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Kylie - Below is the link to the FHFA website on the official press release regarding your question.
I would encourage you to visit the site and get up to speed to help with any questions around the CSS and who it has been presented to be a subsidiary of.
Tuze
http://www.fhfa.gov/webfiles/25553/JointVentureRelease100713final.pdf
Freddie Mac Receives Commercial Mortgage Special Servicer, Trust Advisor Rankings From Morningstar
http://finance.yahoo.com/news/freddie-mac-receives-commercial-mortgage-194905820.html
MCLEAN, VA--(Marketwired - Oct 17, 2013) - Freddie Mac (OTCQB: FMCC) today received a commercial mortgage special servicer ranking of MOR CS2 and a commercial mortgage trust advisor ranking of MOR TA3 from Morningstar Credit Ratings, LLC. The forecast for both rankings is Stable. The rankings reflect the quality of the Freddie Mac Multifamily asset management, operations, staff expertise, timely reporting and asset resolution practices, as well as the business's ability to monitor the information provided by servicers.
This is the third rating that Freddie Mac Multifamily has received for its asset management capabilities. In June 2013, the company received a commercial loan master servicer ranking of Above Average from Standard & Poor's. In November 2012, it received an initial commercial mortgage-backed securities (CMBS) special servicer rating of CSS2- from Fitch Ratings.
Quotes
Attribute to Michael Lipson, senior vice president of Multifamily Asset Management and Operations for Freddie Mac
•"We pursued these rankings from Morningstar to confirm the strength of our operations and asset management capabilities, and to add credibility to what we do in the marketplace."
• "The Morningstar special servicer and trust advisor rankings further demonstrate what we know is one of our key strengths -- our people, whose experience and expertise make possible our consistently excellent performance in the commercial mortgage servicing marketplace."
•"We have among the industry's lowest delinquency rates which is further testament to the strength of our people, operations and systems."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac
I don't see any official announcement on the House website for Maxine. I would think they would be posting something there.
http://waters.house.gov/
A little bit about the article author.... Gina Chon was a bad girl not too long ago.... Not sure how she got the info, but I bet there's a good story there. :)
http://www.huffingtonpost.com/2012/06/12/gina-chon-wall-street-journal-resigns_n_1590660.html
Rates rise and all the Preferred's I checked are UP! interesting......
FMCKJ
FMCKI
FMCKL
FMCKN
FMCKM
FMCKO
FMCCT
FMCCS
FMCKP
FMCCJ
FMCCP
FMCCN
FMCCO
FMCCM
FMCCL
FMCCK
FMCCG
FMCCH
FMCKK
FMCCI
2.97 here in Dallas
Fannie Mae and Freddie Mac Foreclosure Prevention Actions Top 2.9 Million - Delinquencies Continue to Drop
Washington, DC – Fannie Mae and Freddie Mac have completed more than 2.9 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped approximately 2.4 million borrowers stay in their homes, including more than
1.4 million who received permanent loan modifications. During the first half of 2013, Fannie Mae and Freddie Mac completed more than 247,000 foreclosure prevention actions, 117,000 of these in the second quarter. The majority of these allowed troubled borrowers to save their homes. The results are detailed in the Federal Housing Finance Agency’s second quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.
The quarterly report has information on delinquencies in each state and an updated, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO) properties.
Also noted in the report:
• The number of Fannie Mae and Freddie Mac delinquent loans dropped nationally in the second quarter, primarily driven by a decline in seriously delinquent loans.
• Fannie Mae’s and Freddie Mac’s 60-plus-days delinquent borrowers declined 7 percent during the quarter to the lowest level since the start of conservatorship.
• More than half of troubled homeowners who received permanent loan modifications in the second quarter had their monthly payments reduced by more than 30 percent.
• One-third of permanent loan modifications in the second quarter included principal forbearance.
• Over 29,000 short sales and deeds-in-lieu were completed in the second quarter, bringing the total to nearly 506,000 since the start of conservatorship.
