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Im not too sure that it will have much impact on the GSEs. The ruling doesn’t revisit regulations that have already been promulgated. The Chevron decision has to do with federal agencies interpretation of ambiguous federal laws when proposing regulations. So moving forward from today, FHFA’s rule making ability will have a judicial oversight if needed on any new regulations they propose. But as far as conservatorship goes, FHFA-C doesn’t promulgate regulations. The real impact of this ruling will be its effect on congress. Congress will have to focus more on meaning what they say and saying what they mean in new statutes and stop writing open ended ambiguous laws that leave the interpretation up to the director of an agency. Those types of statutes lead to the major questions issues in regulations drafted by unelected bureaucrats.
the more i read on chevron, i think the whole saga with the word 'may' in the language that was brought up by fhfa falls apart now. anyone remember the word 'may' and how it was abused by fhfa? chevron ruling takes care of it but not a lawyer.
I would think that it would be enough to mention it in oral arguments that the agency's authority is defined by statutes and not by the agency's opinion of it's own powers. eg Plaintiffs' lawyer can repeatedly ask the government lawyers where exactly it states in the law that the conservator can act on it's own self interest instead of the wards'.
Just as suspected. There literally is no reason.
too many moving parts today. just need another : jpm pony up billions, trillions in derivatives case settled
congressonal authorization for nws?
you are right i think. imbellish has also been posting on it if i remember
does it require the plaintiff's to file an appeal citing chevron? brandon fisher and wazee is still active and can add to their filing?
Fhfa had a congressional authorization, therefore it is different story
Quote " federal agencies will have less power Without explicit congressional authentication "
Key words
Without explicit congressional authentication.
Raise The Ask - Raise The Ask
They will pay
what do you think impact of chevron case?
explanation of today's increase?
The answer, my friend, is blowin' in the wind
The answer is blowin' in the wind
$FMCC $FNMA -> @FHFA 👇👇👇👇
— Patrick (@InvestIt3) June 28, 2024
This is huge decision re agencies like FHFA pic.twitter.com/tSy624j2Hk
Yet still below PPS a few weeks ago. I'd still like to hear any reasonable explanation of today's increase. There is literally zero news to account for this.
Fannie growth still looks weak compared to Freddie. If this is going to be a new trend with Freddie adding 2nd home loans too it won’t be long before they are the same size… would be nice especially because Freddie has about half the common shares Fannie does and a lot
less preferred shares to pay dividends to.
Barron was a former state regulator had written regulations and so he is somewhat familiar with the process and what the law usually allows agencies to do. I appreciate the man for taking the time by sharing his knowledge and experience with this board.
Yes, it's a blow to the power of federal agencies. FHFA and its Director are executive branch entities. They cannot make changes to federal laws. Only Congress can change the law. Therefore, the U.S. Congress did not give DeMarco the power to take all the future profits of their wards in conservatorship into perpetuity, thus Nationalizing the GSES, based on an Incidental Power in HERA: The Net Worth Sweep. The U.S. Congress would have given the FHFA more explicit instructions to do so than merely drafting in the HERA to do whatever it feels is in its best interests. DeMarco, this non-elected bureaucrat, has been allowed to steal the companies for the Treasury.
Lemmings slow to react to the Chevron ruling. Making their way right now to the buy window. Too much heavy drinking the night before. Must be Europeans.
There is no symbol.
What is the symbol for this board ? Obviously it cannot be FNMA. Is there a fifth letter ?
Depends on what he and his friends own.
With Chevron gone way over $2.00.
"Ignore does $1000+/share, yes its possible after 5 years without the GOVT deep claws & intrusions into FNF."
NO it's not and you know it. Any price explosion like that and it would split long before $1000. $200-300 is possible if fully unencumbered, but forget about $1000 and that such nonsense.
Nice to see greater than average volume early in the day .... profit takers make everyone cautious ... probably won't see any more advances till later in the day then maybe a run at the end of the day ...
Stuck at $1.43 this morning. We need a catalyst. Paging Captain TightCoil STAT.
