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Fannie Mae and Freddie Mac will be able to keep retaining earnings, but there’s a catch—in the form of liquidation preferences. The latest amendment to the Senior Preferred Stock agreement calls for an extension of the loan that can never be repaid. [soros] Q4 2020 hedge fund letters, conferences and more Fannie Mae, Freddie Mac face liquidation preferencesThe Treasury and the Federal Housing Finance Agency filed the Fourth Amendment to their Senior Preferred Stock agreement with the government-sponsored enterprises. According to analyst Dick Bove of Odeon Capital, the agreement forces Fannie ...
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The Supreme Court takes up the case of Fannie Mae and Freddie Mac this week, and their common shares rallied after opening statements. One investor tells ValueWalk he believes Fannie Mae and Freddie Mac common shares would be worth $40 if all the stars align for shareholders. Q3 2020 hedge fund letters, conferences and more However, Tim Pagliara of CapWealth Advisors, who also owns shares of the GSEs, says not so fast. He says there's definitely upside to the shares, but things might not happen as quickly as some investors are expecting. There are a lot of factors that will influence the value...
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Treasury Secretary Steven Mnuchin will leave office soon, and the clock is ticking on getting Fannie Mae and Freddie Mac out of conservatorship. This is a time for Mnuchin to look back at his legacy, and for Fannie Mae and Freddie Mac, to decide whether he wants to align himself with the perjury that has gone before or whether he wants to be part of the solution to the nation’s housing finance problems. Q3 2020 hedge fund letters, conferences and more Supreme Court to hear case about Fannie Mae, Freddie MacThe Supreme Court will take up one of the cases involving Fannie Mae and Freddie Mac sta...
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Analyst Dick Bove of Odeon Capital has long been arguing against buying the common shares of Fannie Mae and Freddie Mac, but his latest argument in favor of housing reform could offer reasons to buy those common shares. He believes Fannie Mae and Freddie Mac will be strengthened next year because of the need to provide a boost to housing, and he suggests that history may repeat itself to make that happen.Q3 2020 hedge fund letters, conferences and moreHistory repeating itselfBove drew comparisons between the current situation and what was happening in the late 1960s. At that time, civil rest r...
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One of the reasons to invest in Fannie Mae and Freddie Mac is because they will soon be out of government control in the form of their conservatorships. However, there’s no denying that Fannie Mae and Freddie Mac will remain under some level of government control because of their prominent place in the housing industry.Q3 2020 hedge fund letters, conferences and moreA key question is how much control the government will retain over the government-sponsored enterprises after they exit their conservatorships. Federal Housing Finance Agency Director Mark Calabria made some comments during the vir...
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Could Congress get involved in the efforts to free Fannie Mae and Freddie Mac from conservatorship? A letter that was sent by two senators to Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency Director Mark Calabria suggests it might.Q2 2020 hedge fund letters, conferences and moreHowever, there are reasons to believe Congress won't step in to prevent Fannie Mae and Freddie Mac from exiting conservatorship.Letter suggests Congress could block Fannie Mae, Freddie Mac from exitingSenators Mark Warner and Michael Rounds sent a letter to Mnuchin and Calabria on Monday. The letter...
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Activities to take Fannie Mae and Freddie Mac out of conservatorship continue, and as more and more information comes out, it’s sounding like the government will have a lot to answer to when the Supreme Court hears the Collins case in December. Odeon Capital hosted a conference call with former Fannie Mae CFO Timothy Howard, and he provided some insight into Fannie Mae’s and Freddie Mac’s activities.Q2 2020 hedge fund letters, conferences and moreUpdate on Fannie Mae, Freddie Mac activitiesIn a report, Dick Bove of Odeon Capital said the solicitor general's brief in the Collins case is now up ...
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Some have argued that if President Donald Trump loses the election, Fannie Mae and Freddie Mac will be left in conservatorship instead of recapitalized and released. However, Tim Pagliara of CapWealth Advisors has argued that even if Joe Biden wins the election, he believes the government-sponsored enterprises will still be released.Q2 2020 hedge fund letters, conferences and moreNow it seems analyst Dick Bove of Odeon Capital agrees with him, although he disagreed before. He said in a recent report that regardless of election's results, the winner needs the housing market to be strong, and th...
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The Supreme Court has decided to hear the Collins case lawsuit involving Fannie Mae and Freddie Mac in December. That lawsuit could provide some major breakthroughs for all the litigation involving Fannie Mae and Freddie Mac.Q2 2020 hedge fund letters, conferences and moreOdeon Capital hosted a conference call with Brian Barnes of Cooper & Kirk, who was one of the main authors of the brief submitted to the Supreme Court by the plaintiffs in the Collins case. Analyst Dick Bove explained the plaintiffs' and the government's arguments in the case, adding that he believes the lawsuit will be groun...
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The Supreme Court is set to hear one of the cases involving Fannie Mae and Freddie Mac. The Collins v. Mnuchin case goes before the court on Dec. 9, and whatever is decided will impact the valuations of the government-sponsored enterprises’ stocks.Q2 2020 hedge fund letters, conferences and moreRange of possible decisions by the Supreme Court for Fannie Mae, Freddie MacIn a note today, analyst Dick Bove of Odeon Capital pointed out that there is a range of possible decisions the Supreme Court could come up with on Fannie Mae and Freddie Mac. The government would win the entire case if the cour...
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