Alec Mazo @Alec_Mazo Twitter profile

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Alec Mazo

7 months

Fannie & Freddie's Special Situation explained in a deck format. I put this together as a 'simple' intro. Definitely not investment advice.

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Last Seen Profiles

@LumbersexualPDX

@TSchardischau

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@KoraMintz51782

@tunisian_rd

@leey_marry

@hn_geon

@SeriouslyUToo

Alec Mazo

@Alec_Mazo

2 years

@RepMaxineWaters @SBF_FTX You rail against ‘greedy’ investors in Fannie/Freddie who just want their property back after the companies paid the Gov’t $300b+ on a $190b investment, yet you sweet talk an obvious fraudster who took customer money for his own hedge fund investments? Corrupt politician.

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Alec Mazo

@Alec_Mazo

3 years

Hispanic approval at 28% is deadly for Biden, not to mention 25% Independent approval. I've never seen anything like this.

Tom Bevan

@TomBevanRCP

3 years

Biden job approval in new Quinnipiac poll is 33% among adults - and just 25% with Indies. Among registered voters it is 35%.

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Alec Mazo

@Alec_Mazo

2 years

@lizzadwoskin Pointing out the obvious is somehow attacking Twitter employees and not their actions? Enjoy the ratio. Everyone sees through this nonsense.

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Alec Mazo

@Alec_Mazo

2 years

Stop it. Everyone knows it’s impossible to arrange two zoom cameras for candidates with a 4 day deadline for a big budget live tv show. Right @seanhannity ? @Kathy4Truth -> Producers don’t like to be flexible for people they don’t support, lol.

Jack Poso 🇺🇸

@JackPosobiec

2 years

BREAKING: @SeanHannity responds to @Kathy4Truth 's request to come on his show with a 6-tweet thread telling her to talk to his staff, says he is taking the day off tomorrow, and suggesting it would be too hard for him to have her on air Monday night

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Alec Mazo

@Alec_Mazo

3 years

Skills vs Skillz

Jack Poso 🇺🇸

@JackPosobiec

3 years

Truckers in Ottawa are settling in - compare to the ridiculous tents and farms the anarchists in CHAZ had

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Alec Mazo

@Alec_Mazo

3 years

Everything is fine. Don't believe your eyes.

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Alec Mazo

@Alec_Mazo

2 years

Summary: We’ll fight the Russians to the last Ukrainian, don’t worry, Nuclear war risk isn’t increasing and we can afford $40B with 8% inflation and poorer Americans. -The Democrats

The Democrats

@TheDemocrats

2 years

President Biden visited a factory in Alabama that's building missiles right here in America to provide to Ukraine. 🇺🇸

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Alec Mazo

@Alec_Mazo

3 years

@NBC29 Those people are from @vademocrats

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Alec Mazo

@Alec_Mazo

2 months

@tom_peters Do you need instructions on how to delete your account?

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Alec Mazo

@Alec_Mazo

3 years

@NBC29 @vademocrats so trustworthy:) good job @nbc29 . @vademocrats plants.

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Alec Mazo

@Alec_Mazo

4 years

@pamelafessler This smells like total bullshit. Have you ever met anyone without an ID who also wants to vote?

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Alec Mazo

@Alec_Mazo

3 years

As a reporter, can you please find a way to interview a few of these marchers? We’re they involved in Charlottesville? Are they associated with any three letter agencies? This looks as fake as the supremacists at Youngkin’s bus last month.

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Alec Mazo

@Alec_Mazo

3 years

@MSNBC This isn’t true, my kids had omicron and it was nothing more than sniffles for a day. Literally nothing! Disinformation.

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Alec Mazo

@Alec_Mazo

3 years

@holmes_reports @GlennYoungkin @NBC29 Elizabeth, do you realize how embarrassing this looks for you? Are you just "reporting", or are you actively agitating Youngkin's campaign with these laughable plants?

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Alec Mazo

@Alec_Mazo

3 years

@GMA That’s not what the video showed. He pointed a loaded gun at his head and got shot.

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Alec Mazo

@Alec_Mazo

2 years

@SenSchumer @TuckerCarlson @FoxNews A strongly worded letter is much more effective. No one to debate and correct inaccuracies & propaganda. We don't need two points of view, one is enough. That's democracy.

