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GREAT NEWS
Fannie Mae Announces Homebuyer Incentive up to 3.5 Percent Closing Cost Assistance on HomePath Properties in the FirstLook Pe...
http://finance.yahoo.com/news/fannie-mae-announces-homebuyer-incentive-150000033.html
I THINK WE WILL GO OVER 20 MILLIONS TODAY
I SEE A FLASH TO .40 YESTERDAY
I SEE A FLASH TO .40 YESTERDAY
I love it been here long time
IT IS MOVING
GREAT CLOSE
GREAT CLOSE
TRUST ME
HOW YOU LIKE THAT. (PATIENCE IS A VIRTUE)
DJ Fannie-Freddie Fate Rests in Courts
Feb 10, 2014 18:18:00 (ET)
By Nick Timiraos
Legal wrangling over who should keep the hundreds of billions of dollars in profits generated by Fannie Mae and Freddie Mac is heating up, and investors increasingly are betting the government will end up the loser.
Since last summer, the Treasury Department has faced a host of shareholder lawsuits over changes it made in 2012 to the terms of the bailout agreements with the mortgage-finance giants in 2008, when the government seized the firms as they neared collapse. The plaintiffs say that the Treasury wasn't authorized to make the changes--which required Fannie and Freddie to send all of their profits to the Treasury--and that the move amounted to unlawful seizure of private property.
The Treasury "has effectively nationalized the companies and ensured that they will never return to private ownership" using steps that are "plainly unlawful," said Theodore Olson of Gibson, Dunn & Crutcher LLP, at a conference last week. Mr. Olson, who served as solicitor general through 2004, is representing Perry Capital LLC, a hedge-fund firm that filed suit last July.
The government has argued that the plaintiffs don't have standing to challenge its decisions because the rescue legislation barred shareholder claims and that the cases don't have merit. "Treasury committed and provided hundreds of billions of dollars to rescue the entities," the government said in its response last month. "Having gained that benefit, the shareholders cannot credibly claim that the [Constitution] demands that Treasury compensate them further for their investment."
Tens of billions of dollars are potentially at stake because Fannie and Freddie sent more than $130 billion to the U.S. Treasury last year, nearly seven times what would have been owed before the terms were changed. Plaintiffs in the lawsuits argue that those proceeds belong to the companies, not the U.S.
Investors, meanwhile, are betting on the side of the plaintiffs. Some classes of Fannie's and Freddie's preferred stock, a form of senior equity, have doubled over the past six months. While shares are still trading at deep discounts from where they stood before the companies were bailed out, many hedge funds and other speculators began amassing the shares when they traded at even deeper discounts over the past five years.
"Developments in the court cases have been net positive for this trade" because court filings have raised "red flags" over the bailout changes, said Michael Kim, managing director of CRT Capital Group LLC, a Stamford, Conn.-based broker dealer.
About 20 suits have been filed, including two by Bruce Berkowitz's Fairholme Capital Management LLC, a mutual-fund firm. Many of the cases have been consolidated before U.S. District Judge Royce C. Lamberth in Washington, D.C. Investors are also suing the Federal Housing Finance Agency, which entered into the Treasury agreement on behalf of the companies; the FHFA declined to comment.
Mr. Olson said last week that the lawsuits will take "a long time" to play out. "But I believe we are clearly right here, and we will be successful," he said.
Investors and attorneys watching the cases say the government's initial motions to dismiss, filed in January, look vulnerable. Some observers argue that the government's actions are at odds with the goals of conservatorship, the legal process by which the U.S. seized Fannie and Freddie. Unlike receivership, a form of liquidation that carries court oversight, conservatorship charged the U.S. with preserving the firms' assets so that they can one day be returned to private ownership.
But the bailout changes in 2012 made it impossible for Fannie and Freddie to rebuild capital, which according to some shareholders, means the U.S. effectively began liquidating the companies even though it never put the firms into receivership.
