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Flagstar Reaches Settlement with Freddie Mac over Mortgage Repurchase ObligationsFont
8:00 AM ET 12/30/13 | PR Newswire
Flagstar Bancorp, Inc. (NYSE: FBC) ("Flagstar" or the "Company"), the holding company for Flagstar Bank, FSB (the "Bank"), today announced that the Bank has entered into an agreement with the Federal Home Loan Mortgage Corporation ("Freddie Mac") to resolve substantially all of the repurchase requests and obligations associated with loans originated between January 1, 2000 and December 31, 2008 and sold to Freddie Mac.
The total resolution amount is $10.8 million, but after paid claim credits and other adjustments, the Bank will pay $8.9 million to Freddie Mac. The amount of Flagstar's current representation and warranty reserve specific to the loans covered by the agreement is sufficient to cover the payment amount.
"This agreement is another positive step for Flagstar in further reducing the Company's risk profile while supporting improved performance," said Alessandro (Sandro) DiNello, Flagstar's President and Chief Executive Officer. "We believe that our accomplishments in 2013 have positioned Flagstar for sustainable long-term growth in 2014 and beyond."
About Flagstar
Flagstar is a full-service financial institution offering a range of products and services to consumers, businesses, and homeowners. With $11.8 billion in total assets at September 30, 2013, Flagstar is the largest bank headquartered in Michigan. Flagstar operates 111 banking centers, all of which are located in Michigan, and 45 home lending centers located in 19 states, which primarily originate one-to-four family residential first mortgage loans. Originating loans nationwide, Flagstar is one of the leading originators of residential first mortgage loans. For more information, please visit flagstar.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts, assumptions, risks and uncertainties that are difficult to predict and could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement. Forward-looking statements contained in this press release and any information related to expectations about future events or results are based upon information available to the Company as of the date hereof. Forward-looking statements can be identified by such words as "anticipates," "intends," "plans," "seeks," "believes," "expects", "estimates," and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements made regarding the Company's current expectations, plans or forecasts of its core business drivers, credit related costs, asset quality, capital adequacy and liquidity, the implementation of the Company's business plan and growth strategies, the suspension of dividend payments on preferred stock, the deferral of interest payment on trust preferred securities, the result of improvements to the Company's servicing processes, the Company's strategy for outsourcing its non-core default servicing business and other similar matters. Although we believe that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. Accordingly, we cannot give you any assurance that our expectations will in fact occur or that actual results will not differ materially from those expressed or implied by such forward-looking statements. We caution you not to place undue reliance on any forward-looking statement and to consider all of the following uncertainties and risks, as well as those more fully discussed in the Company's filings with the Securities and Exchange Commission ("SEC"), including, but not limited to, our Form 10-K and Forms 10-Q: volatile interest rates that impact, among other things, the mortgage banking business, our ability to originate loans and sell assets at a profit, prepayment speeds and our cost of funds; changes in regulatory capital requirements or an inability to achieve or maintain desired capital ratios; actions of mortgage loan purchasers, guarantors and insurers regarding repurchases and indemnity demands and uncertainty related to foreclosure procedures; uncertainty regarding pending and threatened litigation; our ability to control credit related costs and forecast the adequacy of reserves; the imposition of regulatory enforcement actions against us; our compliance with the Supervisory Agreement with the Board of Governors of the Federal Reserve System and the Consent Order with the Office of the Comptroller of the Currency. Except to the extent required under the federal securities laws and the rules and regulations promulgated by the SEC, the Company undertakes no obligation to update any such statement to reflect events or circumstances after the date on which it is made.