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Alec Mazo

@Alec_Mazo

2 years

@APFactCheck @AP Why try so hard with the ‘facts’ when the police can just release the nest/ring/professional home security videos and officer bodycam footage? Controversy solved immediately.

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Alec Mazo

@Alec_Mazo

1 year

@BerkeleyLaw @chesaboudin @BerkeleyLawCLJC The city is safe and prosperous thanks to his approach to fighting crime. Shoplifting & impossible working conditions forced Whole Foods, Nordstrom, and many others to leave downtown, yet you honor him with a powerful position to further deteriorate the Bay Area with woke

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Alec Mazo

@Alec_Mazo

3 years

@lawindsor @ProjectLincoln Their now private account bios indicate they work for @vademocrats . Finance director worked for you? I don’t think so.

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Alec Mazo

@Alec_Mazo

3 years

As a parent, I can unequivocally say I expect full parental rights in my children's education. I want to know what the kids are learning and how much attention they are receiving in school. I want STEM. I don't want CRT. Skills to succeed, not skills to divide.

Jennifer Berkshire

@BisforBerkshire

3 years

Hey look it's @Edu_Historian & me in the @washingtonpost today on the GOP's misguided - and dangerous - crusade for parental rights

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Alec Mazo

@Alec_Mazo

3 years

@holmes_reports @GlennYoungkin @NBC29 Your white supremacists are not working for who you think they work for.

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Alec Mazo

@Alec_Mazo

2 years

ugh, Twitter started losing money the last couple of years as they implemented more "rules". So business will be better once they fire 50% of the woke staff and create a vibrant platform for debate where the best ideas rise to the top.

Cernovich

@Cernovich

2 years

Claiming there won’t be any rules is disinformation. But yeah, feel free to leave, regime propagandists.

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Alec Mazo

@Alec_Mazo

2 years

@paraga Your operating business performance doesn't show promise. As shareholders, we expect to see results, and so far, your P&L and Cash Flows aren't good, with no profound changes on the horizon. Drastic course correction is needed. Twitter is a turnaround.

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Alec Mazo

@Alec_Mazo

3 years

The absurd Fannie/Freddie ruling in June where they said FHFA could do whatever it wants in public interest, including sweeping all profits from corporations, destroyed any sense of ‘mystique’ for me.

Cernovich

@Cernovich

3 years

SCOTUS is the last remaining 🇺🇸 institution with mystique. Today was a bad day for the Court’s legitimacy, with multiple justices spreading disinformation about children on ventilators and daily cases exceeding total US population.

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Alec Mazo

@Alec_Mazo

3 years

@WeAreCTA The teacher union is telling the parents to vote ‘NO’ on their ability to choose where their kids are educated! Vote ‘YES’ to recall Newsom.

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Alec Mazo

@Alec_Mazo

3 years

@ReutersWorld Anti-Trump Republicans? Bios say @vademocrats . @Reuters this is misinformation.

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Alec Mazo

@Alec_Mazo

2 months

@NicoleShanahan Please join forces with Trump. You can achieve great things together.

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Alec Mazo

@Alec_Mazo

3 years

A Saudi prince, whose balance sheet is dependent on fossil fuel prices, says he's against Elon Musk -a big threat to fossil fuels- acquiring Twitter because Twitter's intrinsic value is higher... really? What is it? DCF? User growth? Show the work.

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Alec Mazo

@Alec_Mazo

3 years

@NickKnudsenUS @GlennYoungkin You sure about that? The Nazis seem to be working for the other guy. Laughable.

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Alec Mazo

@Alec_Mazo

4 years

Smart move @FoxNews ! Greg is one of the sharpest hosts around.

GregGutfeld

@greggutfeld

4 years

Media Relations | Fox News

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Alec Mazo

@Alec_Mazo

2 years

@SenSchumer @TuckerCarlson @FoxNews How are people taking my tweet seriously? I'm pointing out to Schumer the track he is taking - obviously NOT democracy.

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Alec Mazo

@Alec_Mazo

3 years

@PaulDBoyer @FannKfann @christianllamar Who is paying you @pauldboyer ? You don’t understand how angry you make your own voters.

