trunkmonk
5時間前
other then warrant that most here (but not me) HATE --- how would Treasury get a dime? thats where the KTCarneyCorkerClowns are all wrong and very confused, we dont hate them, they cant be exercised legally, actually we will get good money with or without exercising, if they do, we win all dat money plus pain and time value of money in court. its the time we hate, not the concept. And who says Treasury get a dime after taking more then they were owed, fact is when truth comes out, they took millions for unrelated Government functions. SPSA was illegal according to HERE, there is not one step or second of conserve in that order by SM, it was death spiral financing after extortion and loan sharking, none of them are legal under HERA, at least any normal thinking non hate filled human would interpret it.
Sammy boy
8時間前
Well said, we have something in common, 1 post. per day. This site is in the same company of MSNBC, CNN, old Twitter, Alexa, Canada, Yahoo, FB, Google…..
You say anything about the Pro Trump Truth they penalize you. Falkem !
Rodney5
8時間前
Vancmike, I appreciate you and everyone that is helping our cause.
Where is "maximize profits for taxpayers" written in the Charter Act? Specifically, in this provision entitled Fee Limitation of the United States:
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
NeoSunTzu
9時間前
I agree with those who say if Bessant is good enough for Ackman he is good enough for us. But just remember, a lot of moles made it into the previous Trump admin, and D.C. is infested with them. The other side will not just cower and obey. I'm positive his team will be better this time around, but perfection does not exist. All eyes on Bessant now and what the market thinks over the ensuing days and weeks.
I get one post per day and none of the emoji privileges. There are many great posts I would like to upvote and comment on, but until someone takes me out of the prison Wise Man put me in there's nothing I can do.
Best of luck to us all; it has been a long time coming and current shareholders deserve what a proper conservatorship would have brought them given all we know these companies, their business model, and their market function have properly done before, during, and after the crisis to provide a stable, safe, mortgage market AND bankroll the treasury to fund the rest of the Wall Street /big bank bailout - all while that very financial "establishment" was out to destroy them from the very beginning of the take down.
And one last thing concerning some of the comments prospective players on our side have spoken about in the press .... asking government lawyers about legalities regarding exiting c'ship with the existing commitments ... that's like asking your wife what you can spend your paycheck on - the very money you earn through your own labor ... just plain nonsense D.C. speak ...
Vancmike
9時間前
Rodney,
I always enjoy your well thought out posts. I have saved many for future reference. As you, I have written letters to Senators and Congressman. I am currently working on another letter. A couple of questions please, if I may;
1. In your post "For the purpose of a new lawsuit, that any district court has jurisdiction over, by reason of Federal Statute" Would you provide a link or reference to this statute?
2. May I send your letter regarding history as an attachment.
Thank you for all you do.
Rodney5
13時間前
mrfence, The companies were forced to write down the Deferred tax assets to make them appear bankrupt. Yes, I understand.
The day of the take down Fannie Mae’s core capital of $47.0 billion and Freddie Mac’s core capital of $37.1 billion Totals $84.1 billion. This amount of core capital remained with the companies until the illegal commitment fee started sucking shareholders money into the dark hole of the Treasury. This continues until massive profits were foreseen by the Treasury coming in to the companies as net profit. At this time Treasury implemented the Net Worth Sweep. From the point in time of the start of the collection of the illegal commitment fee until the companies were allowed to retain earnings a total of $301.1 billion was sent to the Treasury.
$181.4 billion Fannie returned to Treasury. Form 10K Dec 31, 2023. Page 9
$119.7 billion Freddie returned to Treasury. Form 10K Dec 31, 2023 Page 5
Total $301.1 billion
For the purpose of a new lawsuit, that any district court has jurisdiction over, by reason of Federal Statute, the Treasury owes the companies the overage payment on total draws in the amount of draws $191.4 billion, the overage payment $109.7 billion, plus compounded interest; (recommended interest payment at a compounded rate of return 10%, in conjunction with the amount the FHFA recommended to the Treasury).
Under the funding agreement the Treasury paid to Fannie $119.8 billion Form 10k December 31, 2023 page 8
Under the funding agreement the Treasury paid to Freddie $71.6 billion Form 10k December 31, 2023 page 5
$191.4 billion total draws from Treasury
Link below to previous writing of explanation of reason for: With a 8-0 jury verdict and former FHFA Director saying the Treasury has been paid in full.
The calculation includes both companies and the calculation starts at the point in time when the Net Worth Sweep was implemented. Calculation of interest payments the Treasury owes Fannie and Freddie Shareholders.