SOURCE Flagstar Bancorp, Inc.
http://rt.prnewswire.com/rt.gif?NewsItemId=DE38798&Transmission_Id=2013123008
NEWS OUT
http://biz.yahoo.com/e/131220/phrx8-k.html
NEWS OUT
http://seekingalpha.com/article/1909521-atlantic-power-debt-and-a-high-cost-of-capital-continue-to-pressure-the-dividend-payout?source=yahoo
http://biz.yahoo.com/e/131220/west8-k.html
MORE GOOD NEWS Numerous initiatives by the Federal Housing Finance Agency (FHFA) in recent weeks support the return of private capital to the U.S. mortgage market, according to Fitch Ratings.
http://finance.yahoo.com/news/fitch-fhfa-initiatives-support-private-140716783.html
Deutsche Bank AG (DBK) will pay 1.4 billion euros ($1.9 billion) to settle allegations it didn’t provide adequate disclosure about mortgage-backed securities to Fannie Mae (FNMA) and Freddie Mac.
http://www.bloomberg.com/news/2013-12-20/deutsche-bank-to-pay-1-9-billion-to-settle-mortgage-suit.html?cmpid=yhoo
http://www.bloomberg.com/news/2013-12-20/wall-street-unlocks-profits-from-distress-with-rental-revolution.html?cmpid=yhoo
THIS MEANS THIS MEANS THIS MEANS THIS MEANS THIS MEANS THIS MEANS
WHAT I THINK IT MEANS YES YES YES.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Economy Strengthens Heading Into 2014 As Cloudy Policy Debate Begins to Clear Housing Continues Its Journey Toward Normal Activity[/b
]http://finance.yahoo.com/news/economy-strengthens-heading-2014-cloudy-140000186.html
[bHousing starts soar to 6-year high - CNBC this morning]
U.S. Home Values Gain Most Since 2005, Zillow Says
http://www.bloomberg.com/news/2013-12-19/u-s-home-values-gain-most-since-2005-zillow-says.html?cmpid=yhoo
Flagstar Enters into Agreement to Sell Mortgage Servicing RightsFont
4:25 PM ET 12/18/13 | PR Newswire
Flagstar Bancorp, Inc. (NYSE: FBC) ("Flagstar"), the holding company for Flagstar Bank, FSB, today announced that the Bank has entered into a definitive agreement to sell a substantial portion of its mortgage servicing rights ("MSRs") portfolio to Matrix Financial Services Corporation ("Matrix"), a wholly owned subsidiary of Two Harbors Investment Corp.
The agreement provides for the sale of $40.7 billion in aggregate unpaid principal balance of residential MSRs, which represented 55 percent of Flagstar's mortgage loans serviced-for-others portfolio as of September 30, 2013. Covered under the agreement are certain mortgage loans serviced for both Fannie Mae and Ginnie Mae, originated primarily after 2010.
The acquisition is expected to close before the end of the year, and is subject to customary closing conditions.
A central component of this transaction is that Flagstar will act as the sub-servicer on all of the mortgage loans underlying the MSRs being sold under the agreement. As a result, Flagstar will receive sub-servicing income and retain a portion of the ancillary fees to be paid as the sub-servicer of the loans. Unless terminated earlier in accordance with its terms, the sub-servicing agreement will remain in effect so long as mortgage loans underlying the MSRs remain outstanding.
"Today's transaction is an important step in our continued effort to augment our mortgage origination business, thus better positioning Flagstar to deliver improved financial performance and increased shareholder value," said Alessandro (Sandro) DiNello, Flagstar's President and Chief Executive Officer. "We periodically evaluate the sale of MSRs as a way to reduce the concentration of the asset and strengthen the quality of our capital, and we are pleased to be able to achieve a significant transaction in MSRs while also retaining the underlying sub-servicing associated with the asset itself."
"This transaction significantly reduces our MSR concentration and demonstrates continued progress in management's efforts to strengthen the balance sheet," said Lee Smith, Flagstar's Chief Operating Officer.
"Equally important, we are able to utilize Flagstar's servicing platform to generate on-going servicing revenue and diversify the Company's operations. We believe our re-branded servicing platform presents an attractive opportunity for organizations that are looking to purchase MSRs and have Flagstar sub-service those loans, and we believe there is a growing market for such services."