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Alec Mazo

@Alec_Mazo

2 months

@McClellanOsc "You need to pass the bill to know what's in it." - Pelosi Please tell us how carveouts will work once you give all the power away.

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Alec Mazo

@Alec_Mazo

3 years

@SabrinaSiddiqui @NikkiSchwab Whichever way it was going to go, this statement by POTUS before a verdict is delivered can be considered jury tampering since he is using the power of his office to persuade the jury for a specific outcome. His words will be used on appeal.

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Alec Mazo

@Alec_Mazo

3 years

@RobertJMolnar @elonmusk @vannschaffner @cameron You trying to be a CA commissioner with that take? Financial incompetence won’t help you. The board doesn’t own twitter, the shareholders do, and if they vote to sell, it’s their right.

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Alec Mazo

@Alec_Mazo

3 years

@PaulDBoyer @FannKfann @christianllamar This ‘inexperienced’ audit firm found so many red flags that it should make you blush. 37k login attempts in one day to erase the logs from election date? Thin paper stock, sharpies, and canvass to come. Auditors need to audit, not rubber stamp!

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Alec Mazo

@Alec_Mazo

3 years

@KathyRangel729 @kylenabecker Excellent PR by Dominion. Nothing reinforces election integrity by a private entity like denying a subpoena by AZ Senate. They should be fired everywhere. 100% of the country needs to trust elections.

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Alec Mazo

@Alec_Mazo

3 years

@AndrewWhitleyVA Camden Layton says he works for @vademocrats as a finance director. Why are you hiring Nazis?

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Alec Mazo

@Alec_Mazo

3 years

Biden says the ports will operate on a 24/7 7 day basis. Logistics will improve as highways are used at night with no traffic... Sounds amazing. Who's going to work those hours and how much is it going to cost? If there was a shortage of day workers/truckers, they'll work nights?

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Alec Mazo

@Alec_Mazo

6 months

Fannie/Freddie's exit from conservatorship is not an "if", but a "when" question. There is no ambiguity here. Written Testimony of Sandra L. Thompson: "FHFA will build upon this work to promote sustainability and durability of these reforms after the Enterprises exit

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Alec Mazo

@Alec_Mazo

3 years

@BloombergTV This is such a farce. Teacher unions held the kids hostage. Everyone sees through the propaganda. We need school choice.

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Alec Mazo

@Alec_Mazo

3 years

@AndrewWhitleyVA @vademocrats Also Colleen Wachenfeld says she works for @vademocrats . How is this possible?

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Alec Mazo

@Alec_Mazo

2 years

@garrytan It’s not early to speculate. SF is not a safe city anymore.

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Alec Mazo

@Alec_Mazo

1 year

Tim Howard (Fannie's ex-CFO) posted this excellent comment today on @fhfa 's request for input on Fannie/Freddie's capital framework. NAR, USMI, CRL, and NHC have just submitted their comments. Hopefully, FHFA will listen to these well-reasoned positions.

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Alec Mazo

@Alec_Mazo

3 years

87,000 new IRS agents will go after tax cheating billionaires. Sounds logical since we have so many billionaires.

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Alec Mazo

@Alec_Mazo

2 years

This is why the shareholders are outraged: DeMarco knew of the upcoming "golden age of profitability" but had wind down on his mind while Treasury would make hundreds of billions on the DTA reversals. How could contract holders expect this outcome? It's ludicrous on its face.

Katie Buehler

@bykatiebuehler

2 years

DAY FOUR: Former @FHFA Director Edward DeMarco returned to the witness stand. @FannieMae & @FreddieMac shareholders elicited from him that he didn't listen to the companies' projections of a "roaring recovery" in 2012 because it didn't mesh with his plan to scale them down.

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Alec Mazo

@Alec_Mazo

4 years

@RashidaTlaib Expanding the court would effectively eliminate the 3rd branch of government as an independent body. It would be at the whim of the elected politicians, appointing judges whom they view favorably to their cause.

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Alec Mazo

@Alec_Mazo

10 months

Ted Tozer, Ginnie Mae former President and CEO says @fhfa should release Fannie/Freddie from conservatorship as soon as possible!

