Fannie Mae & Fairholme: Transcript From Status Conference by TimHoward717
We know why the government went to such great lengths to try and avoid having to share any documents related to the 2012 profit sweep and when and if Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) will exit the conservatorship, they knew this will gravely affect any defense they hoped to muster. After Judge Sweeney denied that request why was the government going to such bizarre attempts to try and ensure that literally everything, they shared in discovery would never make it to public eyes? As Fairholme’s attorney pointed out In Wednesdays status conference.
“But the Government’s proposal goes well beyond just adding the word “confidential,” and it goes well beyond Rule 26C in the case law. The Government’s proposed definition just lists categories of materials that when you add them all together, I think it’s pretty apparent that they want to designate everything as confidential and keep it confidential throughout the course of this litigation, regardless of whether that information is truly sensitive or whether the disclosure of that information would cause any cognizable harm to anyone.
How could conservatorship exit hurt Fannie Mae and Freddie Mac reforming efforts
”How would government plans as to how and when the companies would exit conservatorship hurt efforts at reforming Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC)? Or harm the economy? Imagine if documents were released that showed the treasury and the FHFA having serious discussions about reforming and releasing the GSES right up unto last month? That would undo years of a concerted effort by officials across DC to do everything in their power to keep our value as low as possible. Why have they done this? Two reasons, one to exact revenge on the people who exposed their scheme and two to keep interest at a minimum so they could continue to lurk in the shadows. Look at what happened back in march when we had a flood of good news, we were finally getting the attention that was deserved. There was headline after headline beginning to expose the scheme for what it was.
Now about those documents that we all know exist that prove they knew Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) were soon to be very profitable at the time that the government enacted the 2012 profit sweep. Think about this for a minute, how would 2 year old financial projections have any effect the bond markets? that’s ancient history to the financial world who are primarily concerned with the future. But if documents were produced that they knew the companies were going to be soon profitable it would tell the world that the case will be easily won, and share prices will soar.The truth of the matter is that releasing this information will have a dire effect on the economy, the economy of the US government when they no longer will be able to illegally confiscate all of Fannie and Freddie’s profit’s.
I am going to do the government attorneys a favor, let’s just cut through the childish gamesmanship. Let me translate what their actions have told us; There have been discussions right along about reforming and releasing Fannie Mae and Freddie Mac, and there are documents related to the profitability of the Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC)’s leading up to the 2012 sweep amendment. Now can we please stop trying to subvert democracy and openness and get on with the case. We will simply assume that this is the case going forward.
I am also attaching a PDF file of Wednesdays status conference . I think everyone will be thrilled to hear this from government attorney Mr. Schwind “But what we intend to do — and I think this is not — Plaintiffs won’t object to this — is to produce on a rolling basis so at least they start getting documents expeditiously.” Let those documents come rolling in! Keep the Faith!