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Holy Cow Batman! Is there anyway to find out when they purchased or how long they have been accumulating?
Good Call, Navy!!!
Absolutely I am. I worry a draw from treasury will be used by the kill the gse folks to say "see I told you so". Just like they say that the taxpayer has not been repaid never mentioning the 100 bil excess, they will be out spinning this as another bailout and the gse's should be shut down. If the admin does not act without congress we could really be screwed. Some help from the Sweeney court would be greatly appreciated. The recent delays the government asked for just shows me they will do anything to keep the money coming.
Been in this stock for a long time and have never been more nervous than now. Not even when it was at .10. BTW sold all of that at .32 thinking it would go back down Big mistake.
Corker now says he is Yes for tax reform - Fox News
FOXNews - Rubio now a yes on Tax reform.
I hope you are right. I fear the market has not priced in the potential negative impact tax cuts may have for FnF and/or the net effect of a treasury draw. This could add fuel to the fire for members of Congress who want FnF gone and make a favorable resolution to shareholders nearly impossible.
LOL, since when does the Govt care about laws. They write them and look for ways to circumvent before the ink is even dry. If law mattered this mess would have never happened and Sing Sing would be full of Wall Street bankers, attorneys, and there would be no swamp.
But I do understand where you are coming from, just could not resist.
2 yr discovery on civil cases, none on criminal cases.
Just recessed for floor votes. I will read it in the morning.
Not showing up on Fox Business headlines. FBN does not seem to report a lot or post interviews that air on their shows.
You are right. If Tump and Mnuchin were to tell Watt to do what needs to be done and they would handle congress, as spineless as Watt is, I think he would bring FNF out. Recap, Release, and Relist.
Wow - This is the kind of reporting that needs to be continually in the forefront.
From Friday - Prospects for Fannie-Freddie reform 'brighten' and may favor shareholders
BY MarketWatch
— 12:55 PM ET 12/08/2017
Bipartisan consensus on one of the thorniest issues left unfinished from the financial crisis?
Prospects for an overhaul of the housing finance system are "brighter" as fresh legislation advances through Congress, one analyst believes.
Senators Bob Corker and Mark Warner are working on a bill to decide the fates of Fannie Mae (FNMA)and Freddie Mac (FMCC), the two government-sponsored enterprises still lingering in a financial-crisis-era limbo. That question has taken on some urgency in recent weeks as the time nears when the two companies no longer have any capital cushions, as directed by Congress, yet will likely need to tap taxpayer dollars if proposed tax law changes slash the value of tax credits they hold on their balance sheets.
Read:Here's what else tax reform means: another bailout of Fannie and Freddie (http://www.marketwatch.com/story/heres- what-else-tax-reform-means-another-bailout-of-fannie-and-freddie-2017-12-05)
There are still big questions to be determined, and Congress has its hands full with other financial services priorities, wrote Capital Alpha's Charles Gabriel. Still, he said, some of the broad outlines of the plan that's emerged seem to be gaining traction and garnering compromise.
"Specifically, we see the shifted Corker-Warner stance toward a continued GSE role and some concessions to shareholders as potentially reducing or removing barriers to reform," Gabriel wrote late Thursday. "And we thus expect it to importantly change the threshold debate."
Among the biggest shifts: House Financial Services Committee Chairman Jeb Hensarling's acknowledgment (https:// financialservices.house.gov/news/documentsingle.aspx?DocumentID=402755)that he recognizes the political necessity of keeping some form of government guarantee for mortgages.
"Although I hate to have the federal government in the position of deciding which mortgages can be securitized, with $ 5.7 trillion in guarantees, decide it must," Hensarling said Wednesday (https://financialservices.house.gov/news/ documentsingle.aspx?DocumentID=402755).
The broad outlines of the Corker-Warner plan suggest that Fannie(FNMA) and Freddie(FMCC) 's investment portfolios would be wound down, and future mortgages would be explicitly guaranteed by a government agency led by Ginnie Mae, the agency that currently securitizes mortgages from the Federal Housing Administration and Veterans Administration, with a wrap from a federal mortgage insurance agency that would be created later.
Read: It's not just lobbyists who say tax reform will slash home prices (http://www.marketwatch.com/story/its-not- just-lobbyists-who-say-tax-reform-will-slash-home-prices-2017-11-22)
But as Gabriel notes, compromise on the contours of the future housing finance system may be easy compared to untangling what's owed to shareholders.
Between the 2008 crisis bailout and a 2012 amendment to that agreement, which siphoned the enterprises' profits to Treasury, shareholders have been nearly wiped out, and years of fighting the government in court have done little to settle the matter.
There are two classes of equity in both companies: preferred and common. Bloomberg and Politico reported this week that the current proposals would boost the preferred shares, but leave the common ones out.
"This messaging seemed puzzling in that it might devalue the government's own 79.9% equity stake in the two Enterprises," Gabriel wrote. "But, as some observe, it might be attractive to Senator Corker in settling scores with hedge funds and shareholder groups with whom he has tangled for several years."