Opinion: To support low-income borrowers, return Fannie Mae and Freddie Mac to the private sector -...

Fannie Mae and Freddie Mac are far too important to homebuyers, our economy and the housing and mortgage industries to be left in limbo.

www.housingwire.com

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Alec Mazo

@Alec_Mazo

2 years

Listen to @elonmusk Q&A. You'll be comforted to learn the platform is in expert hands. He'll optimize the product to be the most inclusive use case for the widest demographics. Truth signals vs falsehood noise, vigorous in eliminating deception.

Robin Wheeler 

@robinw

2 years

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Alec Mazo

@Alec_Mazo

1 year

Simple pre-judgment interest granted by Lamberth in Fannie/Freddie contract claims lawsuit where an 8 person jury unanimously found the Government liable for $612m in damages. Add around $200m in interest.

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Alec Mazo

@Alec_Mazo

2 years

@RepCasten How about you push for negotiations to end the war?

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Alec Mazo

@Alec_Mazo

2 years

@OlgaNYC1211 @DavidSacks You don’t have a right to force US into the war we don’t want. Would Lithuania do this without article 5?

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Alec Mazo

@Alec_Mazo

1 year

The optics look bad for FHFA & TSY. They lost in their own backyard with a very friendly jury, including a judge who didn’t allow the most damning discovery documents with Jim Parrott (senior advisor at the NEC) saying the purpose of the net worth sweep was to never allow the

ACG Analytics

@ACGAnalytics

1 year

GSE shareholder victory significant because it was a DC jury that must have at least some connection to the USG. Wheels of justice grind slowly but ultimately fairly in the USA. Justice. The $612m judgment will be appealed but is still one of the largest in recent years.

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Alec Mazo

@Alec_Mazo

2 years

When a DC judge allows a Fannie/Freddie multi-billion dollar case to go to trial about the abuse of private property rights, nefariously taking every dime of profits contractually owed to pension funds & small investors, you know the Gov't screwed ppl. The trial starts tomorrow.

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Alec Mazo

@Alec_Mazo

1 year

Fannie Mae Reports Net Income of $3.8B in Q1 '23. Net worth is $64.0B. The company can come out of conservatorship with a consent decree & IPO bridge to reach the capital requirement this year. @fhfa , time to lock in reforms & run a $100b+ fund raised via Treasury's warrants

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Alec Mazo

@Alec_Mazo

1 year

Reminder: the same asset write-downs that forced Fannie/Freddie into conservatorship in '08 were NOT credited back to the GSEs' balance sheets when home prices started to recover. Instead, @FHFA took everything - with DeMarco initiating the net worth sweep - bringing in $191bn

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Alec Mazo

@Alec_Mazo

1 year

David Stevens is correct! The mortgage industry needs to get behind the release of the GSEs from Conservatorship to bring some predictability and balance to the housing sector. Participants need to know what to expect while running their business.

Opinion: Release the GSEs from conservatorship - HousingWire

David Stevens writes: We need to release the GSEs from conservatorship as soon as possible. There is too much at risk.

www.housingwire.com

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Alec Mazo

@Alec_Mazo

1 year

Fannie Mae is forced to pay $491 million in damages + interest for a shareholder lawsuit claiming @fhfa & Treasury swept all profits from the companies and violated the fair dealings contract clause because no sane person would ever expect the Government to take everything, and

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Alec Mazo

@Alec_Mazo

1 month

This update is a big deal for Fannie/Freddie because: 1. A paid-for (45bp) backup credit line is an obvious solution similar to FDIC's insurance. 2. Jim Parrott describing an exit from conservatorship as a "mission-focused utility" is a move in the right direction. 3. "Any

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Alec Mazo

@Alec_Mazo

3 years

@BisforBerkshire @Edu_Historian @washingtonpost As a parent, I can unequivocally say I expect full parental rights in my children's education. I want to know what the kids are learning and how much attention they are receiving in school. I want STEM. I don't want CRT. Skills to succeed, not skills to divide.

