something me and you share , fun.
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2pm Fannie Mae will be sure a private company......
In anticipation of the hearing scheduled for Thursday, July 14th, at 1:00 p.m., the
Court has reviewed the parties’ briefing. It has come to the Court’s attention that a named
defendant, the Federal Housing Finance Agency, is the conservator of the Federal National
Mortgage Association (“Fannie Mae”). The undersigned owns sixteen shares of stock in
Fannie Mae, and is concerned about the existence or appearance of any conflicts of interest.
This was not picked up by the Court’s internal conflict check system because Fannie Mae is
not a listed party. The Court apologizes for the oversight and would like to speak with
counsel and address this matter as soon as possible.
Accordingly, it is ORDERED that a telephone conference is SCHEDULED for
Friday, July 8th, 2016, at 2:00 p.m., to discuss this matter. A court reporter is needed and
will be provided by the Court. The parties must DIAL IN to this conference call five
minutes before the scheduled time by following these steps:
(A) Call AT&T Teleconferencing at 1-877-873-8017;
(B) Enter access code 8284218 (followed by “#”); and
Case: 7:15-cv-00109-ART-EBA Doc #: 55 Filed: 07/07/16 Page: 1 of 2 - Page ID#: 1310
2
(C) When requested, enter the security code, 1234 (followed by “#”).
..........http://gselinks.com/
What did "Too Big to Fail" mean in regards to Freddie Mac and Fannie Mae?
https://www.quora.com/What-did-Too-Big-to-Fail-mean-in-regards-to-Freddie-Mac-and-Fannie-Mae
When an institution is too big to fail, the government has determined that its failure would be too damaging to other institutions with whom it conducts business, to a broad swath of consumers or to financial markets as a whole. Too-big-to-fail institutions are not solely about size. They are deeply interconnected, politically powerful companies that are viewed as integral to the system and worth protecting from collapse.
In the years leading up to the financial crisis of 2008, the United States had two companies that were considered too-big-to-fail —Fannie Mae and Freddie Mac, the mortgage finance giants that were quasi Government Sponsored Enterprises (GSE). The companies had stockholders and highly-paid executives but they also had government mandates to fulfill and rich perquisites associated with their government ties.
Among these perquisites were a trillion dollar line of credit with the United States Treasury, freedom from paying local taxes in Washington, DC, and for many years they did not have to file financial statements with the U.S. Securities and Exchange Commission. But the richest benefit of all was the lower cost of capital that Fannie and Freddie enjoyed because investors who bought their debt believed the companies would not be allowed to fail if they got into trouble. Although this was an implied guarantee until Sept. 2008, this
investor perception turned out to be true.
In the aftermath of the crisis, we have many more too-big-to-fail institutions. All of the major banks that received taxpayer money during the fall of 2008 —Citigroup (company), Wells Fargo (company), JPMorgan Chase (company), Bank of America (company)—are widely perceived as too-politically powerful and interconnected-to-fail. So instead of eliminating the problem of institutions that will be bailed out if they take too many risks that go awry, we have simply enlarged the group of future bailout candidates. And these institutions are larger than they were before the crisis.....
Corker: 'Filing Error' to Blame For $2M Missing in Income
Breaking News at Newsmax.com http://www.newsmax.com/Newsfront/bob-corker-irs-taxes-republican/2015/12/14/id/705713/#ixzz4DpwZvfsG
Urgent: Do You Back Trump or Hillary? Vote Here Now!
Fannie Mae And Freddie Mac Plaintiffs Allege Companies Are Treated Like Government ATM Machines
http://seekingalpha.com/article/3985841-fannie-mae-freddie-mac-plaintiffs-allege-companies-treated-like-government-atm-machines
The lawsuit, filed in U.S. District Court in Washington, alleges that the Treasury and the regulator for Fannie Mae and Freddie Mac violated a 2008 law that put the two mortgage companies into conservatorship as they faced insolvency at the height of the U.S. financial crisis.
The Treasury Department amended the bailout terms last year, forcing Fannie Mae and Freddie Mac to hand over most of their profits to the government, replacing a requirement that the companies pay quarterly dividends of 10 percent on the government’s nearly 80 percent stake.
The suit names both Treasury and the Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac.
Perry Capital, which began investing in both firms in 2010, claimed in the lawsuit that shareholder value was impaired when the government instituted a “dividend sweep.”
The new arrangement prevents the firms from building capital that might have allowed them to redeem the government shares and eventually operate independently to the benefit of private shareholders.
