Fairholme receiving inquiries about District Court decision regarding Fannie Mae and Freddie Mac
FAIRHOLME FUNDS, INC.
Miami, FL
October 1, 2014
A MESSAGE FROM BRUCE BERKOWITZ
Dear Fellow Shareholders,
Fairholme has been receiving inquiries about yesterday’s D.C. District Court decision regarding Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC). I want to make sure that all shareholders have the relevant facts.
While we strongly disagree with the court’s conclusions, we remain steadfast in our belief that – at a minimum – shareholders are due just compensation for the Taking that has occurred.
That is, the D.C. District Court judge is either wrong or the law is unconstitutional – the issue is now quite simple.
In this respect, our ongoing litigation in the Court of Federal Claims seeks to remedy this matter.
We will continue to pursue our legal rights with the same conviction held in our other G-SIFIs (global systemically important financial institutions) – American International Group Inc (NYSE:AIG) and Bank of America Corp (NYSE:BAC) – deemed essential to our way of life.
Respectfully,
Bruce Berkowitz
Fairholme Funds, Inc. |