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New FHFA director can fire CEO when GSE is Conship.
ST just fired CFO of Fannie Mae.
If Dems wants to keep current CEO longer under Trump then Dems needs to release GSEs and have recap funded by Dem leaning investors.
The answer to this question is in the 10K and the conservatorship rules on the CEO pay ceiling (600k). Hint : look at the pay for CEO and what the president makes in the GSE. You will get your answer on the loophole..
Oh wow. We are all gonna get the runs.
$FMCC $FNMA Setting Up For A Run
— Patrick (@InvestIt3) May 10, 2024
Holding two positions in the hierarchy remained me of Director Lockhart Regulator, and Director Lockhart Conservator at the same time.
The Director of FHFA as regulator violated the safety and soundness act and the administrative procedures act by not following the statutory duty to approve new products issued by the GSEs to Treasury for the purpose of stabilizing the secondary mortgage market.
The law required the publication in the federal register of the SPS with their variable rate liquidation preference tied to the commitment. It requires a public comment period, and a rule making process to make the SPS legal. It is the same law that required the capital rule. And the same law that required FHFA a year ago issue the new products law for MBS products. They have ignored this requirement for 15 years.
Director Lockhart Regulator, and Director Lockhart Conservator. Holding both positions as Regulator and Conservator; Conservator Lockhart is required by law to file notice to himself as Regulator.
The Safety and Soundness Act required Director Lockhart as regulator not conservator to approve a new product issued by Director Lockhart acting as conservator FHFA-C (SPS with variable liquidation Preference) to Treasury under the terms of the SPSPA for the purpose of carrying out the secondary mortgage market. He was required as regulator to file notice in the federal register, seek public comment and issue federal regulations for the new product we call the Senior Preferred shares sold to Treasury.
HOUSING AND ECONOMIC RECOVERY ACT OF 2008
Page 2689
SEC. 1321. PRIOR APPROVAL AUTHORITY FOR PRODUCTS.
Link: https://www.congress.gov/110/plaws/publ289/PLAW-110publ289.pdf
EXACTLY
imagine if he had - not - created the IOU at the LP ?
granted we (equity) would still face the original "investment" but not another 100B or so of mythical obligation !!!
what a total con - smoke and mirrors help for equity that choked them - and then he put them in a box with a needed capital ratio greater than our national debt
he was ugly - during his time under DJT
?
So - Calabria - 12 years ago - wanted RECEIVERSHIP ? I assume that would be their end?
? move on the GSEs --- Are those his words ? (Which can mean anything at all)?
why is it wrong, its not, as long as they work for no other company there is no conflict of interest. I had a cousin, who was on Bank of Americas BOD for a couple years. that kind of company is different, everyone is their competition, so he could do nothing but sit on the BOD. They actually pay about equal to minimum wage to sit on that board, that i know for a fact. He couldnt afford to live since BOA stock went all the way down to 6 back then, he had a lot of it. He had to quit the board and go to work for himself.
I have seen everything, and to date, GSE conserve is the epitome of corruption in our country today. until its over, and commons are made whole, there is nothing good about what happened or is happening.
You are wrong WISEMAN.
It is a common practice in large corporations that the company CEO also serves as Chair on the Board of Directors. While some will argue a conflict of interest, others feel that it is very beneficial for the long term health of a Company.
I assure you, this practice is quite legal.
"Regulatory policy": ST, responsible for the absence of the Critical Capital level in the ERCF.
HERA amended the FHEFSSA's Risk-Based Capital requirement, the Minimum Leverage Capital level and allowed the FHFA to include new capital metrics like the CET1 and the Tier 1 Capital, along with the concept of Capital Buffers, but nothing about the Critical Capital level that remains as is: 1.25% of the Retained Portfolio and 0.25% of the off-balance sheet obligations (MBS Trusts), which is met with Core Capital.
The Critical Capital level triggers a Conservatorship, established for Critically Undercapitalized enterprises.
Now it's when
President, CEO and serves on Fannie_Mae's board of directors.
You can't make this shit up.
The same person holding the job of President and CEO has always been controversial and it's discouraged, as the President serves as a balance position to counter the power of the CEO.
The CEO is in charge of long-term goals.
The President is in charge of the corporate picture: costs, marketing, etc.
But a CEO serving on the BODs is even more controversial. The BOD oversees the management. This can't be done if a CEO is in the same table with other board members.
It could be one of the reasons of the Financial Statement fraud in FnF, with the SPS LP increased for free and its offset, absent from the Balance Sheets since December 2017 (not the initial $1B SPS LP issued for free and its offset with reduction of Additional Paid-In Capital account -Core Capital-)
, in order to peddle the lie of "FnF continue to build capital through retained Earnings", later echoed by the hedge fund managers like Bill Ackman and his clerk, Bradford, along with the FHFA director, ST.