"They're trying a novel approach to conservatorship," said David Felt, a lawyer in private practice who headed litigation for the FHFA until 2010. "There's a risk that the court might not buy that approach. I'm not predicting the shareholders will win by any means, but they've got a shot." Mr. Felt informally has advised some shareholders but isn't involved in the litigation.
In the initial bailout agreement in 2008, the U.S. agreed to inject nearly unlimited sums of aid--ultimately around $188 billion--and received in exchange a new class of "senior preferred" shares that initially paid a 10% dividend. It also received warrants to acquire nearly 80% of the firms' common stock.
Because the common and preferred stock wasn't ever wiped out, investors continued to trade them. Some concluded--accurately, it turned out--that Fannie and Freddie had reserved more money for loan losses than they would need, and that they would one day return to profitability.
The Treasury revamped the bailout terms in August 2012. It eliminated the 10% dividend, requiring no payments during periods where the companies reported losses and collecting all of their profits as dividends in profitable quarters. In court filings, the Treasury has said the revamp was needed because of concerns that Fannie might eventually exhaust the aid pledged by the government simply to fund the 10% dividend.
If shareholders successfully argue the dividend changes weren't lawful, it isn't clear whether they will receive damages. One possibility would be that the government reduces the amount that Fannie and Freddie owe, a step that could make it easier for shareholders to eventually be paid when the firms are liquidated or restructured through legislation.
The Obama administration and Congress haven't shown much support for privatization proposals advanced by some investors. The upshot, according to Mr. Felt, is that "if investors are going to get any money out of this, it's going to come out of the courts, and it's going to take years."
Ralph Nader, political activist and consumer advocate
Mr. Nader, who has run for president in four different elections, this month launched "Shareholder Respect," an advocacy campaign to help Fannie and Freddie shareholders "escape financial limbo." Mr. Nader says his campaign is designed to highlight the inconsistent treatment of shareholders in Fannie and Freddie compared to shareholders in other bailed-out financial institutions such as Citigroup Inc. and American International Group Inc.
James K. Glassman, director, George W. Bush Institute
Mr. Glassman, who predicted in his 1999 book "Dow 36,000" that the Dow Jones Industrial Average would triple in value by early 2005, has written in recent months a series of op-eds arguing that Fannie and Freddie should be preserved and allowed to survive. It is a view that is at odds with fellow conservatives at the American Enterprise Institute, a think tank where Mr. Glassman is a visiting fellow.
Charles J. Cooper, chairman of Cooper & Kirk PLLC
Mr. Cooper, who is representing Fairholme Capital Management LLC in its lawsuit against the U.S. Treasury, successfully argued a Supreme Court case in 1996, U.S. v. Winstar Corp., in which the government was found liable for breaching contracts that had caused losses for investors who had bought failing thrifts during the S&L crisis of the 1980s.
Theodore Olson, partner at Gibson, Dunn & Crutcher LLP
Mr. Olson served as solicitor general of the U.S. from 2001 to 2004, making him the government's main advocate at the U.S. Supreme Court during the first term of President George W. Bush's administration.
(END) Dow Jones Newswires
February 10, 2014 18:18 ET (23:18 GMT)
Fannie Mae and Freddie Mac have taken $187.5 billion in U.S. aid since they were placed in a government conservatorship in 2008 after losses on investments in risky loans almost pushed them to insolvency. As the housing market rebounded, the two companies became profitable again, and they have returned $185.2 billion to the U.S. Treasury in the form of dividend payments for the taxpayer support.
