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if solvent, the FHFA has the authority (without congress) to release from conservatorship.
whether politically that will happen, who knows? outside possibility...way outside possibility.
if congress continues to do nothing, I predict that will be the end game at some point...
interesting...i can remove your sticky, but I won't because I believe each moderator should be able to flag whatever they want.
as ihub says, it is to move the best posts to the top that old and new members might want to read first, or make sure they read...for me, that is "major news", good or bad territory. just my two cents.
i would message you privately, but I'm not a paying customer of ihub
just a thought...can we use stickies for just the best posts that give good or bad news on F&F, and not for promoting personal agendas?
if the sticky just had a quote from the terms of service that everyone needs to hear, I'd be more likely to support it.
just my thought. i can't tell another moderator what to sticky note, but that has been the way I've operated.
u misread devil...was complimenting them, i personally don't think anyone using dupe ID's...but being intuitive and discerning a common "voice" is not a skill of mine. i'll let others speculate, but I'll stay out of it. me, I just assume everyone is operating autonomously. too hard to prove differently
i should DEF mentioned da debil....
wa wa wa weeeeeeeee (always good for a chuckle)
wooden...sorry to hear you don't think camaro, fourcents, others? I may leave out aren't consistent, if not reputable.
i await with rapt attention at what msteach will do with his assistant moderator power! could be interesting....he/she hasn't flagged anyone yet
can't say anymore devil...good luck on your diligence...i just don't know much else to say
devil...haven't been involved in FL real estate since 2008. I check my neighborhood on zillow.com and it is in the tank just as the freddie mac investor presentation says it should be. down 20-30% from 2006, or whatever that high water mark was. shoot, my neighborhood in lovely oviedo, FL is down 40%.
if you wanna buy, there is lots of inventory as I just scrolled some of the beach areas around melbourne. NE orlando (oviedo et.al) looks pretty soaked up. i have no idea about the rest of the state
on zillow.com you can search a city and state and it will list all the properties that agents have bothered to list (and there are tons) and the prices. they look pretty attractive. i don't especially know what a certain dollar figure can get you though...
i saw a lot of this around FL 518: http://www.zillow.com/homedetails/1364-W-Eau-Gallie-Blvd-Melbourne-FL-32935/80765805_zpid/
i've just been down that highway and to a nearby park not too far off of it a few times.
i'd be on merrit island for sure if I chose to live there. get more class as you go south.
man there are TONS of houses for sale! I haven't looked at that area on zillow before. some near-million dollar homes dotted in there, but most are low six figures
my buddy was at BU in the 90s (the one that "Mark Zuckerberg" in "The Social Network" said you didn't have to study at? :) )....anyway, speaking of a ladies college, he told me that, as of then, there were no sorority houses because Mass law considered a group of more than 4? 5? or so women to be a brothel...is that true? still true?
what's a cillfies? (oh, and I did get your joke!)
tainted...riff raff applied to motel-apartment dwelling and trailer park guys in melbourne obviously not applying to harvard or kenyan university students! context my man, context.
i like cocoa. i spent loads of time there at the beach. less at melbourne. i played a lot of rugby games in melbourne against cocoa beach (yes, that's how close it is as you say). I just found melbourne a more down market compared to vero beach or sattelite beach. nothing wrong with the lower middle class, I know there are loads of great people in that strata down there. great Bible loving, Christian hearts...though the lower income does bring more crime too. from where Tainted started in Sarasota, thought I'd steer him to the "east coast" (as they call it there) options since he was interested...and melbourne is far from naples or sarasota lifestyle.
broward and dade do have horrible crime! crime rates drop as you go from merrit island north to savannah, GA. And prices def. go up for near the beach properties as you go south to the Keys all the same...
i just know the main road to melbourne beach and the surrounding areas of the beach. it looked pretty rough to me. fairly large town, might be some nice places I didn't see. the main town area is not nearly as nice as naples, sarasota, broward, coconut grove, key biscayne. you get what you pay for...the closer you go to key Biscayne the higher the price...in general
skepticism is needed IMHO...keeps everyone honest. healthy lest we fall in love with our investment.
