CatBirdSeat
16 minutes ago
FHFA Has Employed 2,900 Fake Employees! Who Has Been Taking Our Money?!
Federal Housing Finance Agency Director Bill @pulte: "There was about 2,900 people that were supposed to work in the building. 
Federal Housing Finance Agency Director Bill @pulte: "There was about 2,900 people that were supposed to work in the building. Turns out, only 49 were showing up full-time." pic.twitter.com/6vbkfGZgKH— Rapid Response 47 (@RapidResponse47) March 17, 2025
TightCoil
4 hours ago
Go Fannie Mae - All The Way
Recap of our PPS since Mar 7 which was Day 39 of over $5 when we were at $5.84. Then the next trading Day (Mar 10)) we went BELOW $5 to $4.91, but rebounded swimmingly the next Day (Mar 11) to $5.19 and hit $6.11 on Mar 14...
Mar 17 5.82 9,309,100 (Memo Opinion Re: 8-0 Verdict Release in favor of plaintiffs)
Mar 14 6.11 16,518,200 (Pulte Officially Confirmed as FHFA Director
Mar 13 5.50 5,951,400
Mar 12 5.65 9,589,600
Mar 11 5.19 10,480,900
Mar 10 4.91 16,783,700
Mar 7 5.84 23,007,600
navycmdr
5 hours ago
Fannie, Freddie board members ousted in sudden, surprising move
New FHFA head appoints himself as chairman of both the government-sponsored enterprise
Late Monday, regulatory filings showed that Pulte ousted 14 board members at the two companies and appointed himself as chairman. He also named replacements for some of the board members who were removed. No reasons were given for the firings.
Jim Davis - March 17, 2025
https://www.scotsmanguide.com/news/fannie-freddie-board-members-ousted-in-sudden-surprising-move/
Mortgage, Regulations and Compliance
Bill Pulte wasted no time making seismic changes at Fannie Mae and Freddie Mac. Pulte won Senate confirmation last week as the new director of the Federal Housing Finance Agency (FHFA), which oversees the government-sponsored enterprises.
Late Monday, regulatory filings showed that Pulte ousted 14 board members at the two companies and appointed himself as chairman. He also named replacements for some of the board members who were removed. No reasons were given for the firings.
Pulte made a post on X on Saturday that read: “Make Mortgages Great Again.”
The Wall Street Journal reported that the board members removed from Fannie were: Amy Alving, Christopher Brummer, Michael Heid, Simon Johnson, Diane Lye, Diane Nordin, Chetlur Ragavan and Michael Seelig.
Four new board members were appointed to Fannie including Pulte, FHFA general counsel Clinton Jones, Christopher Stanley and Michael Stucky.
The board members removed from Freddie were Kevin Chavers, Lance Drummond, Luke Hayden, Allan Merrill, Jane Prokop and Roy Swan. The new board members were Brandon Hamara, Clinton Jones and Ralph “Cody” Kittle along with Pulte.
The Senate confirmed Pulte as director of the FHFA on Thursday by a vote of 56-43. Pulte succeeds Biden administration appointee Sandra L. Thompson as head of the agency.
The new FHFA head is the founder of private equity firm Pulte Capital Partners. He is the grandson of William J. Pulte, founder of home construction giant PulteGroup.
kthomp19
8 hours ago
the haters on this board will argue the FHFA is a separate entity from the Treasury
That is a factually correct statement.
So, Treasury did nothing wrong.
You need to be more specific here. The jury didn't find Treasury to have done anything wrong because Treasury was not a defendant.
Yet, both agencies’ head, FHFA Director and the Secretary of Treasury, are appointed by the President and confirmed by the Senate, two government agencies in collusion committed fraudulent harm against the Shareholders.
"Collusion" and "fraudulent harm" are your words. The jury did NOT rule that either of those happened.
kthomp19
8 hours ago
That's funny. So you provide an example that is close to your prediction and that's evidence of your point?
Wrong again. You misunderstood my point, which was that your claim that none of my predictions are likely to be exactly correct is meaningless.
I'm pretty sure if someone provided an example that was close to their scenario of LP being written down, you would NOT accept that as being more important than providing factual calculations, probability estimates based on what almost happened in 2019, or some quote in a book, filing a lawsuit, or something more than just directional.
Neither would I accept that from myself. I have provided ample reasoning and evidence to support my price targets. They are not at all just pulled from thin air.
If someone else can provide similarly rigorous and reasonable arguments for a LP writedown then I will give them serious thought. I have yet to see any, however.
Look, it's pretty clear that you don't understand why people hold this investment, particularly commons. Sometimes it's more than the money, it's the principle of things.
Oh I understand the principles-based "strategy". I just think it's a terrible way to try and make money. Betting on the government to "do the right thing" has been disastrously wrong so far with FnF.
This is exactly why one of the two lines in my Twitter bio is "Righteous indignation is a poor investment thesis."
And we're not talking about "people" here. Only you. I'm not on a high-horse here. I'm simply pointing out that your words (only wanting to make money compared to your cost basis) do not jive with your actions (continuing to hold shares even though you could lock in a gain by selling everything). Hypocrisy, plain as day.
Key word is discussion, not dictatorship.
I don't have the power to dictate things on this board. People, such as you, are free to demonstrate their hypocrisy at any time.
kthomp19
8 hours ago
Well now that the jury verdict is entered as final judgement, we don't need to rely on the shareholder's opinion of the validity or legality, do we?
The "shareholders' opinion of validity or legality" never mattered with respect to the implied covenant.
It was Lamberth who ruled that the plaintiffs brought a reasonable claim that the NWS violated reasonable shareholder expectations (and thus the implied covenant), which is why the case proceeded to trial, and the jury that decided that the implied covenant really was violated.
It's now clear that the NWS violated the shareholder agreement.
It only violated the implied covenant of good faith and fair dealing. Lamberth dismissed all the other claims, including breach of contract.
Meaning if the contract gives away shareholder rights, the contract is in breach
Again, breach of contract is not at all the same thing as breach of the implied covenant of good faith and fair dealing. Stop conflating them.
The jury decided that the NWS, which removed all economic rights from FnF's shares, did breach the implied covenant. But the only thing they awarded was money. They didn't alter or nullify or invalidate a single letter of any contract or amendment. That means they found that the money damages were full compensation for the implied covenant breach.
Shareholders have a reasonable expectation that the shareholder agreement will not be violated in the future.
The NWS violated reasonable shareholder expectations about as much as is humanly possible to do, and the only thing shareholders got out of it was $812M plus post-judgement interest.
After the NWS was signed, reasonable shareholder expectations got reset to "shareholders get nothing ever". How is that even possible to violate?
kthomp19
8 hours ago
It's complete nonsense.
What's nonsense is your total mischaracterizations and exaggerations of what I post.
Yet again, queen of technicalities.
Which means that your accusation of hypocrisy is unfounded. I've seen better admissions of being wrong, but I'll take this one.
Word choice aside, what were you implying in that statement?
That you have no grounds on which to criticize my share price model without posting your own. Stones and glass houses, as it were.
I do not NEED to do anything.
You do if you don't want to be seen as a hypocrite. Then again, you have demonstrated your hypocrisy on so many occasions that it clearly doesn't bother you.
Dabeav
8 hours ago
I’m long , stuck. No matter the post , tweets , retweets , votes, confirmations, X post or who skn who’s cak! This shiitake is tanking and it will be worse tomorrow!
Post that shiitake on X and retweet to pulteless balls. To da fkn moon we ain’t going anytime soon.
3Fiddy by Friday!