http://finance.yahoo.com/news/u-refinance-program-hits-stride-161903780.html
TO THE MOON $$$$$$$$$$$$$$$$$$$$$$$$$$$$
Consumers Positive About Access to Mortgage Credit; Views Toward Economy Improving
9:00 AM ET | PR Newswire
More Americans now believe it would be easy for them to get a mortgage, according to Fannie Mae's January 2014 National Housing Survey results. Consumer attitudes regarding the ease of getting a mortgage climbed 2 percentage points to an all-time survey high of 52 percent, while those who think it would be difficult dropped 3 points to 45 percent. This indicates that consumers perceive that mortgage credit is more accessible. Even though this month's survey shows a more moderate expectation for home price gains within the next 12 months, the view that mortgage credit is more available may allow for continued but measured improvement in the housing recovery. Consumer attitudes toward the economy also improved in January despite downbeat jobs data for the past two months. The share of consumers who believe the economy is on the right track climbed 8 percentage points to 39 percent, while the share who believe it's on the wrong track declined to 54 percent. Additionally, the share who expect their personal financial situation to improve in the next year increased to 44 percent, continuing an upward trend since November 2013. "A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey's three-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50-percent mark, exceeding those who said it would be difficult by 7 percentage points," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month's increase in consumers' intention to buy rather than rent their next home. The dip in overall home price expectations, though notable, is consistent with our view of moderating home price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support our view of stronger growth in the broader economy." SURVEY HIGHLIGHTS Homeownership and Renting -- The average 12-month home price change expectation decreased from last month, to 2.0 percent. -- The share of people who say home prices will stay the same in the next 12 months increased 7 percentage points to 45 percent, while the share who say home prices will go up in the next 12 months fell by 6 percentage points to 43 percent. -- The share of respondents who say mortgage rates will go up in the next 12 months decreased by 2 percentage points, to 55 percent. -- Those who say it is a good time to buy a house decreased from last month, down 2 percentage points to 65 percent. -- Those who say it is a good time to sell a house increased 5 percentage points from last month to 38 percent. -- The average 12-month rental price change expectation decreased from last month to 2.8 percent, tying the all-time survey low. -- Forty-eight percent of those surveyed said home rental prices will go up in the next 12 months, a decrease of 5 percentage points from last month. -- Fifty-two percent of respondents thought it would be easy for them to get a home mortgage today -- an all-time survey high. -- The share of respondents who said they would buy if they were going to move hit an all-time survey high of 70 percent, and those who say they would rent is at an all-time low of 26 percent. The Economy and Household Finances -- The share of respondents who say the economy is on the right track increased 8 percentage points from last month, to 39 percent. -- The percentage of respondents who expect their personal financial situation to get better in the next 12 months increased over last month to 44 percent. -- The share of respondents who say their household income is significantly higher than it was 12 months ago decreased slightly to 22 percent. -- At 32 percent, the share of respondents who say their household expenses are significantly higher than they were 12 months ago rose 2 percentage points from last month. The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future. For detailed findings from the January 2014 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey page on fanniemae.com. Also available on the site are in-depth topic analyses, which provide a detailed assessment of combined data results from three monthly studies. The January 2014 Fannie Mae National Housing Survey was conducted between January 1, 2014 and January 21, 2014. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae. Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management. Fannie Mae enables people to buy, refinance, or rent a home. Visit us at http://www.fanniemae.com/progress. Follow us on Twitter: http://twitter.com/FannieMae. SOURCE Fannie Mae http://rt.prnewswire.com/rt.gif?NewsItemId=PH61501&Transmission_Id=201402100900PR_NEWS_US
TRUST ME WE ARE ALL HERE.