The bailout agreement provides no mechanism for Fannie Mae and Freddie Mac to repay the $187.5 billion they owe the government from their 2008 bailout.
The two companies have returned to profitability, and by the end of June, had paid about $132 billion in dividends to taxpayers. Their financial health has prompted investors to snap up the preferred stock of Fannie Mae and Freddie Mac in a bet they will be made private companies in the future.
“This lawsuit seeks to uphold the rule of law,” Theodore Olson, a partner at the law firm Gibson, Dunn & Crutcher and a former U.S. solicitor general, said in a statement.
He said the 2008 Housing and Economic Recovery Act, known as HERA, established specific rules about the government’s limits and obligations under conservatorship.
Profits at Fannie Mae and Freddie Mac have also led Perry Capital and other hedge funds including Paulson & Co. to push Congress to consider a privatization of the two mortgage financiers to boost the value of preferred shares they have bought.
“Investors had every right to expect these rules to be followed,” Olson added.
Republicans and Democrats, along with President Barack Obama, want to abolish both mortgage companies, but have yet to agree on the right approach.
A bipartisan group of U.S. senators last month introduced a bill that would liquidate the companies and replace them with a government reinsurer of mortgage securities that would backstop private capital in a crisis.
Fannie Mae and Freddie Mac do not make loans but instead buy them from lenders and package them as bonds, and guarantee them against default. A key part of the housing system, the two mortgage financiers own or back about half of all U.S. home loans.
Perry Capital manages investment funds for the benefit of retirement plans, university endowments, foundations, insurance companies and other institutional and private investors. Perry Capital has made significant investments in many different housing related securities, according to a press release.
“What we’re seeking is to require Treasury and the FHFA to obey the rules set forth in the Housing and Economic Recovery Act” of 2008, a lawyer involved in the litigation, speaking on condition of anonymity, told reporters on a conference call. “There are no damages being sought.”
when? Do you know? Time to buy?
Eliminating this policy provides greater access to mortgage credit by enabling borrowers to refinance with more favorable rates and terms and streamline lender processes by removing requirements that required manual steps,” Fannie Mae stated in the update.
The policy was introduced the same month that Fannie Mae and Freddie Mac were taken in to conservatorship by the Federal Housing Finance Agency (FHFA) amid uncertainty of the performance of restructured loans. The policy was updated to allow a restructured mortgage to subsequently be refinanced after the government established programs such as the Hardest Hit Fund to provide principal forgiveness relief to underwater borrowers.
“In an effort to simply our eligibility guidelines and support the housing market, we are eliminating our policy on restructured mortgages,” Fannie Mae stated in the update.
Fannie Mae also announced its first change to its HomeReady product, incorporating features enabling lenders to expand credit access in a “safe and responsible manner.” Fannie Mae stated that a number of product enhancements are planned this year as a result of continued assessments of HomeReady.
The first change to HomeReady involves simplifying the way income limits are applied by establishing a single area median income limit of 100 percent (the previous limit was 80 percent or 100 percent, depending on where the property was located). The change will be implemented in Fannie Mae’s Desktop Underwriter the week of July 16, 2016; for manually underwritten loans, the policy is effective for loans with application dates on or after July 16, 2016.
http://www.dsnews.com/news/07-05-2016/fannie-mae-eliminates-restructured-loan-policy
Warren Buft bough FnF back?
It does not look good ....http://finance.yahoo.com/news/goldman-abacus-144604786.html
Too Big to jail and lie !
Federal Jurisdiction—Fannie Mae
Mayer Brown LLP
Mayer Brown LLP logo USA June 28 2016
Lightfoot v. Cendant Mortgage Corp., No. 14-1055
The Federal National Mortgage Association—better known as “Fannie Mae”—is a quasi-governmental enterprise that operates under a federal charter but that has private owners. Fannie Mae’s charter authorizes the entity to sue and be sued “in any court of competent jurisdiction, State or Federal.” 12 U.S.C. § 1723a(a). The Supreme Court has agreed to decide whether that provision confers original jurisdiction on the federal courts for any case in which Fannie Mae is a party.
Such sue-and-be-sued clauses arise in a variety of federal statutes, involving individuals and entities such as the Secretary of the Department of Housing and Urban Development and the Federal Home Loan Bank of Boston. The United States filed a certiorari-stage brief taking the position that Fannie Mae’s charter does not provide district courts with original jurisdiction of suits brought by or against Fannie Mae.
http://www.lexology.com/library/detail.aspx?g=95af44db-33a4-484a-901e-03c91fbad28a
"Corruptions" move slower !
