YAWN! Just brought a ton more this morning. Loving these basement prices!!

Free falling.

Yes it is - junk status confirmed on Freddie website

www.freddiemac.com

Glorious Death Coming To Junior Preferred Stock! Going To Be So Awesome Watching Them Burn.

Watch The Rug Get Pulled...!!!! Hehehehehe...!

Commons Rule! $$$$$$

Re: chessmaster315 Post# 513842
How many more junior preferred (junk) shares do moron hedge funds have to sell? Quite evident there are more to sell with all the JPS pumpers present on this board.

Fitch Ratings and other ratings agencies have clearly stated JPS Are JUNK!

Not only that, but Freddie Mac’s own website agrees ; stating it’s junior preferred stock is junk.

http://www.freddiemac.com/investors/credit-ratings.html

Junior Preferred Stock

Moody’s - Rating - Ca

Standard & Poor ‘ s - Rating - D

Fitch - Rating - C/RR6

JUNK, JUNK, JUNK,...!

Excellent call. Let's get down to business now

Only a few more days remaining. Hope everyone took my advice.

Mel was a good person, but seeing as how the FHFA needs a leader and a doer, Watt was not able to deliver on what the GSEs needed.

This all changes come Sunday. Although, I'm still unclear on how the Government Shutdown may affect my responsibilities as FHFA Director.

We'll find out soon enough

Good call! Commons failing miserably while Preferreds are flying high. I wonder why so many intelligent investors continue to buy Preferreds rather than Commons.

There must be something the Average Joe's are missing

Mel's last day. Otting takes over on 6th of January and then implements Moelis. Game Over.

What is happening January 5th?

AJP is now part of the plan. We just don't know what part.

Yes.

Mods,
This is obviously a fake profile. Could it be removed?

I would recommend buying GSE Preferred Shares before January 5th

482699
FNMAS down $0.34 -5%

Cough Up Those Letters FMCKJ Holders!

Show Us The Junior Preferred Payoff Letter.

Is This Not Something You Are Proud To Show Us All...?

I Estimate It Was A Real Disappointment to Many. They Likely Only Offered 10% Above Going Market Prices... Hardly Covers All The Legal Expenses...

Pity...

Caugh Up Those Letters FMCKJ Holders!

Show Us The Junior Preferred Payoff Letter.

Is This Not Something You Are Proud To Show Us All...?

I Estimate It Was A Real Disappointment to Many. They Likely Only Offered 10% Above Going Market Prices... Hardly Covers All The Legal Expenses...

Pity...

HUGE SELLOFF BY MAJOR SHAREHOLDER

$FNMAS $FMCKJ
Bruce Berkowitz reports:



The St. Joe Co (JOE) - 22,730,687 shares, 54.55% of the total portfolio.


Federal Home Loan Mortgage Corp (FMCKJ.PFD) - 16,387,268 shares, 14.5% of the total portfolio. Shares reduced by 16.21%


Fannie Mae (FNMAS.PFD) - 14,656,509 shares, 12.78% of the total portfolio. Shares reduced by 22.59%

Vista Outdoor Inc (VSTO) - 3,279,900 shares, 8.45% of the total portfolio. Shares reduced by 22.33%

Spectrum Brands Holdings Inc (SPB) - 376,540 shares, 4.56% of the total portfolio. Shares added by 82.61%

JPS CAN NEVER BE CONVERTED TO COMMON.

READ THE CIRCULARS!

http://www.freddiemac.com/investors/pdf/FtFPrefStock-oc.pdf

"No Preemptive Rights and No Conversion

As a holder of Preferred Stock, you will not have any preemptive rights to purchase or
subscribe for any other shares, rights, options or other securities. You will not have any right to convert your shares into or exchange your shares for any other class or series of our stock or
obligations.

5. No Conversion or Exchange Rights

The holders of shares of the Non-Cumulative Preferred Stock shall not have any right to convert such shares into or exchange such shares for any other class or series of stock or obligations of Freddie Mac

6. No Preemptive Rights

No holder of the Non-Cumulative Preferred Stock shall as such holder have any preemptive right to purchase or subscribe for any other shares, rights, options or other securities of any class of Freddie Mac which at any time may be sold or ordered for sale by Freddie Mac."

I remember when i was with eturd and placed an order to buy shares @ .777 when the price was .776 and it never filled and now I am banned from eturd.

All P lawsuits have been lost. I'd be selling and heading for the hills too.