Andalay Solar Announces Five-Fold Sequential Revenue Growth in Fourth Quarter
7:48 AM ET | PR Newswire
Andalay Solar, Inc. (OTCQB: WEST) today announced its revenue results for the fourth quarter of 2013 as compared to the third quarter of 2013. Net revenue for the fourth quarter of 2013 was $757,000, an increase of $600,000 or 382% compared to the third quarter of 2013. "Whereas for the third quarter of 2013 revenue was posted at $157,000, revenue in the fourth quarter of 2013 was $757,000, nearly a five-fold sequential increase. Further, after completing our supplier diversification and cutting costs, including our recent move to a lower cost location in January 2014, the Company's expected breakeven on sales is far lower than at any time in its history," commented Margaret Randazzo, CEO of Andalay Solar, Inc. Mark Kalow, chairman of Andalay Solar's Board of Directors, also commented, "This news, coupled with a commitment from our long-time investors, we believe puts us in a desirable position going into 2014. Our focus is now on increasing the top line growth of the Company as we target achieving cash flow break-even and profitability over the next several quarters. We are also pleased with our agreement with ASC Recap to pursue the purchase of prior debt owed to four large creditors - of which one has already been purchased and settled - in exchange for the issuance of certain shares of the Company's common stock." Details of the agreement with ASC Recap LLC, which is subject to court approval, are provided in the Company's Form 8-K filed on January 28, 2014. Net revenue for the quarter ended December 31, 2013 was $757,000, compared to $753,000 in the fourth quarter of 2012, and $157,000 in the third quarter of 2013. For the year ended December 31, 2013, the Company reported net revenue of $1.1 million, compared to $5.2 million in 2012. The decline in full year was due to limited inventory levels during the first nine months of 2013 due to supplier relationship issues. The Company began receiving product from a new supplier beginning in September 2013 resulting in significant revenue growth during the fourth quarter of 2013 compared to the prior quarters of 2013. Net Revenue Three Months Ended Twelve Months Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net revenue $ 756,966 $ 752,251 $ 156,630 $ 1,124,836 $ 5,222,248 The Company plans to announce its full financial results for the fourth quarter and year ended December 31, 2013 in early March 2014. Thousands of Andalay Solar power systems have been installed across the U.S., Canada, Mexico, Caribbean and South America. The Company sells its products to solar installers and do-it-yourself customers through distribution partnerships, its dealer network and retail outlets, including www.lowes.com. Andalay Solar's Instant Connect(R) AC Solar Power Systems are currently available and shipping to customers. About Andalay Solar: (OTCQB:WEST) Founded in 2001, the Company is a designer and manufacturer of integrated solar power systems. In 2007, the Company pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, branded "Andalay", quickly won industry acclaim. In 2009, the Company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. A new generation of products named "Instant Connect(R)" was introduced in 2012 and is expected to achieve even greater market acceptance. Award-winning Andalay Solar Power Systems provide the best combination of safety, performance and reliability. For more information on the Company, visit www.andalaysolar.com. Forward-Looking and Cautionary Statements - Safe Harbor Statements made in this release that are not historical in nature, including those related to market acceptance of products, constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "projects," "plans," "will," "may," "can," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements include all statements related to the fourth quarter results for 2013, our expected break-even on sales and our position going into 2014. The statements are subject to risks and uncertainties that cannot be predicted or quantified, and our actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with the inherent uncertainty of future development of new products by us or our competitors, our ability to continue to receive investment funding and maintain costs and expenses, the effectiveness, profitability, and marketability of such products, our ability to protect proprietary rights and information, the impact of current, pending, or future legislation, regulation and incentive programs on the solar power industry, the impact of competitive products or pricing, technological changes, our ability to identify and successfully acquire and grow distribution customers, and the effect of general economic and business conditions. All forward-looking statements included in this release are made as of the date of this press release, and Andalay Solar assumes no obligation to update any such forward-looking statements. SOURCE Andalay Solar, Inc. http://rt.prnewswire.com/rt.gif?NewsItemId=NY61340&Transmission_Id=201402100748PR_N
On February 10, 2014, Andalay Solar, Inc. (the "Company") issued a press release announcing net revenue results and certain other information related to the quarter and year ended December 31, 2013. A copy of the press release is attached as Exhibit 99.1 hereto (the "Press Release").
http://biz.yahoo.com/e/140210/west8-k.html
BIG FISH EATS SMALL FISH. SOMEONE NEEDS SHARES THOSE ARE BIG BUYS ALL DAY. THEY ARE HOLDING DOWN.
