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been on it for months, they dont care.
OTC is trying to compete with Crypto markets. They figure if worthless coins and cryptos can go up, anything offered on OTC can too. Race to biggest bang in History, the great market explosion is now getting gas lighted overnight for greatest implosion in history. Now its up to GSEs to get some.
Great News !
OTC Markets Group Introduces Overnight Trading - New offering will be the first of its kind for the OTC markets - May 15, 2024 Source: OTC Marketshttps://t.co/jlZbdQBzOB
— Cmdr Ron Luhmann (@usnavycmdr) May 16, 2024
OTC Markets Group Introduces Overnight Trading
New offering will be the first of its kind for the OTC markets
May 15, 2024 07:00 ET | Source: OTC Markets
https://www.globenewswire.com/news-release/2024/05/15/2882266/0/en/OTC-Markets-Group-Introduces-Overnight-Trading.html
Rick posted this on FNMA.
I'm not sure this is a good thing for the GSEs, we're being manipulated by a few million shares whenever they short us, I can only imagine the worse for us.
An organized group could screw us even more with the PPS until Sleepy or the Don does something. The govrats continu the same old pass the buck and the responsibilites to the next.
Still lots of rubber chicken for all govrats to feast on with endless luncheons on the menu.
In the meantime, wating for godot or whoever tf.
FMCC
Does anyone know how long that 1 post ban lasts on FNMA? TIA
https://x.com/rcwhalen/status/1790715551485939835
Freddie Mac Buying HELOCs? Really Meredith? | UWMC & Disappearing MSRs
May 10, 2024 | Earlier this week in the Financial Times, famed analyst Meredith Whitney
penned a strange comment supporting an equally peculiar proposal by the Biden
Administration for Freddie Mac to buy home equity loans. This is a really bad idea
that is typical of the work coming from the Biden Administration and their surrogates
who occasionally dabble in mortgage finance.
Readers of The Institutional Risk Analyst will recall Ms. Whitney boldly predicting the collapse of the municipal loan market in 2012. We personally witnessed Cumberland Advisors CIO David Kotok tell Business Insider in August of that year from Leen’s Lodge:
“We entirely disagree with Meredith Whitney, who persists in predicting that this world of state and local government finance will end in disaster. We say it won’t. In Maine, we can point to a concrete example.”
As with the earlier call on municipal defaults, we think Whitney’s comments about a surge in new financing from home equity loans are poorly considered and not well grounded in market realities. Anybody in the residential mortgage market will tell you that spending time chasing second liens that must ultimately be sold to a bank means you are nearing a significant inflection point in your career. The chart below from FRED shows all outstanding second lien home equity lines of credit.
Whitney writes:
"Last month, the government-sponsored mortgage finance agency Freddie Mac filed a proposal with its regulator, the Federal Housing Finance Agency, to enter into the secondary mortgage market, otherwise known as home equity loans… A Freddie Mac second mortgage/home equity proposal could unleash a tidal wave of new liquidity - if it's approved.”
And later Whitney writes:
“In 2007, just before the financial crisis, there was more than $700bn in home equity loans outstanding. Today, there is roughly $350bn. Home prices have risen more than 70 per cent since then, so why have home equity loans halved?”
Short answer: Because there is little actual demand. But today's politicians never worry when private markets are telling them that a given policy won't work. The Biden Administration's approach to housing over the past four years has been a complete disaster for consumers and lenders. Andrew O'Hagan, writing about the disgraced Republican congressman George Santos in the New York Review of Books, describes the rules of engagement in the New Gilded Age:
"The most moving thing about Santos’s lies is how many of them could be disproved in seconds. He doesn’t care about the truth, and it may be that his lack of prep is consonant with the radical style in populist politics today, which runs on the idea that everything can be brazened out, everything can be believed, as long as one subscribes to the use of a magical verbal currency in which statements are beyond proof and somehow truer than truth."
Whitney talks about the GSEs unlocking trillions of dollars in new financing for home ownership by having the GSEs purchase second liens. No, sorry Meredith, this is completely wrong. Second liens are mostly originated by banks and mostly retained in bank portfolio. Having the GSEs waste time and money buying and securitizing closed-end second lien loans is a bad idea. Let’s count the reasons why.
