FNMA Company info 08/15/2014 08:24:21 $FNMA
Is that a prediction based on anything? or just hope? Nothing wrong with hope, just askin'
GM everyone. GM FNMA
BIG DAY FOR COMMONS
I only own 63,000 shares of FNMA, I guess that must not qualify to an invite for your party at the Wynn or does it?
While your sentiments come from a good place you obviously mean well, I must play the skeptic here and disagree with you. D.C.'s problem is more than just the elected Congress -- it is the entire system. Our government is WAY too large and unwieldy and I don't see it ever being repaired, much less scaled-down; unless there is some catastrophic event that would necessitate that action.
It doesn't really matter who we elect to office because once they are there, they become just like all the other elected officials - they are ALL bought and paid for by big $$$. That's just the way it is.
What can we do? Work and game the system as much as we can; be selfish and try to get what you can out of the system (honestly, so you can sleep well at night) and live your life with your dreams, passions and desires.
(Sorry to be so preachy this early in the morning)
Long & Strong FnF
Way to go NAVY!
Btw by "you" i meant "all of us", as in the general sense of "you".
That a great age to start with Fannie release!
Wynn will be awesome and I hope it will be after October as I will be away for vacation. ..
Detearing the King Long of FnF!!!
Fnma Fmcc
We all need to change our thinking/voting. I just hope everyone here, at least, has learned what our gvt is and takes that into account next time they weigh their decisions at the ballot box. Whatever party you prefer, you're just a pawn to them. Forget about things like social issue, which, though they rightfully get us emotionally charged, are just sideshow tools the parties use to keep or make us FEEL attached and loyal to them. Then, they turn around and rob us blind when they take office. By researching the truth of what happened to FnF, we all have seen the Republican Part and Democrat Party do things to this country that are so illegal it should shock any reasonable person. From Bush and Hank Paulson's initial thievery to Obama and Gheitner to Bernanke's lies too. Our leadership has fully, entirely detached itself from the people. Don't vote for candidates anymore who want to expand the government's power in any way. Why voluntarily GIVE them more power? Once they think they have you going along with that, it only makes their subsequent robbery even more egregious. Just look at what they do with the power they have! And FnF is not the only egregious story. But we can take what we've learned here and easily find many other horrible similar things the gvt has done.
When Achman and Icahn had their conference together about a month ago they were interviewed by cnbc. Achman gave a little hint about Fannie and Freddie. He constantly stated he was fighting for shareholders rights!
Haha right on man! Definitely make work fly by. FNMA
Hope so w make today fly by at work and w pick up som whitegurl if big green day
That's pretty much what I was thinking!
Pps to moon today?
Common Shareholders of Fannie & Freddie, Including Pershing Square & Three Individuals, File Suit against United States Gover...
Complaint Challenges the Government’s Ongoing Confiscation of All Fannie and Freddie Profits
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.
The case is entitled Louise Rafter, Josephine Rattien, Stephen Rattien and Pershing Square Capital Management L.P., plaintiffs, v. The United States of America, defendant, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, nominal defendants. To view the complaint, click here.
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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/2...006294/en/
U.S. sued by Ackman over Fannie and Freddie
03:58 AM ET · FNMA
Bill Ackman's Pershing Square has sued the U.S. government, claiming that its stripping of Fannie Mae's (OTCQB:FNMA) and Freddie Mac's (OTCQB:FMCC) profit illegally short changes investors in the mortgage companies' common stock.
Hedge funds have previously sued the government over the two, although most of those lawsuits focused on the companies' preferred stock.
Pershing is accusing the government's "brazen" practice since 2012 of funneling virtually all profit from Fannie and Freddie to the U.S. Treasury Department.
Previously: Ackman reportedly leading another suit over GSEs
Comments(3)
GoGowadof100s
Aug 15 04:09 AM
Love me some Ackman
InTheTube
Aug 15 04:51 AM
This is getting very, very interesting.
danceprometheus
Aug 15 07:06 AM
Not only is it illegal what they are doing, it is also not in the interest of the government's goals of mortgage liquidity, and a housing recovery. Unless the GSEs re-attract the public investors, the recovery will be solely based on the strength of the government, and not a genuine public interest and real recovery.
It makes even more sense that Ackman mentioned 2 days ago he was coming out with an ipo ticker PSH...and now the lawsuit...how convenient
Conserve, NOT Confiscate!
The government is required to conserve Fannie shareholders assets, this does not mean CONFISCATE assets.
The government has abused its position of trust, not unlike the teacher who molests its students.
The teacher is put in a position of authority, where students and parents "trust" the teacher to guide them to a good education. This happens often. However, when the teacher violates that trust and uses his power for sexual gratification, it is a crime.
In a similar way, the government is charged with conserving assets for shareholders, according to the Ackman lawsuit:
https://timhoward717.files.wordpress.com/2014...aint-2.pdf
Instead of conserving assets, the government confiscated and took them.
This is a crime and should be punished just like a teacher who sexually molests his or her students. It is an especially heinous crime because it suggests we should not trust those in authority over us..for some very good reasons of trust violation.
I will add I feel violated and molested by our government...they promised to conserve our assets with the cship, and instead abused their powerful position to take all our money. The government has taken a page out of the child molestors playbook, Gaining their trust, then molesting them.
A child would not trust a teacher if he was just a person off the street, but the child was delivered to the school and told to mind their teachers...not knowing the teacher had evil intentions.
In a similar way, the government says, "trust us, we will manage your company in trouble." Once we trust them, they take it all for their own pleasure.