riff raff is a little nicer way to say white trash and drug addicts
europa --
i'd meet you on the riviera...i'm over in london quite often...short hop from there :)
my view is that if joe is trying to set up a shareholder activist site that will require real names (and not a discussion board) he is ok. he is trying to motivate us to band together to potentially lobby the government. it is generally supported here on this board, it just remains to be seen if it can be done.
i applaud his efforts
----a moderator
melbourne is nice-ish, but a lot of riff-raff around there...
if you like melbourne, i prefer sattelite beach or jupiter, just down the road
played rugby in sota...nice polo ground. monica seles lives there. don't know much else. pretty area. I prefer the palm coast, bigger waves. the gulf is too quiet for me...but i was about 30 when I lived in orlando
www.zillow.com is excellent for Florida. it was in 2008 when I sold my orlando house (booked a $50,000 gain by the skin of my teeth! would have been underwater just six months later...I had no crystal ball, I was moved to Kansas City for a job)
anyway, it was great for that state then, it is probably better. zillow does best in areas with high visibility into county records, open knowledge of transactions and high levels of self-reporting.
so if you guys are in a region (like me now in KC) that keeps county deeds sealed up and less visible, then zillow is a lot less useful. it is great for florida though.
you can troll listings and public comps from anywhere in the world. get street views and satellite views
what is the chance on lehman??? i have not followed that! that is the bulk of your 45 bones, right? if i recall, your F&F were in the 7 figures?
i had to sell...i am at 1.7 million...hoping to go back over 2 million once an investment banking bonus comes in next year....
great find...i always forget they release before quarter end.
thx
freddie purchase volume up over 20%
more loans means more profit!
http://www.housingwire.com/content/freddie-mac-buys-625-billion-mortgages-november
Freddie Mac buys $62.5 billion in mortgages
12/21/12 8:54am
Freddie Mac bought $62.5 billion worth of loans in November, up from $50 billion in purchases in October. The agency saw its mortgage portfolio increase at an annualized rate of 3.6% in November, according to its monthly value summary report.
The government-sponsored enterprise modified 6,622 loans in November, compared to 6,988 in October.
The unpaid principal balance on Freddie’s mortgage-related investment portfolio decreased by $6 billion in November.
The agency’s mortgage-related securities and other guarantee commitments also rose at an annualized rate of 7.7% in November.
Seriously delinquent single-family rate decreased from 3.31% in October to 3.25% in November. The multifamily delinquency rate remained unchanged at 0.24% for the month.
Single-family refinance-loan purchase and guarantee volume was $46.6 billion in November, representing 74% of total mortgage portfolio purchases and issuance.
The measure of the agency’s exposure to changes in portfolio market value averaged $205 million, with a duration gap averaging one month.
cmlynski@housingwire.com
Merry Christmas to all! Unless breaking news...see you after the new year.
Ching-ching
ten commandments
Freddie CFO to retire next year
Freddie Mac (FMCC)said Wednesday its Chief Financial Officer Ross Kari will retire next year, the latest in a string of executive departures for the government-controlled mortgage giant.
Mr. Kari will leave the company in the second half of 2013 after his 55th birthday, the company said. Mr. Kari, previously CFO for Fifth Third Bancorp (FITB) joined Freddie Mac in 2009.
Mr. Kari has been commuting to Freddie Mac's headquarters in McLean, Va., from his home in Oregon and decided he wanted to be closer to his family, according to a memo sent to Freddie Mac employees by Chief Executive Officer Donald Layton, a copy of which was obtained by Dow Jones Newswires.
Mr. Kari plans to stay with the company until it finds a replacement, the memo said.
"Ross has been an invaluable asset to Freddie Mac, leading the company through some of its most important financial efforts," Mr. Layton said in a statement.
Freddie Mac and sister company Fannie Mae (FNMA) have been hit by high employee turnover as the companies, which guarantee more than half of all U.S. mortgages, work to get on more stable footing since being put into conservatorship in 2008. More recently they have both been able to avoid seeking additional government aid to stay afloat as rising home prices have helped to stabilize their loan portfolios.
Freddie Mac has warned in securities filings that high turnover in its information-technology division has created a "material weakness" in its financial reporting.
Mr. Layton was named CEO of Freddie Mac in May, the company's third CEO since the government took it over.
Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
Copyright © 2012 Dow Jones Newswires
Read more: http://www.foxbusiness.com/news/2012/12/19/freddie-mac-cfo-to-retire-next-year/#ixzz2FXc3WmQV
Freddie Mac CFO to Retire Next Year | Fox Business
Freddie Mac (FMCC) said Wednesday its Chief Financial Officer Ross Kari will retire next year, the latest in a string of executive departures for the ...
www.foxbusiness.com/.../freddie-mac-cfo-to-retire-next-year/
F&F billions lost in LIBOR fraud
Seeking Alpha
2:01 PM (29 minutes ago)
to me
3:01 PM Fannie Mae and Freddie Mac may have lost more than $3B as a result of Libor-rigging (UBS settlement earlier), according to an FHFA report, which urges the GSEs to sue the banks involved. The companies have begun exploring legal options. (Read the comments on this)
http://professional.wsj.com/article/SB10001424127887324461604578189630708982470.html?mod=WSJPRO_hpp_LEFTTopStories&source=email_rt_mc_body&ifp=0
Fannie Mae and Freddie Mac may have lost more than $3 billion as a result of banks' alleged manipulation of a key interest rate, according to an internal report by a federal watchdog sent to the mortgage companies' regulator and reviewed by The Wall Street Journal.
The unpublished report urges Fannie and Freddie to consider suing the banks involved in setting the London interbank offered rate, which would add to the mounting legal headaches financial firms such as UBS AG and Barclays PLC face from cities, insurers, investors and lenders over claims tied to the benchmark rate.
The report was written by the inspector general for Freddie and Fannie's regulator, the Federal Housing Finance Agency. In response to the report, the FHFA said the companies had begun exploring potential legal options, according to a letter sent from the FHFA to the inspector general last month.
Analysts from the inspector general's office said in the internal report, dated Oct. 26, that Fannie and Freddie likely lost more than $3 billion on their holdings of more than $1 trillion in mortgage-linked securities, interest-rate swaps, floating-rate bonds and other assets tied to Libor from September 2008 through the second quarter of 2010, which the report says was the height of banks' alleged false reporting of the interest rate.
That figure is among the largest potential losses reported amid the unfolding Libor scandal and comes as federal officials remain mum on how the alleged manipulation cost the government.
An FHFA spokeswoman said the regulator "has not substantiated any particular Libor related losses for Fannie Mae and Freddie Mac. We continue to evaluate issues associated with Libor."
A spokeswoman for the inspector general's office said: "We conducted a preliminary analysis of potential Libor-related losses at Fannie and Freddie and shared that with FHFA, recommending that they conduct a thorough review."
Common: Freddie 30cent; Fannie 25cent
that's unusual.....
http://finance.yahoo.com/quotes/FMCC,FNMA,FMCKJ,FMCKI,FMCCM,FMCCK,FMCCT,FMCCI,FMCKK,FMCCG,FMCCH,FMCCL,FMCCN,FMCCO,FMCCP,FMCCJ,FMCKP,FMCCS,FMCKO,FMCKM,FMCKN,FMCKL,FNMAP,FNMAO,FNMAM,FNMAG,FNMAN,FNMAL,FNMAK,FNMAH,FNMAI,FNMAJ,FNMAS,FNMAT,FNMFM,FNMFN/view/v2?info=view_updated
nice to see O-Admin exiting bailouts
they will take 50% loss...hopefully it will motivate them to profit off of F&F!
i was pretty scared but I am feeling more at ease that they will craft an exit for F&F and I think there is a reasonable chance they will keep them private and sell off shares to private investors...and preferreds will jump first just like the GM preferred stock someone posted yesterday:
http://www.detroitnews.com/article/20121219/AUTO0103/212190382/Treasury-announces-GM-exit-strategy-automaker-buying-200-million-shares-from-U-S-?odyssey=mod|breaking|text|FRONTPAGE
Washington — The Obama administration said Wednesday it will sell 200 million shares — or 40 percent of its remaining stake in General Motors Co. — back to the automaker and announced plans to completely exit the Detroit automaker by March 2014.
The Detroit automaker said it will purchase 200 million shares of GM stock held by Treasury for $5.5 billion — or $27.50 per share — nearly $2 above the stock's closing price on Tuesday. GM shares jumped sharply on the news and were up 6.7 percent to $27.10, or $1.59.
The U.S. Treasury — after more than a year of refusing to say when it might start selling its remaining stake in GM — said it willannounce a written plan in January to shed its remaining 300 million shares over the next 12 to 15 months — likely in a series of small stock sales.
