FNMA Stock Updates 08/14/2014 19:24:35 $FNMA
Thanks! I joined the suit at Investors Unite web site, just signed up as a Fnma shareholder with email address! Everyone should do this if they can!! FNMA $$$$$
great Pershing Square news!!!
WONG again!!!!
Pershing Square sues US over Fannie Mae, Freddie Mac
34 Mins Ago Reuters
Jin Lee | Bloomberg | Getty Images
William 'Bill' Ackman, founder and chief executive officer of Pershing Square Capital Management LP, speaks during an event in New York, U.S.
Pershing Square Capital Management LP, the hedge fund firm run by William Ackman, on Thursday sued the U.S. government, claiming that its stripping of profits from Fannie Mae and Freddie Mac unconstitutionally short changes investors in the companies' common stock.
In a complaint filed with the U.S. Court of Federal Claims in Washington, D.C., Pershing said the practice since 2012 of sweeping profits from government-controlled Fannie and Freddie into the U.S. Treasury as dividends creates a "windfall" for the government at the expense of shareholders.
It said the practice violates the Fifth Amendment of the U.S. Constitution by taking private property for public use without just compensation. The lawsuit seeks damages and other remedies.
The Treasury Department and the Federal Housing Finance Agency, which oversees Fannie and Freddie, were not immediately available for comment.
Thanks commander iv'e got some reading to do. $$FNMA$$
Its a good thing that you are young
so you will have plenty of time to re coup your loss but remember
you are only allowed to write off 3 k per year stock loss. First year
you can write off the 3 grand and the rest the 2nd year. Let me give
you a quick refresher course in Fannie Mae.
1 Conservatorship status. Shares actually have no value
2.Total profit sweep. USG takes all profits shareholders get zero.
3. Stock trades on High risk Pink sheets
4. Frivolous lawsuits will take years. 10 years plus possible to
resolve and USG will win in the end.
Link to Lawsuit filed today by ACKMAN against the U.S.
http://www.scribd.com/doc/236850558/Verified-...ing-Square
Pershing Files Lawsuit Over Fannie Mae, Freddie Mac
by VW StaffAugust 14, 2014, 6:10 pm
COMMON SHAREHOLDERS OF FANNIE, FREDDIE FILE SUIT AGAINST UNITED STATES GOVERNMENT Complaint, Filed by Three Individuals and Pershing Square, Challenges the Government’s Ongoing Confiscation of All the Companies’ Profits
Dan Freed of TheStreet reported earlier today that Bill Ackman’s Pershing Square would be filing a lawsuit over the Government’s treatment of Fannie Mae and Freddie Mac shareholders. Pershing Square has just officially filed suit. Below readers can see the press release as well as the full court document.
Also see Pershing Square Q2 Letter: IPO, Herbalife, Reflections
Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) lawsuit
New York, N.Y, August 14, 2014 //- Today, common shareholders of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) filed suit in the U.S. Court of Federal Claims seeking to remedy the federal government’s unlawful taking of shareholders’ rights and property in Fannie and Freddie and other violations of law. The shareholder plaintiffs are three individuals and Pershing Square Capital Management, L.P. (“Pershing Square”). The defendant is the United States government, including the U.S. Department of the Treasury and the Federal Housing Finance Agency (“FHFA”).
The complaint challenges the government’s ongoing confiscation of all profits of Fannie Mae and Freddie Mac (the “Companies”). According to the filing, the government is expropriating the Companies’ profits through a 2012 arrangement (the “Net Worth Sweep Agreements”) by which FHFA, purportedly acting as the conservator of the Companies, and Treasury agreed to strip all earnings from both Companies and sweep them to Treasury in cash, every quarter, in perpetuity. These Net Worth Sweeps implement what internal Treasury documents had earlier described as the Administration’s “commitment” to “ensure existing common equity holders will not have access to any positive earnings from the [Companies] in the future.”
The three individual common shareholders who have brought this suit are a retired nurse who holds common shares of Fannie Mae first purchased over 25 years ago and a retired scientist and retired psychiatric social worker who have held Fannie Mae common shares for approximately 15 years. They are joined by Pershing Square, which is the Companies’ largest common shareholder, with an approximate 10% stake in the outstanding common stock of each Company. Today’s complaint follows other lawsuits, brought primarily by institutional shareholders of the Companies’ preferred stock, which also challenge the Net Worth Sweep Agreements. The common shareholders bringing today’s suit seek to challenge the government’s illegal actions and vindicate and protect their rights as common shareholders of the privately owned, for-profit Companies as chartered by Congress.