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Alec Mazo

@Alec_Mazo

1 year

Mortgage Bankers Association is telling @FHFA that ERCF shouldn't be based on Basel III. Fannie and Freddie are not banks! They should have a simple capital requirement that is based on actual risk! This reads like a nudge to lower the cap reqs. Seems there is consensus from

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Alec Mazo

@Alec_Mazo

3 years

Russians were saying CNN had an interview with Zelensky that gave away his location- a bunker at the metro station. Hope he is ok.

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Alec Mazo

@Alec_Mazo

2 years

@briantylercohen Attacking the problem from a socialist central government point of view is beyond dumb. You can’t regulate supply/demand. Take an Econ 101 class.

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Alec Mazo

@Alec_Mazo

3 years

The Gov't is acting tough in the GSEs case in front of Lamberth. Let's see them act tough after SCOTUS ruling on APA claim. The math shifts from a simple settlement now to a damages model. Which lawyer team wants to be known for not just losing, but losing + billions of damages?

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Alec Mazo

@Alec_Mazo

1 year

By releasing Fannie/Freddie from conservatorship, @FHFA can reduce the mortgage rate spread between long-term Treasuries & MBS from 3% to 1.5%. Getting a 6-handle mortgage rate changes consumer behavior. Time to act! High mortgage rates could boost GSE reform, says Cowen's Jaret

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Alec Mazo

@Alec_Mazo

2 years

Ending the Conservatorship of Fannie & Freddie is crucial to making our housing system work more efficiently. 14 years is too long! @FHFA -> investors would pile into an IPO of a public utility w/10% ROE. A low-income housing fund can use $100b of warrant proceeds.

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Alec Mazo

@Alec_Mazo

2 years

@ZaleskiLuke @elonmusk @TimRunsHisMouth Luke says “Forces of greed and capitalism”… How did communism help humanity? How is wokeism helping humanity?

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Alec Mazo

@Alec_Mazo

2 years

Fannie/Freddie shareholders are going to trial! In terms of persuasion, the focus of the trial should be to determine whether the share value would be higher without the heavy-handed Net Worth Sweep that transferred all Fannie/Freddie profits to the Treasury. Straightforward math

Fanniegate Hero

@DoNotLose

2 years

$FNMA #FANNIEGATE

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Alec Mazo

@Alec_Mazo

2 years

@MaricopaVote @maricopacounty What happens to people who fail at their #1 job - making sure elections are trustworthy? You expect people to drop their envelopes in a lockbox and that chain of custody will be followed, as well as people counting the vote will do so accurately? Didn't you test the system?

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Alec Mazo

@Alec_Mazo

2 years

Now that we have a mistrial: a 4-4 hung jury in DC where Gov’t employees, lobbyists, Gov’t connected industry, family, and friends are 99% of the jury pool means 70%+ of the country is AGAINST @FHFA ’s net worth sweep policy- taking private property away without compensation.

Katie Buehler

@bykatiebuehler

2 years

#BREAKING : A DC federal judge has declared a mistrial after a jury reached an “impasse” in deliberations over @FannieMae & @FreddieMac shareholders’ claims that the @FHFA improperly amended stock purchase agreements to allow the U.S. Treasury to sweep up their net worths.

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Alec Mazo

@Alec_Mazo

8 months

Freddie Mac reported $10.5bn net profit in '23, $9.3bn in '22. Total net worth is now $47.7bn. This company should be out of conservatorship!

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Alec Mazo

@Alec_Mazo

8 months

Fannie/Freddie Conservatorship: - Fannie reported $17.4bn, Freddie $10.5bn, $28bn combined in 2023 Net Income. - The companies now have $125.4bn in combined capital.

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Alec Mazo

@Alec_Mazo

9 months

"Someone somewhere has not taken a victory lap for the work that has been done to rehabilitate the enterprises." - Fannie Mae CEO

GSE Trade - Nov. '24

@Fanniegate101

9 months

Fannie Mae CEO: “The companies are rehabilitated” $FNMA $FMCC $FNMAS

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Alec Mazo

@Alec_Mazo

1 year

Outstanding coverage from Fannie/Freddie contract claims trial. Easy to follow opening statement from the shareholders’ attorneys. Dark times. If the gov’t can arbitrarily change contracts to take 100% of the profits (over $300b in this case), no public company is safe.