The Treasury's move is intended to minimize the impact of the stock sale on the share price.
The exit plan may prove to be a boost to GM's lagging stock price and to some car buyers, who have avoided GM because of the "Government Motors" label.
Still, taxpayers will almost certainly lose billions of dollars in the $49.5 billion GM bailout. If the government sold the rest of its stock at current prices, taxpayers would lose more than $13 billion.
"The government should not be in the business of owning stakes in private companies for an indefinite period of time," Assistant Treasury Secretary Tim Massad said. "Moving to exit our investment in GM within the next 12 to 15 months is consistent with our dual goals of winding down TARP as soon as practicable and protecting taxpayer interests."
The Treasury has also agreed to waive its ban on GM using corporate aircraft — a condition it imposed on companies that got large bailouts in 2008 and 2009 — but government pay restrictions on top executives remain in force.
The restrictions limit most GM executives to no more than $500,000 a year in cash salaries. GM chief financial officer Dan Ammann said the issue is one of "ongoing discussions" between GM and Treasury.
The Treasury is also waiving a "vitality commitment" that required certain U.S. manufacturing volumes — but GM is already exceeding it and expects to continue, the company said.
Ammann said the company has "no current plans" to buy or lease corporate aircraft. He declined to discuss when the automaker and Treasury began negotiations about the sale or how it settled on the price. Ammann said GM doesn't expect to buy the remaining Treasury shares.
GM CEO Dan Akerson told company executives in an email that the move would help end a painful chapter in the automaker's life that nearly saw the company collapse in late 2008 without emergency government assistance.
"Today, GM and the U.S. Treasury are putting in motion a plan that will begin to close the books on the extraordinary government assistance that saved the company and our industry," Akerson wrote. "It has never been far from my mind that taxpayers rightfully expected us to change the way we do business in exchange for a second chance."
GM — which was criticized for corporate arrogance and for a moribund culture — has reshuffled its entire executive lineup since 2009 and made dramatic changes in how it does business.
"We are learning to be humble and to genuinely appreciate every customer," Akerson wrote.
In a Detroit News interview in 2011, Akerson said GM wasn't changing fast enough.
"Whoever comes after me; it's going to be a more important appointment than mine because he or she will have to carry on a cultural revolution here. It's just like the Communist Party in China in the 1960s, there has to be a cultural revolution here," he said.
GM — which last month obtained a new $5.5 billion line of credit — said its balance sheet will remain strong, with estimated liquidity of $38 billion at the end of 2012, following the closing of the share buyback.
Several analysts have suggested the company would use some of its liquidity to buy back shares.
"A U.S. Treasury sell-down was increasingly anticipated, although the actions were earlier than we expected and at a lower price," Peter Nesvold, an analyst with Jefferies & Co. wrote in a research note Wednesday. "The structure was probably more surprising, as it affords a premium to market price for a control stakeholder."
David Whiston, a senior equity analyst for Morningstar, said he was surprised the government didn't wait for a $33 a share price, but said investors likely were expecting an announcement following the quick AIG sale.
"This helps with the ("government motors") stigma, but there will always be a few hard line consumers who will never forgive GM," he wrote in an email Wednesday. "That doesn't bother me, as GM still sells plenty of cars and has great product. Some taxpayers will be upset by the loss, but I think those people will never be happy about the situation. Even if the sale had happened at $33 (the IPO price) those same consumers would have criticized Obama and GM."
The Canadian federal and Ontario governments — which gave GM a separate $10 billion bailout — still hold about 9 percent of GM's shares. Canadian officials said in Toronto they have no immediate plans to sell.
The announcement comes exactly four years to the day that President George W. Bush announced he would rescue GM and Chrysler with a $17.4 billion bailout in December 2008 using the $700 billion Troubled Asset Relief Program.
Bush stepped in after Congress failed to act. He added $7.5 billion for GM and Chrysler's auto finance arms and President Obama added $60 billion to the $85 billion auto bailout.
"The auto industry rescue helped save more than a million jobs during a severe economic crisis, but TARP was always meant to be a temporary, emergency program," Massad said.
Last week, the Treasury exited another major TARP recipient AIG.
