is...waitin for the government to get rite for the people
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Time for another leg up!
Fannie, Freddie need to raise capital before privatization -FHFA's CalabriaREUTERS - 26 MINUTES AGO
NEW YORK, May 20 (Reuters) - Fannie Mae (FNMA) and Freddie Mac (FMCC) need to build adequate capital as a critical step toward privatizing them, the head of their regulator said on Monday, more than a decade after the government took control of the U.S. finance agencies during a global credit crisis.
The Trump administration is pressing to release the two government-sponsored enterprises (GSEs) from federal control, which went into effect in October 2008 in the wake of heavy losses that Fannie and Freddie suffered on home loans that soured during the subprime mortgages crisis.
"It was insufficient capital that triggered the conservatorship, and it's going to be sufficient capital that triggers an exit," said Mark Calabria, director of the Federal Housing Finance Agency.
Calabria was speaking at the Mortgage Bankers Association's annual National Secondary Market conference.
Proponents of privatization for the two firms say increasing the amount of money they have on hand is critical in case they face another financial crunch like the one over a decade ago
Me neither. I guess cats arnt popular, at least im not partial.
Its GO TIME!
We are on the brink of greatness
Treasury Department aide hired to reform Fannie, Freddie will step downMARKETWATCH - 5:06 PM ET
Craig Phillips, a deputy to Treasury Secretary Steven Mnuchin who joined the department to overhaul Fannie Mae (FNMA) and Freddie Mac (FMCC) , is stepping down, he told Treasury staff members Thursday. The news was first reported by the New York Times. Shares of the two government-sponsored enterprises have both more than doubled this year after MarketWatch first broke the news that the Trump administration would likely attempt to reform the companies without Congressional input. In March Mark Calabria, a former aide to Vice President Mike Pence, was confirmed to lead the agency that regulates the two GSEs, and has since signaled he may make good on those plans. "Craig has been critical in establishing a housing policy finance reform framework, and will stay until the completion of the Treasury Housing Reform Plan," a Treasury department spokesperson said in an email.
Nothin we dont all think. Just mumbo jumbo following. There are blogs on here all day. We all read em
Now that weve broken first resistance I have whole new life expectations!
Dude needs to take a vacay and clear his head. Thats a bunch of jibble jabber jibber jabber babble jibber.
Not sayin i dont wanna believe ya but i gooootaa see paper
Read on. Its cause of options if there are anyway. Anyone know anything about the CFPB VS. Seila case where the CFPB was ruled constitutional. Seems relatable to us.
Case yall missed it. ULTIMATE "BUY ALERT"
Whoo wee the plot does thicken dont it boys.
Back
YahooFINANCE
Trump's Architect of Wall Street Deregulation to Leave Treasury
Robert Schmidt and Saleha Mohsin
BloombergMay 16, 2019, 3:05 PM PDT
Trump's Architect of Wall Street Deregulation to Leave TreasuryTrump's Architect of Wall Street Deregulation to Leave TreasuryMore
(Bloomberg) -- A top aide to Treasury Secretary Steven Mnuchin who has led the Trump administration’s push to cut regulations for Wall Street is quitting.
The departure of Craig Phillips was announced Thursday by the Treasury. As a counselor to Mnuchin, Phillips has taken the lead on domestic financial policy initiatives, including the rule rollback and developing plans for freeing mortgage giants Fannie Mae and Freddie Mac from federal control.
Under Phillips’s watch the Treasury issued a series of lengthy reports calling for sweeping revisions to banking regulations put in place after the 2008 meltdown. However, much of the effort is incomplete while several agencies work through the suggested changes.
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On Fannie and Freddie, Phillips is one of the architects of an upcoming proposal for releasing the companies from government conservatorship. Phillips won’t leave until the plan is completed, a Treasury spokesman said in a statement.
President Donald Trump signed a memorandum in March calling on Treasury to come up with a blueprint for overhauling the companies, which have been under federal control since receiving a taxpayer bailout at the height of the housing slump more than a decade ago. Hedge funds that own Fannie and Freddie shares have long been hopeful that Phillips will recommend the companies hold initial public offerings with much of the proceeds going to existing investors.