First, the demand for all home equity products including HELOCS has been weak since the peak of the market in 2008. The unpaid principal balance of HELOCS in the US has been declining for 15 years, but has risen slightly since 2021. The key factor here is demographics. As the population of homeowners has aged, the need for tapping home equity has waned. Low interest rates over the past 40 years have also detracted from interest in second liens.
Most banks that offer first lien mortgages will originate and retain a second lien, yet there is scant demand even as the equity in homes has soared. That green line in the chart below shows closed-end second liens owned by banks, basically the entire market. There is a little bit of growth, but rates would need to go back to early 2000s levels and loiter for a period of years to really move the needle.
Source: FDIC
Second factor is the rise of the nonbanks. Independent mortgage banks control 3/4s of the US residential mortgage market. Nonbank mortgage firms certainly can sell closed-end second lien mortgages, but they cannot originate and service HELOCs because they are not depositories. A HELOC is essentially a credit card loan secured by the house with a fixed tenor and serviced by a bank. You can go to the bank ATM and take a cash advance on a HELOC.
The second lien mortgages that nonbanks might originate and sell to Freddie are closed end loans. These products usually allow the borrower to draw cash for a period, then convert into an amortizing mortgage. Letting a nonbank sell a second lien loan to Freddie Mac will change nothing other than shifting income from banks to the US government. And it will seriously piss off JPMorgan CEO Jamie Dimon. Big banks love HELOCs, but there is little money in originating them for nonbanks.
The market reality that seems to escape Whitney and the Biden White House is that banks originate and retain second liens because they have the funding. There is vast unused capacity in HELOCs at banks, more than current outstanding loans. But banks will not sell HELOCs to Freddie Mac. They are content to keep these relatively small mortgage loans because the servicing fee of 25-50bp per year more than covers the cost. Like first liens, default rates on HELOCS are near zero.
Source: FDIC/WGA LLC
There is little financial incentive for nonbanks to originate and sell second liens to Freddie because the note’s value is minimal and the servicing strip is likewise an inferior asset vs a first lien loan. When you sell a loan in the secondary mortgage market, dear Meredith, you are really selling the cash flow from the mortgage servicing right (MSR). The MSRs of HELOCs or closed end seconds have little value because of the small note size and short maturity. Indeed, it will be interesting to see Freddie Mac profitably sell pools comprised exclusively of closed-end seconds into the MBS market.
If banks cannot originate and retain HELOCs given today’s higher interest rates and the vast amount of equity locked away in residential homes, then there is something powerful working in the market that refutes Whitney’s thesis. Again, having the GSEs purchase loans that nobody but banks want is not a particularly impressive policy proposal from President Biden.
A final point that Whitney and other proponents of the GSEs buying second liens do not address is credit. By law, the GSEs cannot loan more than 80% against a home unless the borrower gets private mortgage insurance. If Freddie Mac or Fannie Mae buy a second lien of any description that pushes the total encumbrance on the asset over 80%, does the borrower need private mortgage insurance? The law says yes. Federal bank regulators put limits on HELOC exposures for precisely this reason. A second lien is junior to the first and in a home price correction quickly becomes worthless.
It is easy to understand the confusion about HELOCs and seconds. Traditionally home equity loans were products for a rising interest rate environment, yet there is little demand in 2024. There are dozens of banks and nonbanks in the US that offer HELOCs or closed-end seconds, yet the demand from consumers is barely keeping up with the natural runoff of these loans. Part of the issue is that older consumers that predominate among homeowners would be more likely to get a reverse mortgage than a second lien. And many are just happy to let the equity sit given the investment alternatives.
Those pushing for the Biden Administration to allow the GSEs to buy HELOCs should consider whether this election year stunt deserves their public support. The Freddie Mac proposal is part of a shameless election year push by the Biden Administration to appear to be supporting home affordability, this after four years of disarray and scandals at HUD. And four years of home price inflation ? the Biden budget deficits is not doing much to help Americans buy a home.
In fact, the actions taken by the Biden Administration in housing finance over the past four years have been a disaster. The risk-based capital (RBC) proposal from Ginnie Mae for government issuers tops the list of progressive fiascos, but increasing the cost of credit reports for consumers is another great achievement by the White House. Lenders argue that dramatic price hikes by FICO have inflated their credit score costs by as much as 500% since 2022, Inside Mortgage Finance reports.