So even the leader of the lawsuits doesn’t believe in the investment anymore. Ouch

https://www.gurufocus.com/news/675474/bruce-berkowitzs-fairholme-fund-buys-vistra-energy-in-1st-quarter

"Freddie Mac and Fannie Mae

Berkowitz’s fund continued trimming its holdings in preferred shares of Freddie Mac and Fannie Mae. During the quarter, the fund sold 7,886,338 shares of Freddie Mac 8.375% fixed-to-floating preferred shares (FMCKJ.PFD) and 7,678,501 of Fannie Mae Series S preferred shares (FNMAS.PFD). The two trades chopped 9.78% of the portfolio in the aggregate."

Last one out turn off the lights.

BEEKOWITZ bet on the wrong series just like he did with Sears LOL

JUNK IS RIGHT!

GSE Junior Preferred Is Now Officially Worthless Junk!

RIP

Possible the Preferreds are cancelled by Fannie Mae? The Company has the right via shareholders vote to do this. And since now the Conservatorship does not require a vote Mel Watt could quite easily cancel the Prefs shares at his own discretion.

It actually makes a lot of sense to do it now while in Conservatorship.

This could also be the reason they are dropping. As for the Moelis plan just because it was written by a lawyer does not make it any better or worse than the AJ Plan. Look at the repercussions of each plan and make your own decision. Keep in mind the warrants are illegal as confirmed in writing and in hand by the SEC.

A Perfect Plan From An Average Joe , NOT A HEDGE FUND.

Common Equity Shareholders Agree, Average Joe's Plan Is The Simplest & Cleanest Non-Political Presented to Date.

https://twitter.com/jemiller12/status/921198683567386624

Key Points Of AJ Plan:

1. Immediate relinquishment of the so called 3rd Amendment of the PSPA known as the Net Worth Sweep.

2. Deem the Senior Preferred fully paid and cancel the shares

3. Deem the warrants for approximately 80% of the companies Null and Void

4. Order Fannie Mae and Freddie Mac to issue to the Treasury 500 Million to 1 Billion Common Stock Equity Options with a strike price of $60 a share. This exercise price is chosen because the companies boards have the power to deem the share price whatever stock price value they want. Also, because $60 would make all employee retirement savings whole. So many employees lost their savings from the 2008 crisis. Many of them trusted Fannie and Freddie not to fail.

5. Issue Fannie Mae and Freddie Mac a capital buffer equivalent to $30 to $60 B representative of the exercisable $60 option strike price proceeds that would go to the companies upon execution of the option(s). This equivalent buffer could be reduced as the government executes its options.

FMCKJ bullish 5.32









normal chart




log chart

vxCC.

Bullish Ascending Triangle forming here. Directional shift to bullish also underway. This is heading signficantly higher in the near-term and in the long-term

There's a new mortgage crisis brewing
Richard X. Bove, equity research analyst at Rafferty Capital Markets
1 Hour Ago
CNBC.com


COMMENTSJoin the Discussion
In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up.

Richard Bove of Rafferty Capital Markets.
Jin Lee | Bloomberg | Getty Images
Richard Bove of Rafferty Capital Markets.
The solutions to the problem in 2010 and thereafter included:

Suing and fining banks tens of billions of dollars
Putting back to the banks tens of billions more in mortgages
Writing new rules creating qualified mortgages
Changing accounting rules to better isolate high risk mortgages and questionable securitizations
Putting in place a mechanism that would eliminate Fannie Mae and Freddie Mac by reducing their capital to zero by 2018
Keeping interest rates low so that mortgage lenders could expect to receive less than 4 percent on a 30-year mortgage
The belief was — and is — that the market would adjust to the new and somewhat harsher conditions, and that mortgage funds would flow into housing as before. Moreover, to stimulate this flow, the Federal Reserve began buying $10 billion in mortgage backed securities every week.

Read MoreMortgage volume crashes as rates rise

At some point the rules and regulations, fines and accounting changes made it evident to many bankers that they could not make money originating mortgages. Moreover, it seemed imprudent to put 30-year mortgages, with record low interest rates, on their books. Further, the banks had no stomach for making unqualified mortgages, which could get them sued for yet tens of billions of dollars more. Plus, the Federal Reserve stopped buying mortgages and Fannie Mae and Freddie Mac began selling them.


Savvy commentators, seeing a weakening in housing activity, began opining: "It's the interest rates" ... "It's the housing prices" ... "Millennials and Generation X and Y'ers would rather rent apartments at higher prices than buy houses."