“Craig Phillips has served the Treasury Department since the beginning of this administration and has been incredibly effective in his role as counselor,” the statement said. “In addition to managing the extensive domestic finance portfolio, Craig led the department’s efforts that produced significant financial regulatory reform.”
Phillips has often been the point person at Treasury for banks and asset managers, and Wall Street executives said it will be difficult for the administration to fill the role with someone of his experience and stature.
His pending departure adds to an exodus of top officials at the department. Last month, David Malpass stepped down as Treasury undersecretary for international affairs to become president of the World Bank and Eli Miller, Mnuchin’s chief of staff, left to join Blackstone Group LP. Heath Tarbert, an assistant secretary, is awaiting Senate confirmation to be head of the Commodity Futures Trading Commission.
A former executive at BlackRock Inc., Phillips joined the Treasury in 2017 after raising more than $100,000 for Hillary Clinton’s presidential campaign. His status as a “Hillblazer’’ made a number of conservatives in the administration and Congress wary, and he was unable to land a Senate-confirmed job.
But his longtime friendship with Mnuchin, from their days doing housing finance on Wall Street, helped him snare the counselor post.
Mnuchin, according to a person familiar with the matter, had proposed Phillips to run the Federal Housing Finance Agency, Fannie and Freddie’s regulator. That appointment ultimately went to Mark Calabria, a libertarian economist who previously worked for Vice President Mike Pence.
--With assistance from Austin Weinstein and Jesse Hamilton.
MarketWatch
Trump took out 30-year loan on $18.5 million home in 2018
Reuters
Yahoo Finance
Motley Fool Issues Rare "Ultimate Buy" Alert
The Motley FoolSponsored
Crazy movement. Nothin at all then boom back n forth
Are options avaliable on this stock?
REMIC classes of FREMF 2013-K24 and affirms the ratings of three SPC classes of Freddie Mac SPCs, Series K-024
Rating Action | 14 May 2019[HTML]
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Moody's Corrects the Ratings on Three SPC Classes of Freddie Mac SPCs, Series K-024, and Affirms the Ratings of Six CMBS REMIC Classes of FREMF 2013-K24Freddie Mac Structured Pass-Through Certificates (SPCs), Series K-024 Deal v1.0 Compared To CMBS – CRE CDO & Re-Remic v2.0Moody's Corrects the Ratings on Five SPC Classes of Freddie Mac SPCs, Series K-068, and Affirms the Ratings of Eight CMBS REMIC Classes of FREMF 2017-K68Moody's Affirms Six CMBS Classes of FREMF 2013-K24 and Three SPC Classes of FHMS K024Moody's Upgrades 37 CMBS Classes and Affirms 75 CMBS Classes from 22 US CMBS Deals and Affirms 54 SPC Classes following the Implementation of Updated Approach to Rating US and Canadian Conduit/Fusion Methodology
Ya tried that last week and gave myself the shaft. Im not doin that again. Lost 927 shares
Here we go! Wish i hadnt made the mistake last week and tried to trade with the big dogs. All i gotta do is watch now. Thats my redline
Boom doggy! We have now surpassed fannie volume for a change!
More smoke today in the air. The fyre aboutta start. Now its roe vs wade out there again. Ya ain in ya boutta get slapped
The new admin lol. Comedy is real.
Freddie the turtle is gainin on his girl
So wheres all the news homie. Why the pop
Smoke n mirrors. Its coming!
Few more lil green men in my camp tonite
I read this as congress only needs to ratify and this is a done deal. Only thing that would change it is a court ruling and OMH the shambles
Yes, but I have a motto. Dont talk about it be about it. The bracelet never comes off!
Yes but which cat. The house cat or the skirt cat
Can anyone legitamately explain these odd volumes and price coordination
Still nothing posted and the meeting is over.