The litigation between Ginnie Mae and Texas Capital Bank (TCBI) is another wonderful achievement by the Biden White House that threatens the market for government loans. If TCBI is forced to take a loss after receiving the direct verbal assurances of the Biden Administration with respect to a bankrupt government issuer of reverse mortgages, then the market for financing government insured loans may be permanently impaired. Thanks so much President Joe Biden, but the housing industry does not really need any more help from Washington.
UWMC’s Shrinking MSR
United Wholesale Mortgage (UWMC) reported earnings yesterday. Suffice to say, we think everyone in mortgage finance and the various mortgage and bank regulatory agencies in Washington should spend a few minutes on the UWMC 10-K. Eric Hagen at BTIG:
“The company sold $70 billion of UPB in the MSR portfolio as earlier reported, taking it down to $230 billion, and the average WAC of the portfolio to 4.58%. Leverage came up this quarter to 3.5x, driven by a slight increase in warehouse lines of credit, but excluding warehouse debt it remained comfortably below 1x. We think the stock valuation can support higher leverage, although we like how the funding risk is being regulated to a degree by sales of MSRs into a market well-bid with demand right now from originator/servicers looking to boost recapture when rates fall.”
We are not so generous as BTIG. The big headline from UWMC IR was the increase in gain-on-sale and volumes, but to us the story is the sale of 25% of the firm’s MSR to fund Matt Ishbia’s price war in the wholesale channel.
In the UWMC cash flow statement on Page 5 of the Form 10-K, it shows the firm’s holdings of loans up $1.8 billion, in line with a better than expected Q1 for most mortgage banks in the first quarter. But down the page, we see an entry for “Net proceeds from sale of mortgage servicing rights” of $1.3 billion. Really?
UWMC 03/31/2024
Note that in Q1 2024 UWMC capitalized $535 million in new MSRs, but then sold more than 2x that amount to raise cash. Why are we raising cash? To fund operating losses caused by the firm’s attempt to corner the wholesale channel for mortgage loans. But as everyone who works in the mortgage ghetto knows, seeing around corners is a special talent. And visibility is at a premium when the FOMC and various others are trying to make your life difficult.
The old fashioned bankers think not about loans but MSRs. What is the yield on the MSR? If you buy loans on a 7x multiple, as we wrote in our last comment, but sell on a 5x, in the long run you are dead. During the UWMC conference call, Bose George of KBW asked Ishbia about the pricing on MSR sales and the fact that some of the disposals were below carrying cost. Ishbia:
"Depending on the time of the month and where rates are at that moment, the prices are right in line with what our carrying value is. And so sometimes you pick up a little, sometimes you lose a little bit. In general, it's been not a material negative or positive, to be honest with you."
We have always thought that the “sell the loan, sell the MSR” is a bad strategy because it leaves nothing for the future. Issuers like UWMC that sell the MSR are essentially following the logic of Silicon Valley Bank that a future Fed interest rate cut will make it all better with higher loan volumes. But maybe not.
Selling the MSR as a strategy, especially to fund an ill-considered price war in wholesale, a channel nobody owns, we think is a LT loser. But worry not, somehow UWMC managed to pay $194 million to SFS Corp, the holding company controlled by Ishbia and other UWMC insiders. The $2.3 billion non-controlling interest in UWMC represents the true equity of UWMC. And no, our dear friends at Bloomberg, UWMC is not trading at 104x book value at $7.50 per share. Do the math.
If a Fed rate cut is going to wait until December and UWMC continues to pay up for loans in the wholesale channel, then we expect to see more bulk MSR sales from UWMC and other mortgage firms that are burning cash. There are mortgage firms that have refused to cut expenses in line with volumes such as loanDepot (LDI) and then there are firms like UWMC that are selling valuable servicing assets to fund operating losses. When UWMC sells the rest of the MSR portfolio this year, will CEO Matt Ishbia end the price war in wholesale?
In the next issue of The IRA Premium Service, we'll be looking at
the bottom 25 banks in the WGA Bank Top 100 Index.
