Kimbrown
18 hours ago
Unfair SPSPA conversation will breach contract, breach good faith and fair dealing. If Government wants to get additional returns on the investment on GSEs, no matter Harris or Trump, rule of law and fairness should be observed, otherwise, more lawsuits will be filed, and government cannot get all the money it wants alone illegally.
Rodney5
19 hours ago
To anyone new to this discussion.
The Senior Preferred Stock Purchase Agreement is a contract between two government agencies, FHFA / Treasury, which Fannie and Freddie had no say so. The only legal contract is the one with the U.S. Congress, called the Charter Act. The Senior Preferred Stocks are illegal because the Stocks have an illegal commitment fee attached to it. This commitment fee has been referenced as a dividend.
Neither the Charter Act nor did HERA authorize the Treasury to charge a commitment fee on a line of credit to be paid by the Enterprise. The United States prohibition on assessment or collection of fee or charge to Fannie Mae, (section 304 Fee Limitation). Only Federal Reserve Banks are authorized to be reimbursed of fees, (section 309).
SEC. 304. SECONDARY MARKET OPERATION
Fee Limitation
Quote: “(f) PROHIBITION ON ASSESSMENT OR COLLECTION OF FEE OR CHARGE BY UNITED STATES.—Except for fees paid pursuant to section 309(g) of this Act and assessments pursuant to section 1316 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, no fee or charge may be assessed or collected by the United States (including any executive department, agency, or independent establishment of the United States) on or with regard to the purchase, acquisition, sale, pledge, issuance, guarantee, or redemption of any mortgage, asset, obligation, trust certificate of beneficial interest, or other security by the corporation. No provision of this subsection shall affect the purchase of any obligation by the Secretary of the Treasury pursuant to subsection (c) of this section.” End of Quote. Page 16
Only Federal Reserve Banks are authorized to be reimbursed of fees, (section 309).
SEC. 309. GENERAL POWERS OF GOVERNMENT NATIONAL MORTGAGE ASSOCIATION AND FEDERAL NATIONAL MORTGAGE ASSOCIATION
Federal Reserve Banks to Act as Fiscal Agents (Fannie Mae and GNMA)
Quote: “(g) DEPOSITARIES, CUSTODIANS, AND FISCAL AGENTS.—The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for each of the bodies corporate named in section 302(a)(2), for its own account or as fiduciary, and such banks shall be reimbursed for such services in such manner as may be agreed upon; and each of such bodies corporate may itself act in such capacities, for its own account or as fiduciary, and for the account of others.” End of Quote. Page 29
Link:
FEDERAL NATIONAL MORTGAGE ASSOCIATION CHARTER ACT
As amended through July 25, 2019
link: https://www.fanniemae.com/sites/g/files/koqyhd191/files/migrated-files/resources/file/aboutus/pdf/fm-amended-charter.pdf
The Federal statutes are the Charter Act, the Safety and Soundness Act of 1992, as amended by HERA, Administrative Procedures Act, and potentially the Chief Financial Officers Act.
None of the current litigation makes any claims of violation of these acts. They all challenge the actions of the Conservator and attempted to squeeze the APA and the 5th amendment takings into the Actions of the FHFA-C within the terms of the SPSPA. all have failed to this point.
SPSPA which is a contract. 4617f bars courts from questioning the actions of a conservator. The stockholders’ statutory claims are barred by the Recovery Act’s strict limitation on judicial review. See 12 U.S.C. § 4617(f).
The Plaintiffs have to prove the FHFA / Treasury broke the law. The Plaintiffs made no mention of Federal Statute.
JUSTICE BREYER told the Plaintiffs how to win. Quote: “Thank you. I think in reading this you could, with trying to simplify as much as possible, do you -- the shareholders' claim as saying we bought into this corporation, it was supposed to be private as well as having a public side, and then the government nationalized it. That's what they did. If you look at their giving the net worth to Treasury, it's nationalizing the company. Now, whatever conservators do and receivers do, they don't nationalize companies. And when they nationalized this company, naturally they paid us nothing and our shares became worthless. And so what do you say?” End of Quote, page 12
The link may not work anymore, the above statement was made and recorded in the transcript.
Link: https://www.supremecourt.gov/oral_arguments/argument_transcripts/2020/19-422_3e04.pdf
trunkmonk
19 hours ago
agree. its been so long and so many crazy lies and rumors and fantasies its almost impossible for anyone to believe PsKTCarneyCircusClowns and non shareholders. They distort the truth and take facts our of context and make their own reality, u know, Receivership type stuff even congress knows they cannot do back then. the worst offender of conservatorship was not even appointed, he was interim and just put there to do dirty work that is still to this day illegal and unconstitutional or whatever u want to call not compliant with HERA. They Hid 10,000 documents and called them classified so they could steal for Obamacare, and claimed it would destroy the economy if anyone knew. It was scum hiding their deeds in the darkness, and the ones still beating that Drum, supporting and defending it all with cap stack and commons to 10c, are just as guilty as sin
CatBirdSeat
2 days ago
IT’S TIME…
Glen Bradford , Seeking Alpha Hot Of The Press:
“Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) are two government-sponsored enterprises ("GSEs") that have been in conservatorship since September 6, 2008. Hank Paulson and Dan Jester led Treasury's efforts to seize the companies and restructure their balance sheets to inject capital via the SPSPA, an agreement that was put in place after they were put in conservatorship that relied on FHFA's discretionary accounting authority to write down GSE assets to support the narrative of the enterprises needing capital.
In a world where it surely becomes inadvisable to hold the enterprises captive in conservatorship when their net worth eclipses their ERCF capital requirements, and where the Republican Party at large supports the end of conservatorships, my strategy is to continue to accumulate the junior preferreds (OTCQB:FMCKJ) at a discount to their intrinsic value. Fannie and Freddie have more net worth than ever before in history and a stronger earnings profile than ever before in history. They are safer than ever before in history. The acting CEO of Fannie Mae indicated that someone doesn't know how to take a victory lap by ending the conservatorships. I couldn't agree more.”