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Fly News Breaks for December 9, 2019
FMCC, FNMA
Dec 9, 2019 | 08:54 EDT
Odeon Capital analyst Richard Bove said it appears that a ruling was made on Friday night by Judge Margaret Sweeney about whether the claims case related to the government sponsored enterprises in her court could go forward, though he notes that it is sealed so that at this time only the attorneys involved in the case know what the ruling says. The request for a trial on the direct claims made by the plaintiffs has been denied, but the request for a trial relative to the derivative claims apparently is being approved, which "is a loss for the government and a win for shareholders," said Bove. Though Bove cautioned "I am not a lawyer and my opinion as to what happened Friday night, as described here, may be totally incorrect," he also said in his note to investors that he believes Friday night's "ruling seems to say the plaintiffs have standing and the request for a lawsuit is reasonable," which he views as "a big, big plus" for Fannie Mae (FNMA) and Freddie Mac (FMCC) shareholders. Bove has Hold ratings on both GSE stocks.
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