The Institutional Risk Analyst (ISSN 2692-1812) is published by Whalen Global Advisors LLC and is provided for general informational purposes only and is not intended for trading purposes or financial advice. By making use of The Institutional Risk Analyst web site and content, the recipient thereof acknowledges and agrees to our copyright and the matters set forth below in this disclaimer. Whalen Global Advisors LLC makes no representation or warranty (express or implied) regarding the adequacy, accuracy or completeness of any information in The Institutional Risk Analyst. Information contained herein is obtained from public and private sources deemed reliable. Any analysis or statements contained in The Institutional Risk Analyst are preliminary and are not intended to be complete, and such information is qualified in its entirety. Any opinions or estimates contained in The Institutional Risk Analyst represent the judgment of Whalen Global Advisors LLC at this time, and is subject to change without notice. The Institutional Risk Analyst is not an offer to sell, or a solicitation of an offer to buy, any securities or instruments named or described herein. The Institutional Risk Analyst is not intended to provide, and must not be relied on for, accounting, legal, regulatory, tax, business, financial or related advice or investment recommendations. Whalen Global Advisors LLC is not acting as fiduciary or advisor with respect to the information contained herein. You must consult with your own advisors as to the legal, regulatory, tax, business, financial, investment and other aspects of the subjects addressed in The Institutional Risk Analyst. Interested parties are advised to contact Whalen Global Advisors LLC for more information.
Ha Ha the Gov needs $$$ so they are selling off what they can! Is Fannie & Freddies warrants next ???? hmmmmmmmmmmm How much could that bring in ??
John Paulson (next Treasury Sec ?) I hope not !!!! Do nothing Steve isn't coming back either so I hope it's someone on DJT team who wants to clean house and not part of the swamp !!!
Just getting warmed up…
The banking crisis is just getting warmed up~ pic.twitter.com/qAF0tmw2OM
— NatureGirl (@Naturegirl571) May 15, 2024
Uncle Tommy..... if only we have Bizarro world Corker who is buying common shares like no tomorrow, then we got somethin.
Republicans as a party want Fannie and Freddie out of conservatorship. This cannot be stopped. It is time to press further and go beyond plus ultra. The Biden administration has defaulted on its responsibility. $fnma #fanniegate pic.twitter.com/EqnUOaTAsR
— Fanniegate Hero (@DoNotLose) May 15, 2024
ok cl**n. Great you now know dumb sandra and admin is useless. Watch and Learn kid.
— Freddie bagholder (@Release_Fannie) May 15, 2024
Found a new strategy Trunk for us to follow to see if we benefit like Tommy does….
BREAKING: Senator Tommy Tuberville has just disclosed nearly 100 trades.
— unusual_whales (@unusual_whales) May 15, 2024
He is buying more semiconductor stocks, as well as selling and buying puts against companies he owns or wants to own, like $QCOM, $LSCC, $CCL, $CLX, $SWKS.
You read that right, he has leveraged positions… pic.twitter.com/TS7YdnBH2F
Most notably the decline in price after peak short shares and most likely driven down to beat expiration dates so not to have to register them under Rule 203(c)(6), where they would have to file reports under Section 15(d)
notice the title on LINKs: - Naked Short Interest on FNMA & FMCC
https://otcshortreport.com/company/FNMA
https://otcshortreport.com/company/FMCC
Great explanation what might be happening to the twins….
. @slave_2_liberty I got you homie-
— Ian Carroll (@Cancelcloco) May 14, 2024
Here’s an explanation of the actual market wide criminal conspiracy that GameStop exposed
and how and why short sellers could actually blow up the entire global economy.
Cameos by @blockbuster and @ToysRUs
No exaggeration. pic.twitter.com/RCmZZ3emCM
Freddie’s CRT Issuance Jumps in First Quarter
May 15, 2024 - Dennis Hollier - dhollier@imfpubs.com
Freddie Mac more than doubled its issuance of Structured Agency
Credit Risk notes in the first quarter of 2024.
Combined, Fannie Mae and Freddie cranked out $2.85 billion in
credit risk transfer transactions during the first quarter, up 55.1%
sequentially, according to a new analysis by Inside MBS & ABS.
The share of risk the government-sponsored enterprises are
offering to investors is also on the rise, as the size of the reference
pool for CRT issuance increased at less than half the rate of CRT
issuance compared with the fourth quarter.
In the January-March cycle, Freddie issued $1.28 billion in STACRs
covering two reference pools totaling $42.51 billion. In the prior period,
Freddie’s CRT volume came to just $636 million on mortgages backed
by a $23.07 billion reference pool. Freddie sat out the third quarter of 2023.
Fannie’s CRT activity has been more stable.
Nothing to do with GSEs, what is ur point, housing recessions have occurred many times. GSE always survives, home price not an issue, a plus is keep bad credit out of market. Good.
American Bulls - BUY BUY BUY ! ...
