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Conservatives against Trump Profile picture
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22 Jun, 4 tweets, 2 min read
WHAT'D I DO?
Financially,it's better a Govt taking over the common stocks(the JPS are redeemed by FnF or stay;No Voting Right)than a $182b refund.
A fair value could be the sector's PER 13,but I'd try to subtract the cost of Moral/Punitive damages from the price tag.#Fanniegate
Then, the price of the Taking would be:
FNMA =$181ps
FMCC =$235ps
Calculated with an average of the adjusted EPS in the 4Q2020 and 1Q2021.
The resulting PER is 11.3 times.
Market Capitalization=$362b
Moral & Punitive damages(13%/12%)=$52b, defrayed by @TheJusticeDept.
Total=$415b
In the end,in a Taking we can't complain if the fair value is justified,but it's a subjective value. We don't get to sell the stocks to @USTreasury.Our stocks are taken away.
Reminder:@FHFA-C has to use its Inc Power prior day 1,to enable the redemption or refinancing of the JPS.
FHFA authorized FnF to double the g-fees since 2008➡️Today's fully private sector g-fees. Also, the Ref fee to boost the profitability(it can't fund Federal Prgms)
Being regulated entities has been a plus, thus PER 13x.
The new total makes UST think it isn't overpaying after all.

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More from @CarlosVignote

Conservatives against Trump Profile picture
24 Jun
ACTING @FHFA DTR,S.THOMPSON,SPENT 23 YRS AT THE FDIC BOD PRIOR JOINING FHFA IN 2013
HERA mirrors the FDI Act.Thus,it has the same:
1-Restriction on Capital Distribution:threadreaderapp.com/thread/1378953…
2-Conservatorship section:conservator's Power,Inc Power,etc.#Fanniegate @TheJusticeDept ImageImageImageImage
FDI Act: 12USC1821(d); 12USC1831o(d)
1-In the link posted,it's explained that HERA amended the FHEFSSA to remove the Restr on Capital Distribution from each Capital classification(Conservatorship included)and put a single provision replica of the FDI Act,at the end of the section
Capital Classification,w/ the goal to conceal it,as in the FDI Act is a stand alone provision APPLICABLE TO ALL FIN INSTITUTIONS (IN GNRL)
2-@Scotus based its opinion on the Inc Power:any action...but skipped
"authorized by this Chapter":FDI Act
"authorized by this Act":FDIC rule
Read 7 tweets
Conservatives against Trump Profile picture
23 Jun
I EXPECT THE @WhiteHouse TO OVERRULE THE FLAWED @SCOTUS' OPINION
A "strike the shareholders,side w/ the Govt"-type of opinion.
Based on the @FHFA-C's Inc Power "in the best interests of the Agency". The Justice adds "by extension, the public it serves".#Fanniegate @TheJusticeDept
It seems that he copy/pasted the flawed ruling from J.Sweeney:
1-The Justice omits that the provision begins referring to "Agency,as conservator".It can't conclude "authorization to serve the public"
2-The Justice omits the phrase "authorized by this section" in the same sentence
clearly,serve the public isn't authorized by the section of the Conservatorship, e.g., the FHFA-C's power.
The Justice now claims that the rehabilitation mandate is related to serve public interests,like a NWS.Of course!
Rehab is its power "put FnF in a sound & solvent condition"
Read 5 tweets
Conservatives against Trump Profile picture
22 Jun
.@FHFA's PREMEDITATION WHEN IT CARRIED OUT THE SECRET PLAN: STOCK PRICE MANIPULATION
2011:It enabled the continuation of the plan of distributing Capital to UST,but earmarked for other purposes(reduce SPS)by saying "it's intended to supplement" the law.#Fanniegate @TheJusticeDept
Corroborated also in the preface of the Final Rule,making clear that there is a law that contemplates the Capital distribution while in Conservatorship(besides talking about its Rehab power)
🚨A Federal Agency can't supplement a law,only Congress can do it,unless required by law.
Had it not approved the 12CFR1237.12 (1)for Recap, the div to the UST would have had to come to a halt in 2013 and 2014, for FMCC and FNMA, resp., because it's when I estimate that is when the SPS were fully reduced under the exception B to the FHEFSSA's Restr on Capital Distrib.
Read 4 tweets
Conservatives against Trump Profile picture
11 Jun
THE @US1stCircuitCt SLAMS THE CONSPIRATORS' SLOGANS REGARDING
-The SPSPA is a contract
-The SPSPA is the backstop
-FHFA went out there to find financing in 08
Actions PURSUANT TO AN AUTHORITY IN THE CHARTER.Guess what! There are more provisions!#Fanniegate @TheJusticeDept @Scotus
The judge cites an authority of UST(added by HERA)to purchase UNLIMITED YIELD obligations SPS +Warrant(iii)to protect the taxpayer.
But a provision W/ THE SAME NAME,already existed in the Charter w/ low cost funding,consistent w/ the provision FEE LIMITATION that bars the Warrant
The UST backstop is the Charter,not the PA.
HERA allowed the 10%/NWS div,but the FHEFSSA restricts the Capital distributions unless it's applied towards SPS repayment(exception B).FHFA added(2011)a fraudulent exception(1)for Recap.
Low cost funding prevails: 0% due to collateral.
Read 6 tweets
Conservatives against Trump Profile picture
10 Jun
THE SECRET PLAN AIMED AT AVOIDING A JPS HOLDER REVOLUTION,LIKE OCCURRED IN🇪🇸IN 2011
"We want our money back""Against the Prfd Stock fraud"
With a true Conservatorship & the Charter's Fee Limitation:
-Commons trade at $60,$140,...$200 now
-JPS below par-value all along.#Fanniegate
FnF are building up Capital($205b C requirement)w/ the div suspended.Blame FHFA.The crooks Pagliara,Bradford,C.Phillips,Rosner,etc,run the story of Govt theft instead,maintaining the expectation of a Court resolution,when the lawsuits are the problem(Capital deficit not targeted)
Clarification: in🇪🇸,it was sold the idea that there's fraud w/ the JPS,when the loss isn't fraud(see the chart when a JPS suspends the div payments)
The true scandal is that the JPS were sold to seniors as simple fixed-income securities w/o informing of the risks.
Berkowitz knows
Read 4 tweets
Conservatives against Trump Profile picture
8 Jun
#YELLEN WANTS THE #G7 TO FOLLOW #CHINA'S STEPS
Levying the Corp Tax on foreign Cos operating at home (🇨🇳has a 20% rate)or abroad, is illegal.
It deprives those foreign companies of the export revenues of their multinationals that would be taxed by the countries they are based on. Image
Yellen's proposal could be a 15% rate on foreign Cos subsidiaries of 🇺🇸Cos w/ a 15% min Corp Tax & a credit of 100% of the foreign rate.
🇨🇮example: 2.5% effective rate on the 🇨🇮subsidiaries of🇺🇸Cos vs 0.5% today.
The tax rate is an issue within a region(🇪🇺,🇺🇸,etc),not among them.
NO CORP TAX ON FOREIGN COMPANIES
Either operating at home or on the foreign subsidiaries of local Cos operating abroad(services Cos)
If they are manufacturers,they must ship their products from home,be taxed at home.🚨The country accumulates forex reserves.@USTreasury @WhiteHouse
Read 4 tweets

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