• Completed third-party sales and foreclosure sales continued a downward trend with a 10 percent reduction in the second quarter and foreclosure starts were down 11 percent
http://www.fhfa.gov/webfiles/25551/2QForeclosurePrevention100713F.pdf
The govt is worried as they are getting ready to be absolutely destroyed and bent over in the courts. We will probably see many more announcements like this prior to Nov 7. Sounds like the CSS will be the entity that scrutinizes loans to play protector of the GSE's from the banks who got this crap started. Can't wait to hear what JP Morgan owes as whatever it is it won't be enough. Maybe that will finally help this chaos make the news and shed some light on what really happened....
How much is
"I would urge this Committee to not pursue a path of housing finance reform that relies on PLS providing the backbone of the market. If housing finance reform relies on the PLS market
to provide the financing for American’s homes, we will witness a nationwide decline in home prices unless the PLS market somehow figures out how to generate trillions in financing that it
never has previously provided."
Adam J. Levitin - Professor of Law at the Georgetown University Law Center, in Washington, D.C.,
Professor levitin teaches courses in structured finance, consumer finance, bankruptcy, contracts, and commercial law. Housing finance and securitization is a major focus of his scholarship.
http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=89141657-5cb2-41f3-b987-4d9b8a848ee8
JP Morgan Negotiating Settlement
FNMA and FMCC going to get paid some more!!!!
JPM offering 3B.... Really???!!! WE WANT MORE!!! WE WANT MORE!!!!
http://www.cnbc.com/id/101060728
http://online.wsj.com/article/SB10001424052702303759604579095531336053934.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Published: Wednesday, 25 Sep 2013 | 2:35 AM ETBy: Jessica Silver-Greenberg and Ben Protess
Adam Jeffery | CNBC JPMorgan Chase, seeking to avert a wave of litigation from the government, is negotiating a multibillion-dollar settlement with state and federal agencies over the bank's sale of troubled mortgage securities to investors in the run-up to the financial crisis.
During settlement talks this week, proposals emerged that would require JPMorgan to pay anywhere from $3 billion to about $7 billion, people briefed on the negotiations said. The settlement, the people said, might also require JPMorgan to provide some financial relief for struggling homeowners. Although the ultimate amount is still in flux, it is clear that any deal would dwarf the size of other settlements the bank has reached to resolve separate regulatory issues.
The talks, which involve the Justice Department, the Department of Housing and Urban Development and the New York attorney general's office, continued on Tuesday without resulting in a final deal. The people briefed on the negotiations, who were not authorized to speak publicly, cautioned that terms were shifting and that the talks could fall apart.
(Read more: As troubles mount for JPMorgan, pros say: So what?)
Aside from negotiating the size of a financial fine, the people said, the talks are centered on which investigations and pending lawsuits to sweep into the potentially wide-ranging settlement. The pact could resolve investigations led by a specialized group at the Justice Department focused on mortgage securities cases. It could also include lawsuits filed by Eric T. Schneiderman, the New York attorney general, and the Federal Housing Finance Agency. The agency is focused on mortgage securities that JPMorgan sold to Fannie Mae and Freddie Mac, the government-controlled housing finance giants.
Play VideoUS Government seeks $6 billion from JP Morgan
The "Squawk on the Street" team dissects the news that U.S. authorities are seeking more than $6 billion from JP Morgan related to mis-sold securities.The negotiations this week appeared to delay a lawsuit from the United States attorney's office for the Eastern District of California. The office, the people said, initially planned to sue JPMorgan as soon as Tuesday over accusations that the bank flouted federal laws with its sale of subprime mortgage securities from 2005 to 2007. It is unclear whether the Justice Department will now fold that case into a broader settlement.
The talks in the mortgage investigations reflect the depth of JPMorgan's legal woes.
