Bruce Berkowitz Celebrates Latest GSE Victory

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Bruce Berkowitz Celebrates Latest GSE Victory

From Bruce Berkowitz

GSE Plaintiffs Request Further Judicial Notice and Supplementation of the Record

Dear Investor,

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John Buckingham Stock PicksThe economy remains in distress, although there are signs of recovery underway. John Buckingham of Kovitz, editor of The Prudent Speculator newsletter, has found that value stocks typically outperform coming out of economic downturns. Thus, he argues that this is an excellent time to be a value investor. Q4 2020 hedge fund letters, conferences and Read More


Last week, in a U.S. Court of Federal Claims filing (Fairholme Funds, Inc. et al. v. The United States), the White House formally invoked the Presidential Communications Privilege to prevent the disclosure of documents related to its decision to expropriate all the assets of Fannie Mae and Freddie Mac.

 

Who knew that years-old information pertaining to a mundane topic such as housing finance policy would require such extraordinary secrecy?

We are pleased to share a brief in a closely related case that was filed in the U.S. Court of Appeals for the District of Columbia Circuit yesterday evening. The plaintiffs have asked the D.C. Circuit to take note of relevant documents that were unsealed in April and May. This brief contends that, “Defendants’ oppositions are consistent with their broader litigation strategy, designed to obscure the true purpose and effect of the Net Worth Sweep while claiming that no court may question their self-serving and demonstrably false account of the relevant facts.” Moreover, the brief highlights that, “discovery in related litigation has revealed a much more accurate picture of the information Defendants considered when they decided on the Net Worth Sweep, at precisely the point when the Companies became fabulously profitable,” while asserting that, “This is no mere coincidence.”

To view the full brief, click the following link: http://www.fairholmefundsinc.com/Documents/ReplyBrief20160616.pdf

We anticipate that this will be the final document submitted to the D.C. Circuit before their ruling in the coming weeks.

Kind regards,

Investor Relations

Fannie Mae

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