$FNMA #FANNIEGATE
14-5243-1572909 14-5243-1565601
One factoid in Fairholme's papers unsealed this week that's new to me is:
Fairholme's Motion (Doc. 1565601), at page 13, says:
"Treasury’s administrative record fails to reveal that Treasury was in possession of newer projections indicating that the Net Worth Sweep was not necessary to prevent the Companies from running through the available Treasury funding commitment."
Fairholme's Reply (Doc. 1572909), at page 10, says:
"[I]n adopting the Net Worth Sweep, Defendants relied on financial projections based on 11 month old data, and those projections were by then known to be inaccurate and unreliable."
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Glen's Musings — AI, investing, and building things. Occasional. Free.
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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