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sully_5353 • 2 hours 53 minutes ago
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This is all the reasons why i went long on FNMA !!
4 LAWSUITS ALREADY FILED
Perry Capital sues over Fannie Mae, Freddie Mac
Bruce Berkowitz's Fairholme Sues U.S. Over Fannie And Freddie
Junior preferred shareholders filed a class action in the U.S. Court of Federal Claims.. The preferred shareholders, represented by Boies, Schiller & Flexner and Kessler Topaz Meltzer
Matthew D. McGill is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher. He practices in the firm's Litigation Department and its Appellate and Constitutional Law and Intellectual Property practice groups.
"This lawsuit seeks to uphold the rule of law," said Theodore Olson, partner at Gibson, Dunn & Crutcher and former Solicitor General of the United States
How many banks are FNMA suing?
Ally Financial (ex-GMAC), $6 billion
Bank of America Corp., $6 billion
Barclays Bank, $4.9 billion
Citigroup, $3.5 billion
Countrywide, $26.6 billion
Credit Suisse Holdings USA, $14.1 billion
Deutsche Bank, $14.2 billion
First Horizon National, $883 million
General Electric, $549 million
Goldman Sachs, $11.1 billion
HSBC North America, $6.2 billion
J.P. Morgan Chase, $33 billion
Merrill Lynch/First Franklin Financial, $24.853 billion
Morgan Stanley, $10.58 billion
Nomura Holding America Inc., $2 billion
Royal Bank of Scotland Group, $30.4 billion
Societe Generale, $1.3 billion
Citi only gave the 962 million so assume that all the lawsuits only yield 25% that's over 50 billion dollars(roughly).
Payback
in addition to the Fifth Amendment "Taking" Argument, one should not overlook the equitable principle of Unjust Enrichment. Simply put, once a "debtor" has repaid their debt in full they are no longer "indebted" to that creditor. Equitably (and logically) once a debt (or financial obligation) has been paid in full there is no legal and/or equitable basis for a debtor/obligor to remain obigated to that creditor. Any amounts paid to a creditor once the original debt/obligation is paid unjustly enriches the creditor.
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Sentiment: Strong Buy