$FNMA #FANNIEGATE
A copy of the Memorandum Opinion about which Mr. Carney is giddily tweeting today is attached to this e-mail message.
As I understand it, Meridian wanted to force FHFA to sell it some low income housing tax credits under what Judge Cacheris characterizes as an agreement to agree.
I don't think the contracts under which Fannie and Freddie issued their preferred and common equity securities are similarly characterized as agreements to agree. I think those contracts were fully finalized and clearly established the rights of the holders of those securities against the GSEs when they were signed. To date, I don't believe FHFA, Fannie or Freddie have repudiated their agreements with preferred and common shareholders. If FHFA has done so, that will bring clarity to a lot of the litigation challenging the Net Worth Sweep.15-01463-0034
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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.