something me and you share , fun.
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Its mean anytime now...power of WH is transferring
Warren Befett bought FnF ! Trump is moving in White House ! Government should stop illegal taking private property!
This is the guy said Warren Buffet owns Fnf
https://twitter.com/valuinvstrtoday/status/805878466671497216
yeah it's a joke if you broke! read the link https://www.docdroid.net/n9Ddt2K/sec-form-13-f-information-table-1.pdf.html
this is link https://www.docdroid.net/n9Ddt2K/sec-form-13-f-information-table-1.pdf.html
any way someone has 3.15mils shares FnF ! you will have 2nd though! GL
1.5 mil shares Fmcc and 1.65 mil shares Fnma
https://www.docdroid.net/n9Ddt2K/sec-form-13-f-information-table-1.pdf.html
Warren Bufett owns 3.15mils shares of FnF ! woo woo more Billionaires buy in.
he has FnF for 3.15mil shares ... one more Billionaire join the Game!
maybe 12$ tomorrow!
Court ruling today?
this's official! Thank you!
Trump can fired Watt ! here the link :
A three-judge panel of a federal appeals court in Washington said in October the president has the authority to fire the director even if he or she hasn't completed a term. The bureau requested in November, however, that the entire appeals court -- complete with recently installed Obama-nominated judges -- should conduct a review of the case. The losing side will likely appeal it to the Supreme Court.
https://www.thestreet.com/story/13919027/4/obama-s-bank-chiefs-face-fight-with-trump-over-refusal-to-leave-early.html
FHFA is wasting Tax's money ,need shut down ASAP and Watt get fired ! Check my old post ... i had link for it!
To many corrupt will be end!
Corker: Fed probe won't hurt me with Trump
The GOP senator, whose finances are under scrutiny by the FBI and SEC, says he did nothing wrong. http://www.politico.com/story/2016/05/bob-corker-trump-investigation-223667
This is what Corker working???....Iran says it will develop nuclear-powered ships after US extends sanctions....http://www.bbc.com/news/world-middle-east-38299179
"Instead of harm to the Nation resulting from disclosure, the only 'harm' presented is the potential for criticism," Sweeney wrote. "The court will not condone the misuse of a protective order as a shield to insulate public officials from criticism in the way they execute their public duties."*
So what's so embarrassing? Mainly, it's a sordid history of the government's seizure of mortgage giants Fannie Mae and Freddie Mac, also known as the government-sponsored enterprises, or GSEs.http://linkis.com/www.rollingstone.com/ROLYL
yeah SA hides some dumb writers sometimes... minimum wages... lol
80% is Our Government is illegally taking private property! They can not cover it forever and Coker will busy with Iran nuclear deal !
hold the money, I think they will start talking..... anyway they can't cover wrong doing for ever!
FnF should delay payments , bc Gov keep delay court.....
Fixing Fannie Mae and Freddie Mac: Will Trump Give Wall Street Another Gift?
By Marc Joffe
December 12, 2016
President-elect Trump’s selection of a former mortgage banker as Treasury secretary signals the incoming administration’s intention to finally settle the status of Fannie Mae and Freddie Mac, the two government-sponsored housing finance behemoths that were bailed out and brought under federal conservatorship in 2008.
Secretary-designate Steve Mnuchin told Fox Business that Fannie and Freddie should be freed from government conservatorship, causing shares in the two entities to soar and enriching hedge fund managers Bill Ackman, John Paulson and other speculators betting on such an outcome. While privatization is warranted, it needs to be done in a way that serves the interests of taxpayers rather than those of well-connected hedge fund investors.
Related: How Trump’s Cabinet Picks Are Payback to His Wealthy Pals
An especially bad outcome would be a return to the pre-2008 status quo when investors and executives at Fannie and Freddie shared the spoils during the good times, leaving taxpayers with the bill when the party ended. To avoid bungling the privatization of the government-sponsored enterprises, it is worth taking a moment to review the history of these institutions and the muddled thinking that has led us to the current mess.