Fannie, Freddie and the Secrets of a Bailout With No Exit
But now, with the unsealing of documents this week that were produced as part of a lawsuit filed against the government, new evidence is coming to light on how intimately the White House was involved in the Treasury’s decision in August 2012 to keep all the companies’ profits for the government. That move effectively maintained Fannie’s and Freddie’s status as wards of the state.
The newly released documents go beyond previous disclosures in the case and make clear that the Obama administration never had any intention of restoring Fannie and Freddie, which enjoyed implicit backing from the government before the takeover, to their status as stand-alone entities.
An email from Jim Parrott, then a top White House official on housing finance, was sent the day the so-called profit sweep was announced. It said the change was structured to ensure that the companies couldn’t “repay their debt and escape as it were.”
The documents also show the Treasury moving to modify the terms of the mortgage finance giants’ $187.5 billion bailout shortly after a July 2012 meeting when the Federal Housing Finance Agency, Fannie’s and Freddie’s regulator, learned that they were about to enter “the golden years” of profitability.
Since then, Fannie and Freddie have returned to the Treasury over $50 billion more than they received in the bailout. But the amount they owe to the government remains outstanding.
The new materials cast further doubt on arguments made in court by government lawyers that the profit sweep came about because Fannie and Freddie were in a death spiral and taxpayers needed protection from future losses. Documents unsealed last month also served to undermine that legal stance.
Continue reading the main story
A Justice Department spokeswoman declined to comment.
The trickle of documents comes years after Fannie and Freddie shareholders sued the government, contending that its decision regarding the companies’ profits was illegal. Defending against an array of these suits, lawyers for the Justice Department have requested confidential treatment for thousands of pages of materials. In a case brought in Federal Claims Court, the government’s lawyers asserted presidential privilege in 45 documents.
http://www.nytimes.com/2016/05/22/business/how-freddie-and-fannie-are-held-captive.html?_r=0
Franklin American Mortgage Company announced it is now offering Fannie Mae HomeReady Fixed Rate Product.
Overture Technologies has integrated trended credit data into its automated underwriting system, a move that enables lenders and investors to gain new insight into the credit risk of their non-agency loans. The enhancement to the industry's leading independent automated loan underwriting system (AUS) follows Fannie Mae's recent announcement regarding use of expanded credit data in its Desktop Underwriter AUS. Trended credit data records a consumer's use and repayment of revolving credit over time and provides important insight into consumers' evolving ability and willingness to repay a new debt obligation. Lenders, particularly those specializing in loans to borrowers with previous bankruptcy or housing defaults, can leverage this data to understand how consumers have managed their use of credit as they re-establish their credit history.
United Wholesale Mortgage (UWM), has introduced a new proprietary Settlement Agent Portal, which enables settlement agents to submit their closing changes electronically to UWM. The new portal will streamline the closing process and speed up the response time for UWM clients and their settlement agents. The portal will enable settlement agents to review the preliminary closing documents and submit their changes electronically, placing the file directly into the closing queue. This process eliminates the need for multiple emails and waiting for a Closing Specialist to reply to an email. UWM produced a tutorial video to highlight the increased efficiencies the portal makes possible.
On the flip side, effective 6/30/16, Mountain West Financial, Inc. (MWF) will discontinue the 203K Standard and Limited Wholesale Programs. MWF will accept registrations up to 6/30/16 and all loans must fund by 8/31/16.
And recently the IRS notified vendors who provide tax transcripts (such as IVES vendors) that they would need to implement new requirements in order to continue providing tax transcript services.These new requirements are intended to better protect taxpayer information. The updated requirements include certain new assessments and certifications for vendors and lender clients. The MBA's president Dave Stevens sent out a note saying that, "While the IRS has not made their new certification requirements available to the public, we have learned they will include items such as a requirement that lenders provide their vendors with the Social Security numbers of any individual authorized to use the tax transcript process. Some of the new requirements must be implemented by July 1 and thus demand your immediate attention. Other requirements must be implemented within 45 days.
"The MBA has asked the IRS to delay the implementation date and is working for further clarity around the requirements. The IRS, however, as of this writing has refused to delay the implementation. I strongly recommend that you reach out to your vendor today to obtain the requirements and complete the necessary certifications and assess the impacts on your business operations. According to the IRS, vendors will be required to suspend access to the transcript service for any lender that fails to complete the required certification by midnight, Friday, July 1. If you have any questions, please contact Rick Hill, Vice President, Industry Technology at (202) 557-2718.