Look it up Rick cause you wont find it here
No way to view except to be there :( no airings
Are there any online options to see this interview today? I havnt found any on the app either
Yaada yada. We gonna be movin up like the Jeffersons. Dont fret there CC. Its like smoke and mirrors.
IMFnews
Monday, May 13, 2019
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Signs of Life: A 24% Jump in Ginnie Mae Issuance
By John Bancroft
jbancroft@imfpubs.com
Issuance of Ginnie Mae single-family mortgage-backed securities continued to gather strength in April, according to a new Inside FHA/VA Lending analysis and ranking.
Mortgage banking firms produced $32.18 billion of Ginnie MBS last month, a 24.1% increase from March. Loan amounts in Ginnie loan-level disclosures are truncated and the figures do not include MBS backed by FHA reverse mortgages.
The volume of both purchase and refinance loans was up sharply from March, while securitization of modified mortgages rose just 8.4% in April.
Monthly purchase-loan activity increased by $4.46 billion in April, including a $2.97 billion gain in loans to first-time buyers. Purchase loans accounted for 66.4% of Ginnie issuance last month and 68.6% on a year-to-date basis. For more details and an exclusive ranking of the top Ginnie issuers for the month, see the
Yaada yada. We gonna be movin up like the Jeffersons. Dont fret there CC. Its like smoke and mirrors.
IMFnews
Monday, May 13, 2019
Share | Register | Advertise
Signs of Life: A 24% Jump in Ginnie Mae Issuance
By John Bancroft
jbancroft@imfpubs.com
Issuance of Ginnie Mae single-family mortgage-backed securities continued to gather strength in April, according to a new Inside FHA/VA Lending analysis and ranking.
Mortgage banking firms produced $32.18 billion of Ginnie MBS last month, a 24.1% increase from March. Loan amounts in Ginnie loan-level disclosures are truncated and the figures do not include MBS backed by FHA reverse mortgages.
The volume of both purchase and refinance loans was up sharply from March, while securitization of modified mortgages rose just 8.4% in April.
Monthly purchase-loan activity increased by $4.46 billion in April, including a $2.97 billion gain in loans to first-time buyers. Purchase loans accounted for 66.4% of Ginnie issuance last month and 68.6% on a year-to-date basis. For more details and an exclusive ranking of the top Ginnie issuers for the month, see the
Only reaffirms why interest rates need to fall back and accept that china wont budge. Its not in their blood.
The Charlotte housing market sees some improvement at last. But concerns remain. [The Charlotte Observer]BY DANIELLE CHEMTOB, THE CHARLOTTE OBSERVER | KNIGHT RIDDER/TRIBUNE - 12:30 PM ET
May 13-- May 13--Some good news emerged in the housing market recently, but there's one factor that means homebuyers aren't likely to see any relief soon: low supply.
After declining for 11 months, year-over-year home sales were essentially flat in April, according to figures released Friday from Carolina Multiple Listing Services. While it's not a major shift, especially as the spring buying season is in full swing, it's an improvement from what was expected to mark a full year of decreased sales.
It's also the latest in a series of reports that show the region's tight housing market could be changing.
Home prices are still going up -- but not as fast. Homes are selling quickly -- but not everywhere. And buyers are less likely to get what they ask, as more homes are selling below list price, the reports show.
"This is one of those moments where it feels like we're at a pivotal point of things starting to go in favor in the buyers," said Sean Black, CEO of Knock.com, an online real estate platform that allows customers to trade-in their homes.
But experts say that won't happen until the shortage of homes is addressed.
An unsustainable trend
One sign that price increases could be slowing is that sellers are overwhelmingly receiving less than what they ask for, data show.
In the first quarter of the year, 72% of homes sold below their original list price, an increase of 9% from the previous year, according to a study from Knock.
That's because the news about the tight housing market is causing sellers to overprice their homes, said Trent Corbin, president of the Redbud Group at Keller Williams SouthPark. And many of them have to later bring the price down, he said.
Still, that varies widely depending on location, said Kim Trouten, a Realtor and senior partner with the Bovender team at Allen Tate. Homes in more suburban communities take longer to sell, she said, while those near the city are often under contract within 48 hours.
