Fannie Mae (QB) (FNMAK) 뉴스

Thank god for the FHFA monitoring everything and making sure Fannie is safe. Someone drag Sandra before Congress and ask her what the hell she was doing when she was the head??? Her and the other 400 people let’s freaking hear it.

Fannie Mae admits multifamily loan fraud losses in SEC filing

By Erik Sherman, globest.com -

January 31, 202573

https://yieldpro.com/2025/01/fannie-mae-admits-multifamily-loan-fraud-losses-in-sec-filing/

The signs were there. Reports of instances of alleged multifamily loan fraud through Freddie Mac and Fannie Mae. The latter finally offered an admission of the problem in its latest 10-Q filing with the Securities and Exchange Commission.

“We have discovered instances of multifamily lending transactions in which one or more of the parties involved engaged in mortgage fraud or possible mortgage fraud, and we continue to investigate additional multifamily lending transactions in which we suspect fraud may have occurred,” they wrote.

In June 2024, the Department of Justice prosecuted Aron Puretz, who “pleaded guilty today to engaging in an extensive, multi-year conspiracy to fraudulently obtain over $54.7 million in loans and to fraudulently acquire multifamily and commercial properties.” Freddie Mac was one of the targets.

Last year, Boruch Drillman pleaded guilty to “an extensive multi-year conspiracy to fraudulently obtain over $165 million in loans and fraudulently acquire multifamily and commercial properties.” Fannie Mae was a target.

In the Under Risk Factors of its new filing, Fannie Mae said it had experienced financial losses due to mortgage fraud and could experience more. The company had identified “certain gaps” in how it processes multifamily fraud risk and oversees multifamily seller/servicer counter parties.

Fannie Mae said in answer to the shortcomings it had “implemented changes to reinforce and clarify our requirements for multifamily sellers and servicers” and continued to “further reduce the risk we face from fraudulent practices.” They are also pursuing “contractual remedies against multifamily lenders where we find breaches of the selling representations that lenders are required to provide on loans they sell to us, as well as against multifamily borrowers and sponsors.”

Reportedly, Fannie Mae ceased doing business with some in the industry like title insurers Riverside Abstract and Madison Title, although the two firms hadn’t been charged with wrongdoing, according to The Real Deal.

“Until we complete our work to improve our processes for managing multifamily loan origination fraud risk and oversight of multifamily seller/servicer counterparties, we may face a higher risk that we will be unable to detect or prevent fraudulent multifamily lending transactions, which could negatively affect our financial results and condition,” they added.

This isn’t the first time Fannie Mae has assessed fraud, though previous times typically were warnings to consumers, like the existence of identity theft rings or potential red flags for mortgage fraud.

The Ps pivot and make new worthless points with watered down facts daily. They are experts at deception and influencing very weak minded.

The Ps pivot and make new worthless points with watered down facts daily. They are experts at deception and influencing very weak minded.

Kt, there’s no winning an argument with you. Even if you’re wrong you will never admit it.

Reminds me of trying to reach an AT&T representative on the phone with an endless maze of confusion, transfer from one hold to another and finally some person answers the phone and states.

“Sir you have reached the wrong department let me transfer you.”

I’m convinced your purpose is to try and hold the Common Stock from gaining any value whatsoever. Not sure who you’re working for and why… Ackman is friends with Trump and that’s our Ace in the hole.

Kt Quote: “There's also no reason to uplist the companies until all the dilution is done too.” End of Quote

TOTAL BULL COOKIES

Please read entire thread and repost:

https://x.com/FnFGateFan/status/1885195100642275787

Once again, you were right and I was wrong. She was mentioned as "VICE" Director not Deputy.

As someone here looked it up, the Vice XXXX gets to act on behalf of XXXX during XXXX's absence. Hence, my enthusiasm for a re-listing, SPS write down and exit from conservatorship. As you correctly deduced, she won't do anything on her own. It's up to President Trump who decided to appoint her to now order her to act.

Peter Lynch wrote in his 1989 best seller, "One Up on Wall Street," that the Greeks used to sit around and debate how many teeth a horse has. Somehow they thought that was a better method than simply counting the teeth in a sampling of horses.

Similarly, many investors sit around and debate whether Thompson is still on the payroll, why not call the FHFA Monday morning and ask?

If she did not resign then she is still director until Pulte takes over.

Give me an F
Give me an N
Give me an M
Give me an A

Very impressive! Thanks for sharing Commander.

And thanks for all you have done on this board and on X for your fellow shareholders. You are the BIG DOG! Please ignore the puppy that barks every time you walk by.