In better news, The Mortgage Collaborative, the industry's only privately held cooperative, has surpassed $100 billion in estimated originations in 2016 with the addition of its 59th preferred member, Movement Mortgage. "This is an extraordinary milestone for us" said David G. Kittle, CMB the Collaborative's Vice Chairman. "As we move into the second half of 2016 and towards our August Summer Conference in Denver, we'll be discussing how TMC will monetize this production in 2017. are member companies estimated to do that volume in 2016?
For some training and events coming up, some as soon as today...
http://www.mortgagenewsdaily.com/channels/pipelinepress/06292016-mpf-for-ginnies.aspx
Madden also has the potential to be cited as precedent in, and used as the basis for, litigation in other circuits. Of course, defendants are free to question the Second Circuit’s reasoning in Madden, including the lack of consideration of the valid-when-made doctrine and the version of the preemption analysis on which the court relied. Concerned parties would be well advised to consider the treatment of the valid-when-made doctrine in their own circuit and whether there is sufficient precedent to deny a Madden-based challenge.
However, from the perspective of an originator or debt purchaser, this does raise the question of whether there is now a split between the Second Circuit, on the one hand, and the Eighth (and Fifth) Circuit, on the other, and, accordingly, whether such parties should evaluate loans made to borrowers located in such jurisdictions in a different manner. In the U.S. Solicitor General’s amicus brief opposing the writ of certiorari, the Solicitor General argues that there is no such split given the particular facts of each of the most notable cases. The Solicitor General notes that Madden is a case addressing whether federal preemption applies to interest rates charged by an assignee in a situation where the originating national bank entirely terminates its relationship with the borrower. By contrast, the Solicitor General notes that: Phipps v. FDIC, 417 F.3d 1006 (8th Cir. 2005) only addressed whether mortgage-loan fees charged by a national bank (as opposed to an assignee) was interest not subject to preemption; Krispin v. The May Department Stores 218 F.3d 919 (8th Cir. 2000) addressed a situation where a national bank retained a credit card customer’s accounts, along with the processing and servicing responsibilities, and only assigned the related receivables to a non-bank; and FDIC v. Lattimore Land Corp., 656 F.2d 139 (5th Cir. 1981) involved a loan originated by a state regulated entity (as opposed to a national bank). For that and other reasons, the Solicitor General argued that there was no circuit split requiring resolution by the Supreme Court.
However, from a practical perspective, it cannot be denied that Madden creates a precedent (regarding the treatment of interest charged by non-bank assignees) in the Second Circuit that is simply lacking in the other circuits. The uncertainty created by such precedent will not be resolved until another district court in the Second Circuit (or perhaps the court of appeals itself) addresses the applicability of the valid-when-made doctrine to a loan held by a non-bank assignee.
http://www.mondaq.com/unitedstates/x/504804/Financial+Services/Finance+Alert+The+Uncertain+Legacy+of+Madden
FHFA's Hostile GSE Takeover Of GSEs Laid Out In Discovery Documents
http://seekingalpha.com/article/3984586-fhfas-hostile-gse-takeover-gses-laid-discovery-documents
yeah ....If a "Rat" is not a "Cat"....For years now, the federal government has been quietly fighting to keep a lid on an 11,000-document cache of government communications relating to financial policy. The sheer breadth of the effort to keep this material secret may not have a precedent in modern presidential times.
"It's the mother of all privilege logs," explains one lawyer connected with the case.
The Obama administration invoked executive privilege, attorney-client and deliberative process over these documents and insisted that their release would negatively impact global financial markets. But in finally unsealing some of these materials last week, a federal judge named Margaret Sweeney said the government's sole motivation was avoiding embarrassment.
"Instead of harm to the Nation resulting from disclosure, the only 'harm' presented is the potential for criticism," Sweeney wrote. "The court will not condone the misuse of a protective order as a shield to insulate public officials from criticism in the way they execute their public duties."*
So what's so embarrassing? Mainly, it's a sordid history of the government's seizure of mortgage giants Fannie Mae and Freddie Mac, also known as the government-sponsored enterprises, or GSEs.