We are witnessing how the CEOs of both FnF grab more power in order to conceal this fraud that, in turn, would unveil the prior Separate Account plan with the dividend payments, as both divs and SPS LP increased for free are capital distributions restricted, and the exceptions kick off to legalize them. It works as follows:
- Pay down the SPS (U.S. Code §4614(e)) and recapitalization outside the balance sheets (CFR 1237.12), with the dividends (assessments sent to the Treasury)
- Common Equity held in escrow, with the SPS LP increased for free, as we can see in this image:
Also in compliance with the FHFA-C's Rehab power.
We see that FnF build Capital Stock (SPS) not regulatory capital, and not even the FHEFSSA-invalid capital metric "Capital Reserve" (Capital Surplus in the Federal Reserve System).
Don't expect the FHFA to bring it up, with its long track record of breaking the laws: PLMBS, CRTs, artificial losses, etc. Actually the FHFA is behind this fraud, knowing that ST arrived at the FHFA in 2013 as Deputy Director in charge of "regulatory policy, capital policy and financial analysis". Jackpot!
The PLMBS rallied after FnF were placed in Conservatorship, as we can see in this image, the trough date was three months later, then, a rally in price to the extent that Freddie Mac commented in a report, that it will halt the pace of PLMBS sales.
Freddie Mac posted in the 3Q2010 results an increase of $3,947 million in AOCI (Accumulated Other Comprehensive Income: unrealized losses in AFS securities. Equity), "primarily resulting from fair value improvements on available-for-sale securities". In other words, the PLMBS market was improving dramatically.
Maybe many billions worth of write-offs would have been avoided in the prior years, had they kept the position, or this sale at fire-sale prices was planned.
It seems that she made up this quote:
You hit it. She would be fired BECAUSE she wants the conservatorship to end while many others in DC want the gravy train to keep funding unfundable projects.
Hope Trump cans them all
Of course most of them shouldn’t be there anyways.
I don't expect most of you will believe this: But at 10:30am
Pacific Time, i made two posts here on IHub, but neither got printed...
I made a prediction that Fannie would close at $1.45 to $1.48
and Freddie would close at $1.33 to $1.38
Cross my heart, i'm not just making this up
ST fired not the CEO
That is wrong. Aldomovar will not be fired. She has done nothing wrong. In fact she wants the conservatorship to end. On the other hand Thompson will be fired for sure day one that is a given.
Hmmm, wonder if he is in like gin, with his comment on shorting banks …
If I had to guess I would say he is …. 🐂 ish at least , just a guess
Hmmm, wonder if he is in like gin, with his comment on shorting banks …
If I had to guess I would say he is …. 🐂 ish at least , just a guess
she will be fired day 1 of a DJT Potus
What are the chances that some one who has no idea about the difference between FHFA and FHA, say FHA atleast once during the interview
What are the chances they say court cases are by greedy share holders at least once??
Thanks for sharing.
EVERYONE: Like and repost the entire thread.
She will also be potentially asked to leave if Trump wins. Both the GSE CEO positions are indirectly political appointees too. Just a guess
I just read the complete thread. You are right it is quite good.
It's about women in exective positions. CEO of FNMA was mentioned.
Priscilla Almodovar is President and Chief Executive Officer of Fannie Mae, a leading provider of mortgage financing in the United States, and serves on Fannie Mae's board of directors.
Do You Understand the CRA?
The Community Reinvestment Act forced the banks to make loans to unqualified applicants for home loans.
Don’t blame the banks.
Hint; JC/BO.
Ron
An amazing story. Read the complete link. The truth is coming out! :
The most overlooked part of the 2008 Great Financial Crisis was its cause.
— Lauren Self (@laurenlself) May 10, 2024
Sure, The Big Short is one of your favorite movies, so you know it had to do with credit rating agencies assigning AAA and AA ratings to subprime mortgages.
But do you know why they were doing that?
Oh wow. This might explain the 10 cent pop end of day. Someone was slapping the ASK perhaps the CNBC camera dude.
yes something is up , election is near so must do something but their hands are tied with fannie mae and freddie mac as they are undercapitalized
Looking forward to GSE upward movement more next week, there has to be something going on behind the scenes.
Not giving up and adding more.
Far from 0.05 skateboarder oracle.
Funny, where have all the gse pref malarkey gone….1 a day. Weep weep
Fnma
Ensuring continuity of servicing operations: The Council encourages Congress to consider establishing a fund financed by the nonbank mortgage servicing sector to provide liquidity to nonbank mortgage servicers that are in bankruptcy or have reached the point of failure. The fund should be designed to facilitate operational continuity of servicing, including loss-mitigation activities for borrowers and advancement of monthly payments to investors, until servicing obligations can be transferred in an orderly fashion or the company has been recapitalized by investors or sold. The legislation should outline the scope and objectives of the fund, which include avoiding taxpayer-funded bailouts. The legislation should also provide sufficient authorities to an existing federal agency to implement and maintain the fund, assess appropriate fees, set criteria for making disbursements, and mitigate risks associated with the implementation of the fund. The establishment of such a fund should be accompanied by the additional regulatory authorities and consumer protections recommended in the Council’s report.