This is what I was thinking as well. On the Senate or White House website it stated that Pulte was nominated in place of (vice) Thompson. However it did not mention that she had resigned. There were other people mentioned who did resign. That means Thompson is still there at the FHFA. My guess is that she now serves as a puppet. I remember her being pro-release. Most likely she is keeping the chair warm for the incoming Pulte. Highly probable she will help with the release process. Clearly the Trump people decided it would be beneficial to retain her. However it is highly doubtful she will do anything drastic on her own before Pulte arrives.

It was shared here a couple of times that she is now Deputy Director. Why? Only logical answer I can come up with is that the Trump administration wants to take some immediate action and not wait for Pulte's confirmation. Would like to hear what others think.

Thanks Rick - this makes sense. Bosland is a lawyer currently the head of regulatory issues and Jones is the General Cousel - Pulte will need both of them. I would imagine this will happen soon.

I don't know why HERA would be an obstacle. 12 USC 4512(f) does specify who can be the acting director, but I don't think Otting was any of those and he was the FHFA acting director in the spring of 2019 anyway.

no SPO can go to market unitil it is public knowledge how many total shares EXIST or ARE PLANNED in the near term

Anyone would be CRAZY to buy shares of an SPO that does not lock in the TOTAL number of shares in the corporation -- as assumed for say five years

Agreed.

There's also no reason to uplist the companies until all the dilution is done too. Not knowing the final share count is at least as big a barrier to large scale ownership as listing on a major exchange.

I like how you used this as your example. Your first word was "Wrong." LOL. Then we go back and forth and I try my best to explain how you are factually incorrect, and you do the same. And eventually, we end up where?

Not where you claimed we would be, which is me only telling you to file a lawsuit or shut up. Note how that didn't actually happen, which proves your accusation that I use my signature line to shut down debate false.

Because you can't stick to the merits of the argument you were presented.

Wrong. You yourself posted examples of me actually debating you on the merits. You not being convinced by my arguments is not at all the same as me not making them in the first place.

Yes, a vast majority of the posts on this board actually.

You just can't get enough argumentum ad populum, can you?

The vast majority of the posts on this board are utterly useless when it comes to making investment decisions, which is supposed to be the whole purpose of its existence. Quantity is not the same as quality.

I'm under no obligation to give you a mathematical probability, especially since that's not how my method works.

How can you estimate a future share price using your purported scenarios without using probabilities? I am genuinely curious to hear the details of this type of strategy.

You just throw out a 85% probability based on "XYZ", but your probability is just like every other one - created out of your own assumptions. Completely meaningless.

Is this more of the "no predictions are fully correct therefore all are equally useless" bullshit?

Assumptions are everything when it comes to deciding whether to buy/own/hold/sell shares. Everyone makes assumptions when investing, whether they are conscious of it or not.

You keep asking for probabilities, lawsuits, or for people to shut up if they can't back their position to your satisfaction. But they don't. Sensing a trend yet?

Yes, a trend of hypocrisy.

If that mission no longer exists, the likelihood of shareholders getting some money has theoretically increased.

Quantifying that increase via an estimation of its probability is the only way that information is of any use when it comes to making investment decisions regarding the commons and juniors.

Hence, the increase in share price. The market is aware, even if you are not.

This carries the implicit assumption that the market is always correct and/or rational. If high prices are seen as a confirmation of an investment thesis then low prices should be seen as a repudiation of it, and yet I have found that almost nobody holds both of those views.

For what it's worth, I don't believe either of those is true.

Calabria's book is the most recent reference you can use?

No. Calabria reiterated in a podcast interview from a couple weeks ago that Treasury's lawyers won't allow a full writedown.

In addition, John Paulson saying that Treasury will end up with either 90% (according to this article) or 90-95% (according to this interview) of the common is far more recent.

Political fallout is based on who is politically in charge, has the majority, and/or has leverage, and what their goals are. It's not static over time. It did not change the instant Mnunchin took his position either. Political winds can take time to shift, and what was once a headwind can become a tailwind.

For the millionth time you're only talking about possibilities and not probabilities.

What are the chances that Treasury's goals shift in a way that is favorable to common shareholders? I have it at 15%. How about you?

I don't see why they would care about leaving $50B or any amount that happens to remain. Especially if it helps get the deal done smoothly. The best reason to not leave anything behind would be intentionally trying to screw shareholders. That was so last decade.

I disagree. I think the best reason to not leave anything behind would be so that Treasury gets more money. That would avoid the political fallout of the perception of a giveaway to shareholders.

I don't think Treasury will try to take every single penny possible, but I see no reason to think that the compromise will happen north of or even anywhere near $50B. It's a huge amount of money in absolute terms.

I agree that Treasury works with the Federal Reserve, particularly on banking or financial bailouts. I disagree that either the Treasury or Fed is mandated to reap an excessive return. They would only do it if they are being told to do it. The Fed is literally set up as a NON-profit. Treasury is not in the profit game at all.