Read more: http://www.rollingstone.com/politics/news/why-is-the-obama-administration-trying-to-keep-11-000-documents-sealed-20160418#ixzz4Cz1pv6iT
Follow us: @rollingstone on Twitter | RollingStone on Facebook
Read more: http://www.rollingstone.com/politics/news/why-is-the-obama-administration-trying-to-keep-11-000-documents-sealed-20160418#ixzz4Cz1P1rgg
Follow us: @rollingstone on Twitter | RollingStone on Facebook
SCOTUS to Hear Fannie Mae Jurisdiction Fight
http://www.courthousenews.com/2016/06/28/scotus-to-hear-fannie-mae-jurisdiction-fight.htm
(CN) — The U.S. Supreme Court on Tuesday agreed to consider whether wrongful foreclosure actions against the Federal National Mortgage Association — known as Fannie Mae — can only be filed in federal rather than state courts.
The case involves two California women who sued Fannie Mae and others following foreclosure proceedings. A federal judge dismissed the first lawsuit, and the Ninth Circuit affirmed on appeal.
After the women filed a lawsuit in state court, Fannie Mae removed the case to Federal Court on grounds that the sue-and-be-sued clause in its federal corporate charter gave jurisdiction to federal courts.
A federal judge then dismissed the case as having already been litigated and — after initially affirming — the Ninth Circuit ordered the parties to brief whether Fannie Mae's charter granted federal subject-matter jurisdiction, and again affirmed the dismissal in 2014.
In its majority opinion, the Ninth Circuit panel pointed to a Supreme Court rule established in American National Red Cross v. S.G., in which the high court held that "a congressional charter's 'sue and be sued' provision may be read to confer federal court jurisdiction if, but only if, it specifically mentions the federal courts."
And while Fannie Mae's charter allows for suits in state or federal courts, the Ninth Circuit panel said that "eliminating the charter's grant of federal-question jurisdiction would have imposed a severe new restraint on Fannie Mae's ability to litigate" in federal courts.
"Given that Fannie Mae is often sued under state-law causes of action, federal law would have conferred jurisdiction in a relatively small number of cases," the panel said. "Diversity jurisdiction, if it existed at all, would have been unavailable in many, perhaps most, cases because Fannie Mae suits typically involve mortgage transactions to which there are multiple parties, often resulting in a lack of complete diversity."
Therefore, Fannie Mae's charter gives federal-question jurisdiction over suits to which Fannie Mae is a party, and the federal judge therefore had authority to dismiss the women's claims, the panel ruled.
Despite what the panel considered a hard-and-fast rule in Red Cross, the high court on Tuesday agreed to consider exclusive federal jurisdiction over Fannie Mae suits in the coming term.
Per its usual custom, the Supreme Court did not comment on its decision to review the case.
http://www.courthousenews.com/2016/06/28/scotus-to-hear-fannie-mae-jurisdiction-fight.htm
After Senator Bob Corker’s surprise call for Americans to short Fannie Mae (FNMA) and Freddie Mac (FMCC) during an interview with CNBC’s Rick Santelli on Wednesday, in a new twist, Bill Ackman revealed that Political Alpha has circulated a new research note on the GSEs that could signal a shift in the Obama administration’s handling of the GSEs.
“Multiple sources have confirmed that the White House has reached out to the housing finance community to understand better its options on what to do with the GSEs after conservatorship,” according to Andrew Taylor, director of research at the investment intelligence agency. There’s already been rumours by various hedge funds that Obama’s team wants to privatise the GSEs; is this the beginning of the end?
Perhaps Obama’s team is coming around to the Republican senator from Tennessee’s camp, who was quoted on CNBC saying “people should just short it, because it’s major BS.”
“The Administration is in the very early stages of looking at various options to end the GSEs conservatorship. This is a major shift in thinking as it would entail ending the GSE profit sweep allowing Fannie and Freddie to begin to retain capital. We have been told the Administration is not close to deciding how to proceed,” said the Political Alpha note.
This follows on the heels of the latest litigation that arose from the Treasury Department’s 2012 profit-seeking takeover of Fannie Mae and Freddie Mac. On Sept 30, Judge Margaret Sweeney of the Court of Federal Claims agreed to the the plaintiffs’ demands in Fairholme Funds vs. United States to file all materials classified as “protected information” in relations to Fannie Mae and Freddie Mac. This essentially forces the administration to disclose the internal dealings behind the takeover they’ve been trying to suppress.
http://www.valuewalk.com/2015/10/fannie-mae-bob-corker/
Correction: This piece was updated on March 22, 2016 at 9:30am EST to clarify that government received warrants to acquire nearly 80% of FNMA common stock. The previous version stated that the government had acquired nearly 80% of FNMA common stock.