On Thursday, shares of the preferred stocks surged while the common class of shares stumbled.
There are still many open questions and constituencies to please before reform is finalized. Earlier attempts at overhauls, including one from Corker and Warner, failed. Even despite the recent momentum, Gabriel thinks there's only a 35% change of comprehensive housing finance reform next year.
Still, as he wrote, "We think Fannie-Freddie investors may finally be on the verge of seeming less as outliers, which could attract additional capital, from heretofore fence-sitting institutional firms, as well. As for the common vs preferred struggle, we'll leave it to others to see the future, though we doubt a negative verdict with regard to the former might be that quick or easy to assume.
Read: An old fear returns as new mortgage market players rise (http://www.marketwatch.com/story/an-old-fear-returns- as-new-mortgage-market-players-rise-2016-02-29)
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
12-08-17 1255ET
Copyright (c) 2017 Dow Jones & Company, Inc.
More FNMA News
Fannie Mae Leaders Named Among 'Most Powerful' List
PR Newswire - 9:00 AM ET 12/07/2017
Here's what else tax reform means: another bailout of Fannie and Freddie
MarketWatch - 8:01 AM ET 12/06/2017
Fannie Mae Launches DUS Disclose Website
PR Newswire - 10:39 AM ET 12/04/2017
Thanks, Im thinking you are probably right.
Any chance you could provide a link or scan and post the SEC Doc.
Thanks
Thanks, that pretty much answers my question I had concerning lawsuit.
Navy, do you think Fairholme continues litigation, now that fund is being liquidated? This could be very bad if not. If anyone has any insight it would be helpful.
Nothing wrong with that. I still have an old stale 11k. Kept 10% when I sold couple weeks back. Still searching for my reentry point. IMO, This thing will pop one of these days all that matters is how we play it before then. Good Luck.
Liquidity, Yes, Racapitalization, No. He does not have the cahones to act alone.
Mel never said he was taking action on anything other than what he was told. What he did say was that he could take action. But, that congress should tell him what to do by way of legislation. He would then act to follow what that legislation tells him. He is spineless and will never do any thing unless ordered to do so.
I agree, I do think it will force Congress to act. You're right FnF will not benefit from the EO. They will just use the money for something else our government leaders want to spend on without actually having to own up to it.
The best news today is if Fnf holds the gains from the typical Friday trader sell off. That could be taken as a good sign of support.
Does not stop NWS, they will continue the theft until Mnuchin and Watt say it has ended. Watt does not have the cahones to act alone. I believe he has proven this as fact.
FnF relief was not the target of the President's EO on Healthcare subsidies. Not saying that is doesn't help, but until Watt and Mnuchin decide to stop the NWS it is still in effect. The EO is, IMO, a salvo to force congress to meaningful address the ACA. I currently pay $1800 a month for less insurance that I had in 2007 for just over $600 per month, I live in Alabama and BC/BS has had a strangle hold on the market for years. This was a good move but for people to think this will help FNF anytime soon is just not correct.
Good run today. Interested in seeing usual Friday profit taking, more importantly the volume. News wise we are in a relative stagnant period. the next 5 days of buy/sell volume could tell us a fairly good story as to the direction fnf will take for the next month or so. I will buy any meaningful dips from this level.
I completely agree, He has repeatedly shown that the only action he is willing to take is to shirk his duties as Conservator blaming Congress for their inaction on reform for his cowardess.
And, if this thing blows up he will use the same excuse.
I have no faith in either, at this point I believe the only play lies in Sweeney's court. That is why I only kept a small stake when I sold, only wished I had waited another hour or so prior to selling. But I will reenter when the price is right.
Volume down today, if large sells start coming in it could get bad quick. Just hope Fairholme finds new info in quick peek to send the govt reeling and force DJT admin to get on the right side of this.
What a doofis, the people of CA should be ashamed to have ever elected that guy.
So far what I have heard today is the Republicans want to give the business to TBTF Banks and the Democrats want to turn the twins into an entitlement program. Those of us who actually have the skin of our savings in the game are at the mercy of the courts. These clowns will never do anything because none of them can fully grasp the business models of these two companies and because of that they do not want to have blood on their hands when they screw it up.
Thanks Bull! Look forward to it.
Been a pretty good day wished someone had a copy of Mels opening!
Not a fan of Sen Warren but good for her. Somebody needs to get it out there and I will take light shining on it from anyone.
Yes they are, hopin they close near HOD! Or above would be fine too.
Anyone know what time FHFA announces sweep payment tomorrow? Will it be full or Partial? Or maybe a delayed payment?
And another PR from the 14th after IRMA. The men and women of the military have been working diligently in Puerto Rico since Irma, no matter what you here on the news. You should probably change channels from time to time to get a more complete picture. It is not like restocking a grocery store downtown. This an island that was hit not once but twice by hurricanes in as many weeks. What relief and damage control was doe after Irma had to be repeated after Maria which was a much more damaging and severe blow.