About Flagstar
Flagstar is a full-service financial institution offering a range of products and services to consumers, businesses, and homeowners. With $11.8 billion in total assets at September 30, 2013, Flagstar is the largest bank headquartered in Michigan. Flagstar operates 111 banking centers, all of which are located in Michigan, and 45 home lending centers located in 19 states, which primarily originate one-to-four family residential first mortgage loans. Originating loans nationwide, Flagstar is one of the leading originators of residential first mortgage loans. For more information, please visit flagstar.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts, assumptions, risks and uncertainties that are difficult to predict and could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement. Forward-looking statements contained in this press release and any information related to expectations about future events or results are based upon information available to the Company as of the date hereof. Forward-looking statements can be identified by such words as "anticipates," "intends," "plans," "seeks," "believes," "expects", "estimates," and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements made regarding the Company's current expectations, plans or forecasts of its core business drivers, credit related costs, asset quality, capital adequacy and liquidity, the implementation of the Company's business plan and growth strategies, the suspension of dividend payments on preferred stock, the deferral of interest payment on trust preferred securities, the result of improvements to the Company's servicing processes, the Company's strategy for outsourcing its non-core default servicing business and other similar matters. Although we believe that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. Accordingly, we cannot give you any assurance that our expectations will in fact occur or that actual results will not differ materially from those expressed or implied by such forward-looking statements. We caution you not to place undue reliance on any forward-looking statement and to consider all of the following uncertainties and risks, as well as those more fully discussed in the Company's filings with the Securities and Exchange Commission ("SEC"), including, but not limited to, our Form 10-K and Forms 10-Q: volatile interest rates that impact, among other things, the mortgage banking business, our ability to originate loans and sell assets at a profit, prepayment speeds and our cost of funds; changes in regulatory capital requirements or an inability to achieve or maintain desired capital ratios; actions of mortgage loan purchasers, guarantors and insurers regarding repurchases and indemnity demands and uncertainty related to foreclosure procedures; uncertainty regarding pending and threatened litigation; our ability to control credit related costs and forecast the adequacy of reserves; the imposition of regulatory enforcement actions against us; our compliance with the Supervisory Agreement with the Board of Governors of the Federal Reserve System and the Consent Order with the Office of the Comptroller of the Currency. Except to the extent required under the federal securities laws and the rules and regulations promulgated by the SEC, the Company undertakes no obligation to update any such statement to reflect events or circumstances after the date on which it is made.
SOURCE Flagstar Bancorp, Inc.
http://rt.prnewswire.com/rt.gif?NewsItemId=DE35812&Transmission_Id=201312181625PR_NEWS_USPR_____DE35812&DateId=20131218
NEWS
Two Harbors Investment Corp. Announces Bulk Acquisition of Mortgage Servicing RightsFont
4:23 PM ET 12/18/13 | BusinessWire
Two Harbors Investment Corp. (NYSE: TWO) today announced that its wholly owned subsidiary, Matrix Financial Services Corporation ("Matrix"), has entered into an agreement to acquire a bulk pool of mortgage servicing rights ("MSRs") from Flagstar Bank, FSB ("Flagstar"), a subsidiary of Flagstar Bancorp, Inc. (NYSE: FBC). Under the agreement, Flagstar will sell to Matrix the MSRs on residential mortgage loans having an aggregate unpaid principal balance of approximately $40.7 billion, for the purchase price of approximately $500 million. The underlying pool of mortgage loans is comprised of Fannie Mae and Ginnie Mae loans, originated primarily after 2010. The acquisition is expected to close on or about December 31, 2013, and is subject to customary closing conditions.
The parties have also entered into a subservicing agreement pursuant to which Flagstar will act as the subservicer of the mortgage loans underlying the MSRs. Unless earlier terminated in accordance with its terms, the subservicing agreement will remain in effect so long as mortgage loans underlying the MSRs remain outstanding.
"We are pleased to announce this significant acquisition of MSRs from Flagstar Bank, a top-tier national mortgage lender," stated Thomas Siering, Two Harbors' President and Chief Executive Officer. "This purchase represents substantial ongoing progress related to our MSR investment initiative."
Two Harbors Investment Corp.
Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, residential mortgage loans, mortgage servicing rights and other financial assets. Two Harbors is headquartered in Minnetonka, Minnesota, and is externally managed and advised by PRCM Advisers LLC, a wholly owned subsidiary of Pine River Capital Management L.P. Additional information is available at www.twoharborsinvestment.com.