The Federal National Mortgage Association (FNMA) was established by the Roosevelt administration in 1938 as a government agency that made a market in government-insured mortgages. It was one of several Depression-era agencies created to support cratering home values by improving access to mortgage finance. While homeowners and real estate brokers hate low home prices, it is not at all clear that they are a social evil. By inflating home values, the government ultimately encouraged speculation by residential real estate investors: Home ownership seemed like a safe bet until prices finally reached unsustainable levels during the last decade.
In 1968, the Johnson administration and a Democratic Congress converted Fannie Mae to a for-profit, shareholder-owned company. At the time, the word “privatization” had barely entered the English language; it would not become a popular term until the 1980s, when Margaret Thatcher began selling England’s state-owned corporations. So why would liberal Democrats steal a page from the right-wing playbook a dozen years before that page was even written?
Related: Economic Growth Alone Won’t Make America Great Again
Back in Johnson’s day, people still worried about relatively small deficits. In the mid-1960s, annual deficits averaged less than 1 percent of GDP. But increased spending on the Vietnam War as well as Great Society programs were threatening to increase the flow of red ink later in the decade. In his January 1968 budget message (for the 1969 fiscal year), Johnson proposed to limit the growth of government debt by, among other things, shifting the cost of buying mortgages to the private sector.
Fannie Mae and its younger sibling, Freddie Mac (officially the Federal Home Loan Mortgage Corporation, created by the federal government in 1970), bought mortgages with borrowed money, in the form of proceeds from the bonds they issued. There was always the risk that mortgages purchased by the GSEs would fail to perform. In that case, Fannie Mae and Freddie Mac — which both maintained very thin layers of capital — would default on their bonds. Because of this risk, bond investors would demand hefty interest rates on mortgage-backed bonds. But in the case of the GSEs, they assumed that the federal government would back the bonds in the event of a default. As a result, GSE bonds carried interest rates only slightly higher than Treasury securities.
Related: How to Prevent the Next Housing Crisis
Although the federal government did not explicitly back the GSEs’ bonds, it did nothing to dissuade investors from thinking that a guarantee existed. Instead, the government signaled its support by providing the GSEs a line of credit from the Treasury and other special privileges. With the implicit federal guarantee, GSEs could buy large volumes of mortgages with cheap capital. After the Community Reinvestment Act was enacted in 1977, banks began meeting the law’s mandate to lend more in disadvantaged areas by originating and then offloading risky mortgages to Fannie and Freddie. The GSEs thus had a large supply of mortgages to buy with their bond proceeds.
Between 1982 and 2001, Fannie Mae’s share price grew by a factor of 100 on a split-adjusted basis. Meanwhile, company executives received lavish compensation packages. Between 1991 and 1998, Fannie Mae CEO James Johnson earned roughly $100 million, while his successor, Franklin Raines, pulled down $90 million over the five subsequent years. Only later did we learn that Raines presided over a massive accounting fraud designed to pad executive bonuses.
While the accounting scandal depressed Fannie Mae’s stock, the existential crisis for GSEs really began when the housing bubble burst in 2006 and 2007. By the summer 2008, both Fannie and Freddie faced insolvency. Amidst pressure from foreign holders of GSE debt to fulfill the implicit guarantee, Treasury Secretary Hank Paulson (like Mnuchin, a Goldman Sachs veteran) obliged, injecting capital into the GSEs and taking them into conservatorship.
Related: Is It Time to Kill Fannie Mae? A $100 Billion Plan for the Mortgage Market
This conservatorship was short of an outright nationalization, but stockholders were given little reason for hope. Paulson’s plan included a stated intention to shrink the GSEs assets by 10 percent annually. Further, the government took an option to buy 79.9 percent of each GSE at a price of $0.00001 per share. Effectively, Fannie and Freddie were now under government control.
An outright takeover would have obliged the federal government to count the $5 trillion of GSE bonds then outstanding as part of the national debt — representing a roughly 50 percent increase from the $10 trillion the federal government owed at the time. Even though such a reclassification would have made no difference in reality, the optics would have been terrible: a Republican administration adding 50 percent to the national debt during an election year. It’s hard to imagine the debt ceiling increase needed to facilitate such a reclassification could have made it through Congress. So, in order to pretend that taxpayers were not on the hook for trillions of dollars of mortgage-backed bonds, we maintained the fiction that the GSEs are private.