To date, the investments have not performed well. Since the Sohn conference, shares of Fannie and Freddie are both down more than 60% -- and trading for approximately $1.50 each. During CNBC's Delivering Alpha conference in July, Ackman called the investments the "most interesting" in his portfolio, as it offered both the most upside and the most downside. Not surprisingly, Ackman said the downside outcome was "very unlikely."
As a refresher, the U.S. government put Fannie and Freddie into conservatorship in the wake of the financial crisis of 2008. Specifically, the government received warrants to acquire nearly 80% of the companies' common stock and also aquired senior preferred shares, which paid a 10% dividend. In August 2012 -- just as the companies were returning to profitability -- the government changed the terms of the agreement: Instead of paying a 10% dividend, Fannie and Freddie were required to pay nearly all of their profits to the U.S. Treasury, in what has been called the "net worth sweep."
In August 2014, Ackman filed suit against the government in Washington D.C.'s U.S. Court of Federal Claims, saying that the net worth sweeps represented "self-dealing," and that the sweeps violate the fifth amendment of the United States Constitution.
"I just think this cannot become a precedent where the U.S. government can step in and unilaterally take 100% of the profits of a U.S. corporation forever," Ackman said last July.
Although Ackman's points may be shared by others, the battle he wages is a big one, and one that has been unsuccessfully fought already: Other investors that have sued on similar grounds include Fairholme Funds and Perry Capital.
Ackman reiterated his stance on Fannie and Freddie during a panel conversation at Columbia University in September 2015.
http://realmoney.thestreet.com/articles/03/21/2016/fannie-and-freddie-stakes-not-likely-improve-ackman-anytime-soon
BRIEF-Freddie Mac issues monthly volume summary for May
Federal Home Loan Mortgage Corp
* Total mortgage portfolio increased at an annualized rate of 2.5% in may
* Total number of single-family loan modifications were 3,286 in May 2016 and 17,883 for the five months ended May 31, 2016
* Aggregate unpaid principal balance (UPB) of mortgage -related investments portfolio decreased by approximately $7.5 billion in may
* Freddie Mac mortgage-related securities and other mortgage-related guarantees increased at an annualized rate of 5.7% in May
* Single-family serious delinquency rate down from 1.15% in april to 1.11% in May; multifamily delinquency rate down from 0.04% in April to 0.02% in May
* Single-family refinance-loan purchase, guarantee volume of $16.8 billion in may representing 53% of total single-family mortgage portfolio purchases
* Relief refinance mortgages comprised approximately 7% of total single-family refinance volume during May Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)
http://www.reuters.com/article/idUSFWN19K0U0
Government as the Primary Protector of our Rights and Liberties
http://www.governmentisgood.com/articles.php?aid=19
Fannie Mae – New Shareholder Lawsuit: The Government’s Actions Are Illegal
http://www.valuewalk.com/2015/05/fannie-mae-new-lawsuit/
All US citizens will protect our Constitution , If Gov. is taking private property ...tell them to back off wtf !
I only research and commonsense , hope they not come to my house and take all my computers ...lol....
they planed take over FnF long time ago , until lost too much money for Iraq and Post Office report lost first time in decades .So the stories start....you can use your dogs names on the loan to buy a house ! bad bonds were rated AAA.....China used 138b$ to bought FnF's Bond ....that all top secret ( ) Obamacare() suck a lot of money !
One day your children and your grand children pay for this!
So write a book is only good way . Names will be there forever....every time you pay your TAX ...you will say wtf ( names) ....i will say wtf Corker!
I guess ! he got firer and fight back ...but his power not strong enough for "corruptions" lawmakers ! That why no one go to jail and he lost his job ....to late for fight back so he wrote a book about a loser ...with all respect .
It's mean ready for release , recap and uplist anytime . Gov.s only finds right and good way to do it !
http://www.nationalmortgagenews.com/blogs/compliance/fannie-mae-accounting-scandal-for-dummies-1041243-1.html
WASHINGTON, June 28, 2016 /PRNewswire/ -- Fannie Mae's (OTC Bulletin Board: FNMA) May 2016 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.
Fannie Mae enables people to buy, refinance, or rent homes.