[Fannie Mae 3% MBS rose 8/32 to 97-7/32, outperforming Treasurys by 1/32, according to Credit Suisse. Fannie Mae 5.5% MBS rose 8/32 to 110-16/32, the highest ever./b]
DJ Mortgage-Backed Securities Rise on Fed, Refinancing Views
Feb 07, 2014 10:20:00 (ET)
By Al Yoon
Mortgage-backed securities rose and outperformed Treasurys after a disappointing January employment report boosted speculation that the Federal Reserve could continue its support of the market longer than anticipated.
Some mortgage bonds also rose to record highs after reports late on Thursday indicated borrowers were refinancing at a slower-than-expected rate in January, boosting the value of bonds backed by residential loans with high interest rates.
The combination of shifting investor views on the Fed and refinancing is sending an unusually strong sign for the $5 trillion market for government-related mortgage bonds, which generally pay interest rates from 2.5% to 6%. Taken alone, the expectations that the Fed could maintain its bond-purchases for a longer period could hurt high-rate MBS if bondholders anticipate reinvesting principal at lower rates after borrowers refinance.
The reports are "a panacea for MBS," said Walter Schmidt, head of mortgage strategy at FTN Financial.
Fannie Mae 3% MBS rose 8/32 to 97-7/32, outperforming Treasurys by 1/32, according to Credit Suisse. Fannie Mae 5.5% MBS rose 8/32 to 110-16/32, the highest ever.
Mortgage-backed securities gained as the government reported U.S. employers added 113,000 jobs to payrolls in January, below the 189,000 median estimate of economists in a Wall Street Journal poll. It followed other reports suggesting economic momentum may be slowing, such as data on Monday showing manufacturing growth slowed at the fastest one-month pace since May 2011.
"A continued string of weak numbers brings a pause in tapering back into play as the Fed evaluates the trajectory of the economy," said Scott Buchta, head of fixed-income strategy at Brean Capital. "This would increase the amount of bonds that the Fed buys over the coming 12 to 15 months."
Higher-rate mortgage-backed securities got a bigger boost after U.S. supported mortgage finance firms Fannie Mae and Freddie Mac indicated the rate of principal repayment on 30-year loans fell by 21% last month, according to Credit Suisse.
Write to Al Yoon at albert.yoon@wsj.com
(END) Dow Jones Newswires
February 07, 2014 10:20 ET (15:20 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
Now that the companies are 98.9% of the way to paying back taxpayers, I'd expect Nader and others to ramp up their activist efforts. MAN I LOVE THIS NEWS COMING OUT. GO FANNIE.
http://seekingalpha.com/article/2003071-gse-shareholders-demand-respect?source=yahoo
United Guaranty Master Policy Provides Unparalleled Clarity and CertaintyFont
11:54 AM ET 2/6/14 | BusinessWire
United Guaranty is introducing a new first lien mortgage insurance master policy that strengthens customer relationships with a first-in-the-industry Policy Commitment Letter--specific to each lender--that clearly defines each party's roles and responsibilities, adding certainty and flexibility.
United Guaranty's master policy has been approved by Fannie Mae and Freddie Mac and has been filed in all 50 states and the District of Columbia.
The Policy Commitment Letter--along with new Claims and Appeals guides--clearly spells out policies and practices governing underwriting, claims, and appeals. Future updates will be sent to the lender and automatically be merged into the Policy Commitment Letter to provide an enduring written record. The Policy Commitment Letter also provides additional flexibility to enable a lender and United Guaranty to agree to reflect operational changes--and provides an easy-to-reference, automatically updated record of those agreements.
"With our master policy and Policy Commitment Letter, United Guaranty is leading the industry in providing a policy that goes beyond satisfying minimum requirements to provide a level of surety and transparency that lenders and mortgage investors prefer," said Donna DeMaio, president and CEO, United Guaranty. "We're getting great feedback from lenders who welcome the Policy Commitment Letter as a tool that defines the terms of our shared business relationship clearly and unambiguously."
All lenders are required to sign and execute the Policy Commitment Letter to insure loans on or after the July 1, 2014, effective date of the new master policy. When the new master policy becomes effective, the existing one will be canceled, and all new applications for insurance submitted to United Guaranty will be governed by the new master policy and Policy Commitment Letter, which do not affect loans that are insured under the current master policy.