Eight years later, the conservatorship remains in place and the GSEs are nearly as large as they were before the financial crisis. While Washington remained gridlocked, Fannie and Freddie became profitable again. In 2012, the Obama administration began sweeping nearly all GSE profits into the federal Treasury. Having recouped the entire $187.5 billion of capital that taxpayers injected into Fannie and Freddie, it was time for the public to share in the upside of GSE operations.
Related: Banks Got Bailed Out, Homeowners Got Sold Out — and the Feds Made a Killing
This, however, was not the view of hedge fund investors who bought Fannie and Freddie stock at pennies per share. They have sued the federal government, arguing that the profit sweep amounts to an illegal taking. This conveniently ignores the fact that GSE profits are attributable to their ability to borrow at rock bottom interest rates with a minimal capital cushion by virtue of government support. Now speculators are hoping for good news from the Trump administration and a Republican Congress. But while a return to the pre-2008 world might enrich private investors and future GSE executives, it does nothing to protect the taxpayer from the risk of a future bailout.
If we’re going to try privatizing the GSEs again, we need to make sure that they are really private. This means that lawmakers must make clear that the entities will never receive taxpayer support under any circumstances. They should also be subject to the same stringent capital requirements that are applied to private banks in today’s post-crisis world. Without special government privileges, Fannie and Freddie may not be very profitable, but that should be a problem for their executives and owners — not the taxpayer.
http://www.thefiscaltimes.com/Columns/2016/12/12/Fixing-Fannie-Mae-and-Freddie-Mac-Will-Trump-Give-Wall-Street-Another-Gift
Court News?
Representative Scott Garrett (R-NJ) Questions Jack Lew on Hillary Clinton Emails Treasury Secretary Jack Lew is questioned about how he communicated with former Secretary of State Hillary Clinton. Clinton's use of a private email server while secretary has been questioned by some lawmakers.
https://www.c-span.org/video/?c4531469/representative-scott-garrett-questions-jack-lew-hillary-clinton-emails
Finally, the case underscores the drawbacks of executive privilege and secrecy. It is becoming increasingly obvious to all fair-minded observers that the government's indiscriminate invocation of privilege and demands for secrecy are nothing more than attempts to shield dubious government actions from the disinfecting sunshine of publicity.
In April, Judge Sweeney strongly hinted that the government was hiding the truth: "The court will not condone the misuse of a protective order as a shield to insulate public officials from criticism in the way they execute their public duties."
Judge Sweeney's order has such repercussions and is such a repudiation of the executive that the latter recently sought a writ of mandamus from the Court of Appeals of the Federal Circuit. Here's hoping that the Court of Appeals denies this attempt to overturn Judge Sweeney's order. The Court of Appeals should reject the government's renewed attempts to shroud the truth.
To be clear, secrecy is often necessary in government. But in this case, there are no matters of national security or foreign affairs, contexts in which claims of privilege have some purchase. We are not talking about military secrets or a list of spies. Rather this case is not about the government's seizure of private property in a manner inconsistent with the Takings Clause and in a method contrary to federal statutes.
Judge Sweeney's welcome opinion begins the long-overdue process of ending the government's stonewalling.
http://www.investors.com/politics/commentary/another-sweeping-rebuke-of-government-secrecy/
Thank you nice post, have a good weekend!
Watt ...you are fired...link for that
A three-judge panel of a federal appeals court in Washington said in October the president has the authority to fire the director even if he or she hasn't completed a term. The bureau requested in November, however, that the entire appeals court -- complete with recently installed Obama-nominated judges -- should conduct a review of the case. The losing side will likely appeal it to the Supreme Court.
https://www.thestreet.com/story/13919027/4/obama-s-bank-chiefs-face-fight-with-trump-over-refusal-to-leave-early.html
Trump sold stocks, but what about his hedge fund millions?
However, Paulson's fortunes may be looking up again since Trump was elected. Some of his funds have had a major uptick and he can thank Trump for that.
