I hope those who have been following my writings from the beginning can clearly see that this is playing out exactly how I anticipated. Watching the Watt interview confirmed everything I thought after his first speech. It was clear by both his answers and lack of answers that he knows Fannie and Freddie will be here to stay. I didn’t expect him to stray from the administrations talking points with regards to the conservatorship and the shareholders. I think the reason Bloomberg and The Wall Street Enquirer asked some of these were simply to get more doom gloom headlines to further bash us and promote their own agendas. One thing I’d like to point out and I think was missed by most was his key refrain that One of his key mandates is to reduce taxpayer risk, this is another big step in releasing Fannie and Freddie. It was announced just after his speech that Fannie will be selling 1.6 billion in risk sharing MBS double the amount that was expected. Freddie has also been selling quite a bit of these. This is new, it was tried unsuccessfully in the eighties but has been reworked and is selling favorably now. Mels big smile whenever he answered questions or spoke of the future of the GSEs spoke volumes. Of course he isn’t laying in bed worrying about the share holders, he just smashed all of Demarcos efforts to shrink and ultimately eliminate Fannie and Freddie. He knows that with the legislation to replace Fannie and Freddie now DOA we will be here to stay.I don’t envy his position; he is walking a fine line and must navigate the many lies the government has woven, but all in all he did pretty well. It is with utmost confidence that I have confirmed the Coup is well underway.
With the “DEFENDENTS UNOPPOSED MOTION TO AMEND SCHEDULING ORDER” released Friday (see prior post) The government has set the stage for filing a motion for a protective order by May 30th. This I believe is the last chance for them to stall and delay discovery. They did this to avoid the status conference this Wednesday where Judge Sweeney was sure to drop the hammer on them for their arrogant antics. I know we all have had enough of their delays, but I am beginning to get a little enjoyment watching the government squirm, after the abuse they have subjected us to, throwing a stick in our spokes every chance they get. With watts shift in policy and the utter failure of any legislation passing congress I think, we will see the court case move along now.Their motive to continue making a mockery of the U.S. judicial system has been greatly reduced over the last few weeks. Keep the faith!