(Read more: US government to sue JPMorgan in mortgage case: Sources)
All told, the bank faces investigations from at least seven federal agencies, several state regulators and two foreign governments. In addition to the scrutiny of its crisis-era mortgage business, the investigations involve JPMorgan's debt collection practices and its hiring of the children of Chinese officials.
As it confronts the investigations, JPMorgan faces a strategic dilemma. If it settles with the authorities, the bank must pay large sums to the government. But if it fights, the bank may anger those same authorities, prompting years of costly litigation.
More from the New York Times:
JPMorgan set to pay more than $900 million in fines
JPMorgan's legal hurdles expected to multiply
As JPMorgan settles up, shareholders are hit anew
Last week, JPMorgan opted for the conciliatory approach. Taking an initial step toward resolving its regulatory problems, the bank struck a $920 million settlement over a $6 billion trading loss in London last year. The cases, known as the London Whale episode for the outsize nature of the positions, resolved inquiries from four agencies: the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the Financial Conduct Authority in London.
In their orders, the regulators highlighted "severe breakdowns" in internal controls surrounding the losses. The bank, regulators said, failed to prevent a group of traders in London from amassing the risky bet. And when losses mounted, the authorities say, the traders "inflated the value" of their positions to mask their losses.
Although no executive was charged in the cases, JPMorgan took the unusual step of acknowledging that it had violated federal securities laws. The traders, who deny wrongdoing, also face both civil and criminal charges.
(Read more: Settlement talks between JPMorgan, DOJ resume)
"We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them," Jamie Dimon, the bank's chief executive, said in a statement last week.
The bank added that "the settlements are a major step in the firm's ongoing efforts to put these issues behind it."
Yet the JPMorgan losses still face scrutiny from the Commodity Futures Trading Commission. The agency, which suspects that the trading was so large that it manipulated the market for financial contracts known as derivatives, was not part of last week's settlement and is continuing to negotiate with the bank.
The wrangling over the mortgage investigation also has persisted. Negotiations have occurred in spurts, with various sums being proposed by both the government and the bank.
(Read more: A bad day for Jamie Dimon just got a lot worse)
The New York Times on Tuesday reported the existence of the mortgage settlement talks, including one discussion in which a roughly $20 billion fine was briefly floated.
But the Department of Housing and Urban Development, which was identified in the article as having suggested that amount, said in a statement on Tuesday that "no one at this agency — including the secretary — ever floated a $20 billion settlement figure."
The department's statement did confirm that it was "involved in multiparty negotiations to reach a settlement." Representatives of the agency did not return messages on Monday seeking comment.
Very good article. We keep getting more nuggets from what happened.
One very pointed statement Paulson makes is " I find it adhorrent to even think about keeping Fannie or Freddie in conservatorship. If we do so, we're just sowing the seeds of a future crisis."
Next couple of months will be interesting imo.
Last week in the Dallas/Ft Worth area, there was alot of radio ads running to refinance your Fannie and Freddie mortgage from various institutions. I heard them again this morning. The pace to refinance is picking up and they are stating FnF by name.
Great post.
Add the Perry Lawsuit to your Due Diligence - Reads like a banana republic...
Perry even calls out the use of the Companies as an ATM.... Nice....
http://blogs.reuters.com/alison-frankel/files/2013/07/perryvus-complaint.pdf
Take the time to read....
The Just And Legal Way Forward For Fannie Mae And Freddie Mac
Source: The Just And Legal Way Forward For Fannie Mae And Freddie Mac - Bryndon Fisher - Seeking Alpha
Out of the ashes, a phoenix shall rise. But, unlike that creature from Greek mythology, the resurrection of Fannie Mae ("Fannie" (FNMA.OB)) and Freddie Mac ("Freddie" (FMCC.OB)) was not due to a miracle. No, these two companies recovered through a combination of 1) an improving economy, 2) effective management decisions, and 3) prudential stewardship by their conservator, the Federal Housing Finance Agency (the "FHFA"). And now these firms are experiencing robust earnings, with Fannie and Freddie reporting pre-tax income of $8.1 billion and $4.5 billion, respectively, for the first quarter of 2013; and they are expected to remain profitable for the foreseeable future.
