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YAWN! Just brought a ton more this morning. Loving these basement prices!!
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.
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
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.
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
We should be getting an update from Maloni sooon. Usually here by monday?
http://malonigse.blogspot.com/
nice day today fmckj almost had parity with fnmas
Good Volume
$FMCKJ HUUUGE BUYS HITTING ASK > >