Another shameful VW's article paid by Pagliara,who erroneously claims that FnF are allowed to retain $25b of Capital Reserve. It's $45b(25 $FNMA),but FnF ARE NOT building Capital Reserve($0)but NW,since the new SPS reduce Retained Earnings.Liar!#Fanniegate @TheJusticeDept @Scotus
$0 is the Capital Reserve built since the 4th amnt,Dec2017.FnF built NW=$35b SPS
Core Capital on Sept2020:
$FNMA/ $FMCC:-$106b/-$60b
With the adjustment pending due to SPS missing,C.C.=$-123b/$-71.2b
With the SPS on Dec2020:$-127.2b/$-73.6b @TheJusticeDept
Evidence that FnF built $0 Capital Reserve since the 4th amndt.
The ending bce C.C. today in FMCC must coincide with the C.C. it had on the 1st quarter after the 4th amdmnt.
FMCC's C.C. today(w/ the SPS of Dec)=$-73.6b
1Q2018=$-70.2b -$3b SPS missing-$0.2b CECL adjustment=$-73.4b
BOTTOM LINE
The DOJ's Solicitor Gnrl can't claim that FnF have built a Capital Reserve after the 5th Circuit Court prompted a 5th amendment to the PA,because judge Willett ruled that the @FHFA exceeded its powers with the NWS transferring the NW to the UST.
The same NWS persists.
There are two lies: that FnF are building Capital since the 4th amendment to the PA and that the ending balance of the Capital Reserve is $35b.
The truth is:
$0 Capital built since the 4th amnt
$-208b ending balance of Core Capital(Deficit)with the SPS of December.
$35b Net Worth

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More from @CarlosVignote

6 Dec
.@TheJusticeDept's SOLICITOR GNRL IS A SCAMMER
Shameful omnibus reply filed on Oct23 at @Scotus.
-To the Scotus-appointed amicus: he omits the Amicus' explanation of the Govt Implicit Gtee,which is the "special borrowing rights from UST.§1719(b)(c)"
Like a charlatan...#Fanniegate Image
...he twists the Amicus' take, who stressed the FHFA's limited Powers when acting as Conservator, but the Solicitor Gnrl refutes it signaling that the @FHFA's powers are significant, notwithstanding that he was enumerating all the powers of FHFA-R: enforce policies,overseer of... Image
...the mortgage mkt,etc).This is because he spent 10yrs stating that HERA grants the conservator unlimited powers("sweeping grant of powers"),something that the Professor slams.
-To the JPS holders, the Solicitor Gnrl replies that the FHFA didn't wield any Executive Power when...
Read 10 tweets
19 Nov
💥@FHFA THINKS IT CAN WAIVE HERA's RESTRICTION ON CAPITAL DISTRIBUTIONS BECAUSE IT SUSPENDED THE CAPITAL CLASSIFICATIONS IN 2008
Because the Restr,surprisingly,appears inside the Sec:Capital Classifications,whereas copycat FDI Act is an indep provision.#Fanniegate @TheJusticeDept
FHFA isn't empowered to suspend the application of statutory provisions.
Also,it can't approve(July2011)another exception to the same restriction,adding up(1)for Recap,primarily because Recap is achieved w/ the restriction itself(Retained Earngs)=Law intent.
Dtr,fired.@WhiteHouse
Clearly,it wasn't the FHFA's interpretation of the Restriction On Capital Distributions outlined in its 2011 Final Rule,that aimed at "clarifying","seek transparency" over this Restriction.
We can read that it knows quite well that the shareholders(Equity holders)can't get a div.
Read 6 tweets
17 Nov
FULLY PRIVATE GUARANTY MORTGAGE SECURITIZATION MKT
-Well capitalized/diversified guarantors assures that investors buy their UMBS at the same price(besides, fungible securities)
-@USTreasury could open a 5-mth special liquidity facility to back up their Discount Notes.#Fanniegate
The usage of DN is solely the purchase of delinquent loans from the MBS Trusts to proceed w/ a 3-mth loan modification trial upon hardship. Then,the loans bundled again as UMBS or they take possession of the collateral.
GOALS
Low cost funding of underlying biz
Avoid credit crunch
It's the model carried out by the FHLBanks, now w/ $306b DN ($460b recently)but they fund L/T assets.FnF are the ones that provide the back-up, like occurred in 2008 when FnF bailed them out, according to the then FNMA CEO.
This is why the mobsters are reluctant to set them free. Image
Read 4 tweets
24 Oct
.@TheJusticeDept NEGLECTS THE @FHFA-C's STATUTORY POWER
"The 3rd amdt(NWS)was a conservator's classic task: renegotiating an obligation".I.e.,a "business action of a conservator standing in the shoes of private corps"
It continues to say LIMITLESS POWERS...#Fanniegate @WhiteHouse
"sweeping grant of Powers",in its Inc Power:"in the best interests of the FHFA-C",to argue that it's complying w/ its Powers, when that's been debunked by everybody.The phrase includes "AUTHORIZED BY THIS SECTION".Then,any action must comply with the "rehab" Power too.
The DOJ...
...also omits:
-The obligations it's talking about,are EQUITY affected by HERA's Restriction On Capital Distributions.Then,there's no "renegotiation" but div suspended and REPAYMENT of the SPS under the exception(B),complying also w/ the Power: restore SOLVENCY.
-The 2nd Power...
Read 6 tweets
17 Jul
SWEENEY LACKS KNOWLEDGE ON THE TYPES OF SECURITIES
She claims WaFd(common shareholder)can't identify an injury unique to them and applies Fairholme case(NWS),despite signaling the Warrant is 79.9% COMMON STOCK Beneficial Ownership & Fairholme is JPS holder.#Fanniegate @WhiteHouse Image
A common stock represents ownership interest in FnF. They own 100% of the company. Thus,they have a direct claim on the issuance of a warrant that is Beneficial Ownership (SEC rule)regardless of being exercised.
Fairholme's claim is derivative(NWS): the injury is suffered by FnF.
The Warrant is a Direct claim by the Common Shareholders,but Sweeney/@TheJusticeDept omit the Warrant to justify that their allegations are Derivative.
Sweeney labels the injury as an overpayment of FnF, just like an excess of dividend,when a Warrant isn't a dividend(retribution) Image
Read 8 tweets
12 Sep 19
BOMBSHELL! FINAL PROOF OF THE SECRET PLAN
The ruling stressed that a provision can't be seen isolated but part of whole statute to slam @FHFA's take on superpowers in Inc Power. It must comply w/ Power.
It can be applied to the dividend payments on SPS.#Fanniegate @TheJusticeDept
Because the Charter prior 08 said that @USTreasury can buy obligations at a rate similar to Tsrys.
HERA incorporated below it that they can have unlimited yield. It didn't strike the previous cap.
Div restricted w/ exception:reduce obligations. In 2011 new exception in CFR:Recap.
Now, what measure would you take that complies with ALL of the above?
Pay a div on the obligations SPS similar to Tsrys payable once Adq Cap & the excess applied toward the repayment of the SPS first, later Recap in a escrow acct at @USTreasury & lie about it thanks to Inc Power.
Read 4 tweets

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