Visit us at: http://www.fanniemae.com/progress
Follow us on Twitter: http://twitter.com/FannieMae
SOURCE Fannie Mae
Related Links
http://www.fanniemae.com
Government agency, such as the Government National Mortgage Association (Ginnie Mae), or a United States Government-sponsored entity (GSE or Agency), such as the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), (collectively referred to as Agency RMBS), RMBS backed by prime jumbo and Alternative A-paper (Alt-A) mortgage loans (non-Agency RMBS), and prime credit quality residential adjustable-rate mortgage (ARM) loans held in securitization trusts, or prime ARM loans.. The high end estimate for this time frame is $0.66 with the low being $0.61. According to analysts, New York Mortgage Trust, Inc. (NASDAQ:NYMT) is expected to report earnings per share for the current fiscal quarter of $0.14. This is the consensus mean estimate based on the individual covering sell-side firm’s reported numbers. The company last reported earnings for the period ending on 2016-03-31 of $0.13. New York Mortgage Trust, Inc. (NYMT), together with its consolidated subsidiaries, is a self-advised real estate investment trust (REIT). The Company is engaged in acquiring and managing primarily residential adjustable-rate, hybrid adjustable-rate and fixed-rate mortgage-backed securities (RMBS), for which the principal and interest payments are guaranteed by a United States http://www.themarketsdaily.com/analyst-actions/new-york-mortgage-trust-inc-nasdaqnymt-given-a-5-7-price-target-analysts/165015/
sell everything you have ...to buy it ...your wife and dogs too ...lmao
Determined To Ignore Ways To Recap Fannie Mae & Freddie Mac & End Conservatorship
There are a lot of ideas on how to follow the law and end the conservatorship of Fannie Mae and Freddie Mac. This would enable them to resume their historic role in providing countercyclical liquidity in the home lending market and also make shareholders whole. But there is just as much creative thinking to justify why this is impossible.
The Wall Street Journal’s John Carney is again insisting there is simply no way for the GSEs to rebuild and maintain an adequate capital base. In a blog last week, he took aim at a proposal by Tim Howard, the former CFO of Fannie, to keep the companies in place with a risk-based capital requirement of two percent. The reason why this is a bad idea in Carney’s eyes is that two percent is not nearly enough to fend off a future crash, which he assures could be as bad if not worse than 2008. This, presumably, could mean more taxpayer-funded bailouts.
He concluded the GSEs are Systemically Important Financial Institutions, or SIFIs. As such, they need to be subject to a more rigorous capital standard – capitalization at the 11% to 14.5% level.
Using the Basel III formula for such large institutions, Fannie Mae, based on an estimated $3.2 trillion in assets, would have to maintain from $176 to $232 billion in capital. Looking at Fannie’s 2015 earnings of $11 billion, the capital would be far less than 11 percent he says would be needed. Plus this amount does not even include the fees Fannie would have to pay the government for the backstop.
So where could that amount of money come from? Carney acknowledged it won’t be from capital markets. The rate of return on the investment is too low, he concedes. On the other hand, if we simply let the GSEs accumulate capital from their earnings, it would take decades. Until then they would remain moribund, undercapitalized companies worth hardly anything to shareholders. The answer, not surprisingly is to put them out of everyone’s misery and replace them “with something new.”
http://www.valuewalk.com/2016/04/fannie-mae-freddie-mac-conservatorship/
It's been 8 years corruptions Bp FnF ...."Laywers" is very good not obey the laws, ....power ...and power to make the rules!
http://www.freedomworks.org/content/federal-court-tells-obama-administration-obey-law
I still wait to add 2mils shares....!GLTY
Correction $10 a share is coming!
you got it all, now just matter of time ! Tick tock tick tack ....!
Fannie, Freddie and an Outbreak of Amnesia
The growing ‘recap and release’ movement is a bad idea that could lead to another financial disaster.
A dangerous amnesia pervades the current discussion about the future of mortgage giants Fannie Mae and Freddie Mac. Recall that during the 2008 financial crisis these “government-sponsored enterprises,” hit hard by the subprime meltdown, were put into full-blown government conservatorship, with taxpayers footing the bill for a $188 billion bailout. Many, myself included, thought reforming Fannie and Freddie would be an immediate postcrisis priority. Sadly, it never happened.
Now there’s a growing movement afoot to recapitalize Fannie and Freddie and release them from conservatorship. Even conservative groups such as the National Taxpayers Union and Americans for Prosperity are pushing for passage of the Housing Finance Restructuring Act of 2016, introduced in April by Sen. Mick Mulvaney (R., S.C.), which includes a recap-and-release scheme.