Additional Information
Stockholders of Two Harbors and other interested persons may find additional information regarding the company at the Securities and Exchange Commission's Internet site at www.sec.gov or by directing requests to: Two Harbors Investment Corp., 601 Carlson Parkway, Suite 1400, Minnetonka, MN 55305, telephone 612-629-2500.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20131218006419r1&sid=cmtx6&distro=nx
SOURCE: Two Harbors Investment Corp.
Two Harbors Investment Corp.
Investors:
July Hugen, 612-629-2514
Investor Relations
july.hugen@twoharborsinvestment.com
MORE GOOD NEWS I LOVE IT $$$$$$$$$$$$$$$$$$
Home construction hits fastest pace since 2008
UPDATE: Home construction hits fastest pace since 2008
10:14 AM ET 12/18/13 | MarketWatch
By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) -- Construction on new U.S. homes soared in November to hit the fastest pace since early 2008, signaling that the housing market's recovery is shaking off rising mortgage rates.
Housing starts leaped 22.7% in November to reach a seasonally adjusted annual rate of 1.09 million, with surges for single-family homes and apartments, according to the U.S. Department of Commerce. had expected overall housing starts in November to hit a rate of 963,000.
Builders and buyers are becoming accustomed to the new price environment, and, as long as jobs keep showing healthy growth, the housing market's rebound will also continue, analysts say.
"The re-acceleration in activity is a clear indication of the resiliency in the housing market and should provide further confirmation of the sustainability of the recovery even if the [Federal Reserve] proceeds with its plans to cut back on asset purchases," Millan Mulraine, director of U.S. research and strategy at TD Securities, wrote in a research note. "In fact, with the recent buoyancy in labor market activity and affordability conditions remaining very favorable, we expect the re-acceleration in the pace of housing starts to be sustained in the coming months."
A report earlier this week about home builders signaled that their confidence rose in December to the highest level in four months, pumped up by more optimism on current sales of single-family homes. The National Association of Home Builders, a trade association, said it is looking for a "gradual improvement" in the recovery in 2014.
There's certainly room to grow. Including November's leap, construction rates remain far from the 1.7 million starts per year that economists say are needed to maintain current stock and meet demand for replacement and second homes. During a 2006 bubble peak, starts hit a rate of almost 2.3 million.
"With starts still below the level needed simply to satisfy household formation, there is still plenty of upside for homebuilding," Paul Diggle, property economist at Capital Economics, wrote in a research note.
For their part, builders are reporting strengthening financial results, including higher prices for homes. Officials at Lennar (LEN), for example, said early Wednesday that profit and revenue jumped up in the fourth quarter from the year-earlier period.
The Fed and housing
Markets will learn Wednesday afternoon whether the Federal Reserve has decided to start to paring its massive asset-purchase plan that has been exerting downward pressure on long-term rates. Mortgage rates, which remain relatively low, started rising in early on speculation about the Fed tapering its asset purchases, curbing some demand.
Indeed, at a prior meeting, when the Fed decided to maintain its massive asset-purchase plan, officials noted that the housing sector's recovery had "slowed somewhat." But Wednesday's data, along with other positive reports, make a convincing case for a revived housing market.
"This is a strong report on housing activity, especially given the gains in single-family starts and permits, that adds to the case for a tapering announcement from the Fed today. At the very least, it seems likely the Fed will change its language on housing in its policy statement," RDQ Economics analysts wrote in a research note.
While officials want to avoid hitting the housing market's recovery, there's also pressure to move forward with tapering.
But rising mortgages aren't the only headwinds facing the housing market. One impediment to demand has been access to mortgage credit. But banks, which have seen plunging applications to refinance, are trying to make more revenue from purchase mortgages, and making it easier for borrowers to obtain loans. Another demand hurdle -- low inventory -- could also be overcome if builders, encouraged by rising prices, speed up production, and more homeowners become able and willing to place their homes on the market.
Still, the housing-finance system is in somewhat of a state of flux with new mortgage rules, and plans to lower limits for government-backed mortgages. Plus, U.S. lawmakers are working on housing-finance reform, including the role of mortgage buyers Fannie Mae (FNMA) and Freddie Mac (FMCC), adding one more element of uncertainty.
Home-construction details
It's worth noting that the monthly home-construction data are volatile, and could see revisions. Still, overall starts in November were up 29.6% from the same period in the prior year, further evidence of the housing market's continuing recovery.
