FNMA Stock Alert 03/06/2016 02:55:37 $FNMA wat?
Post# of 64048
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wat?
yeah....let kick the CAN....not yes we can....do FRAUDs ....!!!
$11Bill Rev/1.16 bill shares X 17 P/E= $161.00 @TheJusticeDept
Of course this doesn’t take into consideration any subsequent PENALTIES
$40/share….perhaps after a 4/1 forward split–warrants are invalid
the biggest variable is what the P/E should be
P/E is variable—floating target===could be a lot higher–like 40
Net income/outstanding shares * P/E multiple==PPS
thus 11/1.16*40===PPS of $379.00
PPS shd be $379.00 $11bill/1.16X P/E 40==$379.00
So treble damages—-=$483/pps…that’s with P/E of 17===could be higher–A LOT===think like TRUMP—not only do we have TBTF screwing us–now it’s confirmed that accounting Fraud screwed us too–Un-F*****ng believable–Deloite will probably go the way of Price Waterhouse–IMPLOSION. I mean really..the sky is the limit as far as the PPS in concerned
PERINI CAPITAL LLC is one of the 40 plaintiffs in the FNMA Deloitte lawsuit.
"For information about joining next week's lawsuit against PricewaterhouseCoopers contact:
Michael Ciklin
PERINI CAPITAL LLC
1501 Venera Avenue, Suite 320 A
Coral Gables, FL 33134
Telephone: (702) 481-3562
E-mail: mciklin@perinicapital.com
Twitter: @mike_ciklin"
Holy accounting irregularity Batman
Excellent news!
Halleluyah
Freddie Mac Shareholders Preparing to Sue PricewaterhouseCoopers
A group of Freddie Mac shareholders is preparing to file a lawsuit next week charging PricewaterhouseCoopers with failing to conduct its audits of the mortgage finance giant in accordance with industry standards and giving its seal of approval to Freddie Mac's grossly misstated financial statements.
Like the 175-page complaint filed by forty Fannie Mae shareholders initiating Edwards v. Deloitte & Touche, LLP, Case No, 2016-004986-CA-01 (Fla. 11th Cir. Ct.), the suit against Freddie Mac will allege that Freddie Mac's officers and directors, the Federal Housing Finance Agency and the U.S. Department of the Treasury manipulated the GSE's books by making wildly pessimistic and unrealistic assumptions about Freddie's future financial prospects in order to overstate losses and understate assets by hundreds of billions of dollars with PricewaterhouseCoopers' participation and endorsement.
Many industry observers say a judgment for hundreds of billions of dollars against PwC would render the auditing firm insolvent.
For information about joining next week's lawsuit against PricewaterhouseCoopers contact:
Michael Ciklin
PERINI CAPITAL LLC
1501 Venera Avenue, Suite 320 A
Coral Gables, FL 33134
Telephone: (702) 481-3562
E-mail: mciklin@perinicapital.com
Twitter: @mike_ciklin
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Tagged under Bankruptcy Proceedings
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Fannie Mae Forty Shareholders Sue Deloitte & Touche in Florida
http://ezine.bankrupt.com/ezine/latest-news/f...usecoopers
please stop saying revenue when you really mean earnings, they are not the same!!!!!!!!!!!!!!!
Sky is the limit on FNMA! Patience is KEY! All good things in good time! Thanks for your posts! FNMA $$$$$$$$$$$$$$$$$$$$
i dont know if i have it
I'm waiting on my class action letter...fun continues.
This could be huge
Wow ...nice ...thank you !
editor and publisher or populareconomics and published in a DEM friendly Huffington
can't hurt
FINAL BRIEF FOR THE TREASURY DEPARTMENT ---PERRY CAPITAL LLC, et al.,
Plaintiffs-Appellants, 3/4/16
v.
JACOB J. LEW,
87 pages folks
http://gselinks.com/Court_Filings/Perry/14-5243-1602442.pdf
Let the Sunshine of Disclosure Disinfect Fannie Mae Litigation
Quote:
" ... The Net Worth Sweep smells like rotting fish, and some cleansing is desperately in order... "
Saikrishna Prakash March 4, 2016 4:00 AM
— Saikrishna Prakash is the James Monroe Distinguished Professor of Law and Horace W. Goldsmith Research Professor at the University of Virginia School of Law.
Investors in the mortgage giants deserve a chance to make their case.
In the coming days and weeks, federal judge Margaret Sweeney will rule on a motion to compel the federal government to disclose tens of thousands of documents sought by Fairholme Funds Inc. related to the federal conservatorship of Fannie Mae and Freddie Mac.
The government’s attempt to shield these documents via a claim of executive privilege looks absurd, especially since the documents may reveal wrongdoing on the part of the Treasury Department.
Let’s hope Judge Sweeney forces the government to turn those documents over. The suit had its origins in 2008, when the federal government moved to prevent the collapse of the federally chartered enterprises Fannie Mae and Freddie Mac, which buy mortgage loans from banks and bundle them into securities that are sold to investors.
This is aimed at helping to keep markets liquid so that banks can make more home loans. That year’s Housing and Economic Recovery Act provided Fannie and Freddie with billions in public funds and placed them in conservatorship under the authority of the newly established Federal Housing Finance Agency (FHFA), but did not eliminate the interests that private shareholders had in Fannie and Freddie.