Note: the interest calculation does not include the space in time from the start of the illegal commitment fee period up to the NWS. This amount should be calculated and added to the total amount of interest calculated below.
$301.1 billion sent to the Treasury.
Treasury draws totaling $191.4 billion
Difference of $109.7 billion the Treasury owes to the Shareholders in over payments.
August 17, 2012, Treasury and FHFA agreed to amend the PSPAs, changing the 10% dividend into a “Net Worth Sweep.” The Net Worth Sweep required Fannie Mae and Freddie Mac to pay the full amount of their net worth to Treasury every quarter. FHFA Director DeMarco, this non-elected bureaucrat, has been allowed to steal the companies for the Treasury.
From 2012 to 2024
At a compound annual growth rate of 10% on amount Treasury owes Shareholders $109.7 billion. The interest at the rate of 10% on $109.7 billion calculates within a 12 year period of time in the amount of $344.29 billion in interest.
Principal of $109.7 billion plus $344.29 billion in interest = $453.99 billion
The Treasury owes the Shareholders $453.99 billion
Compound Interest Calculator
Initial investment $109.7 billion, length of time in years 12, interest rate 10% annually.
Link to calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175427788
RickNagra
18時間前
Oh wow. Did you just type that all by yourself ? Must have been a really good drink. Pass it around. Give us a sip. I usually just have a Stella once in a while. I have to go to work 6 am Saturday and do a double shift. Weekends are super busy in the food and restaurant industry. However with my future Fannie winnings I plan to become my own boss. After all I have to provide for my future offsprings with Gaby.
I don't trust the government and I sure in the hell don't trust Wall Street. EVERYBODY wants a piece and these two sets of criminals have had their share through what's been taken already, and the
2008 Wall Street bailout. Additionally, Wall Street seems to have walked away unscathed, blameless, from the 2008 crisis, as innocent as altar boys. Both of these serial criminals control the media who have done NOTHING to expose said thievery, while they play ignorant of all things historically accurate and rule of law worthy - especially regarding the lawful conduct of conservatorships and the spirit of the takings clause of the U.S. Constitution.
Beware of what ANYONE calls "privatization" it WILL likely be a red herring designed to put the mortgage market in the hands of "big (investment) bank" like institutions. Sure investors will swarm like bees to the honey pot, but trust me, Wall Street alchemy will bake a new dung pile promising new new mortgage products which will be nothing more than a repackaging of their miserably failed PLMBS wrapped in a renamed CDO, hedged by the same CDS (credit default swaps) they used to hide shitty mortgages, magnify notional values beyond the ability of any and all governments and treasuries to cover, offering thier pull-out method pseudo protection and passing them off as securities to the uninitiated. Start the countdown for round two of the destruction. If they start to throw around big numbers investors are willing to pay the GOVERNMENT to "privatize" the twins you can bet the above is where they are headed. AND IT WILL COME at the expense of current shareholders and the future safety of our securites markets.
The ONLY person related to the Trump camp right now I POTENTIALLY trust to speak up for current (common) shareholders is Ackman. Ackman is NOT the typical Wall Streeter in the sense I'm speaking of here. I've heard him in many interviews and podcasts. I trust he DOES put his shareholders first. The 100 mil or so commons is NOT held by Ackman, but the Pershing Square Fund - they belong to his shareholders. He faced a bankruptcy of his own before and battled back at severe personal cost to get back on top and earn great returns for his shareholdersm and often speaks about the value of his shareholders. Paulson is a wild card - as we all know he owns preferred and I have ZERO doubt he will go to the mat for preferreds - which COULD POTENTIALLY mean less than the best for commons. Any new treasury secretary WILL face tremendous pressure from Wall Street - EVERYONE should understand that is a given. Mnuchin had no intention of letting all of the above out of the bag, he ran IndyMac, which received a massive bailout in 2008 (MORTGAGE SECURITY RELATED), he was a Goldman Sach alum, his father was a former Goldman executive - Hank Paulson had to be in his ear Mnuchin's ear. We all know who took the twins down during the crisis.
