FNF Jr pfds

[FNF Jr pfds @Jrpfds]

@T_Castelluccio most useless indicator ever. You cannot compare today's quality asset light companies (eg MAG 7) to previous industrial, low margin/asset heavy. Also does not take in account the progressive decline on IR across time. Not saying market is not hot in certain companies (AI mainly).

[FNF Jr pfds @Jrpfds]

@HoldenWalker99 @HorsemanCountry much different situation, even though its concerning that no plan has been layed out, the way out is much easier and faster. Could be worked out at any moment, just few steps needed (FNMA ceo, cap rule adj). Its getting done but not in our timeframes.

[FNF Jr pfds @Jrpfds]

@skalapal that won't happen, no appetite sorry

[FNF Jr pfds @Jrpfds]

$FNMA $FMCC $FNMAS RE: GSES IPO. See lot of people confused, what really unlocks value for common pfd shareholders is SPSA mod (restructuring). IPO does not need to happen ever. And the SPSA mod can happen overnight anyday. FNMA is already 2,5% cap, Freddie will hit eoy 2027.

[FNF Jr pfds @Jrpfds]

I even prefer that IPO does not happen at the same time bc it overcomplicates things. Much different animal than Trump's 1st term when GSEs needed large cap raise to exit conservatorship. Next cap rule mod, FNMA new CEO and are ready to exit cons decree. Nothing has changed

[FNF Jr pfds @Jrpfds]

@World_21m And we just need spsa to unlock value

[FNF Jr pfds @Jrpfds]

@World_21m I think people are misunderstanding spsa with ipo. IPO is a slow process, restructuring is an overnight issue and can happen any day

[FNF Jr pfds @Jrpfds]

@T_Castelluccio different animal than Trump 1, Trump sooner or later wont miss on bragging made so much money on this,just talks about intel but thats peanuts compared. FNMA CEO and new Capital rule should be next. PSPA can come overnight and uplisting. they wont do an ipo, lack planning.

[FNF Jr pfds @Jrpfds]

@T_Castelluccio People are misunderstanding the idea of an SPSA vs an IPO. I think they ditched the IPO idea after november, there was simply no plan in sight. But PSPA now that Fannie 2,5%, Freddie will hit eon yr. Ackman playbook (obv not working for him) is the path forward and pitched on WH

[Dorsia @seaurchincevice]

@HoldenWalker99 Wrong take, @pulte leaving FHFA, which he will, is prerequisite for c-ship exit. Next up new FNMA CEO, cap rule adj (mid July) and John McKernan to replace Pulte. Action will swiftly follow as @pulte steps down from COBs. This is the @SecScottBessent & @realDonaldTrump show.

[Rob Zimmer @RobTVDC]

A reasonable expectation is: they are looking to buy a major nonbank lender as well, before valuations recover from this long sector slump. $BRK.B

(Reminder: this sector cannot recover fully until gov't addresses the endless, and inefficient, conservatorships of $fnma and $fmcc.)

https://t.co/jCrhvSlNTJ

[FNF Jr pfds @Jrpfds]

@EphraimH1980 @World_21m we live in an imminent two weeks event to unfold

[Tony Castelluccio @T_Castelluccio]

Why Ackmans plan of 'relisting the GSEs makes most sense now'

I'll start with that i dont agree with Ackman on big aspects of what happens when the GSEs release and how its done. and Where i 'dont agree' is because I dont know:
-I dont know how the admin 'amends the sr pref shares'.
Bill wants they to write them off. and only uses warrants.

I think its MOST LIKELY the admin 'can convert those shares to common or gets something' + warrants=admin owning 90-95% equity in cos.(not just 80% of warrants)

BUT What needs to be done:
-issue an amendment to Sr Pref.
(this takes no time at all, and Will set in stone the capital structure)
-once thats done they simply can relist on NYSE.

All The narrative of road shows, ipos is pointless.
Treasury can use a 'mark to market valuation' , and sell anytime they want.

Pulte missed the boat on an actual raise. with other companies soaking up all the liquidity, and now the war raised rates, making it unlikely to run a IPO style release.

-Spcx is IPOing on june 12th, and will soak up $75B(capital raise), at a $1.75 TRILLION valuation.
-Anthropic is looking to ipo in october.
-amonst many other AI cos looking at taking public.

But- An Amendment simply acknowledging future capital structure
+
Relist
=all that needs to happen.
And US Treasury can mark their assets to 'market valuation'.
IF the Treasury doesnt actually flood the mkt with its offering, the 'mark to market' valuation will be far higher.(because thats what happens with a small float). And They will be able to acknowledge hundreds of billions.

*Adding this:
someone needs to get in front of bessent, and just say: 'lets fix the sr pref, the rest falls in line'

Because the endless gridlock of acting like its some gargantuan task is clearly too much for them

[FNF Jr pfds @Jrpfds]

@DoNotLose We always a few months away lol

[FNF Jr pfds @Jrpfds]

@World_21m Market is kinda tired of this admin mind games. Just do the presser if they are serious.

[Alec Mazo @Alec_Mazo]

Injury is to the stock: "The Net Worth Sweep effectively eliminated the dividend rights that came with the shares as they were originally issued" - Judge Lamberth
Maybe now is the time to address the excessively high ERCF by eliminating the duplicative buffers, writing off the senior preferred shares, and floating the commons on the NYSE after converting 79.9% Gov't ownership via warrants?
Then initiate the dividend and sell off part of the Gov't stake at $500bn+ valuation. The Gov't wins twice 1) equity monetization, and 2) continued dividends flow into the Treasury.

Fannie Mae will cross the 2.5% capital threshold on April 30th. This deal is ready to go! @SecScottBessent @pulte @fhfa

[Tony Castelluccio @T_Castelluccio]

#PULTE @FHFA @FannieMae @FreddieMac

Imagine trying to raise capital, and execute the largest secondary offering ever, While Continuing to Screw your current Shareholders 'contract claims' by appealing in the DC circuit Jury decision which Shareholders WON, after having to fight for 14yrs

This is a disgrace, pay the claims and exit Conservatorship

[FNF Jr pfds @Jrpfds]

@World_21m @DoNotLose I would say that it may come in a truth post rather than an interview