UPDATE: U.S. NORTHERN COMMAND PROVIDING HURRICANE IRMA DISASTER RELIEF
17-015 | September 14, 2017
PETERSON AFB, Colo. --
U.S. Northern Command is working through the Federal Emergency Management Agency to support authorities in the U.S. Virgin Islands and Florida to provide life-saving and life-sustaining relief to those affected by Hurricane Irma.
The U.S. Army Area Support Medical Company (ASMC) is scheduled to begin operations on St. Thomas this evening, providing triage, a variety of medical treatments, and pre-evacuation care.The ASMC will also be augmented by a six-person U.S. Air Force Ground Surgical Team.
A mobile communications tower is now providing air traffic control radar capability at the Cyril E. King International Airport located on St. Thomas, which is crucial for emergency operations.
In the U.S. Virgin Islands, the USS Kearsarge (LHD 3) and USS Oak Hill (LSD 51) operations have focused on aeromedical evacuations, commodity distribution in St. Thomas and St. John, and enabling U.S. Marine engineering teams to continue route clearance operations.
Air Mobility Command contingency response teams continue to support Florida and the affected Caribbean islands, assessing, opening and operating airfields to accept commercial and military aid flights. AMC aircraft continue to deliver personnel, supplies and equipment to support affected areas.
The Iwo Jima Amphibious Readiness Group continues support activities in vicinity of the Florida Keys, distributing commodities such as water, meals, fuel, and re-establishing airport and port capacity at NAS Key West. Sailors and Marines aboard USS Iwo Jima (LHD 7) and USS New York (LPD 21) are transporting relief supplies into Key West, Fla., via LCUs in support of FEMA.
The remaining high water vehicles (Task Force Truck) from Fort Bragg have arrived at Camp Blanding, Florida. These vehicles are already moving commodities between Camp Blanding and Lakeland, Florida in support of FEMA mission assignments.
USNORTHCOM's mission is to assist lead federal relief agencies in helping those affected by Hurricane Irma to minimize suffering while continuing its mission of defending the Homeland.
First I do not know what carrier is off the coast of Florida or class. However, not just any carrier can navigate the ports of Puerto Pico. For instance I am pretty sure a Nimitz class has to deep a draught. The ports would lend themselves better to a LHA or LST type amphibious ships. But then only if the ports have been cleared. Also the ships would have to be loaded with supplies and once you get there unloaded and distributed. But just so you know the military nor Trump have been sitting waiting for the island to sink here is a press release from 5 days ago. And btw I am prior Navy and I own a small business in shipping.
2016 (3)
2015 (1)
2014 (26)
2013 (3)
U.S. NORTHERN COMMAND CONTINUES HUMANITARIAN AID TO PUERTO RICO AND THE U.S. VIRGIN ISLANDS
17-005 | September 23, 2017
PETERSON AFB, Colo. -- U.S. Northern Command continues to partner with the Federal Emergency Management Agency and the governments of Puerto Rico and U.S. Virgin Islands and remains engaged in disaster relief and medical assistance to the areas affected by Hurricanes Irma and Maria.
As assessments of the affected area continue and more air and sea ports are opened, the Department of Defense is providing medical support through fixed wing aeromedical evacuations from St. Croix and the return of the Army Area Support Medical Company to St. Thomas. Additionally, St. Thomas air traffic control capabilities will increase significantly with the return of the Federal Aviation Administration tower and Instrument Landing System transported by the DoD.
The USS Kearsarge Amphibious Ready Group continues beach assessments and ship-to-shore movements, which will allow for key response capabilities to enable route clearance operations and commodity distribution.
USNORTHCOM's mission is to assist lead federal relief agencies in helping those affected by natural disasters to minimize suffering while continuing its mission of defending the Homeland.
Obviously not very well informed on military or the movement of men and material. 12 hours really? Have been reading your posts for quite a while and I understand your ID clearly.
If DJT wants action on Obamacare all he has to do is order Mnuchin to stop paying for it under the table and Order Watt to recap. Congress would then be forced to take it up. It is currently funded mostly through Treasury without congressional funding approval (thanks to the GSE's and us shareholders). Let it go broke and the rats will scurry out of the swamp into plain site.
Wonder why Committee on Healthcare Financing is so concerned about recapitalization.
Follow the money..... Judges wake up!
The groups that sent the letter were American Bankers Association; American Land Title Association; Asian American Real Estate Association; Committee on Healthcare Financing; Consumer Bankers Association; Consumer Mortgage Coalition; Habitat for Humanity; Housing Policy Council of the Financial Services Roundtable; Mortgage Bankers Association; National Affordable Housing Management Association; National Association of Hispanic Real Estate Professionals; National Association of Home Builders; National Association of Housing Cooperatives; National Housing Conference; and Real Estate Services Providers Council.