If the Trump admin, with its majority in both houses, could secure some kind of congressional commitment to keep the Twins for their intended mortage markets purpose and keep democrats and other agencies from fucking around with that (immigrant giveaways, low-income-community DEI initiatives to those who CANNOT earn what's required, or giveaways beyond borrowers means), then the best of all worlds - especially for the stability and safety of the mortgage market, the integrity of conservatorship law, and shareholder rights law - they should do the following:
- reinstate the proper business risk adjusted captial requirement
- eliminate the net worth sweep
- return previous net worth sweep funds
- consider the senior preferred shares, whatever you call that screwy loan commitment, and liquidation preference repaid
- IF ABSOLUTELY NECESSARY (so Wall Street doesn't destroy everything) allow for some capital raise to augment the twins already retained capital so they can be released over the coming year or so
With the Twins' guarantee fee business base, no longer retaining the large massive portfolios, and the proper adjustments above, the U.S. can retain some regulatory oversight while protecting the safety and soundness of a legitimate mortgage market, conservatorship law would NOT be turned on its head, and neither would the securities markets and shareholder rights laws be turned on thier heads. Trust me, the (moral) hazards of screwing with these three principles will wreak havoc long into the future and deep in the markets' psyche, longer than anyone can see now, and much deeper into the market psyche than any behavioral economist has ever dared venture.
NeoSunTzu
21時間前
I don't trust the government and I sure in the hell don't trust Wall Street. EVERYBODY wants a piece and these two sets of criminals have had their share through what's been taken already, and the
2008 Wall Street bailout. Additionally, Wall Street seems to have walked away unscathed, blameless, from the 2008 crisis, as innocent as altar boys. Both of these serial criminals control the media who have done NOTHING to expose said thievery, while they play ignorant of all things historically accurate and rule of law worthy - especially regarding the lawful conduct of conservatorships and the spirit of the takings clause of the U.S. Constitution.
Beware of what ANYONE calls "privatization" it WILL likely be a red herring designed to put the mortgage market in the hands of "big (investment) bank" like institutions. Sure investors will swarm like bees to the honey pot, but trust me, Wall Street alchemy will bake a new dung pile promising new new mortgage products which will be nothing more than a repackaging of their miserably failed PLMBS wrapped in a renamed CDO, hedged by the same CDS (credit default swaps) they used to hide shitty mortgages, magnify notional values beyond the ability of any and all governments and treasuries to cover, offering thier pull-out method pseudo protection and passing them off as securities to the uninitiated. Start the countdown for round two of the destruction. If they start to throw around big numbers investors are willing to pay the GOVERNMENT to "privatize" the twins you can bet the above is where they are headed. AND IT WILL COME at the expense of current shareholders and the future safety of our securites markets.
The ONLY person related to the Trump camp right now I POTENTIALLY trust to speak up for current (common) shareholders is Ackman. Ackman is NOT the typical Wall Streeter in the sense I'm speaking of here. I've heard him in many interviews and podcasts. I trust he DOES put his shareholders first. The 100 mil or so commons is NOT held by Ackman, but the Pershing Square Fund - they belong to his shareholders. He faced a bankruptcy of his own before and battled back at severe personal cost to get back on top and earn great returns for his shareholdersm and often speaks about the value of his shareholders. Paulson is a wild card - as we all know he owns preferred and I have ZERO doubt he will go to the mat for preferreds - which COULD POTENTIALLY mean less than the best for commons. Any new treasury secretary WILL face tremendous pressure from Wall Street - EVERYONE should understand that is a given. Mnuchin had no intention of letting all of the above out of the bag, he ran IndyMac, which received a massive bailout in 2008 (MORTGAGE SECURITY RELATED), he was a Goldman Sach alum, his father was a former Goldman executive - Hank Paulson had to be in his ear Mnuchin's ear. We all know who took the twins down during the crisis.
If the Trump admin, with its majority in both houses, could secure some kind of congressional commitment to keep the Twins for their intended mortage markets purpose and keep democrats and other agencies from fucking around with that (immigrant giveaways, low-income-community DEI initiatives to those who CANNOT earn what's required, or giveaways beyond borrowers means), then the best of all worlds - especially for the stability and safety of the mortgage market, the integrity of conservatorship law, and shareholder rights law - they should do the following:
- reinstate the proper business risk adjusted captial requirement
- eliminate the net worth sweep
- return previous net worth sweep funds
- consider the senior preferred shares, whatever you call that screwy loan commitment, and liquidation preference repaid
- IF ABSOLUTELY NECESSARY (so Wall Street doesn't destroy everything) allow for some capital raise to augment the twins already retained capital so they can be released over the coming year or so
With the Twins' guarantee fee business base, no longer retaining the large massive portfolios, and the proper adjustments above, the U.S. can retain some regulatory oversight while protecting the safety and soundness of a legitimate mortgage market, conservatorship law would NOT be turned on its head, and neither would the securities markets and shareholder rights laws be turned on thier heads. Trust me, the (moral) hazards of screwing with these three principles will wreak havoc long into the future and deep in the markets' psyche, longer than anyone can see now, and much deeper into the market psyche than any behavioral economist has ever dared venture.
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