Treasury's return on FnF alone is already over 50% and they still haven't written off the seniors or cancelled the warrants. That contradicts your argument.

When the mission changes, then what will be the required Treasury return? That's the question that nobody has the answer to yet. We are all awaiting official statements.

Anything lower than 57% would require Treasury to write down the seniors, cancel the warrants, and return cash to the companies. I don't see any universe in which all three of those (and not even the last one in isolation) happen.

If your 8% target is an overall return then Treasury has already far exceeded it. And if it's an annual figure then Treasury would have to at least exercise the warrants to reach it.

Sure, I agree a PE of 8 is in the realm of possibility. So is 15, so is 6. Are you giving a probability to each number between zero and 200?

It's certainly possible to consider too many scenarios; doing 200 is a waste of time compared to 5-10 because the amount of time spent doesn't justify the small increase in accuracy.

Something like 10% chance of 6, 30% of 8, 50% of 10, 10% of 12 is close enough. That comes out to an average of 9.2. I think Ackman's 15 is far too high: it could be accurate in 2027 but if the juniors are converted and capital is raised, those would occur sooner and thus at lower multiples.

The easiest way to deal with the SPS is for Treasury, FHFA, and Trump to declare that the Net Worth Sweep and the Increase in liquidation Preference in the fourth amendment overstepped the legal bounds of the Preferred Stock Purchase Agreement and therefore is declared null and void. Then re-due the books as if they never happened. The 10% interest on the loaned amount would stay in affect until paid-off, then a .0065% fee would remain on the $200 billion explicit gov. Guarantee, and release the twins.

I would call that simple, but most certainly not easy.

The resolution to the conservatorships is going to be ruled by politics, and I cannot imagine your scenario happening at all.

1) Why would FHFA and Treasury say the NWS is illegal after (successfully) defending it as legal in the Collins case?
2) Why would your 12-figure giveaway by the government not be politically toxic, especially as the government looks for cuts to spending?

What is your basis for the 85% probability that the SPS will be converted?

In order:

1) The Supreme Court's Collins decision, which essentially shut the door on any court forcing Treasury to write down the seniors
2) John Paulson's recent comments that Treasury will end up with at least 90% of FnF common (combined with his proximity to the President; he was seated in row 2 at the inauguration and is a longtime huge donor)
3) Calabria's book, where he said that he was told by Treasury a senior pref writedown would be illegal and involve undesirable political fallout
4) Treasury values the seniors at over $240B and writing them off for nothing in return could blow an enormous hole in the budget
5) The AIG precedent, where they converted their preferred shares into the biggest common stake that they thought they could get (92%) without prompting breach of duty lawsuits by the shareholders against the BOD (which isn't a concern with FnF due to their BODs' lack of fiduciary duty to shareholders)

Before John Paulson's comments I had it at 75%.

How can you assign any probability?

The most robust way I know to estimate the future share price, and thus decide if buying/holding right now is a good idea, is an expected value calculation.

1) Create a future scenario by making some assumptions (with FnF common important ones are whether or not the seniors are converted, a future P/E multiple, capital raise size, etc)
2) Estimate the resulting share price in that scenario
3) Estimate a probability for that scenario
4) Multiply the numbers from steps 2 and 3
5) Repeat steps 1-4 until you have done as many scenarios as you deem reasonable
6) Make sure your probabilities all add to 100%
7) Add the numbers in step 4 for each scenario to get the future expected value
8) Discount that value back to the present

Step 3 is extremely important, but it has to be an estimate because it involves predicting the future.

March 14, 1980 awarded the Golden Wings of a Navy pilot -

Flying ALL WEATHER operations

between underway NAVY Ships at Night



I completed Naval Postgraduate school Monterry CA - Aviation Safety OFFICER
30 Yrs - 4,423 accident free flight hrs flying between Navy ships - H46, UH-1N
underway at sea at NIGHT - moving external Weapons, Cargo, passenger transfer
doing Search and Rescue & MEDEVAC flights - numerous Life-saving Rescues
Navy Flight Instructor, Instrument instructor (special card to take-off weather 0-0)

click Link then the picture after it Loads to see

Flight Ops Vertical Replenishment ( VERTREP) :

https://www.facebook.com/ronald.luhmann/posts/pfbid0v1Dt25GUU4YLDAz9vA6AajEdoGqTZWheJvjEpMba7azSNgyekt1VUbpa9LeGQZKZl?mibextid=pjQu9i





I was hired after 30yrs Navy Retirement by the owner to "fix" his flight academy
safety after previous 13 accidents & 3 fatalities - He was paying $375,000/month
in liability insurance - I told the owner I wanted to fly but agreed to be Safety Director
for 6 months and Fix his Academy then - if I wasn't flying as an instructor I would QUIT !
I completely revamped the academy with RULES, policies, required Flight Safety Brief
Safety posters in the flight briefing rooms & even bathrooms - During the next 6 month
they had NO ACCIDENTS NO INJURIES - I was flown to Atlanta by Insurance underwriters
because they wanted to know how I did the Safety Job so quickly and efficiently