No one said: "Hey there is something wrong with the mortgage markets."

Whoops!!
Read MoreStrong dollar hurting South Fla. luxury housing

No one, that is, but some people at the Federal Housing Finance Agency, the group who operate Fannie Mae and Freddie Mac. They seemed alarmed. This became apparent in two fashions:

They basically told mortgage originators to ignore the Consumer Financial Protection Bureau's qualified mortgage rules and create mortgages with as high as 97 percent loan-to-value ratios.
They ignored the Treasury Department's mandate to shrink Fannie and Freddie and required these two companies to increase the number of mortgages that they are guaranteeing.
No one cared what the FHFA was doing because no one looked — and even if they looked, they did not understand what was happening. But, things happen. Fannie Mae and Freddie Mac reported losses in the fourth quarter of 2014. These companies did not actually lose any money but, due to accounting rules, and the requirement to pay the U.S. Treasury more money in dividends than they earned, the two companies reported losses.

Read MoreHow to buy a piece of Manhattan for $10,000

Now some people are beginning to get concerned. They are worried that the taxpayer may be forced to provide Fannie and Freddie with more cash. They fear more large losses could be reported by these companies.
Moreover, the people who take a close look at the balance sheets of Fannie and Freddie see that their equity is disappearing in payments to the U.S. Treasury while their guaranteed book of loans is growing. These people are beginning to understand that Fannie and Freddie are building the debt obligations of the United States government and no one is stopping them; certainly not Congress who is looking benignly on.

The dilemma is: If the policy makers stop the growth of Fannie and Freddie, they will stop the growth of housing. If they do not stop the growth, Fannie and Freddie will increase the debt obligations of the United States.

What to do??

http://www.cnbc.com/id/102447414

http://malonigse.blogspot.com/
Monday, February 23, 2015
Hide the valuables and the feedstock, Congress is Back
Cats and Dogs

From fnma pst

FNMA: Never been better
http://www.economist.com/news/business-and-finance/21644525-americas-mortgage-insurance-giants-are-now-making-bigger-profits-financial-crisis

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=111069599

We should be getting an update from Maloni sooon. Usually here by monday?
http://malonigse.blogspot.com/

GREEEN

nice day today fmckj almost had parity with fnmas

Good Volume

GREEEN

http://ih.advfn.com/exchanges/OTCBB/FMCKJ/trades?trade_set=recent

$FMCKJ HUUUGE BUYS HITTING ASK > >

Fitch Affirms Freddie Mac $FMCC

http://www.heraldonline.com/2015/02/05/6772701_fitch-affirms-freddie-mac-2012.html?rh=1

Freddie Mac Blog link

http://www.freddiemac.com/blog/

Treasury Announces $5k Bonus to HAMP Borrowers in Good Standing

Notable January 29, 2015 More Sharing ServicesShare Share on facebook Share on twitter Share on linkedin Share on email
HAMP Borrowers - Bonus
Eligible borrowers in good standing for six years on Freddie Mac loans modified under the 2009 Home Affordable Modification Program (HAMP) will soon start receiving invitations to apply for a $5,000 lump sum payment from the Treasury to reduce the balance of their mortgages.

A new Freddie Mac bulletin gives mortgage servicers detailed directions for notifying eligible HAMP borrowers about the $5000 incentive payment and sending the necessary forms for borrowers to fill out return to the servicer.

Submission Deadline

Borrowers must return the forms by September 1, 2015 or the date of their HAMP Trial Period Plan's sixth anniversary, whichever is later. To qualify for the payment, borrowers must be in good standing on that sixth HAMP anniversary date. The payment will be automatically applied to the borrower's outstanding mortgage balances.

Freddie Mac has modified more than one million mortgages under a number of programs since 2009, including HAMP. HAMP was deployed by the Obama Administration to reduce the borrower's monthly mortgage payments to 31% of gross monthly income through a combination of interest rate reductions, term extensions, and principal forbearance. Freddie Mac estimates HAMP is saving the average borrower $6,372 per year.

FHFA Director Says He Is Powerless to Alter GSE Bailout Agreement
Posted By Tory Barringer On February 4, 2015 @ 3:35 pm In Daily Dose,Featured,Government,News | No Comments

FHFA Mel Watt [1]As stakeholders [2] continue to battle [3] with the government over what they say should be their share of Fannie Mae and Freddie Mac's profits, the regulator in charge of overseeing the two GSEs says he's not in a position to act on that situation.