Two of his big investments, Fannie Mae and Freddie Mac stocks, are up 150% since Trump appointed Steve Mnuchin as his Treasury Secretary. One of the first things Mnuchin did after his nomination was to go on Fox Business and say, "We've got to get them out of government control."
The stocks jumped. Paulson made money. So did Trump, if he still owns those hedge funds.
Paulson had bet big on Fannie (FNMA) and Freddie (FMCC)(known officially as the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation). The government took control of Fannie and Freddie during the crisis. Most of the profits Fannie and Freddie receive go directly to the U.S. Treasury. But Trump's nominee for Treasury Secretary wants to change that so that profits would flow to shareholders instead of the government.
Related: Dow zooms over 1,200 points since Trump victory
Stocks soar 150% thanks to Trump
"Mnuchin was a business partner of Paulson's. The connections seem really close," says Jeff Hauser, executive director of the Revolving Door Project, a watchdog group.
Trump is planing a major announcement December 15 on what he will do with his business empire when he is sworn in as president. Whether he will discuss his hedge fund holdings isn't clear. Typically, presidents put their investments into a blind trust that someone else controls. Or they do what President Obama did and invest only in "plain vanilla" government bonds and index funds like the S&P 500.
"Trump just needs to liquidate everything. There's just no way to balance these things out," says Hauser.
Verifying that Trump really did sell all his stocks is difficult. His last financial disclosure came in May 2016 -- a month before Trump says he sold his stocks.
Trump isn't required to submit another disclosure to the Office of Government Ethics until May 2018.
Back in May, Trump disclosed that he owned 100 individual company stocks, including Apple (AAPL, Tech30), Microsoft (MSFT, Tech30), Pepsi (PEP)and GE (GE). It sounds like a lot, but his stock holdings added up to a mere $10 million -- a small fraction of his overall business empire that he says is worth billions.
Trump reported up to $85 million invested in hedge funds in his May disclosure, according to a CNNMoney analysis.
http://money.cnn.com/2016/12/08/investing/donald-trump-hedge-funds/
FHA lending violations lead to $93 million fine and convictions
DECEMBER 9, 2016
By Charlene Crowell
A 2011 case that was filed in Manhattan’s U.S. District Court led to a 5-week trial in Houston and a unanimous jury decision against one of the largest FHA home loan originators.
Allied Home Mortgage Capital Corporation, also known as Allied Capital, Allied Home Mortgage Corporation and Jim C. Hodge, its president and chief executive officer. The corporations and Hodge were charged and convicted of violations of both the federal False Claims Act (FCA) and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 Act (FIRREA).
As a result of the convictions, the federal government will receive nearly $93 million from Allied Home Mortgage Capital and an additional $7.3 million from Hodge. Under the FIRREA, additional penalties will be assessed at a later time for each fraudulent violation ranging from a low of $5,500 to $11,000.
The additional penalties could be substantial. Over nearly a decade, Allied Capital originated FHA-insured home loans. Of these loans, at least 1,192 were actually ineligible for FHA insurance under HUD guidelines. When the loans defaulted, HUD incurred losses of $85,612,643.
According to an investigative article by ProPublica, Allied had the highest serious delinquency rate among the top 20 FHA loan originators from June 2008-May 2010. During these years, 9 states issued sanctions against Allied for its use of unlicensed brokers and practices of misleading borrowers.
“For years, Jim Hodge and Allied lied to HUD in order to fraudulently reap profits from the FHA mortgage insurance program”, said Manhattan U.S. Attorney Preet Bharara. “After a month-long public trial where all their misconduct was exposed, a jury has held Mr. Hodge and Allied responsible for their lives and has made them pay for losses the United States suffered on loans that would never have been insured by HUD absent their lies.”
FHA guidelines ensure that its loans can only be made to consumers who can afford to repay them. To protect the ongoing availability of FHA mortgage insurance funds, HUD is responsible for accurately assessing the risk of default on loans it insures. HUD relies on assurances from lenders that they and the loans they submit fully comply with program requirements.
Allied operated as many as 600 branch offices, but only a few locations had quality control employees to review loans. Allied Capital – with Hodge’s knowledge and approval – originated loans at more than 100 “shadow” branch offices that did not have the required authorization. The scheme included submitting loans from those branches to HUD using ID numbers of authorized sites.