I was written up in this safety magazine after we did a Safety Stand down
in Las Vegas - I was Director of Safety for 41 Helicopter Flight Academy
locations in U.S. flying 15,000 hrs per month - on 250 helicopters

Here is the Aug 2023 FHFA Org Chart

https://www.fhfa.gov/sites/default/files/2024-02/FHFA-Leadership-Organization.pdf

The big question, if relisted on NYSE or NASDAQ, is how many institutions, etc. would want to buy stock in corporations that our Uncle (Sam) has a stranglehold on their necks?

Huh?

Thanks Rick - this makes sense. Bosland is a lawyer currently the head of regulatory issues and Jones is the General Cousel - Pulte will need both of them. I would imagine this will happen soon.

Jog
I hope the new head of FHFA does stuff that frees F and F and helps our PPS

but - I still believe that the real power is with Treasury - pretty much alone

https://x.com/imfpubs/status/1885420286419292298?s=46&t=xLP2LlWgJrEMUZZ7Fum-nA

Trump out here doing everything except the shit I want. Release the GSEs. Open up the mining!

A minimium share price of $4 is required, not $5.


See page 92
https://pscmevents.com/wp-content/uploads/2025/01/Fannie-Mae-Freddie-Mac-01-16-2025-Presentation.pdf

Looks like three days or less, will be below 5. So, hopefully someone does or says something positive soon.

ST has followed in Mel Watt's footsteps (and probably even those of Calabria) and done little to nothing during her tenure at FHFA. The Trump administration may be keeping a big warm body in that position until the kid (Pulte) is ready to go; assuming she will continue doing nothing in the interim. I still think FHFA is of little concern to anybody of note at the moment. That's why we languish at $5 and change.

thx-G, more questions

Is there an FHFA head right now? I think not, IDK.

why wait for confirmation that could take months?

Is Sandra confirmed still there as a deputy? I seriously doubt it

what haven't they appointed an interim director like they did with the evil Demarco who was there 3 years and did incredible damage to us? the spot is vacant and important if they want to release the gse's

FHFA is not as big as a deal as US treasury, so appoint someone interim and get moving already would be the best way, yes/no??

I get it, only been in office 10 days and have some patience but this plan to release needs to move in the first hundred days to get ahead of 2 deadline for possible change of power. IMO

the more questions we figure out, the better. LOL

Go FnF

How many consecutive Days do we need to be above $5 to relist?

IHub down for maintenance this weekend
Until Monday - Viya Con Dios

She is not deputy director. So e one who had no idea spewed it here. She is gone as if Jan 18th. Resigned

Well Forks, even though we're having a down day
we will still end up above $5 - that will mean we
have gone 15 consecutive days above $5
Half-way to being re-listed - when we're
relisted, we certainly will start advancing
toward Pinnacle

It was shared here a couple of times that she is now Deputy Director. Why? Only logical answer I can come up with is that the Trump administration wants to take some immediate action and not wait for Pulte's confirmation. Would like to hear what others think.

"We are working to get to $10/share now so keep your eyes on this first milestone."

$10 looks like it is perched at the peak of Mt. Everest!

Are you saying that Thompson is still there at the FHFA ?

What logical reason would the new administration possibly have to ask Sandra to stick around as Deputy Director? I gave my scenario. Care to share yours?

What logical reason would the new administration possibly have to ask Sandra to stick around as Deputy Director? I gave my scenario. Care to share yours?

"History could decide that Sandra Thompson was a terrible Director, but a terrific Deputy Director."

We could be so lucky! LOL!

Pretty good thread IMO.

https://www.reddit.com/r/FNMA_FMCC_Exit/s/AWlx9jLXzK

3:10 to Yuma my Amigos, all aboard! FMCC to da moon.

https://www.jomfruland.net/how-fannie-maes-tech-makeover-is-set-to-revolutionize-the-financial-landscape/

Getting all my fiery GSE posts in before the weekend system update.
Ah yes, keep on riding the donkeys, gse pref loving ky 0.05 morons.
Fnma

You were posting not so long ago 0.50,….
Good thing no one using a septic tank listened to that…
Fnma

At least Trunk has provided some financial stats in the past.
What have you provided to argue besides an actual self portrait emoji in your response. If the clown shoe fits…lol
Fnma

which is something u know nothing about, absolutely nothing.

I am a long time holder

https://www.urban.org/sites/default/files/2025-01/Fannie-Freddie-Implicit-Guarantee.pdf