United Guaranty representatives have been working closely with customers for several months leading up to the master policy and Policy Commitment Letter introduction. To assist customers with master policy or Policy Commitment Letter questions, United Guaranty has created the www.ugcorp.com/masterpolicy web page. Customers needing assistance may also call the Master Policy Customer Service Center at 800.858.3550.
About United Guaranty(1)
United Guaranty Corporation and its subsidiaries provide certainty to mortgage lenders through world-class underwriting, quality risk solutions, and dynamic pricing available through Performance Premium,(R) the industry's only MI pricing that is truly risk-based. Established in Greensboro, North Carolina, in 1963, United Guaranty is a company of American International Group, Inc.
(1) United Guaranty is a marketing term for United Guaranty Residential Insurance Company and United Guaranty Mortgage Indemnity Company. United Guaranty and Performance Premium are registered marks. Coverage is available through admitted company only.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140206006074r1&sid=cmtx6&distro=nx
SOURCE: United Guaranty Corporation
United Guaranty
Jo Fleischer, Director - Media Relations
O: 336-333-0433
C: 336-609-3957
Thanks
I am in since it was .33 cents lock and loaded.
IT IS COMING...GOOD NEWS. Fannie Mae and Freddie Mac have taken $187.5 billion in U.S. aid since the government takeover. They have since paid about $185.2 billion in dividends to the government, thanks to a surge in the U.S. housing market.
http://finance.yahoo.com/news/fannie-freddie-investors-ramp-push-210020436.html
http://finance.yahoo.com/news/fannie-freddie-investors-ramp-push-210020436.html
DJ Press Release: Fitch: Morgan Stanley's FHFA Settlement Neutral for Credit
Feb 05, 2014 12:06:00 (ET)
The following is a press release from Fitch Ratings:
Fitch Ratings-Chicago-05 February 2014: The $1.25 billion mortgage settlement between Morgan Stanley and the Federal Housing Finance Agency (FHFA) conforms to the recent pattern of lawsuit settlements made by large global banks, and Fitch Ratings says the payment will have no impact on Morgan Stanley's ratings.
The size of the Morgan Stanley settlement, at 11.8% of the original face value of affected mortgage-backed securities, is largely in line with the 12.1% paid by JP Morgan Chase, though slightly lower than Deutsche Bank's 13.6%. Morgan Stanley had already largely reserved for the payment in the fourth quarter.
Though the FHFA settlement puts a key source of legal uncertainty behind Morgan Stanley, there are some remaining private-label securities lawsuits that remain unsettled.
Half of the FHFA's suits against 18 large institutions have now been settled, but this amounts to only 35% of the securities' face value. This is not surprising, as most of the banks that have settled had lower exposure and were looking to settle more quickly. The remainder of FHFA lawsuit exposure is concentrated in four institutions -- Bank of America, the Royal Bank of Scotland, Credit Suisse and Goldman Sachs.
Fannie Mae and Freddie Mac have booked sizable litigation gains related to the FHFA suits in second-half 2013, and we expect more in 2014. The gains are effectively remitted to the U.S. Treasury under the terms of the net worth sweep agreement between Treasury and GSEs.
Contact:
Ilya Ivashkov, CFA
Director
Financial Institutions
+1-212-908-0769
Bill Warlick
Senior Director
Fitch Wire
+1-312-368-3141
Fitch Ratings
70 W. Madison
Chicago, IL 60062
Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com.
The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
(END) Dow Jones Newswires
February 05, 2014 12:06 ET (17:06 GMT)
[b*DJ Press Release: S&P Upgrades Comm'l Ranking On Trimont Real Estate To STRONG
Feb 05, 2014 09:44:00 (ET)
The following is a press release from Standard & Poor's:
-- We upgraded our ranking on Trimont Real Estate Advisors Inc. as a
commercial loan special servicer to STRONG from ABOVE AVERAGE.