BUY BUY BUY ! - https://t.co/NnFzqzXZqmhttps://t.co/9m2Sjky3LC
— Cmdr Ron Luhmann (@usnavycmdr) May 15, 2024
Agree, I’m seeing prices drop as much as 70K first hand. For sale signs popping up more frequently, open houses with very little traffic.
New construction, builders are buying down rates, offering incentives such as epoxy garage floors, window treatments, washer & dryers, 2 years of HOA’s, golf carts in SWFL.
Car dealers are trying to maintain grosses from years past are slashing pay plans forcing a high percentage of turnover.
The struggle is real folks !
I think everyone is waking up, he wants everyone to have a better life, everyone to have an opportunity, he is fair, smart, and knows how to run a business. He understands Housing and Gold importance. I love the man.
She actually seems better that Watt and others in the past. I didnt realize Watt hated Ralph Nader, and clashed with Watt in 2004.
Nader clashed with members of the caucus over his presidential bid. After the meeting, Nader alleged that Watt twice uttered an "obscene racial epithet" towards him. It was alleged that Watt said: "You're just another arrogant white man — telling us what we can do — it's all about your ego — another fucking arrogant white man." Although Nader (who is of Lebanese descent) wrote a letter to the Caucus and to Watt asking for an apology, none was offered.[26]
Fannie Freddie is gaining on the anticipation of the Trump Trade ....
Fundraiser tonite one of co- hosts is
John Paulson (next Treasury Sec ?)
https://twitter.com/usnavycmdr/status/1790505751854870942?t=6fVr9texOWFaj7XFa4JinA&s=19
I’m surprised the government hasn’t worked furiously to release while the market is humming along. Housing market is about to get turbulent and if things go south the treasury could potentially be on the hook.
SEC Filing | @FannieMae $FNMA
— José E Burgos Lugo, PA (@TheBurgosGrp) May 14, 2024
@JarndyceJ read where she’s coming from. https://t.co/MjPxqTbzUO
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - February 2024
Published: 5/14/2024 - February 2024 Highlights - Foreclosure Prevention
https://www.fhfa.gov//AboutUs/Reports/Pages/Foreclosure-Prevention-Refinance-and-FPM-Report-February-2024.aspx
?
The Enterprises' Foreclosure Prevention Actions:
--- The Enterprises completed 17,993 foreclosure prevention actions in February, bringing the total to 6,941,211 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
--- There were 5,293 permanent loan modifications in February, bringing the total to 2,692,612 since the conservatorships began in September 2008.
--- Approximately 79 percent of loan modifications in February involved extend term only. Modifications with principal forbearance accounted for 20 percent of all loan modifications during the month.
--- The number of borrowers who received payment deferrals after completing a forbearance plan decreased slightly from 8,628 in January to 8,584 in February.
--- Initiated forbearance plans decreased 7 percent from 7,490 in January to 6,943 in February. The total number of loans in forbearance also decreased from 38,872 at the end of January to 36,837 at the end of February, representing approximately 0.12 percent of the total loans serviced and 7 percent of the total delinquent loans.
The Enterprises' Mortgage Performance:
--- The 30-59 days delinquency rate increased to 0.96 percent while the serious delinquency rate decreased to 0.53 percent at the end of February.
The Enterprises' Foreclosures:
Third-party and foreclosure sales decreased 15 percent to 965 while foreclosure starts declined 13 percent to 5,927 in February.
February 2024 Highlights - Refinance Activities
--- Total refinance volume increased in February 2024 as mortgage rates remained below the elevated levels observed in late 2023.
Mortgage rates rose in February: the average interest rate on a 30-year fixed rate mortgage increased to 6.78 percent.
--- The percentage of cash-out refinances continued at 69 percent in February after rising as high as 82 percent over the last two years. Higher mortgage rates have reduced the opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.
Let's see what power hour has for Taco 🌮 Tuesday
Warning! Danger Shorts Danger! Roaring Kitty Spotted Ready To Pounce On Fannie! $$$$$$
Mongo very sad, GSEs should be $30, Radio Shack no more, Red Slobster going away, InFFFections everywhere, Dollar Tree no more near me, only place to eat or hang out is at Costco Hot Dog stand. What next KTCarneyCorkerPeeBladder have comedy show?...
I miss Sears, give me back my Craftsman Club membership please...