"The houses that are priced appropriately and they are in move-in condition, those houses are selling as fast as we can list them," she said.
And home prices are rising at a slower pace than in previous years.
According to the S&P CoreLogic Case-Shiller Index, home prices rose about 4% in Charlotte in February from the previous year. But in the two years before that, prices were rising at a rate of around 6%.
"We could not sustain the rising prices that we've had over the last five years," Trouten said. "We're going to see an adjustment."
Mortgage rates are also lower than they were a year ago, and have been falling since December, according to Freddie Mac (FMCC), a government-backed mortgage purchaser. The average rate for a 30-year fixed mortgage in April was 4.14%.
"Now that that interest rate number is down, I think buyers are getting back in the game," said Brenda Hayden, president of the Charlotte Regional Realtor Association and CarolinaMLS.
Seeking a 'guaranteed outcome'
Still, most buyers aren't seeing a shift just yet.
When Charlotte resident Mike Wilcox first found a home he wanted to purchase, he tried to make a contingent offer: one which would peg the purchase of the home to him selling his own home. But the owners wouldn't consider it.
So he reached out to Knock. The company was able to make a cash offer on his behalf for $360,000 on a house in south Charlotte's Candlewyck neighborhood, before listing his old house in Matthews.
"Now that we're on the back end of it looking at the process, (it) really was smooth," Wilcox said.
Online platforms are drawing customers like Wilcox, and that's had an impact on the local market. Corbin said it is appealing to sellers too, who since they don't know if they'll get the price they're listing their home for.
"Certainly nationwide people are seeing a little bit of softness in the market," Corbin said. "That's one of the things that is sending more people to these i-buyer programs where they have a guaranteed outcome."
Fundamental economics
Still, without an increase in the supply of homes, most experts don't see any reprieve for buyers anytime soon.
The data from MLS shows that inventory declined 8.7% in April from the previous year. There's currently about a two-month supply of inventory, far below the six months experts say is needed for a balanced market.
And the supply shortage is particularly pronounced when it comes to finding an affordable home.
Until 2014, homes priced at or under $150,000 made up at least 35% of the total homes sold, according to a recent study from UNC Charlotte's Childress Klein Center for Real Estate. Last year, that figure was less than 15 percent.
The situation isn't likely to improve anytime soon, said Richard Buttimer, director of the UNCC Center for Real Estate. He thinks Charlotte is a long way from Californiaand other states where prices are starting to moderate.
"I don't think this is a situation where we're looking at... a bubble or something like that," he said. "I think there's a fundamental economic reason that we're seeing this happen."
Charlotte's population is still growing -- the region added 44,500 people from 2017 to 2018, census data shows. And there's still not enough building to meet that demand, he said.
We all should have sold and bought bitcoin. Ugh!
Won even read an article when the author doesnt even know how to spell privatized. What a dum dum dumb reportrr
NAR supports the entities and has the same beliefs as the squid. Page 3of7. Access to credit
https://www.nar.realtor/sites/default/files/documents/2019-federal-advocacy-agenda-2019-01-23.pdf
Pending home sales are up by 3.8% for March. This should assist in the Squids timeline milestones. Id say were lookin pretty good here.
Even shoot....WE WENT GREEN
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Fox Business
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Fannie, Freddie IPO could come in 2020: FHFA Mark Calabria
By Jennifer SchonbergerPublished May 10, 2019MarketsFOXBusiness
President Trump’s new director of the Federal Housing Finance Agency says he’s considering an initial public offering of Fannie Mae and Freddie Mac as early as the first half of next year to raise capital.
In a FOX Business exclusive, and his first interview since taking the helm of the FHFA, Mark Calabria, says that allowing Fannie Mae and Freddie Mac to simply rebuild capital by retaining earnings isn’t enough to get the mortgage giants in a strong position quickly.