Applicable law requires FHFA as conservator to “preserve and conserve” the Companies’ “assets and property” and to “put [them] in a sound and solvent condition.” Instead, through the Net Worth Sweeps the government has taken the Companies’ profits for itself without any compensation to the Companies’ shareholders. The Net Worth Sweeps treat the Plaintiffs—and all of the other common shareholders—as “shareholders” in name only, rather than as the owners of the Company with relevant property rights as conferred by law. Today’s complaint charges that the government’s action violates the Takings Clause of the Fifth Amendment to the United States Constitution as well as FHFA’s implied contractual duties.
The government’s confiscation of the entire earnings of the Companies also violates federal statutes and the government’s fiduciary duties to the Companies’ shareholders, and the plaintiffs in this case intend to pursue their legal rights on those claims separately in an appropriate forum.
ABOUT PERSHING SQUARE
Pershing Square, based in New York City, is an SEC-registered investment advisor to private investment funds. Funds managed by Pershing Square own securities of Fannie Mae and Freddie Mac. Pershing Square may increase, decrease, dispose of, or change the form of its
investment in Fannie Mae and Freddie Mac for any or no reason, at any time. Pershing Square disclaims any obligation to notify the market of any such changes.
The full court document regarding the Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) lawsuit is embedded below in scribd
Verified Complaint (1) Fannie Mae Freddie Mac Pershing Square
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There was nothing in your post commander sir. $$FNMA$$
Agree. Definitely a funny sunny guy. Very welcome here in my opinion.
Unlike our alongz4thesuuck.
If only I could easily afford 100,000 shares. I'd be in heaven.
Cramer being Cramer: "Good luck suing the U.S. Mr. Ackman, but why not!"
Mr. Flair is always in a good mood! Whether your rooting shorts or bashing longs, you always make me laugh! For this... I thank you!!!
Long FNMA
IMO
Fannie Mae Careers:
We're hiring a Data & System Security Specialist in Maryland. Interested? Apply on our careers website
Sounds like a long term position with a company that will be around for many years.
Dude, you crack me up!
Meant "buds", not bids. Stupid Iphone, lol.
Its funny, the same thing was happening with the pps before his announcement that he had accumulated his large position. I saw that breakout coming on the daily chart days before and even got some others in on it, and bam, like three days later.... Blew up! Its the reason I had my GTC in at 3.76. Even though we broke a symmetrical triangle, I had faith something was brewing. Wish I had got my 3.76. Oh well. One of my bids got those 3.81's yesterday. Congrats, we are definitely headed north.
Welcome. I bought my first shares of stock in 1972. I personally think Fannie Mae (and Freddie) are the best buys in the stock market today because:
1. These stocks traded for "about" $60 per share, before the 2008 crisis. They were considered a "widows" stock, where widows could depend on the regular dividends for income. They were used for things like police pensions. In 2004, Fannie earned 4.9 billion, well before the 2008 crisis.
2. The current fannie income is in line with the 2004 figures after deductions for DTA's and one time settlements.
3. Fannie likely would be paying shareholder dividends if not for the government taking of fannies profits in 2008.
4. There are multiple lawsuits against the government where at least one is making significant progress for shareholders. Most longs agree, the government can not continue lawless taking of fannie mae profits indefinately.
5. Institutions are buying fannie, and currently own about 11% of the stock. These include Fairholme Funds, and Billionaires Ackman, Icahn, Berkowitz and others.
6. Given that this stock was about $60 per share, with earnings in line with those today, and, a good chance for a favorable outcome with the courts, most longs feel the stock is way undervalued and will again be worth about $60 per share in 2 - 5 years, or even sooner with some early favorable court decisions, as well as relist, with an end to cship.
7. Downside is the stock is driven by news. And there are many, many, people with a dog in the fight who want fannie to go down in flames including several politicians.
8. Patience is required. If you unrealistically hope this will be $60 by Christmas, you will almost certainly be disappointed. You will have more downturns and you have to be able to hang on, even when there will likely be some bad news to come. GLTY
Never got my 3.76. Was a GTC. I will watch volime at the open and most likely chase her. Of course I already own shares, but was hoping to add there. Dont mind chasing with this news. This is awesome!
Should be able to buy a whole fleet of those jets once this is over.
Quote:
575k locked. Invest is so easy...
