something me and you share , fun.
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Good points about Trump ...a lot corruption "RATs" watch out , bc it's hard to get Trump on their sides !
“As we prepared for the release, we experienced issues with the testing environment and decided it would be prudent to delay the release,” Fannie Mae said last week in an announcement sent to lenders and posted on its website.
But now, those issues appear to be on the way to being remedied, bringing the implementation of the use of trended credit data closer to fruition.
Fannie Mae is working with Equifax and TransUnion to provide the data.
As it stands currently, credit reports used in mortgage lending only indicate the outstanding balance and if a borrower pays on time or is delinquent on existing credit accounts such as credit cards, mortgages or student loans.
Through trended credit data, lenders can access the monthly payment amounts that a consumer made on these accounts over time.
http://www.housingwire.com/articles/37328-fannie-mae-sets-new-date-for-use-of-trended-credit-data
Opinion Journal: Fannie Mae Won’t Die
6/21/2016 1:05PM
Rep. French Hill (R., AR) on why taxpayers are still backing the vast majority of U.S. private mortgages. Photo credit: Getty Images.
http://www.wsj.com/video/opinion-journal-fannie-mae-wont-die/C5B4A713-A78C-4CDC-BA80-DD7955B730EA.html
who came out on Wednesday calling for investors to make bets that the companies’ shares will fall in value
The call came during Corker’s interview with CNBC’s Rick Santelli about the topic of housing finance reform.
Fannie Mae FNMA, -4.12% and Freddie Mac FMCC, -3.65% were taken under conservatorship during the financial crisis. All of their profits get swept to the Treasury, though that arrangement has drawn legal challenges from hedge funds who say the sweep is illegal and that the mortgage giants should be privatized again.
Corker says the hedge funds are pushing a false rumor the White House wants to float Fannie and Freddie.
“People should be short it, because it’s major BS,” Corker says. “It’s just talking your own book.”
A Treasury Department spokesman declined to comment on Corker’s comments. Treasury Sec. Jack Lew has been supportive of efforts to replace Fannie and Freddie without re-privatizing the giants.
Corker, who has failed to advance legislation he co-wrote to wind down Fannie and Freddie, said that Congress has been “inept” in not tackling the issue. Corker has co-written a new bill with Sen. Elizabeth Warren, Sen. Mark Warner and Sen. David Vitter called the Jumpstart GSE Reform Act that would prevent the Treasury from selling any of its preferred equity in Fannie and Freddie without congressional approval.
Fannie and Freddie shares were both weaker on Wednesday but for the week, Freddie is 8% higher, while Fannie has advanced 6.7%.http://www.marketwatch.com/story/sen-bob-corker-says-investors-should-short-fannie-and-freddie-2015-10-07
By John Carney
A federal appeals panel has more questions for some on the plaintiffs in the Fannie Mae and Freddie Mac litigation.
At the very least, this suggests that a decision in the case is not imminent.
The United States Court of Appeals for District of Columbia Circuit Tuesday ordered the class action plaintiffs to submit supplemental briefs addressing a series of questions about the role of sovereign immunity in the case.
The class action plaintiffs are investors in the common and junior preferred shares of Fannie and Freddie. They are represented by Boies, Shiller & Flexner, LLP, the law firm that last year won a high-profile lawsuit contesting the terms of the bailout of American International Group Inc.
In the order, the court instructed the class action plaintiffs to answer the following questions:
1. Regarding the class plaintiffs' claim against Treasury for breach of fiduciary duty, is there a grant of subject matter jurisdiction and a waiver of sovereign immunity that is not the Federal Tort Claims Act?
2. Regarding all the class plaintiffs' other claims:
a. Is each defendant subject to suit absent a waiver of sovereign immunity and, if not, is there such a waiver? The answer to this question should include a discussion of whether the FHFA's challenged actions were taken solely in the agency's capacity as conservator for Fannie Mae and Freddie Mac, or whether they were taken in whole or in part in a regulatory capacity.
b. What is the source of subject matter jurisdiction over the claims?
Under U.S. law, the federal government cannot be sued for money damages unless a law waives its sovereign immunity. The Federal Tort Claims Act waives sovereign immunity in certain cases where a private individual could be held liable in similar circumstances.
Fannie and Freddie were placed into conservatorship under the supervision of the Federal Housing Finance Authority in 2008. The U.S. Treasury provided $187.5 billion in rescue funding and agreed to provide hundreds of billions more in exchange for senior preferred shares in both companies as well as warrants for just under 80% of their common equity.
The senior preferred shares originally paid a fixed 10% dividend. This was changed 2012 to a variable dividend, effectively meaning they are required to pay all profits to Treasury but owe no dividends when they suffer a loss. Investors have sued in both state and federal court over the change, arguing that they have been unfairly cut off from the profits of the companies.
The D.C. Circuit panel is considering the appeal of a trial court's dismissal of some of those suits, including those filed by the class action plaintiffs as well as individual suits filed by Perry Capital, LLC, Fairholme Funds, Inc. and Arrowood Indemnity Company. Those cases were dismissed in 2014 when a judge interpreted the 2008 law governing Fannie and Freddie's conservatorships as denying federal courts from exercising jurisdiction over the challenges.
While the questions from the court do not necessarily indicate which way it is leaning in the case, there are hints. Most notably, the questions are directed at the class action plaintiffs and not the individual plaintiffs. This could mean that the court is not inclined to accept the demands for injunctive relief -- namely, the reversal of the 2012 change to the bailout terms--that were emphasized in their briefs.