Fannie, Freddie and an Outbreak of Amnesia
This is a bad idea that fails to address the fundamental flaws in Fannie and Freddie’s business model and could lead to another financial collapse and taxpayer rescue.
Those who favor recap and release are buttressed by a lawsuit filed by investors in Fannie and Freddie equity. Initially, taxpayers were compensated for the bailout with a 10% annual dividend on their investment. In 2012, however, the Treasury Department began sweeping all quarterly profits from Fannie and Freddie into the general fund, nearly $250 billion to date. Investors in the GSEs have sued the government, labeling the Treasury action an illegal “taking” that has prevented Fannie and Freddie from accumulating capital and meriting release from conservatorship.
Affordable-housing advocates, the mortgage industry, home builders and realtors are also in favor of recap and release. They argue that the Federal Housing Finance Agency, the GSEs’ regulator, should reverse course. In other words, stop eliminating Fannie and Freddie’s portfolios of mortgage securities, stop transferring credit risk to the private sector, and—most important—stop the scheduled elimination of Fannie and Freddie capital by 2018.
http://www.wsj.com/articles/fannie-freddie-and-an-outbreak-of-amnesia-1464131687
WASHINGTON – June 23, 2016 – (RealEstateRama) — Following a U.S. Department of Housing and Urban Development (HUD) National Homeownership Month “Dare to Own the Dream” event, the National Community Reinvestment Coalition (NCRC) and local community groups called on the Obama Administration to protect and strengthen the affordable housing goals at Fannie Mae and Freddie Mac.
NCRC President and CEO John Taylor made the following statement:
“It is commendable that the Obama Administration is voicing support for access to credit and homeownership opportunities, and their support for housing counseling and fair housing is outstanding. However, their plan to eliminate Fannie Mae and Freddie Mac is likely to prove extraordinarily harmful to homeownership opportunities for working people across the country.”
“As HUD is calling on us to ‘Dare to Own the Dream,’ the Administration’s actions in the area of housing finance reform could very well deny that dream to working people, not just today, but for future generations.”
“Fannie Mae and Freddie Mac and their affordable housing goals have helped millions to become responsible homeowners. The elimination of Fannie and Freddie and the goals is contrary to the principles that HUD and President Obama have voiced for National Homeownership Month. We call on the Treasury Department and Federal Housing Finance Agency Director Mel Watt to recapitalize Fannie and Freddie, conduct additional reforms to ensure their viability, transparency, and accountability, and end the conservatorship.”
http://www.realestaterama.com/2016/06/23/as-hud-asks-americans-to-dare-to-own-the-dream-of-homeownership-ncrc-calls-on-obama-administration-to-preserve-affordable-housing-goals-ID034831.html
Civil Rights, Consumer Groups Urge FHFA to Recapitalize Fannie and Freddie
"Our organizations are deeply concerned that under the Preferred Stock Purchase Agreements with the Treasury Department, the capital buffers of Fannie Mae and Freddie Mac will be completely eliminated by the end of 2017," said the letter to FHFA Director Mel Watt. "This course of action is likely to destabilize the housing economy, undermine efforts to make housing finance more accessible and affordable, and drive up the costs of homeownership."
http://www.nationalmortgagenews.com/news/secondary/civil-rights-consumer-groups-urge-fhfa-to-recapitalize-fannie-and-freddie-1079147-1.html
5$ is coming!
Hedge Fund Perry Capital LLC initially filed the case in the United States District Court in the District of Columbia challenging the decision of the U.S Treasury Department and Federal Housing Finance Agency (FHFA) with regard to the profit sweep. The lawsuit states that the government violated terms of the 2008 bailout agreement.
According to the lawsuit, the Treasury department did not have the authority with respect to dividend sweep for purchase of new securities at the beginning of 2010 as per HERA. The FHFA also failed to conserve assets of Fannie Mae (FNMA) and Freddie Mac (FMCC) as a conservator.
Initial Case with Judge Lamberth in US District Court for the District of Columbia
The case was initially heard by Judge Lamberth. Judge Lamberth granted the governments motion to dismiss dealing the plantiffs a large blow and sending shares plummeting on September 30, 2014. While the decision was negative for shareholders, Judge Lamberth provided some opening for the plaintiffs stating that he believed that takings were not ripe. He also questioned the Housing and Economic Recovery Act of 2008 (“HERA”) and asked whether it was unconstitutional, despite ruling for the government.
Lamberth motion to dismiss: http://gselinks.com/Court_Filings/Perry/13-cv-01025-0051.pdf