Thanks! I joined the suit at Investors Unite web site, just signed up as a Fnma shareholder with email address! Everyone should do this if they can!! FNMA $$$$$
great Pershing Square news!!!
WONG again!!!!
Pershing Square sues US over Fannie Mae, Freddie Mac
34 Mins Ago Reuters
Jin Lee | Bloomberg | Getty Images
William 'Bill' Ackman, founder and chief executive officer of Pershing Square Capital Management LP, speaks during an event in New York, U.S.
Pershing Square Capital Management LP, the hedge fund firm run by William Ackman, on Thursday sued the U.S. government, claiming that its stripping of profits from Fannie Mae and Freddie Mac unconstitutionally short changes investors in the companies' common stock.
In a complaint filed with the U.S. Court of Federal Claims in Washington, D.C., Pershing said the practice since 2012 of sweeping profits from government-controlled Fannie and Freddie into the U.S. Treasury as dividends creates a "windfall" for the government at the expense of shareholders.
It said the practice violates the Fifth Amendment of the U.S. Constitution by taking private property for public use without just compensation. The lawsuit seeks damages and other remedies.
The Treasury Department and the Federal Housing Finance Agency, which oversees Fannie and Freddie, were not immediately available for comment.
Thanks commander iv'e got some reading to do. $$FNMA$$
Its a good thing that you are young
so you will have plenty of time to re coup your loss but remember
you are only allowed to write off 3 k per year stock loss. First year
you can write off the 3 grand and the rest the 2nd year. Let me give
you a quick refresher course in Fannie Mae.
1 Conservatorship status. Shares actually have no value
2.Total profit sweep. USG takes all profits shareholders get zero.
3. Stock trades on High risk Pink sheets
4. Frivolous lawsuits will take years. 10 years plus possible to
resolve and USG will win in the end.
Link to Lawsuit filed today by ACKMAN against the U.S.
http://www.scribd.com/doc/236850558/Verified-...ing-Square
Pershing Files Lawsuit Over Fannie Mae, Freddie Mac
by VW StaffAugust 14, 2014, 6:10 pm
COMMON SHAREHOLDERS OF FANNIE, FREDDIE FILE SUIT AGAINST UNITED STATES GOVERNMENT Complaint, Filed by Three Individuals and Pershing Square, Challenges the Government’s Ongoing Confiscation of All the Companies’ Profits
Dan Freed of TheStreet reported earlier today that Bill Ackman’s Pershing Square would be filing a lawsuit over the Government’s treatment of Fannie Mae and Freddie Mac shareholders. Pershing Square has just officially filed suit. Below readers can see the press release as well as the full court document.
Also see Pershing Square Q2 Letter: IPO, Herbalife, Reflections
Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) lawsuit
New York, N.Y, August 14, 2014 //- Today, common shareholders of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) filed suit in the U.S. Court of Federal Claims seeking to remedy the federal government’s unlawful taking of shareholders’ rights and property in Fannie and Freddie and other violations of law. The shareholder plaintiffs are three individuals and Pershing Square Capital Management, L.P. (“Pershing Square”). The defendant is the United States government, including the U.S. Department of the Treasury and the Federal Housing Finance Agency (“FHFA”).
The complaint challenges the government’s ongoing confiscation of all profits of Fannie Mae and Freddie Mac (the “Companies”). According to the filing, the government is expropriating the Companies’ profits through a 2012 arrangement (the “Net Worth Sweep Agreements”) by which FHFA, purportedly acting as the conservator of the Companies, and Treasury agreed to strip all earnings from both Companies and sweep them to Treasury in cash, every quarter, in perpetuity. These Net Worth Sweeps implement what internal Treasury documents had earlier described as the Administration’s “commitment” to “ensure existing common equity holders will not have access to any positive earnings from the [Companies] in the future.”
The three individual common shareholders who have brought this suit are a retired nurse who holds common shares of Fannie Mae first purchased over 25 years ago and a retired scientist and retired psychiatric social worker who have held Fannie Mae common shares for approximately 15 years. They are joined by Pershing Square, which is the Companies’ largest common shareholder, with an approximate 10% stake in the outstanding common stock of each Company. Today’s complaint follows other lawsuits, brought primarily by institutional shareholders of the Companies’ preferred stock, which also challenge the Net Worth Sweep Agreements. The common shareholders bringing today’s suit seek to challenge the government’s illegal actions and vindicate and protect their rights as common shareholders of the privately owned, for-profit Companies as chartered by Congress.