Mongo
Guess What Roaring Kitty’s Next Play Is…..,Can You Feel It…
Meredith Whitney Advisory Group CEO: Proposed mortgage reform
is a ‘massive game changer’
https://www.cnbc.com/video/2024/05/13/meredith-whitney-advisory-group-ceo-proposed-mortgage-reform-is-a-massive-game-changer.html?__source=sharebar|twitter&par=sharebar
You could make case that there is a cohort below prime HELOC borrowers that are not served well and have low rate 1st liens, need 2nds. Trouble is, banks cannot hold this paper under Basel III. So who takes it? Especially with a home price reset ahead....
— Richard Christopher Whalen (@rcwhalen) May 13, 2024
What are the typos.
— David Levenson (@levenson_david) May 13, 2024
She wants the subprime borrowers to take on debt before they couldn't qualify anymore for a loan, so retail sales and GDP will stay elevated until November.
Meredith implies that agencies will fund the loans.
Look forward to having a day the way GME is having…
Fannie & Freddie on CNBC - Unlocking Home Equity. Key Mortgage reform in focus.
Freddie Mac Announces 2024 Home Possible RISE Award® Winners for Helping Very Low- to Low-Income Homebuyers
9:00 AM ET, 05/13/2024 - GlobeNewswire
MCLEAN, Va., May 13, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced the winners of its Home Possible RISE Awards®. The annual program, RISE (Recognizing Individuals for Sustained Excellence), salutes top Sellers across multiple categories for excellence with Freddie Mac’s Home Possible® and HFA Advantage® mortgages – the company’s affordable lending solutions for very low- to low-income homebuyers.
“We are proud to honor these Sellers and their work to tackle affordability challenges head-on and help borrowers achieve sustainable homeownership using our Home Possible and HFA Advantage mortgages,” said Danny Gardner, Freddie Mac Single-Family Senior Vice President, Mission and Community Engagement.
This year’s award winners represent national to local lending companies, recognized for their standout loan originations, who are committed to making responsible homeownership a reality for borrowers nationwide.
Freddie Mac purchased over 96,000 Home Possible and HFA Advantage loans in 2023. Of the Home Possible mortgages purchased, 75% supported first-time homebuyers. Freddie Mac has made homeownership possible for more than 850,000 families through $171 billion in Home Possible and HFA Advantage mortgages since 2015.
Eligible organizations must be active Freddie Mac Sellers. Freddie Mac reviewed 2023 data and awarded the top organizations among several categories.
About Freddie MacFreddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube
MEDIA CONTACT: Chad Wandler703-903-2446Chad_Wandler@FreddieMac.com
Source: Freddie Mac
Disclosures
Data source identification
Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 1-800-435-4000. Please read the prospectus carefully before investing.
*Schwab Equity Rating based on data as of 05/10/2024 market close.
As your agreement for the receipt and use of market data provides, the securities markets (1) reserve all rights to the market data that they make available; (2) do not guarantee that data; and (3) shall not be liable for any loss due either to their negligence or to any cause beyond their reasonable control.
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(0310-1918, 0310-2017)
PRESS RELEASES - Treasury Announces Plan to Sell Airline Warrants - May 10, 2024https://t.co/tMl0jmo61e
— Cmdr Ron Luhmann (@usnavycmdr) May 11, 2024
$Booooom ! - "There is a $Pronounced $Optimism about
$Ending $Conservatorship of $Fannie $Mae and $Freddie $Mac
Booooom ! - "There is a pronounced optimism about ending conservatorship of Fannie Mae and Freddie Mac https://t.co/ZUWuBUmw7S
— Cmdr Ron Luhmann (@usnavycmdr) May 13, 2024
Where in HERA does it say that it is Treasury's job to fix GSEs? That's the job of the conservator, FHFA, not Treasury — correct? If not, please point to the statute. You wrote the law, so you shouldn't have trouble finding it.