In a meeting with reporters on Wednesday, Mel Watt, former U.S. representative and chief of the Federal Housing Finance Agency (FHFA [4]) since December 2013, discussed a number of key issues facing the GSEs and the agency, touching on topics ranging from recently introduced low down payment programs to the often debated subject of principal reduction for struggling homeowners.

One thing Watt says he has no plans to change is the GSEs' current bailout agreement with the government, which since 2012 has allowed the Treasury Department to sweep nearly all of their profits.

Despite protests and lawsuits from politicians, industry groups [5], and investors about the terms, Watt told reporters he doesn't perceive "that it's [his] responsibility to start that discussion," according to the Wall Street Journal [6].

"I inherited a set of agreements," he said. "I know why they were put in place, basically as a quid pro quo for rescuing Fannie and Freddie. ... I just have to live with it."

Bruce Berkowitz, the CEO of Fairholme Funds, said he does not believe that Watt is powerless to act in this situation. Fairholme, one of the GSEs' largest investors, has a lawsuit pending against the government which claims that the sweeping of GSE profits into Treasury is unconstitutional.

"According to recent Congressional testimony, Mel Watt, our conservator at FHFA, claims he is unable to end his own conservatorship," Berkowitz said in a conference call [7] earlier this week. "In the history of conservatorships, this is a first. Think about it."

Another issue Watt stayed relatively quiet on was the Home Affordable Refinance Program (HARP [8]), which is set to expire at the end of this year. Since debuting, the program has reached more than 3 million U.S. homeowners, though its numbers have fallen off dramatically [9] over the last year.

While some industry participants say they would like to see a new expansion to allow more homeowners to refinance under HARP, Watt said that is not in the cards.

On the topic of Fannie and Freddie's recent move to lower down payment requirements to 3 percent for qualified borrowers, the FHFA leader kept up the same kind of defense he offered to Republicans critical of the change.

"There's not the kind of correlation that people say there is between a down payment and paying a loan," he said, adding that the new loan programs are substantially different from the types of offerings that led to the housing crash.

Finally, Watt also discussed the idea of reducing principal on severely underwater properties, a strategy that this predecessor, Edward DeMarco, was staunchly against.

While noting that the idea had never been taken off the table, he said that any cuts will be "substantially narrower" than what some housing advocates have called for, adding that the focus would be to reduce the risk to both the GSEs and taxpayers.

"Reducing everybody's principal would cost taxpayers billions," Watt said.

thanks- It is good to go back and look at the comments also

NY Federal Judge Slams Wells Fargo for Forged Mortgage Docs

February 2, 2015

"Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of http://www.brandeis.edu/legacyfund/bio.htmldisinfectants; electric light the most efficient policeman."

From Fairholme Annual Report
http://static1.squarespace.com/static/53962eb7e4b053c664d74f3d/t/54cc0c88e4b01e8c22bc8148/1422658696249/Fairholme+Fund+Annual+Report+2014.pdf

"FHFA and Treasury have argued that courts have no jurisdiction to review their administrative actions in this matter. However, recent comments by several Supreme Court justices in Mach Mining v. EEOC challenge the government’s similar attempt to evade judicial scrutiny in a separate case. The government’s claim – “We think this is a matter that is entrusted to the agency that is not for court review” – was met with skepticism by the highest court in the land. Chief Justice Roberts swiftly responded: “Trust you? Just trust you? I am very troubled by the idea that the government can do something and we can’t even look at whether they’ve complied with the law.” Justice Scalia echoed those concerns, noting how he found it “extraordinary” that the government wanted to be exempted from litigation. Justice Breyer weighed in: “In my mind, of course, there should be judicial review.” Sunlight is indeed the best disinfectant."

"More than just patience, this investment requires persistence. Every major financial institution relied upon federal government assistance during the 2008 crisis. Each institution repaid the Treasury in full, plus interest. The same is true of Fannie and Freddie, yet only they remain under the day-to-day control of a federal agency. Government cannot pick private market winners and losers. We forge ahead
with the facts squarely on our side, and the assurance that no one is above the law."

Maloni

http://malonigse.blogspot.com/

More from Shelby

http://timhoward717.com/2015/01/29/breaking-news-senate-banking-chairman-senator-shelby-says-he-wants-to-get-fannie-mae-and-freddie-mac-up-and-running-again/