Starts for single-family homes, the lion's share of the market, rose 20.8% in November to an annual rate of 727,000, the highest rate since March 2008. Meanwhile, starts in buildings with at least five units rose 26% to a rate of 354,000.
Looking at future building, the government reported Wednesday that permits, a sign of demand, fell 3.1% in November to an annual rate of 1.01 million. Permits for single-family homes rose 2.1% to a rate of 634,000, the highest rate since April 2008. Meanwhile, permits in buildings with at least five units dropped 11.5%.
The government also reported data on Wednesday that had been delayed by the shutdown. Overall housing starts in October hit a rate of 889,000, while September's starts reached a rate of 873,000.
More must-reads from MarketWatch:
Rex Nutting's three reasons the Fed should taper
10 investment ideas for 2014
Facebook status: I'm drowning
-Ruth Mantell; 415-439-6400; AskNewswires@dowjones.com
> Dow Jones Newswires
December 18, 2013 10:14 ET (15:14 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.
IT WILL BE BETTER.
MORE $$$$$$$$$$$$$$
[/Multifamily Properties in Washington and Northern CaliforniaFont
8:18 AM ET 12/18/13 | BusinessWire
International real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced that the company and its partners acquired Village at Town Center, a 159-unit multifamily property in El Cerrito, California and that the company acquired Big Trout Lodge, a 297-unit multifamily community in Liberty Lake, a suburb of Spokane, Washington. Both properties were acquired from The Wolff Company, with a third related acquisition of 372 apartment units in a Seattle suburb currently under contract and expected to close in the first quarter of 2014.
The three properties are being purchased for a combined $167 million. Kennedy Wilson and its partners invested approximately $26.2 million of equity in the two closed transactions, $9.3 million of which was contributed by the company. Additionally, Kennedy Wilson secured approximately $51 million of debt with Fannie Mae for the two closed transactions through CBRE Capital Markets.
"We are very pleased about the opportunity to purchase these three very attractive assets through this off market transaction," said Kurt Zech, president of Kennedy Wilson's Multifamily Management Group. "The properties are all located in submarkets with excellent occupancy rates and limited supply and where the company has extensive investment and management experience."
Big Trout Lodge offers a mix of one-, two- and three-bedroom units averaging 945 square feet. Amenities include a resort style swimming pool, BBQ and picnic area, fire pit and community garden area, clubhouse, kid's club, playground and 24 hour fitness room. The property is situated near parks, golf courses, shopping, top ranked public schools and a farmer's market. Kennedy Wilson currently intends to continue the current unit interior renovation plan, including upgrades to the cabinetry, plank flooring, doors, lighting and hard-ware packages.
Village at Town Center consists of one- and two-bedroom units averaging 875 square feet. Amenities include a fitness center, courtyards and full-size washer dryers in all units as well as convenient access to freeways, two BART Stations and the major employment hubs of the East Bay and San Francisco. The property's retail tenants provide an added convenience for residents, including inancial advisors, dentistry and tutoring in addition to a nearby grocery store, local parks, malls and a theater. El Cerrito is located about five miles from the University of California at Berkeley.
Kennedy Wilson, together with its institutional partners, has acquired approximately $2.8 billion of real estate and real estate related debt since the beginning of 2013. The company's global multifamily portfolio totals 17,355 units.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services, research and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., U.K., Ireland and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20131218005097r1&sid=cmtx6&distro=nx
SOURCE: Kennedy Wilson
Kennedy Wilson
Christina Cha
VP of Corporate Communication
(310) 887-6294
ccha@kennedywilson.com
www.kennedywilson.com
b]
MORE GOOD NEWS......
Big Changes Ahead for Fannie Mae and Freddie Mac
http://www.fool.com/investing/general/2013/12/18/big-changes-ahead-for-fannie-mae-and-freddie-mac.aspx
[http://www.forbes.com/sites/realspin/2013/12/18/mortgage-interest-deduction-saves-middle-class-taxpayers-all-of-51month/?partner=yahootix/b]
NEWS OUT---Pharmagen Partners with Bagel Boy Equity Group II, LLC and prepares to Launch its Industry Consolidation Strategy
http://finance.yahoo.com/news/pharmagen-partners-bagel-boy-equity-120000298.html
I LOVE IT.