— Jeremy Cain (@jeremycain_usc) May 10, 2024
Nov is the crucial for F&F return to SH when DJT reclaim the WH and MAGA. Current crooks regime don't give the damn about the taxpayers. So much $$$$ need to rebuild the infrastructure and housing for the homeless x the country instead spend so much $$$$ for the wars and many innocence civilian lives died in the name of by current rooks regime. Stop accusing other country with their bloodshed instead look at your own liars. Billion of Billion for wars and continue hold F&F in hostage and housing shortage due to homeless and immigrants plus the big messy create by the current crooks regime with stupid support wars decision from ME to Ukraine. Bottom line the longer the fcking crooks in charged the more human crisis. Nov is only chance to kick out all of them one in for all and F&F will be free at last. What the sick joke trial for hush $$$$. NOthing else to do except wasting taxpayers. Remember watch the crooks do vs the crooks talking period.
https://www.independent.co.uk/news/world/americas/us-politics/donald-trump-wildwood-jersey-shore-b2543460.html
I would just change it to Grandpa instead of Dad (when he invested as a Dad though)
I have been at this since 2012. I just saved the pic. Damn good pic
Soooo Who is really getting rich off those warrants? The taxpayer? or the government spenders? We all know. Every time you hear them you taxpayer replace that with Lackey.
Last tweet is spot on !!!! The brutal truth that needs to be forwarded to the government.
Thanks Ron for the pic, you put a great big smile on my face. I'm thinking once the GSEs are released, I'm laminating this picture and hanging it up on a wall for all to see.
FMCC
Statement of Director Sandra L. Thompson on the FSOC Nonbank Mortgage Servicing Report
FOR IMMEDIATE RELEASE - 5/10/2024
I commend the Financial Stability Oversight Council (FSOC) for the publication of its report on nonbank mortgage servicing. This report advances the work of federal and state agencies with oversight responsibility of the mortgage market, identifies vulnerabilities specific to nonbank mortgage servicing business models, and presents robust recommendations to foster financial stability. The Federal Housing Finance Agency (FHFA) is regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises), and nonbank mortgage servicers are important counterparties to the Enterprises.
The growth of nonbank mortgage servicers over the past decade has shifted market dynamics and highlighted the need for increased collaboration and coordination among regulators. The FSOC report calls attention to the strengths of nonbank mortgage servicers, including their commitment to the mortgage market and to supporting sustainable homeownership for historically underserved populations, along with several structural vulnerabilities. These vulnerabilities include liquidity risk, leverage, asset concentration, and operational risk, each of which could amplify and transmit mortgage market shocks to other financial market participants and to consumers.
To address these vulnerabilities, the FSOC report includes several recommendations that would enhance its member agencies' oversight authorities, enable better information sharing, and provide for improved liquidity risk management by industry participants. Taken together, I believe these recommendations will reduce the risk of consumer harm or financial market contagion in the event of material financial stress at one or more nonbank mortgage servicers.
I am particularly encouraged that the FSOC recommends Congress consider providing FHFA with additional authority to establish appropriate safety and soundness standards for nonbank mortgage servicing and to directly examine for compliance with these standards. Such authority would give FHFA greater ability to manage the risks identified in the FSOC report and support broader financial stability.
FHFA is committed to ensuring the safety and soundness of, and responsible market conduct by, our regulated entities. FHFA will continue these efforts as we fulfill our statutory responsibilities and carry out the recommendations in the FSOC report to the greatest extent possible. I welcome FSOC's focus on the growth of the nonbank mortgage servicing sector and encourage Congress to consider those recommendations in the report which require legislation to fully implement.?
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.4 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube, Facebook, and LinkedIn.
Contacts: MediaInquiries@fhfa.gov
yes they were, but u wont get anyone to politically remove them in any way, maybe after release, but never before, and they bring oversight that buffers the GSEs, instead of politicians in congress. get the right people into its Admin, it would work for the better.
The lobbying that happened before brought the completely unjustified wrath onto themselves but it ain’t going back to that. Nor do I want it too.
I seem to recall these companies operated just fine and helped made housing affordable prior to the existance of FHFA. Oversight and Integrity? WTF,…are you joking?
I remember the re-fi of my San Diego Home down to 9.75%
from 12% interest & others had even 14% interest - the mkt
was spoiled child by the Fed for 10 yrs w 3% interest rates
(which was my gradparents interest rates) 6-7% is about
where the mkt has to get used to the idea again ...
The question isn’t whether the @USTreasury knows how to sell its warrants but rather, does @SecYellen know the difference between a 60 minute IPA and a 60 billion dollar IPO. #fanniegate
— RWD (@PhiloTheol) May 10, 2024
u must be young, its not the most unaffordable in history no matter what they say. but its close. FHFA is legit in concept, just have to get rid of Mad Maxs cousins and ankle sniffers who sit on the phone all day. If i was in charge i could trim majority of all staff and still maintain every bit of oversight and integrity it has.
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