GM stock is still trading far below its November 2010 initial public offering at $33 a share.
The repurchase price of $27.50 per share represents a 7.9 percent premium. The share buyback is expected to close by the end of the year.
The Treasury initially owned nearly 61 percent of GM as part of the bailout as it swapped about $42 billion of the loans for stock in the reorganized company after it exited bankruptcy in July 2009.
The Obama administration forced GM and Chrysler into bankruptcy as a condition of getting additional government aid. The administration forced out GM CEO Rick Wagoner and forced a tie-up with Fiat SpA.
The Treasury has said it expects to lose $24.3 billion on the $85 billion auto bailout.
Treasury also holds a 74 percent stake in Ally Financial Inc., the Detroit-based auto lender, as part of a $17.2 billion bailout.
Last year, the government exited Chrysler Group LLC and booked a $1.3 billion loss on its $12.5 billion bailout.
The government had planned an initial public offering of Ally in 2011 but put it on hold because of market conditions. Any IPO won't occur until after Ally's troubled mortgage unit ResCap completes its bankruptcy restructuring.
Staff writer Melissa Burden contributed.
dshepardson@detnews.com
From The Detroit News: http://www.detroitnews.com/article/20121219/AUTO0103/212190382#ixzz2FW4mLejF
surgery sucks. get well mate.
Sturm, Ruger & Company up more than 700 percent.
OT: ya...shoulda been here for a few years first, then invest in F&F!
crikey
Since President Barack Obama took the oath of office on January 20, 2009, the share price of firearms manufacturer Sturm, Ruger & Company has increased more than 700 percent.
At the close of business on the day of Obama's inauguration, the price of Ruger stock (Ticker: RGR) was $5.48 per share. At the end of the trading day on December 17, 2012, the price of the stock closed at $44.00 per share; an increase of 703 percent in less than four years.
But, Ruger isn't the only gun manufacturer that has seen an explosion in its stock value. Smith & Wesson shares (Ticker: SWHC) have increased 253 percent since Obama moved into the White House.
The price of SWHC was $2.45 per share when Obama was sworn in; it closed at $8.65 per share today, December 17, 2012.
When measuring the performance of Ruger's shares to that of the S&P 500, a stock market index based on the share prices of 500 publicly traded companies, the gains made by the firearms manufacturer are astounding.
The S&P 500 Index closed at 805.22 on the day Barack Obama took office. Today, the Index closed at 1,430.36; an increase of 78 percent.
This means that the price of Ruger stock increased more than 9X that of the broader market index.
Sturm, Ruger & Company trades on the New York Stock Exchange and Smith & Wesson trades on the NASDAQ Index.
nice chart.
F&F would probably be in that same boat right now if conservatorship were resolved in our favor.
for now, we have the sword of Damocles hanging over us. if the govt. trips it and wipes us out, we are screwed and that is my belief on why we are staying so low. at least in GM investors knew the course of action pretty quickly and were able to make "bets" with the restructuring in mind and knowledge of how events could play out if GM hit certain sales and profitability metrics. the rules of the game were known as soon as the courts approved the restructuring plans. for us, we don't know the rules of the game....
Woodeneagle: you can always try Google Translate in order to convert any thoughts into German to speak to Europa ;)
It isn't perfect, but it's pretty damn good!
Woodeneagle: Sie können immer versuchen Google Translate, um irgendwelche Gedanken ins Deutsche konvertieren, um Europa;) sprechen
Es ist nicht perfekt, aber es ist verdammt gut!
http://translate.google.com/#auto/de/Woodeneagle%3A%20%20you%20can%20always%20try%20Google%20Translate%20in%20order%20to%20convert%20any%20thoughts%20into%20German%20to%20speak%20to%20Europa%20%3B%29%0A%0AIt%20isn%27t%20perfect%2C%20but%20it%27s%20pretty%20damn%20good!
Fannie, Freddie to sell delinquent loans?
http://www.bloomberg.com/news/2012-12-18/blackstone-ranieri-betting-on-bad-fha-loans-mortgages.html?cmpid=yhoo
The nonperforming loan market may grow to as much as $30 billion next year if Fannie Mae (FNMA) and Freddie Mac, the government- sponsored mortgage enterprises, carry out plans to sell delinquent loans, said Amaya of National Asset Direct.