Yet the FHFA has not taken any steps to prepare Fannie and Freddie for release from their conservatorships and for their return to the shareholders, even though it has become obvious to most interested observers that these companies have regained tremendous financial health. In fact, the FHFA did just the opposite when in August 2012 it agreed to the 3rd amendment to the Senior Preferred Stock Purchase Agreements (the "Agreements"). Beginning January 1st of this year, the enterprises are required to pay dividends to the U.S. Treasury (the "Treasury") in an amount by which their net worth at the end of the immediately preceding fiscal quarter exceeds zero, less the applicable capital reserve amount. As a result, the two companies are essentially imprisoned in their conservatorships, since they are unable to build capital in order to regain their solvency classification status under the Housing and Economic Recovery Act of 2008 ("HERA") and thereby qualify for release 12 U.S.C. § 4614(a)(1)(A-B).
This action by the FHFA is in stark contravention to its mandate as conservator under HERA that empowered the agency to take any and all actions as may be "necessary to put [Fannie and Freddie] in a sound and solvent condition" 12 U.S.C. § 4617(b)(2D)(i)-(ii). Moreover, this act is a deliberate attempt by the FHFA, and possibly the Treasury, to avoid the covenant to the shareholders that states, "Upon the Director's determination that the Conservator's plan to restore [Fannie and Freddie] to a safe and solvent condition has been completed successfully, the Director will issue an order terminating the conservatorship[s]" (Pg.2). This situation is something I wrote about last month.
A Change in Narrative
Up until now, the narrative has focused on aspects based primarily on the premise that the fate of Fannie and Freddie rests in the hands of Congress and the president, and that they and they alone will decide the future, if any, for these two entities without regard for the common and preferred shareholders. This is a theme that has been advanced by many financial and non-financial journalists and pundits who simply repeat what they have been told by lawmakers and the Obama Administration. But there is an overarching principle that is conspicuously absent from the discussion -- the FHFA has a fiduciary responsibility as conservator to the shareholders of these companies. Through the enactment of HERA, a commitment was made to restore these companies, if economic conditions allowed, and return them to their owners. And although the two companies are federally chartered, they are publicly traded, for-profit enterprises tasked with, among other things, providing liquidity and stability for America's housing finance system. So, after having kept the two companies in conservatorship for almost five years, the federal government is left with three basic options for the disposition of Fannie and Freddie.
Option 1
The first option is for government officials to direct the FHFA to comply with the original intent of the conservatorships and amend, retroactively, the Agreements with the Treasury to allow the companies to use funds in excess of the 10.0% annual dividend amount for the rebuilding of their capital structures and the repayment of their debt to the Treasury, effective January 1, 2013. Additionally, the two firms are to be released from their conservatorships and returned back to the shareholders when each company has achieved certain risk-based capital requirements, as provided by law 12 U.S.C. § 4611(a)(1).
Furthermore, Fannie and Freddie are to be relisted on the New York Stock Exchange, with any remaining amounts owing on the Treasury's aggregate liquidation preferences to be satisfied by exercising whatever portions of the warrants are necessary to retire the debts and unpaid interest (dividend). Also, through a prudent mix of debt and unused Treasury warrants, the two companies could hasten the process of full recapitalization beyond the basic regulatory requirements. Consider, too, that conservative estimates indicate that on a fully diluted basis, the initial values of the common shares for Fannie and Freddie could be approximately $37.00/share and $29.00/share, respectively. And finally, if Congress still wishes to reform the enterprises, the Congressional Research Service has provided several alternatives in their February 2013 report to Congress that are not contrary to the conservatorships, the taxpayers, or the tax-paying shareholders.