From 625 to 600 and from 417 to 400. Go FNMA keep making $$$$$$$$$$$$$$$$$$$$$$
The Federal Housing Finance Agency said it could reduce the loan limit to $600,000 from $625,500 in the nation’s highest-cost areas, which include cities like Los Angeles, New York and Washington. The limit would drop in much of the rest of the country to $400,000 from $417,000.
http://www.nytimes.com/2013/12/17/business/us-may-cut-its-presence-in-supporting-mortgages.html?partner=yahoofinance&_r=0
I love it.
On December 12 and 13, 2013, we entered into a Securities Purchase Agreement with two investors for the sale of one hundred twenty five thousand (125,000) shares of our newly created Series C Convertible Preferred Stock at $1.00 per share, for total consideration of $125,000. The issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, and the shareholder was accredited, familiar with our operations, and there was no solicitation in connection with the issuance. Our Board of Directors approved an offering of up to five hundred thousand (500,000) shares of Series C Convertible Preferred Stock at $1.00 per share.
http://biz.yahoo.com/e/131216/phrx8-k.html
Last Price
2.82
Today's Change
+0.04(+1.44%)
MORE $$$$$$$$$$$$$$$$$$$$$$$$$$$. How the portfolio is performing
Prospect Capital is quickly ramping up this new investment option, with the portfolio growing from just $48 million two quarters ago to more than $288 million today. With such a short history, and quick growth in the residential portfolio, it's too early to tell.
[Last Price
2.82
Today's Change
+0.07(+2.55%)
/b]
"Sierra's leads indicate that despite having a rough go of it so far in December in the U.S. Court of Federal Claims, Fairholme Funds and the Government are likely to announce a settlement prior to January 9th 2014, when Fairholme is scheduled to respond to the court. Join Sierra and her team on Saturday afternoon for a live conference call as they share their leads and confidence on the upcoming settlement. Sierra will be posting the time and connection details on her site on Saturday morning for those interested in listening in. The only other topic to be discussed in the conference call is the Eli Lilly and Company (LLY) anticipated CytRx Corporation (CYTR) acquisition." Less
Form 10-K for MEDICAL ALARM CONCEPTS HOLDINGS INC
http://biz.yahoo.com/e/131212/mdhi10-k.html
http://www.bloomberg.com/news/2013-12-12/senate-goes-all-night-on-nominees-in-rules-shift-clash.html?cmpid=yhoo
Medical Alarm Concepts Enters Into Settlement Agreement Removing $845,092 of Debt From Balance Sheet
http://finance.yahoo.com/news/medical-alarm-concepts-enters-settlement-130000968.html
THIS IS HUGE MORE $$$$$$$$$$$$$$$$$$$$$$$$$$$
[/b Additionally, the Federal Housing Finance Agency (:FHFA) – the conservator for these two firms – has set a goal to complete review of all loan files for breaches of representations and warranties related to loan activity prior to 2008.]
http://finance.yahoo.com/news/zacks-analyst-blog-highlights-u-130132426.html
Donell Spivey President, National Association of Real Estate Brokers (NAREB said that Mr.Watt signals a return to the founding missions of the two government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, established to enhance the availability of credit for affordable home purchase.
STATEMENT BY DONNELL SPIVEY President, National Association of Real Estate Brokers (NAREB) on the Confirmation of Mel Watt as the new Director of the Federal Housing Finance Agency (FHFA)
5:07 PM ET 12/11/13 | PR Newswire
The National Association of Real Estate Brokers (NAREB) applauds the confirmation by the U.S. Senate of former Congressman Mel Watt as the new director of the Federal Housing Finance Agency (FHFA). The importance of his appointment cannot be overstated. We believe the wisdom demonstrated by President Obama in selecting Mr. Watt for this position, signals a return to the founding missions of the two government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, established to enhance the availability of credit for affordable home purchase.