FnFan

@FnFGateFan

1 year

Buckle in #Fanniegate Fans, today we have a classic tale of hubris vs moxie. I've said since November that we have the advantage in Lamberth 2.0 b/c we learned what worked and what didn't, and now we know Ds strategy going in and can preempt their arguments.

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Alec Mazo

@Alec_Mazo

1 month

Grok thinks Fannie Mae and Freddie Mac should be released from conservatorship.

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Alec Mazo

@Alec_Mazo

3 years

The teacher union is telling the parents to vote ‘NO’ on their ability to choose where their kids are educated! Vote ‘YES’ to recall Newsom.

California Teachers Association

@WeAreCTA

3 years

CTA strongly recommends voting NO on the recall. Gov. Newsom has worked to deliver for our students, educators, public schools and colleges. #NoRecall

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Alec Mazo

@Alec_Mazo

7 months

Here's the final $812m judgment ordered by Lamberth in the Fannie/Freddie trial.

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Alec Mazo

@Alec_Mazo

1 year

Tim Howard (Fannie's ex-CFO) is the dean of MBS University. The most intellectually honest person on the subject and anyone interested in understanding how the housing finance industry works must read his blog. This time, he breaks down how the Fed is losing money on its MBS

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Alec Mazo

@Alec_Mazo

1 year

What happened at Fannie/Freddie with the corrupt net worth sweep is what makes people's blood boil at the self-interested bureaucrats (DeMarco at FHFA) acting lawlessly for the benefit of their special interests. The country is on edge because people feel the grift is in every

Mark Calabria

@MarkCalabria

1 year

As I discuss in my recent book, the net worth sweep of Fannie and Freddie was clearly inconsistent with responsibilities of a conservator

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Alec Mazo

@Alec_Mazo

3 years

The most consequential case of private property rights in the history of the US is still outstanding. Can the Gov’t nationalize companies, making shares worthless, when it knew the GSEs were entering a ‘golden age of profitability’ to the tune of ~$300B?

SCOTUSblog

@SCOTUSblog

3 years

Tired from this morning's momentous opinions? Get ready to do it all again next week -- three times. The court just revealed that next Monday, Wednesday and Friday will all be opinion days.

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Alec Mazo

@Alec_Mazo

3 years

You haven’t seen nothing yet. Just ask about the net worth sweep at Fannie/Freddie and $300B of earnings swept without reducing $1 of liquidation preference owned by our Gov’t. The big banks and Blackrock lobbied to keep co’s in conservatorship. 14+ yrs now. @fhfa corruption.

Cernovich

@Cernovich

3 years

We really do live in a sleaze bag country. Congress does insider trading. Twitter denies shareholders the right to vote. What a totally debased, sickening society.

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Alec Mazo

@Alec_Mazo

3 years

@BMakuch If your employer @VICE cares about making any profits, you’re getting fired shortly for the anti-American disgrace you put out yesterday.

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Alec Mazo

@Alec_Mazo

1 year

The Net Worth Sweep of all Fannie/Freddie profits by @FHFA into the Treasury was always a confiscation of property, not a conservatorship.

Katie Buehler

@bykatiebuehler

1 year

BREAKING: A DC federal jury found the @FHFA wrongly amended stock purchase agreements related to the governments bailout of @FannieMae & @FreddieMac and awarded shareholders $612.4 million in damages, broken out as follows:

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Alec Mazo

@Alec_Mazo

11 months

X dropped an "interference with contracts" lawsuit against the Media Matters narrative pushers, also known as fact-checkers or researchers. This is going to get interesting.

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Alec Mazo

@Alec_Mazo

2 years

Re Fannie/Freddie, to summarize Lamberth summary judgment opinion released in full today: lost-dividends theory thrown out, lost-value theory moves on to trial. Shares lost value after the third amendment was initiated to sweep all profits from the companies to the gov’t.

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Alec Mazo

@Alec_Mazo

1 year

Question for @FHFA : How many systemically important public companies go through 3 CEOs in 4 years? Maybe keeping Freddie Mac in conservatorship isn't a steady state solution given their change in leadership more often than kids' soccer team coaches.