Yes. Previously many here said overturning that case will mean we willhave much better outcomes in the court cases! Just heard on CNBC that it got overturned by SCOTUS. Great news,hopefully our cases will have better outcomes using this precedent now. Add his to JB's disaster in debate yesterday, I am adding substantially today...
Supreme Court delivers blow to power of federal agencies, overturning 40-year-old precedent https://www.cnbc.com/2024/06/28/supreme-court-delivers-blow-to-power-of-federal-agencies-overturning-40-year-old-precedent.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard
Chevron overturned
Any implications for us?
Yelp! Just say that news scroll
did someone here say the chevron case will affect us?
chevron was just overturned
$5 by blueberry season. Blackberries and strawberries excluded.
My friend, for me $200/share, with $3 annual dividends and I will be happy camper for now !!
Ignore does $1000+/share, yes its possible after 5 years without the GOVT deep claws & intrusions into FNF.
When is the last time there was a 10% up day here. Let’s close above 10%. Nice way to begin 4th of July✝️✡️🇺🇸🏁
Good Morning Warriors! Need I say more!
Does anyone know what Gavin Newsom opinion and stand is on the GSE (Just asking for a friend) :) :)
Oh wow. Everything is up this morning including my you know what. It’s a miracle.
Oh wow. Did I just see $1.45 or was I dreaming again ?
You find my 2.00 ask in the near term (next few days to weeks) more hilarious than the 1500 and 2100 $ expectations??
Come on, Fannie Mae - Going North on Friday
Make it A Freddie Friday, Go Freddie
Barron = Rodney
No sign of the annual testimony of Sandra Thompson in the calendar of the House Financial Services Committee.
https://financialservices.house.gov/calendar/
The one in charge of Affordable Housing is Congress, because is the one that pays for it with the tax credits.
FnF, hedge funds, housing developers, etc., just invest in the LIHTC offered by Congress annually.
FnF no longer subsidize the guarantee fee to low- and moderate-income families as mandated in the Charter Act, which was the center of the Public Mission related to Secondary Market Operations (section Purposes), not Special Assistance functions that were kept by GNMA (FHA) when it was spun-off from Fannie Mae in the Privatization Act of 1968 (Source).
Other Public Missions are obsolete, like the "Duty to Serve" ("promote access to mortgage credit throughout the Nation, including central cities, rural areas, and underserved areas").
It's unacceptable that now, as "activities for low- and moderate- income families" with "a return that might be less than the return earned on other activities" (Charter Act), the FHFA, as conservator, compels FnF to sell their NPL and RPL at fire sale prices because it includes a debt forgiveness string, to the hedge funds. This isn't part of the Purpose of the Charter Act about secondary market operations, and this isn't what the mortgage business is about either. This is simply, the sacking of FnF, and this is why Wall Street adores Sandra Thompson's secured deals. For instance, the winner bidder in the last 10 sales of RPL in Fannie Mae, was PIMCO, for 3 years in a row.
FnF's profitability is very small because the insurance business is more about volume. The Net Interest Yield (difference between what they earn and the cost of funding those assets) was 0.67% in Fannie Mae and 0.57% in Freddie Mac, during 2023 (Earnings reports). We don't know what the CFO of Freddie Mac is doing, as now, with the UMBS, there are no excuses about what Freddie Mac pays for its MBS like before, in comparison with Fannie Mae.
This is why the financiers can't be tasked with Affordable Housing, otherwise it goes to the detriment of their solvency and the reason what there is a UST backup of FnF at rates similar to Treasuries, expressly written as part of the Charter dynamics, that, no only no one wants nowadays, but also they refuse to honor it after being tapped in 2008-2010. What lies behind this lengthy conservatorship is an excuse to secure good deals for Wall Street.
There are other costs in the formation of the house prices, which is what affordable housing is about.
For instance, the Net Interest Margin in the United States banks stands at 3.3%. Different business.
$2.00 ? Think big man LOL !!
All I care about is going back to 2.00 tomorrow if what you say is the consensus opinion.
So stockanalyze;
You are behind the DD curve.
Not my job to educate you.
I gave you very important information to track regarding your investments.
When you understand the Derivative Market Meltdown of 2008, then you will understand.
Ron
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