Does this mean those pesky credit risk transfers funded by FnF are finally going away?
I don’t think gabby is really into
You. Short fat men turn her off
There is a segment on cnbc tomorrow with FNMA and something else
This might be huge
i guess the plan is to buy those $11,000 homes from amazon and they crash as soon as election is over .problem solved, mission accomplished.
please put all of these non mortgage companies in 100 year conservatorship. now.
vow! better than sleeping in the car, wish knew it before. any pros and cons you know before i place an order? fhfa loan available for it? will fhfa take this away too? taxes? you have to own land though?
FNMAS is crashing. Looks like Clownboard has his chart upside down.
ASK and you shall RECEIVE.
Prefab tiny homes from amazon for $12k a pop... Housing Crisis Averted.
https://www.amazon.com/Jaxenor-Portable-Prefabricated-Expandable-Warehouse/dp/B0CMV3PY55/ref=sr_1_11?crid=1JKZXKHV4YHYZ&dib=eyJ2IjoiMSJ9.1A2G9f3khpsQF-tsuKAhLCTSSeGueL0vh6lsBlLfNDR0fSISp8S7IJLLZvn_NngCB-MEzoTyPgKpmCxaGSSwSE_htXFDOf7S9VAptCQuidvXYyRtFHRTkM4yqNPY_hCbxBGvFdMFBYKXqxAiAjPDuPwzDw4PAxpudyw4lTCkJ9FixjwbNL2d0yYIgY4Fnc7GzLdXFx3NifHpaULRGKKCgdTRZ9DdR_vmcqDsqc_9cop6u6plQw9HTDCXl3EoDAxmulYpLM-wXnPtBOzGlfLDn5-X2l6kaQRzSJOjCabGOEg.1hOQ_rHWnjDpzrFcAfHbXFedWxAYERgfc72ZTph-te0&dib_tag=se&keywords=tiny%2Bhome&qid=1715370657&sprefix=tiny%2Bhome%2Caps%2C93&sr=8-11&th=1
The share of outstanding mortgages guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae has also increased. Together, these shifts mean that exposures to the nonbank mortgage sector have grown significantly.
But nonbank mortgage companies also present unique risks. The report finds that their specialized business model means they are especially susceptible to macroeconomic fluctuations in the housing market, such as changes in housing prices, interest rates, and delinquency rates. They are more reliant than depository institutions on the value of mortgage servicing rights, which may lose value in the event of a downturn in the housing market. And they are also vulnerable because they can have high leverage, short-term funding, and operational risks.
These vulnerabilities matter. If a nonbank mortgage company fails, it may be difficult for it to find funding to continue critical servicing operations, such as making required servicing advances or providing adequate loss mitigation for distressed borrowers. Suspending services can in turn harm borrowers and other stakeholders. Even transferring the portfolio of a distressed servicer is a resource-intensive and time-consuming process, and disorderly servicing transfers can cause additional harm to borrowers. And if a new servicer cannot be found, the federal government may be left to assume the servicing obligations itself. All of these outcomes could disrupt economic activity and the provision of financial services.
DID that article - which I could not reach ----- say anything real?
???
see my post --- if my EXCEL based math is correct
150B - at a land/build cost of $150K a house would be enough for 1MM homes ---- how does anyone get 14 million ?
14 million would be GREAT ---- ROI --- is high
but would that not require a 10K per unit cost to build which is 1924 price to build not 2024
imagine F and F working with $8,000 mortgages v the typical over $100K mortgage?
How does she propose to invest such a large amount of money
1. ? Only for buildings where the developer matches GOV money ?
2. Multi unit housing - say 2-4 flat for condo type ownership
3. Multi-unit housing as in say 40-60 units for renting or condo
I did some VERY global math - and to build 1,000,000 stand alone houses --- one would need a build cost of 150,000 or lower ?
Would that be worth it ?
Price is going up
MM's and Sherwin must have went home early for happy hour and the weekend
break $1.50
IDK
Go FnF
i am sure he would love to compaign for sandra to advocate receivership, hiding stress test results. he is probably comfortable with his consulting money from special interests than taking fhfa job, just like the fellow traveler parrott, buddy, buddy . by the way, the low iq, pence, put him there, lot of bootlicking he must have done to get it and then got kicked out
I had been hearing lots of BUZZ about this.
Shareholders have been stung.
https://necn.app.link/rt0t2SopuJb
That is correct. He would love to get his old job back. If he wants to play his cards correctly he should join the Trump campaign and help him get elected. That would virtually guarantee his job back. Hope Calabria is not reading my post.
Catman is working hard to see if he can be nominated again by DJT as next FHFA Director. He is a complete hypocrite.
In Singapore, Stamp Duty is 30% for locals buying their second property. Foreign investors pays $60% stamp duty. Property Tax Rates (i.e. annual increase in property value) for Non-Owner-Occupied Residential Properties is 12%, 20%, 28% and 36% for first $15,000, next $15,000, next $15,000 and above $60,000.
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