When HUD auditors asked for quality control reports, Allied provided falsified information and Hodge directed employees to falsify quality control reports. Each year, both the firm and Hodge falsely certified to HUD that the business was in compliance with required quality control standards.
For Kenneth Magidson, Houston U.S. Attorney, the case represents an example of how fraudulent acts are aggressively pursued even when multiple U.S. Justice Offices are involved.
“Working together, we ensured a successful outcome following a lengthy trial and investigation against Allied and its CEO. We will continue to apply our resources whenever and wherever we can to ensure those that perpetuate such egregious fraud against the United States are held accountable for their actions,” said Magidson.
While the federal government and HUD can and should prosecute unlawful activities, the consumers who were snookered into these fraudulent loans deserve to be made whole.
For many consumers, a home represents the single largest investment of a lifetime. Its loss leads to several financial harms that affected consumers will suffer. Foreclosures dramatically depress credit scores and, as credit scores drop, the likelihood of new credit costing more is a near certainty. Some affected consumers will wind up paying a cumulative cost for receiving one predatory loan.
The Allied convictions also are a reminder of how the Justice Department can use its authority to take action when mortgage lending rules and laws are violated. The future of this vital federal office should be a focal point of the upcoming confirmation hearings. Senate Judiciary committee members must acknowledge that the journey towards fair housing has yet to reach its destination.
http://northdallasgazette.com/2016/12/09/fha-lending-violations-lead-to-93-million-fine-and-convictions/
Charlene Crowell is the communications deputy director with the Center for Responsible Lending. She can be reached at Charlene.crowell@responsiblelending.org.
Maybe before market open on Monday 12/12....Bill Ackman could hardly contain himself: American voters had just elected a businessman to run the country — someone who would steer the U.S. in the right direction.
While others were skittish about Donald Trump, Ackman felt nothing but optimism Wednesday morning when he heard the election results.
should ask your self why did you buy it first ? a lot dummy got married and don't why ....lol...don't feel good get divorced!
yeah just highlights your Posts, like Xmas ... Thank you ...keep warm and be safe!
Np... good luck... i will sale my dogs for Fnf shares now... lol sell everything lol
A three-judge panel of a federal appeals court in Washington said in October the president has the authority to fire the director even if he or she hasn't completed a term. The bureau requested in November, however, that the entire appeals court -- complete with recently installed Obama-nominated judges -- should conduct a review of the case. The losing side will likely appeal it to the Supreme Court.
https://www.thestreet.com/story/13919027/4/obama-s-bank-chiefs-face-fight-with-trump-over-refusal-to-leave-early.html
check this one , more promising in professional:
http://www.foxbusiness.com/politics/2016/12/05/dick-bove-fannie-mae-freddie-mac-need-to-leave-govt-asap.html
Hope see all that on Monday 12/12...blue sky bright light sunshine!
"The documents unsealed by Judge Sweeney demonstrate that the UST and FHFA knew, before implementing the 3rd Amendment to the PSPA which swept all future profits of Fannie Mae & Freddie Mac, the GSEs were:
1- On the verge of resumed profitability;
2- Were close to being able to use their deferred tax asset (DTA);
3- The DTA was worth close to $50 billion; and
4- The profit sweep likely was driven by the budget battle;
5- The FHFA violated key sections of the 2008 Housing and Economic Recovery Act by:
a) choosing to rely on new legislation rather than requiring the GSEs to submit a capital plan and rebuild capital;
b) violating HERA's requirement that FHFA act independently and without interference by any other government agency or department;
c) forcing the dissipation of GSE assets."
Representatives for Fannie Mae, Freddie Mac, and the Treasury Department all told HousingWire that their respective entities will not be commenting on this issue at this time.
http://www.housingwire.com/articles/36770-unsealed-government-documents-may-reveal-truth-about-fannie-freddie-fate
FnF stockholders, Billionaires are on your side with New Gov control! GL
http://www.foxbusiness.com/politics/2016/12/05/dick-bove-fannie-mae-freddie-mac-need-to-leave-govt-asap.html