Option 2
The second option is for Congress to seize, once and for all, these shareholder-owned enterprises for public purposes, purposes that would preclude current shareholders from participating in the liquidated assets or the new or reformed companies' profits. This option is messy, though, because it would force the government to properly compensate common and preferred shareholders under the Fifth Amendment to the U.S. Constitution for the taking of their companies; thus, requiring forensic accountants, and micro- and macro-economists to determine the fair value of each company's common and preferred shares using the fair value of the assets and liabilities. And it would probably lead to a multitude of lawsuits that would challenge those fair value estimates and, subsequently, impede the implementation of any housing finance reform.
Option 3
The third and final option is for Congress and the president to continue to do nothing as both companies and their shareholders languish in a state of uncertainty, while the Treasury's coffers fill with improperly appropriated and highly questionable gains. This option, however, will produce only one, very swift result -- a shareholder derivative suit. A shareholder derivative suit is a legal action initiated by one or more shareholders on behalf of the company against a third party (e.g., management, directors). In this case, the third party would be the conservator (the FHFA), and the cause of action would be for breach of fiduciary duty. But, HERA legislation was crafted 1) to prohibit shareholders from bringing suit, and 2) to limit judicial review.
A Matter of Law
Fortunately, a careful review of the law and of recent court decisions involving the FHFA, Fannie, and Freddie reveals something different. HERA stipulates that the FHFA "shall, as conservator or receiver, and by operation of law, immediately succeed to . . . all rights, titles, powers, and privileges . . . of any stockholder" 12 U.S.C. § 4617(b)(2A). This means that the FHFA acts on behalf of the shareholders and, consequently, substitutes itself as the shareholder in all derivative actions against Fannie and Freddie. However, the D.C. Court of Appeals found in Kellmer v. Raines, 674 F.3d 848 (2012) that "the statutory language bars shareholder derivative actions . . . absent a manifest conflict of interest by the conservator." Thus, a conflict of interest does exist, since the proposed action is not against Fannie and Freddie, but against the firms' conservator, the FHFA. So, the onus is placed upon the shareholders to defend the two companies from the actions of their conservator.
Likewise, HERA severely limits judicial review, stating, "Except as provided in this section or at the request of the Director, no court may take any action to restrain or affect the exercise of powers or functions of the [FHFA] as a conservator or a receiver" 12 U.S.C. § 4617(f). Therefore, in County of Sonoma, et al. v. Federal Housing Finance Agency, Case No. 12-16986 (2013), the appellate court held that "the courts have no jurisdiction . . . if the [action taken by the FHFA] is a lawful exercise of [its] power as conservator of [Fannie Mae and Freddie Mac]."
But the FHFA's action to amend the Agreements in August of 2012 was not a lawful exercise of its power as conservator, since the amendment intentionally prevented the companies from rebuilding capital and achieving a sound and solvent condition. Additionally, the court found it essential to underscore the FHFA's mandate to Fannie and Freddie by saying that the "FHFA has the 'incidental power' to take 'any action authorized by this section, which the [FHFA] determines is in the best interests of [Fannie and Freddie] or the [FHFA]' 12 U.S.C. § 4617(b)(2J)(ii)." Clearly, keeping the firms undercapitalized is neither in the best interest of the companies nor the FHFA.
One Final Word
HERA makes clear the conservator's purpose of ". . . rehabilitating the affairs of [Fannie and Freddie]" 12 U.S.C. § 4617(2). Furthermore, the purpose of the conservatorships, according to the FHFA, is "to preserve and conserve each [company's] assets and property and restore the [companies] to a sound financial condition." The shareholders in these two companies relied on the promises made by the FHFA and, thus, willingly bore the risk that the economy would either not recover quickly enough or substantially enough to allow Fannie and Freddie to survive. Now that they have come back, the FHFA has lost its way and decided that those promises are inconsequential in principal, on moral grounds, or as a matter of law.