In 2012, when the companies began generating profits again, Treasury Department officials negotiated what has become known as the Net Worth Sweep.
The Net Worth Sweep diverts nearly all net income from both enterprises to the Treasury. Thus Fannie and Freddie have sent over $241 billion to the Treasury, leaving Fannie and Freddie shareholders out in the cold.
In 2013 Fairholme Funds filed a federal suit, alleging that the government exceeded its authority and ignored the law’s requirement to conserve the assets of the enterprises.
Essentially, Fairholme Funds, Inc., et al. v. United States, et al. alleges that FHFA and the government engaged in illegal takings. The Treasury likely wanted to use the revenues to strengthen its hand in budget negotiations and hoped ultimately to wind down Fannie and Freddie, so the rights of shareholders were apparently an afterthought.
The legality of the Sweep and the implications for shareholders, taxpayers, capital markets, and homebuyers have been the subject of several other lawsuits and a contentious debate ever since.
On the narrow issue of documents relevant to the Net Worth Sweep, Judge Sweeney has demonstrated a healthy skepticism regarding the government’s claims that over 77,000 of them must be shielded from public view and that over 11,000 cannot even be shared privately with Fairholme Fund’s lawyers.
She’s not alone in voicing doubts about the government’s position. For over a year, the sheer volume of documents for which the government has sought confidential treatment has drawn scrutiny from Senate Judiciary Committee chairman Charles Grassley and numerous media outlets. Judge Sweeney’s ruling on Fairholme’s motion to compel could be pivotal in the litigation and could vindicate the public’s right to learn more about the Sweep and its propriety.
“Executive privilege” traces back to President George Washington and his infrequent decisions to withhold documents from Congress. In modern times, the practice of shielding documents and conversations has ballooned. Courts have allowed presidents to assert confidentiality to ensure they can get candid advice and to protect matters of national security.
In the Fairholme case, the government has invoked a variety of privilege claims focusing on the “deliberative process” or the process by which the government makes decisions. This privilege, meant to shield pre-decisional materials, is not absolute and requires a department head to review the supposedly privileged documents and determine that the privilege actually applies.
But the government has invoked this privilege in such a sweeping and troubling manner that Judge Sweeney’s intervention is necessary.
For instance, federal officials have not attested that they have reviewed the supposedly privileged documents and that these documents qualify for the privilege.
Moreover, the government asserts a privilege over documents shared with FHFA but also asserts that FHFA is not the “United States.” But if FHFA is not the United States, documents shared with it cannot be shielded by the deliberative-process privilege: Sharing pre-decisional documents with entities outside the government waives the privilege, preventing its subsequent invocation.
In invoking executive privilege in such a wholesale way — attempting to keep secret over 10,000 documents — the administration has given yet another black eye to the concept of executive privilege.
The courts have instructed that the privilege should be construed narrowly to permit parties “seeking discovery to obtain sufficient information” and that the government bears the burden of establishing that its invocation is valid.
The government has not met its burden and has followed its Net Worth Sweep with an Under-the-Rug Document Sweep, one that prevents plaintiffs from seeing documents they need to demonstrate that the Net Worth Sweep is inconsistent with federal law.
Judge Sweeney should be guided by the wisdom of Louis Brandeis, who counseled that sunlight was “the best of disinfectants.”
The Net Worth Sweep smells like rotting fish, and some cleansing is desperately in order.
— Saikrishna Prakash is the James Monroe Distinguished Professor of Law and Horace W. Goldsmith Research Professor at the University of Virginia School of Law.
Read more at: http://www.nationalreview.com/article/432319/...litigation
Bradford86,
Could you possibly post the final defendant and plaintiff briefs from the Ninth Circuit United States of America ex rel. Adams v. Aurora Loan Serv., Inc. Case? I'm interested in how the government framed their arguments in that case vs Delaware. They've argued that FHFA is the government for some purposes and private for others....as Sweeney said using it as a sword and a shield.
Thanks in advance if you can
FHFA Releases 2016 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released the 2016 Scorecard outlining specific, conservatorship priorities for Fannie Mae, Freddie Mac, and their joint venture, Common Securitization Solutions, LLC. The 2016 Scorecard furthers the goals outlined in FHFA's Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, published in May 2014. These goals include:
Maintain, in a safe and sound manner, credit availability and foreclosure prevention activities for new and refinanced mortgages to foster liquid, efficient, competitive and resilient national housing finance markets;
Reduce taxpayer risk through increasing the role of private capital in the mortgage market; and
Build a new single-family securitization infrastructure for use by the Enterprises and adaptable for use by other participants in the secondary market in the future.
"The progress Fannie Mae and Freddie Mac made in 2015 substantially advanced the goals set forth in our Conservatorship Strategic Plan and we expect to build on this progress in 2016," said FHFA Director Melvin L. Watt. "The new Scorecard will guide Fannie Mae, Freddie Mac and Common Securitization Solutions as they continue working to foster liquidity and access to credit for creditworthy borrowers in the national housing finance markets in a safe and sound manner."
Link to 2016 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions
###
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide nearly $5.7 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.
Contacts:
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811
http://www.fhfa.gov/mobile/Pages/public-affai...d-CSS.aspx
http://www.fhfa.gov/AboutUs/Reports/ReportDoc...recard.pdf
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