Cool buddy...I turn 55 on the 21st
Is that a prediction based on anything? or just hope? Nothing wrong with hope, just askin'
GM everyone. GM FNMA
BIG DAY FOR COMMONS
I only own 63,000 shares of FNMA, I guess that must not qualify to an invite for your party at the Wynn or does it?
While your sentiments come from a good place you obviously mean well, I must play the skeptic here and disagree with you. D.C.'s problem is more than just the elected Congress -- it is the entire system. Our government is WAY too large and unwieldy and I don't see it ever being repaired, much less scaled-down; unless there is some catastrophic event that would necessitate that action.
It doesn't really matter who we elect to office because once they are there, they become just like all the other elected officials - they are ALL bought and paid for by big $$$. That's just the way it is.
What can we do? Work and game the system as much as we can; be selfish and try to get what you can out of the system (honestly, so you can sleep well at night) and live your life with your dreams, passions and desires.
(Sorry to be so preachy this early in the morning)
Long & Strong FnF
Way to go NAVY!
Btw by "you" i meant "all of us", as in the general sense of "you".
That a great age to start with Fannie release!
Wynn will be awesome and I hope it will be after October as I will be away for vacation. ..
Detearing the King Long of FnF!!!
Fnma Fmcc
We all need to change our thinking/voting. I just hope everyone here, at least, has learned what our gvt is and takes that into account next time they weigh their decisions at the ballot box. Whatever party you prefer, you're just a pawn to them. Forget about things like social issue, which, though they rightfully get us emotionally charged, are just sideshow tools the parties use to keep or make us FEEL attached and loyal to them. Then, they turn around and rob us blind when they take office. By researching the truth of what happened to FnF, we all have seen the Republican Part and Democrat Party do things to this country that are so illegal it should shock any reasonable person. From Bush and Hank Paulson's initial thievery to Obama and Gheitner to Bernanke's lies too. Our leadership has fully, entirely detached itself from the people. Don't vote for candidates anymore who want to expand the government's power in any way. Why voluntarily GIVE them more power? Once they think they have you going along with that, it only makes their subsequent robbery even more egregious. Just look at what they do with the power they have! And FnF is not the only egregious story. But we can take what we've learned here and easily find many other horrible similar things the gvt has done.
When Achman and Icahn had their conference together about a month ago they were interviewed by cnbc. Achman gave a little hint about Fannie and Freddie. He constantly stated he was fighting for shareholders rights!
Haha right on man! Definitely make work fly by. FNMA
Hope so w make today fly by at work and w pick up som whitegurl if big green day
That's pretty much what I was thinking!
Pps to moon today?
Common Shareholders of Fannie & Freddie, Including Pershing Square & Three Individuals, File Suit against United States Gover...
Complaint Challenges the Government’s Ongoing Confiscation of All Fannie and Freddie Profits
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.
The case is entitled Louise Rafter, Josephine Rattien, Stephen Rattien and Pershing Square Capital Management L.P., plaintiffs, v. The United States of America, defendant, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, nominal defendants. To view the complaint, click here.
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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/2...006294/en/
U.S. sued by Ackman over Fannie and Freddie
03:58 AM ET · FNMA
Bill Ackman's Pershing Square has sued the U.S. government, claiming that its stripping of Fannie Mae's (OTCQB:FNMA) and Freddie Mac's (OTCQB:FMCC) profit illegally short changes investors in the mortgage companies' common stock.
Hedge funds have previously sued the government over the two, although most of those lawsuits focused on the companies' preferred stock.
Pershing is accusing the government's "brazen" practice since 2012 of funneling virtually all profit from Fannie and Freddie to the U.S. Treasury Department.
Previously: Ackman reportedly leading another suit over GSEs
Comments(3)
GoGowadof100s
Aug 15 04:09 AM
Love me some Ackman
InTheTube
Aug 15 04:51 AM
This is getting very, very interesting.
danceprometheus
Aug 15 07:06 AM
Not only is it illegal what they are doing, it is also not in the interest of the government's goals of mortgage liquidity, and a housing recovery. Unless the GSEs re-attract the public investors, the recovery will be solely based on the strength of the government, and not a genuine public interest and real recovery.
It makes even more sense that Ackman mentioned 2 days ago he was coming out with an ipo ticker PSH...and now the lawsuit...how convenient
Conserve, NOT Confiscate!
The government is required to conserve Fannie shareholders assets, this does not mean CONFISCATE assets.
The government has abused its position of trust, not unlike the teacher who molests its students.
The teacher is put in a position of authority, where students and parents "trust" the teacher to guide them to a good education. This happens often. However, when the teacher violates that trust and uses his power for sexual gratification, it is a crime.
In a similar way, the government is charged with conserving assets for shareholders, according to the Ackman lawsuit:
https://timhoward717.files.wordpress.com/2014...aint-2.pdf
Instead of conserving assets, the government confiscated and took them.
This is a crime and should be punished just like a teacher who sexually molests his or her students. It is an especially heinous crime because it suggests we should not trust those in authority over us..for some very good reasons of trust violation.
I will add I feel violated and molested by our government...they promised to conserve our assets with the cship, and instead abused their powerful position to take all our money. The government has taken a page out of the child molestors playbook, Gaining their trust, then molesting them.
A child would not trust a teacher if he was just a person off the street, but the child was delivered to the school and told to mind their teachers...not knowing the teacher had evil intentions.
In a similar way, the government says, "trust us, we will manage your company in trouble." Once we trust them, they take it all for their own pleasure.
Cool buddy...I turn 55 on the 21st