Mr. Watt takes the helm of FHFA at a critical moment. While the nation's economic turmoil appears to be ebbing, countless Americans in general, and minorities in particular, have lost their homes, or believe they can no longer afford to purchase a home. NAREB whose mission is Democracy in Housing advocates for fairness in the marketplace and is counting on a chief regulator who understands the balance that must be kept to ensure the safety and the stability of the capital marketplace, but also the obligation to protect and preserve the right of affordable and sustainable homeownership for all of our Americans.
NAREB's congratulations are based upon Mr. Watt's 20-year track record as a member of the U.S. House of Representatives' Financial Services Committee where he stood as a strong and constant voice for affordable housing. We also applaud his record of protecting consumers against abusive financial practices, and his unwavering push against deceptive mortgage products.
With this as backdrop, NAREB extends our unqualified support for Mel Watt as the new top housing regulator as head of FHFA. We believe he is the right person at the right time with the full vision to bring back into balance the FHFA mission to "ensure that the housing GSEs operate in a safe and sound manner so that they serve as a reliable source of liquidity and funding for housing finance and community investment."
More information at: www.nareb.com.
SOURCE The National Association of Real Estate Brokers
http://rt.prnewswire.com/rt.gif?NewsItemId=PH32147&Transmission_Id=201312111707PR_NEWS_USPR_____PH32147&DateId=20131211
[/EVEY ONE IN OUR COUNTRY SHOULD READ THIS POST. WE WERE PUSHED TO THE BRINK OF BANKRUPTCY WHAT A GOOD GOVERNMENT WE HAVE WAY TO GO.
b]The government seized Fannie Mae and Freddie Mac after the mortgage-finance companies were pushed to the brink of bankruptcy by investments in bad loans. The companies took $187.5 billion in taxpayer aid before reporting record profit this year as the housing market rebounded.
As the year moves to a close, the Senate lawmakers say they remain optimistic a housing-finance overhaul will eventually happen. Johnson said today that he remains “bullish” on the outlook.
http://www.bloomberg.com/news/2013-12-11/housing-finance-bills-won-t-meet-2013-target-u-s-lawmakers-say.html?cmpid=yhoo
MEL IS ALREADY WORKING. $$$$$$$$$$$$$$$$$$$$ [/Watt at FHFA could revive 40-year mortgages: analyst
b]http://blogs.marketwatch.com/capitolreport/2013/12/11/watt-at-fhfa-could-revive-40-year-mortgages-analyst/
Ahead of the Bell: US Budget Deficit
[/bhttp://finance.yahoo.com/news/ahead-bell-us-budget-deficit-112118465.html]
Melvin Luther "Mel" Watt is a Democrat who has served as the United States Representative for North Carolina's 12th congressional district since 1993. Watt has served on the House Financial Services Committee and House Judiciary Committee and has worked with consumer advocates to combat predatory lending and helped draft language in the 2010 Dodd-Frank Act.
HARP is a federal program that was created in March 2009 by the Federal Housing Finance Agency to help underwater homeowners refinance their mortgage without paying down principal and without having to pay mortgage insurance. HARP presents an opportunity for homeowners who are not behind on their mortgage payments and allows them to take advantage of today's low interest rates.
Secure One Capital is currently accepting applications from homeowners who could possibly qualify for HARP 3.0 or could refinance through other means. Secure One Capital is a direct mortgage lender that specializes in HARP refinances. Located in Newport Beach, Secure One Capital has been helping homeowners refinance since 1994. To apply for a HARP refinance homeowners should visit secureonecapital.com or call (877) 810-8587 to speak with a licensed Account Executive.
BUY BUY BUY
No short
No margin
No day trade
No stop loss
BUY AND HOLD
Enjoy the ride.
If Watt will be here for 5 years what will be the price by then?$$$$$$$$$$$$$$$$$$$$$$$$$$$
On May 7th, 2013, President Barack Obama formally nominated Watt to be the next head of the Federal Housing Finance Agency for a five-year term. Watt would replace acting Director Edward DeMarco who was designated by President Obama on August 25th, 2009 to head the FHFA when the political appointee who previously ran the agency resigned. DeMarco previously served as the FHFA's Chief Operating Officer and has aggressively protected the assets of Fannie Mae and Freddie Mac. Secure One Capital predicts that unlike his predecessor, Watt will approve HARP 3.0 without the approval of Congress.