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Alec Mazo

@Alec_Mazo

1 year

@DeanPreston They're rejecting the leadership that created an environment that forced businesses to close (crime, drugs, homelessness, filth), collapsing the tax base and destroying the tourism appeal. Park REIT handed over the keys to the banks when Hilton runs at 40% capacity.

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Alec Mazo

@Alec_Mazo

2 years

@PaulREhrlich Isn’t the peer review process incentivized to confirm their peers, promulgating a quid pro quo in the future? How many of the peers who reviewed your work have you reviewed later? Don’t rock the boat and we all make money and ride our credentials.

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Alec Mazo

@Alec_Mazo

3 months

Chris Whalen warns Fannie/Freddie could only come out of conservatorship with some Treasury guarantee... duh! They will pay a line of credit insurance fee, as the FDIC collects from the banks, and come out of conservatorship as the public utilities they are, with a ~$200bn

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Alec Mazo

@Alec_Mazo

1 year

Fannie/Freddie: “A non-breaching party is entitled to prejudgment interest as a matter of right, and that balance will not be disturbed.” -Delaware Supreme Court If the injured party was owed $300m since 2012 and wasn’t paid that amount, interest accrued since the breach because

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Alec Mazo

@Alec_Mazo

1 year

The following recommendation by the Urban Institute (including Jim Parrott) to @FHFA on updating the ERCF framework to include real-world risk-based capital reqs would make Fannie/Freddie immediately eligible for release from conservatorship. The Gov't can exercise warrants and

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Alec Mazo

@Alec_Mazo

1 year

One day, perhaps soon, Fannie/Freddie investment thesis will be a perfect case study for Stanford GSB. Maybe I'll send it over to them. It is a microcosm of America right now, covering: - Biases & expectations: In a capitalist society losing its identity. - Politics: Why

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Alec Mazo

@Alec_Mazo

8 months

This is the most obvious question for @FHFA , articulated by Tim Howard (Fannie's ex-CFO). Why would you incentivize Fannie/Freddie to issue money-losing credit risk transfer deals ($33 paid for every $1 of protection) while claiming to be a world-class regulator supervising

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Alec Mazo

@Alec_Mazo

26 days

. @DavidSacks you mentioned a waste, fraud, and abuse list in our government. Please add the Fannie Mae and Freddie Mac conservatorship to the list. The government swept over $300bn in profits via a corrupt net worth sweep- backdoor nationalization. The money was supposed to be

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Alec Mazo

@Alec_Mazo

3 years

@MarkCalabria Your tenure at @fhfa was a disaster. At the confirmation hearing, you implied a reg utility capital rule + an IPO in 2021. Instead, you put bank capital reqs on monoline insurers, ensuring GSEs can't recap... ideology & tbtf banks won. Trump and his voters lost. You lost trust.

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Alec Mazo

@Alec_Mazo

2 years

Excellent coverage of the @FannieMae @fhfa trial. No other company has ever been ‘bailed out’ by sweeping their profits forever. Let’s call it nationalization, winding down, whatever… But certainly not saving them from a ‘death spiral by taking in $300b+’ as the Gov’t claims.

FnFan

@FnFGateFan

2 years

Thakor used the concept of all-in cost of a commitment which includes all compensation: the interest rate on draws, initial fee, PCF, warrants, and pay back option; together with comparisons to AIG and TARP CPP bailouts to show that Tsy compensation for PSPAs was MUCH higher...

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Alec Mazo

@Alec_Mazo

1 year

Tim Howard wrote an excellent blog about Fannie/Freddie exiting conservatorship via consent decree. In summary, to optimize Treasury's stake upon sale, convert warrants = YES, convert senior preferred = NO.

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Alec Mazo

@Alec_Mazo

8 months

Is the Biden Administration arguing about $200k on a ~$800m+ allocation plan after losing a fair dealings lawsuit where FHFA clearly violated shareholder rights when it initiated the net worth sweep after Fannie/Freddie were about to reverse the deferred tax asset write-downs

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Alec Mazo

@Alec_Mazo

4 months

The word "may" vs "shall" and section 4617(f) - no judicial oversight allowed - were used liberally by @fhfa to win lawsuits brought by shareholders of Fannie/Freddie when the agency decided to confiscate all company profits (hundreds of billions) and sweep them to the Treasury

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