-- We affirmed our STRONG ranking on Trimont as a commercial loan
construction servicer.
-- Our rankings reflect our favorable assessment of the company's
management and organization, which includes a highly experienced staff, an
effective organizational structure, and a sound quality control and audit
framework.
NEW YORK (Standard & Poor's) Feb. 5, 2014--Standard & Poor's Ratings Services
today affirmed its STRONG overall ranking on Trimont as a commercial
construction loan servicer. We upgraded our overall ranking as a commercial
special servicer to STRONG from ABOVE AVERAGE, reflecting our favorable view
of the company's management and organization, which includes a highly
experienced staff, an effective organizational structure, and a sound quality
control and audit framework.
KEY RANKING FACTORS
Strengths:
-- A successful track record and extensive commercial and multifamily
real estate expertise;
-- Well-developed processes and specialization in construction
development asset management;
-- Solid control and governance framework including proactive policies
and procedures, internal/external audits, compliance, and prudent approval
matrices; and
-- Good leverage of technology systems to manage data and report to
clients.
Weakness:
-- Higher-than-average turnover rates.
Trimont is a privately owned commercial real estate asset management firm, in
operation for 25 years. It provides a full range of services to real estate
lenders and investors on both debt and equity investments. Core services
include asset management (primary, fund, and special), asset servicing, bond
finance services, defeasance consulting, underwriting, and portfolio risk
analysis and consulting. Trimont's portfolio includes mezzanine fund assets,
redevelopment and construction loan servicing, and special servicing
associated with securitized and nonsecuritized transactions, real estate
equity fund assets, Fannie Mae watch list management, real-estate owned (REO)
and small loan disposition assignments, CMBS special servicing, and permanent
mortgage primary servicing (mainly for institutional clients). Services also
include underwriting, due diligence, and consulting. Trimont has more than 200
employees, with headquarters in Atlanta and offices in Irvine, New York,
London, and the Netherlands.
Key Changes Since Our Last Review
Since our last review, Trimont has:
-- Continued its focus on client diversification;
-- Expanded its European servicing platform;
-- Established a special processing team for complex servicing matters;
-- Made multiple process workflow and system enhancements;
-- Upgraded it servicing system (McCracken Strategy v. 17.1); and
-- Hired a highly experienced director of special servicing.
The construction portfolio volume remains fairly stable, and Trimont is
managing a sizeable construction loan portfolio. As of June 30, 2013, the
portfolio was $12.3 billion (334 projects with an average project size of
approximately $37 million). The portfolio is geographically diverse, including
all major property types (multifamily projects are the highest concentration,
at 36%). As of June 30, 2013, Trimont the named special servicer on seven
commercial mortgage-backed securities transactions with 18 assets, and a total
outstanding balance of $2.2 billion. The active special servicing portfolio
consists of 692 loans and REO with an outstanding balance of $1.1 billion.
Since 2002, Trimont has resolved a nonperforming portfolio of over $16 billion
consisting of nearly 1,850 properties. It disposed of 710 REO assets (just
over $4.7 billion) since 2002.
OUTLOOK
Our outlooks are Stable for both rankings. We base our outlooks on Trimont's
successful track record in managing a diverse commercial/multifamily mortgage
loan portfolio for a variety of capital sources. Trimont has strong management
and organization, continues to invest in technology systems, and is enhancing
its organizational effectiveness. It maintains a well-defined business model,
with reasonable growth projections and increasing client diversification.