Applicable law requires FHFA as conservator to “preserve and conserve” the Companies’ “assets and property” and to “put [them] in a sound and solvent condition.” Instead, through the Net Worth Sweeps the government has taken the Companies’ profits for itself without any compensation to the Companies’ shareholders. The Net Worth Sweeps treat the Plaintiffs—and all of the other common shareholders—as “shareholders” in name only, rather than as the owners of the Company with relevant property rights as conferred by law. Today’s complaint charges that the government’s action violates the Takings Clause of the Fifth Amendment to the United States Constitution as well as FHFA’s implied contractual duties.
The government’s confiscation of the entire earnings of the Companies also violates federal statutes and the government’s fiduciary duties to the Companies’ shareholders, and the plaintiffs in this case intend to pursue their legal rights on those claims separately in an appropriate forum.
ABOUT PERSHING SQUARE
Pershing Square, based in New York City, is an SEC-registered investment advisor to private investment funds. Funds managed by Pershing Square own securities of Fannie Mae and Freddie Mac. Pershing Square may increase, decrease, dispose of, or change the form of its
investment in Fannie Mae and Freddie Mac for any or no reason, at any time. Pershing Square disclaims any obligation to notify the market of any such changes.
The full court document regarding the Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) lawsuit is embedded below in scribd
Verified Complaint (1) Fannie Mae Freddie Mac Pershing Square
Sign Up For Our Free Newsletter to never miss an article.
There was nothing in your post commander sir. $$FNMA$$
Agree. Definitely a funny sunny guy. Very welcome here in my opinion.
Unlike our alongz4thesuuck.
If only I could easily afford 100,000 shares. I'd be in heaven.
Cramer being Cramer: "Good luck suing the U.S. Mr. Ackman, but why not!"
Mr. Flair is always in a good mood! Whether your rooting shorts or bashing longs, you always make me laugh! For this... I thank you!!!
Long FNMA
IMO
Fannie Mae Careers:
We're hiring a Data & System Security Specialist in Maryland. Interested? Apply on our careers website
Sounds like a long term position with a company that will be around for many years.
Dude, you crack me up!
Meant "buds", not bids. Stupid Iphone, lol.
Its funny, the same thing was happening with the pps before his announcement that he had accumulated his large position. I saw that breakout coming on the daily chart days before and even got some others in on it, and bam, like three days later.... Blew up! Its the reason I had my GTC in at 3.76. Even though we broke a symmetrical triangle, I had faith something was brewing. Wish I had got my 3.76. Oh well. One of my bids got those 3.81's yesterday. Congrats, we are definitely headed north.
Welcome. I bought my first shares of stock in 1972. I personally think Fannie Mae (and Freddie) are the best buys in the stock market today because:
1. These stocks traded for "about" $60 per share, before the 2008 crisis. They were considered a "widows" stock, where widows could depend on the regular dividends for income. They were used for things like police pensions. In 2004, Fannie earned 4.9 billion, well before the 2008 crisis.
2. The current fannie income is in line with the 2004 figures after deductions for DTA's and one time settlements.
3. Fannie likely would be paying shareholder dividends if not for the government taking of fannies profits in 2008.
4. There are multiple lawsuits against the government where at least one is making significant progress for shareholders. Most longs agree, the government can not continue lawless taking of fannie mae profits indefinately.
5. Institutions are buying fannie, and currently own about 11% of the stock. These include Fairholme Funds, and Billionaires Ackman, Icahn, Berkowitz and others.
6. Given that this stock was about $60 per share, with earnings in line with those today, and, a good chance for a favorable outcome with the courts, most longs feel the stock is way undervalued and will again be worth about $60 per share in 2 - 5 years, or even sooner with some early favorable court decisions, as well as relist, with an end to cship.
7. Downside is the stock is driven by news. And there are many, many, people with a dog in the fight who want fannie to go down in flames including several politicians.
8. Patience is required. If you unrealistically hope this will be $60 by Christmas, you will almost certainly be disappointed. You will have more downturns and you have to be able to hang on, even when there will likely be some bad news to come. GLTY
Never got my 3.76. Was a GTC. I will watch volime at the open and most likely chase her. Of course I already own shares, but was hoping to add there. Dont mind chasing with this news. This is awesome!
Should be able to buy a whole fleet of those jets once this is over.
Quote:
575k locked. Invest is so easy...