John Adams once wrote that we are "a government of laws, and not of men," meaning that no one person (or agency) makes the laws or decides the laws, and no person (or agency) is above the law. The shareholders (both common and preferred) in these companies have legal rights that cannot be ignored or circumvented for political conveniences or objectives. And although the FHFA is owed a debt of gratitude for their sterling leadership during the dark days of the Great Recession, they need to return these entities to their rightful owners -- us. And if they cannot see their way clear to doing it voluntarily, then a court of law is going to show them the way. So, in the words of President Franklin Delano Roosevelt: "[They] have asked for it, and they're going to get it."
Source: The Just And Legal Way Forward For Fannie Mae And Freddie Mac - Bryndon Fisher - Seeking Alpha
BULLET: US: Q2 Freddie Mac refinance analysis shows ''that....BY Market News International
— 11:34 AM ET 08/13/2013
US: Q2 Freddie Mac (FMCC Loading... ) refinance analysis shows "that borrowers are continuing to
take advantage of near record low mortgage rates to lower their monthly
payments, shorten their loan terms and overwhelmingly choosing the safety of
long-term fixed-rate mortgages. Borrowers who refinanced in the second quarter
of 2013 will save on net approximately $6 billion in interest over the next 12
months. The net dollars of home equity converted to cash as part of a refinance
remained low compared to historical volumes. In the second quarter, an estimated
$9.5 billion in net home equity of conventional prime-credit home mortgages was
cashed out during a refinance. The peak in cash-out refinance volume was $84
billion during the second quarter of 2006. Adjusted for inflation, annual
cash-out volumes during 2010 through 2012 have been the smallest since 1997." In
refi's 31% (+3 pts) shortened term and 4% lengthened.
I do see TYTN on the known NON-DTC TYTN 902508100 - Wonder who at the Company is working on fixing this.
Wouldn't you want to dilute at a higher PPS price?
Who was the Picasso?
"We are thrilled to report a profit this quarter without the benefit of our exciting new products," said CEO Mark Leonard, adding, "Now that they are in our showroom, I expect the sales of the new products to improve our bottom line even more."
Hope we see the numbers soon as my bets are on Q3 and Q4.
Go TYTN
Barchart has us as a BUY now....
http://www.barchart.com/quotes/stocks/TYTN
GO $TYTN
24's look to be coming up
I've picked up 1.25 mil today on this.... Time to do som noodlin before we jump up!!! imo
Time to be buying.... imo
I watched Twelve on Netflix over the weekend. Nice to see my investment getting exposure over my Wii console!!! :)
Good morning TDGI! Going to be a great day!!
Gooooooooo TDGI!!!!!
Trades show 70 million buys to 30 million sells per ihub - heavy volume this am
Love the new website. Lots of good content and information. Listened to the podcast. Nice touch. Company owns multiple patents with one patent pending. Nice! Let's go WTCT!!
I am trying to buy .0010's and I can't get any!!! Order in and waiting!! Come on now!!!!
Buy the dip! Take advantage of the opportunity to get more shares. Next week should be fun in TYTN land imo!
GLTA
Barchart is now screaming strong buy... moving on up!!! Go TYTN!!!
http://www.barchart.com/quotes/stocks/TYTN
Got filled at .0027 and now already back to .0032. Thank you to whoever was selling in the 2's. TYTN getting stronger!!!
Get ready to dance Eva!!!! Go TYTN!!!!
TYTN - BUilding to blow
Good DD link
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=62677864
Pinto - What do you think about TYTN?
I saw this DD post from Balamidas. I have a small farm in Texas where these products fit into some great price points.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=62677864
I googled what you said and this cool game came up in the search. Is this what you're talking about? i tried to play it but ain't very good yet...
http://www.girlgames.com/drunk-driving-mel.html
Zecco doesn't show me the shares outstanding or the structure. Does anyone have it?
What is all the T trades for? Short covering?
Somebody has been buying quite a bit today
.81 is now here
What is a T Trade? THat is new to me.