RELATED RESEARCH AND CRITERIA
-- Revised Criteria For Including RMBS, CMBS, And ABS Servicers On
Standard & Poor's Select Servicer List, April 16, 2009
-- Servicer Evaluation Ranking Criteria: U.S., Sept. 21, 2004
Servicer Analyst: Timothy E Steward, New York (1) 212-438-3799;
timothy.steward@standardandpoors.com
Secondary Contact: Andrew Foster, New York (1) 212-438-2759;
andrew.foster@standardandpoors.com
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(END) Dow Jones Newswires
February 05, 2014 09:44 ET (14:44 GMT)]
Next Earnings Date2/10/14
1 billion here 1 billion there before you know it you have a few BILLIONS AH. I LOVE IT HOW MANY MORE BANKS TO GO ? Go FNMA. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Last Price
3.06
Today's Change
-0.02(-0.65%)
Volume
3,601,986
Bid (Size)
3.06x67,124
Ask (Size)
3.07x47,800
361,000,000 ON THE BID
Last Price
0.0001
Today's Change
-0.0002(-66.67%)
Volume
383,075
Bid (Size)
0.0001x361,133,230
Ask (Size)
0.0003x63,637,842
Day's Range
0.0001-0.0003
DO NOT BE FOOLED AND SALE YOUR SHARES CHEAP.
THANKS.
THANKS
http://seekingalpha.com/article/1988371-nmi-holdings-insures-potential-gains?source=yahoo
Walker & Dunlop Ranked #1 Fannie Mae DUS(R) Lender in 2013
5:34 PM ET 2/3/14 | PR Newswire
Walker & Dunlop, Inc. (the "Company") (NYSE: WD) announced today that for the second consecutive year it was ranked as the largest Fannie Mae DUS(R) Lender. Walker & Dunlop has been a DUS lender since the program's inception in 1988 and has grown from the #10 lender in 2007 to the #1 lender today. During 2013, the Company originated $2.8 billion in multifamily loans for Fannie Mae.
"What a fantastic accomplishment to be ranked #1 for the second year in a row," commented Willy Walker, Chairman, President and CEO. "Our 2012 ranking was thanks to the combination of Walker & Dunlop and CWCapital. 2013, however, is all us -- an integrated, focused corporation with outstanding execution on behalf of our customers. Fannie Mae is the largest provider of capital to the multifamily industry, and we are honored to be their largest DUS lender for the second year in a row."
According to the release from Fannie Mae, 99 percent of the $28.8 billion provided to the multifamily market in 2013 was delivered through the DUS lender network. The DUS program, which stands for Delegated Underwriting and Servicing, is unique in that private lenders originate multifamily loans for Fannie Mae and retain the first loss position in the loans. The DUS program maintained extremely low default rates throughout the financial crisis, and when there are loan losses, private capital, not Fannie Mae, pays first.
Walker & Dunlop was also ranked as the fourth largest originator of loans on Affordable Housing for Fannie Mae in 2013. "Although 2013 brought down the unemployment rate across the country, there was no real wage growth for American workers," continued Mr. Walker. "We are extremely pleased to be one of the largest Fannie Mae DUS lenders on Affordable Housing at a time when it is so greatly needed."
About Walker & Dunlop
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS(R), Freddie Mac Program Plus(R) and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Proprietary Capital group develops new financial products and provides institutional advisory, asset management, and investment management services with respect to debt and equity, including bridge financing. Walker & Dunlop, LLC has more than 400 employees located in 21 offices nationwide. For more information about the Company, please visit www.walkerdunlop.com or follow us on Twitter at @Walkerdunlop.
Forward Looking Statements
Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as ''may,'' ''will,'' ''should,'' ''expects,'' ''intends,'' ''plans,'' ''anticipates,'' ''believes,'' ''estimates,'' ''predicts,'' or ''potential'' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement.
While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) regulatory and or legislative changes to Freddie Mac, Fannie Mae or HUD, (3) our ability to retain and attract loan originators and other professionals, and (4) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations.
For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section entitled ''Risk Factors" in our most recent Annual Report on Form 10-K and in our subsequent SEC filings. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.
SOURCE Walker & Dunlop, Inc.
http://rt.prnewswire.com/rt.gif?NewsItemId=PH57978&Transmission_Id=201402031734PR_
GO FNMA $$$$$$$$$$$$$$$$$$$$$$$$$$$$'
Allowing time to run its course and allowing people, including ourselves, to work and grow at our own pace is called patience. FNMA is not going to run. FNMA IS BEING RUNNING.