zero Capital.
https://howardonmortgagefinance.com/2017/07/31/a-pattern-of-deception/
Freddie Earnings: 8/1
Fannie Earnings: 8/3
Let's see if we can get Watt to implement a capital buffer this week or if the perpetual dividends continue as the GSEs march closer and closer to Zero Capital.
Big change in Freddie's 10Q wording:
Based on our Net Worth Amount of $2.6 billion as of June 30, 2017 and the Capital Reserve Amount of $600 million in 2017, our dividend requirement to Treasury in September 2017 will be $2.0 billion. If the Conservator declares a senior preferred stock dividend equal to our dividend requirement and directs us to pay it before September 30, 2017, we would expect to pay a dividend of $2.0 billion by September 30, 2017.
Based on our Net Worth Amount of $2.6 billion as of June 30, 2017 and the Capital Reserve Amount of $600 million in 2017, our dividend requirement to Treasury in September 2017 will be $2.0 billion. If the Conservator declares a senior preferred stock dividend equal to our dividend requirement and directs us to pay it before September 30, 2017, we would expect to pay a dividend of $2.0 billion by September 30, 2017.
Latest from Richard Epstein:
https://www.forbes.com/sites/richar...freddie-document-treasure-trove/#13dfed0a2905
https://www.forbes.com/sites/richar...freddie-document-treasure-trove/#13dfed0a2905
Prefs still cheap, Common could see $10+ over next 1-2 years. Enjoy the easy money and don't say I didn't tell ya so! 
This was the big tell since GOP generally hates F&F. Major tide shift:
https://prod-cdn-static.gop.com/med...ness+to+Government-Sponsored++Enterprises.pdf
This was the big tell since GOP generally hates F&F. Major tide shift:
https://prod-cdn-static.gop.com/med...ness+to+Government-Sponsored++Enterprises.pdf
We're almost to the finish line guys. Nice pop today. Much more to come for the Prefs. Hang in there a bit longer. Should see at least 80% of Par imo.
"Preferreds to be made whole or close to it"
https://www.bloomberg.com/news/arti...o-overhaul-fannie-and-freddie-come-into-focus
"Preferreds to be made whole or close to it"
https://www.bloomberg.com/news/arti...o-overhaul-fannie-and-freddie-come-into-focus