The two taxpayer-owned companies are under a mandate from their federal regulator to dispose of nonperforming assets. Fannie Mae, which has nonperforming loans with a total unpaid principal balance of about $233 billion, is planning to begin qualifying potential bidders for some of those mortgages as early as the first quarter of next year.
Castle Peak Capital Advisors LLC, founded by a group of former GMAC managers, paid 39.5 cents on the dollar for 1,392 loans with an unpaid balance of $239.4 million in the FHA auction. Most of the $1.5 billion in nonperforming loans Castle Peak has acquired since 2008 came from private sources, such as banks, said John Lynch, a managing partner at the Minneapolis- based firm.
possible reason for volume
http://www.bloomberg.com/news/2012-12-18/homebuilder-confidence-rises-to-highest-level-since-2006.html?cmpid=yhoo
Homebuilder Confidence Rises to Highest Level Since 2006
By Lorraine Woellert - Dec 18, 2012 9:00 AM CT
Confidence among U.S. homebuilders climbed in December for the eighth straight month, reaching its highest level in more than six years and adding to signs the real-estate market is aiding the economic expansion.
The National Association of Home Builders/Wells Fargo index of builder confidence increased to 47, the highest since April 2006, from a revised 45, the Washington-based group reported today. The December figure matched the median forecast in a Bloomberg survey of 49 economists.
Low interest rates and rising prices are bringing more buyers into the market at the same time a growing number of households boosts demand. That’s injected optimism at Toll Brothers Inc. (TOL) and Hovnanian Enterprises Inc., which are rebounding from the 2008 financial crisis that flooded the market with foreclosures and brought building to a near halt. Hovnanian is among companies that are raising prices.
“Builders across the country are reporting some of the best sales conditions they’ve seen in more than five years, with more serious buyers coming forward and a shrinking number of vacant and foreclosed properties,” said NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Florida. “One thing that is still holding back potential home sales is the difficulty that many families are encountering in getting qualified for a mortgage due to today’s overly stringent lending standards.”
Bloomberg Survey
Estimates in the Bloomberg survey ranged from 44 to 49. The index, first published in January 1985, averaged 54 in the five years leading to the recession that began in December 2007. It reached a record low of 8 in January 2009.
The builders group’s index of present single-family home sales advanced to 51 in December, the highest since April 2006, from 49 in November. A measure of sales expectations for the next six months fell to 51 from a revised 52, which was the highest since February 2007. A gauge of buyer traffic improved to 36 from 35.
The confidence survey asks builders to characterize current sales as “good,” “fair” or “poor” and gauge prospective buyers’ traffic. It also asks participants about the outlook for the next six months. A reading below 50 means more respondents reported poor conditions. The main index hasn’t been above that line since April 2006.
Regional Confidence
Regionally, confidence improved among builders in two of four regions, led by the Midwest, where the gauge rose to 53 from 51.
The survey was taken about a month after superstorm Sandy, which struck the Northeast on Oct. 29.
Hovnanian, based in Red Bank, New Jersey, has raised prices in more than half of its communities in the past year as the supply of homes for sale shrinks, Chief Executive Officer Ara K. Hovnanian said.
“Record low interest rates, attractive home prices, pent- up demand, a lower supply of existing homes for sale, improvement in the economy and employment and greater optimism are all helping drive the housing recovery,” Hovnanian said on a Dec. 13 earnings call. “This is occurring in spite of the restrictive mortgage lending environment and the number of underwater existing home buyers.”
For those who can qualify for a home loan, declining mortgage costs are making it cheaper to buy a house. The average fixed rate on a 30-year, fixed-rate purchase loan was 3.32 percent in the week ended Dec. 13, compared to 3.94 percent a year ago, according to Freddie Mac (FMCC), based in McLean, Virginia.
A Commerce Department report tomorrow might show that housing starts slowed in November after reaching a four-year high the prior month. Builders broke ground on houses at an annual rate of 871,000 last month, down from 894,000 in October, according to the Bloomberg survey median.
To contact the reporter on this story: Lorraine Woellert in Washington lwoellert@bloomberg.net.
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net.
you and MANY others have been worried since years gone by on the YMB board too.....
wow -- big banks shows cards, NOT clamoring to own a future mortgage generating marketplace! everyone has been speculating that "big bank" wants to take over F&F business. guess not....