Net Worth Sweep - Benefits Taxpayers

Oh, this is priceless!  From Courthouse News Service:

The Eighth Circuit ruled Thursday that the federal government’s diversion of Fannie Mae and Freddie Mac profits to the U.S. Treasury Department after the 2008 housing collapse did not illegally shortchange shareholders.  Shareholders attorney, Charles Cooper with Cooper & Kirk PLLC, argued in a hearing in May that his clients were essentially robbed of money due to the flow of Fannie and Freddie profits straight to the Treasury.

Millions of homeowners were under water due to the subprime crisis

The sharks swam in for a feeding frenzy!

With the stroke of a pen, the government had nationalized the companies (sharks) and taken all the value of the companies for itself, thereby depriving the private shareholders of all their economic rights, according to the complaint originally filed in 2015.  Under its preferred stock purchase agreements authorized by HERA, (Housing and Economic Recovery Act) the Treasury received 1 million shares in each company and warrants to acquire 79.9 percent of the common stock of Fannie and Freddie.

A “net worth sweep” was executed in 2012 by the Treasury Department and FHFA obligating Fannie and Freddie to pay a quarterly dividend to the Treasury equal to their net worth. (end Courthouse News)

Oh, the poor dears are complaining of lost profit constructed from a business model that destroyed millions of homeowners.  Misery is a business model for sharks and it's high-tide they drown in their own water.  The shark shareholders business day becomes a nightmare!