$FNMA #FANNIEGATE
FHFA and Treasury delivered their briefs to the Sixth Circuit yesterday, and copies are attached to this e-mail message. Needless to say, the government thinks the Rop Plaintiffs' arguments lack merit and should not be entertained. Among other things, FHFA suggests the increase in Treasury's liquidation preference from $199 billion to $260 billion following the Jan. 14, 2021, letter agreements shows the Trump Administration had no intention of relinquishing its senior preferred position in the GSEs' capital structures. The Justice Dept. says if President Trump wanted Treasury to make changes to the PSPAs, he could have and should have directed Secy. Mnuchin to do that.
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Glen Bradford
Investor · Builder · Writer
MBA from Purdue. Former hedge fund manager. Holds 26 series of Fannie Mae and Freddie Mac junior preferred stock. Built Cloud Nimbus for Salesforce consulting. Author of Act As If. Writes about investing, building things, and the longest financial fraud in American history.
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Read moreDisclaimer: This blog post reflects the author's personal opinions at the time of writing and is not financial, investment, or legal advice. Glen Bradford holds positions in securities discussed on this site. Past performance is not indicative of future results. Do your own research and consult qualified professionals before making investment decisions. Some content on this site was generated or edited with AI assistance.