Re: PROJECT AMERICA THANK YOU - BidenLaptopEmails

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Re: PROJECT AMERICA THANK YOU

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DATE:

2010-02-24 20:24:44

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PROCESSED

Though a tough business loss for Meridian it should result in a pent up capacity of investment ready funds at close hand.

Devon Archer
646 436 3745

________________________________

From: Arlene Busch <[email protected]>
To: [email protected] <[email protected]>; Devon Archer; Eric Schwerin <[email protected]>
Sent: Wed Feb 24 10:15:59 2010
Subject: FW: PROJECT AMERICA THANK YOU

Too bad….

From: Jack Casey [mailto:[email protected]]
Sent: Wednesday, February 24, 2010 1:14 PM
To: [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Day, Diana L.; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Yeutter, Gregg S.; [email protected]; Curry, Amy
Cc: John Boc; McDonough, Andy; Miller, James F.; [email protected]; Fred H. Copeman; Roman Brilman; Derek Boc; [email protected]; Kimball Griffith; [email protected]; Marie J Wadler; Stephen G Johnson; [email protected]
Subject: PROJECT AMERICA THANK YOU
Importance: High

GROUP:

Attached please find a copy of a recent press release issued by Freddie Mac in regards to fourth quarter and annual earnings. As you can see, Freddie Mac wrote-off its entire affordable housing portfolio for a book loss of $3.4 billion in the quarter ended December 31, 2009.

This decision resulted from a notification by FHFA on February 18, 2010, that Treasury would not approve any sale or disposition of these assets. The people working on our behalf had been holding conversations at very high administration levels with parties who were not aware of the FHFA notification made last Thursday. Although they continue to tell us that the “issue” is still under consideration, we must now conclude that there will be no Project America purchase of the Freddie Mac portfolio.

We want to thank each of you for the time and energy you devoted to review of this investment and the patience you exhibited with us over the last four months. Candidly, we never thought that FHFA and Treasury would fail to approve the transaction after FHFA spent hundreds of hours approving every facet of the deal. Unfortunately, we were wrong in our assessment and we apologize for this ultimate result.

Please contact us with any questions.

John Boc and Jack Casey

http://www.prnewswire.com/news-releases/freddie-mac-releases-fourth-quarter-and-full-year-2009-financial-results-85190467.html <http://www.prnewswire.com/news-releases/freddie-mac-releases-fourth-quarter-and-full-year-2009-financial-results-85190467.html>

<http://www.meridianinvestments.com/>

$15 Billion in Tax Credit Equity Since 1981

Jack Casey
Vice Chairman

Meridian Investments, Inc
River Rd, Ste 115
Potomac, MD 20854 <http://maps.yahoo.com/py/maps.py?Pyt=Tmap&addr=River+Rd%2C+Ste+115&csz=Potomac%2C+MD++20854&country=us>

[email protected] <mailto:[email protected]>

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301-983-9012

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TOPIC: PROJECT AMERICA THANK YOU

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