Right now, Fannie Mae and Freddie Mac are under control of the federal government since being bailed out by taxpayers during the financial crisis. Both send all of their profits to the U.S. Treasury, in what’s called a net worth sweep, while maintaining a thin capital cushion of $3 billion. Calabria says a sufficient amount of capital is what’s needed to exit conservatorship or government control.
Calabria is currently waiting on a plan from the U.S. Treasury on reform for Fannie and Freddie, which he expects this summer. Then he will negotiate with Treasury and hopes to come to an agreement by the fall that would then allow them to stop Fannie and Freddie from sending all profits to Treasury later this year. That is, ending the so-called net sweep. By January, Calabria wants to start the capital-building process and thinks it’s possible an IPO could occur at the earliest in the first half of next year
FANNIE, FREDDIE REFORM COULD GET SNARLED IN WHITE HOUSE FIGHTING
TRUMP MOVES TO END FANNIE, FREDDIE CONSERVATORSHIP
FANNIE, FREDDIE REFORM COULD TAKE YEARS
Calabria maintains Fannie and Freddie should be treated like banks and have capital requirements akin to the ones the Federal Reserve requires of banks – that is, 4.5% of risk-weighted assets. He says somewhere in that neighborhood is a good bet. “How do you get Fannie and Freddie to look no worse than other large financial institutions?” he says.
Raising capital is the first step to exiting government control. From there, Calabria wants to see an entirely new housing finance system, both to improve pricing for consumers and to safeguard against another taxpayer bailout.
He favors fully privatizing Fannie and Freddie and is hoping Congress will offer additional charters to create more Fannies and Freddies that would foster competition. The idea parallels with part of Senator Mike Crapo’s plan outlined earlier this year, which would also look to put Fannie and Freddie in private hands, add additional charters and use Ginnie Mae and the full government backstop. Calabria says Crapo’s plan is a “good framework.” “It can’t be this quasi are you private or you public is there something in the middle,” says Calabria. “It really has to be private capital at risk so the taxpayer is not on the hook… If you have several of these companies you know any one of them can fail and it's a little less disruptive.”
Calabria concedes it can be difficult to get Congress to go along with a plan, but is hopeful. “It's broadly bipartisan,” he says. “I think we can come back and try to do that again. I'm hopeful that working with Chairwoman Waters in the House, Chairman Crapo in the Senate, I think that there are some areas for agreement. It's not going to be easy, but I think that there are some areas we can work on.”
If lawmakers aren’t able to pass something he will take action unilaterally. “Well I think I'm actually obligated to,” he says. “As far as I see it, I don't really
have any choice but to fix them and get them out because that's what the statute demands.”
Part of safeguarding the system also means ensuring Fannie and Freddie play by the same rules as the private sector. Calabria says that means making sure the mortgage giants are held accountable to the same rules, including the qualified mortgage rule. The qualified mortgage rule went into effect as a result of the housing crisis and strengthens underwriting standards for mortgages – except that Fannie and Freddie are exempt from the rule. Calabria says that means they are allowed to make riskier loans than what is allowed under the qualified mortgage rule. He believes the mortgage giants should be subject to the rule and hopes to work with the Consumer Financial Protection Bureau to change that.
Calabria thinks his policy approach still ensures availability of mortgages and that mortgage rates will stay where they are currently, barring action from the Federal Reserve. “We’re going to continue to have I think to me historically low mortgage rates for next number of years,” he says.
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But bringing private capital into the housing finance system could spell higher mortgage rates since private companies are in business to make money and chase higher returns that could lead to higher financing costs and higher mortgage rates.
Calabria is more concerned about affordability due in part to low housing supply. He wants to encourage more single family homes to be built, but also wants to ensure it’s stable and sustainable. “One of the lessons from last time around is we got a lot of people on housing and they weren't able to stay in the housing,” he says. “So how do we make sure that if there's another downturn … that homeownership or is sustainable.”
Ummmm how bout
Calabria wants to work w the CFPB to no longer exempt Fannie and Freddie from the qualified mortgage rule. Thinks they need to play by same rules as private sector.
— Jennifer Schonberger (@Jenniferisms) May 9, 2019