The questions may also suggest that the court has not found any of the previous claims for jurisdiction persuasive. That is to say, the court may be leaning toward agreeing with the trial court that the 2008 law does operate to deny jurisdiction.
That hardly guarantees a government win. After all, the court is allowing the class action a chance to argue that other laws may give courts jurisdiction. One possibility is that the court is more open to the idea that the government could be liable for monetary damages while enjoying immunity to injunctive relief.
New briefs are due from the class action plaintiffs on July 1. The government has until July 8 to respond. A final reply briefs from the plaintiffs is due July 15.
(END) Dow Jones Newswires
June 21, 2016 15:56 ET (19:56 GMT)
Bank of America $1.27 bln U.S. mortgage penalty is voided
NEW YORK | BY NATE RAYMOND AND JONATHAN STEMPEL
A U.S. appeals court on Monday threw out a jury's finding that Bank of America Corp was liable for mortgage fraud leading up to the 2008 financial crisis, voiding a $1.27 billion penalty and dealing the U.S. Department of Justice a major setback.
The 2nd U.S. Circuit Court of Appeals in New York found insufficient proof under federal fraud statutes to establish Bank of America's liability over a mortgage program called "Hustle" run by the former Countrywide Financial Corp.
The Justice Department claimed Countrywide, which Bank of America bought in July 2008, defrauded government-sponsored mortgage financiers Fannie Mae and Freddie Mac by selling them thousands of toxic loans.
But in a 3-0 decision, U.S. Circuit Judge Richard Wesley said the evidence at most showed that Countrywide breached contracts to sell investment-quality loans, and that there was no proof it intended any deception.
"The trial evidence fails to demonstrate the contemporaneous fraudulent intent necessary to prove a scheme to defraud through contractual promises," Wesley wrote.
Bank of America said it was pleased with the ruling. A spokesman for Manhattan U.S. Attorney Preet Bharara, whose office pursued the case, had no immediate comment.
The lawsuit was filed in 2012 following a whistleblower's complaint, and remains one of the biggest government enforcement cases to go to trial in connection with the U.S. housing meltdown and financial crisis.
A federal jury had in 2013 found Bank of America and Rebecca Mairone, a former midlevel Countrywide executive, liable for fraudulently selling shoddy loans originated through its "High Speed Swim Lane" program, also called HSSL or "Hustle."
The Justice Department said the program rewarded staff for generating more mortgages and emphasizing speed over quality, and resulted in Fannie Mae and Freddie Mac being lied to about the quality of loans they bought.
Fannie Mae and Freddie Mac were seized by the government in September 2008 and remain in conservatorships.
Following the verdict, U.S. District Judge Jed Rakoff in 2014 imposed a $1.27 billion penalty on Bank of America and ordered Mairone to pay $1 million.
Bank of America was sued under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a law adopted after the 1980s savings and loan scandal targeting conduct "affecting" federally insured financial institutions.
The Justice Department has relied on FIRREA for several financial crisis-linked cases in part because it provides 10 years from the time of the alleged fraud to bring cases.
Joshua Rosenkranz, a lawyer for Mairone, called the case "a massive government overreach," and said Monday's decision could have ramifications for other mortgage-related enforcement actions against banks.
But he said the decision was also narrow because it did not address a closely watched issue over whether the government could sue a bank under FIRREA for conduct "affecting" itself.
No appeals court has addressed that issue, which has emerged in other cases against banks.
The case is U.S. v. Countrywide Home Loans Inc et at, 2nd U.S. Circuit Court of Appeals, No. 15-496.
http://www.reuters.com/article/bank-of-america-fraud-idUSL2N18K101?type=companyNews
Fannie and Freddie don’t write mortgages; they buy them from lenders, back them and bundle them as securities. Because they play such a crucial role in the U.S. housing market, the government bailed out both government-sponsored enterprises (GSEs) in the financial crisis of 2008 to the tune of about $100 billion each and put them under the control of the Federal Housing Finance Agency.
The main thrust of the plan from Sperling and his colleagues is to merge Fannie and Freddie into a new entity, a government-owned corporation called the National Mortgage Reinsurance Corp. (NMRC), and transfer most of the risk inherent in the current system to private investors.
The NMRC would do pretty much what Fannie and Freddie does now but it “would be required to transfer all non-catastrophic credit risk on the securities that it issues to a broad range of private entities. Its mortgage-backed securities would be backed by the full faith and credit of the U.S. government, for which it would charge an explicit guarantee fee … sufficient to cover any risk that the government takes.”
http://finance.yahoo.com/news/time-kill-fannie-mae-100-121500029.html
GSE Equity Set To Escape Government Death Grip
http://seekingalpha.com/article/3983351-gse-equity-set-escape-government-death-grip
The Investment Opportunity In Brief: If you take the government for their word, then equity stakes in the GSEs that are NOT owned by the government are worthless. Richard X. Bove and William Ackman have forecasted that the commons could be worth $20 or so in the even the warrants are exercised and the GSEs are allowed to retain capital, while the preferreds at best would trade up to around par or so. If you believe the government for their word, you absolutely should not own equity securities of Fannie Mae and Freddie Mac.
Freddie Mac Sells $706 Million of Seriously Delinquent Loans
MCLEAN, VA--(Marketwired - Jun 21, 2016) - Freddie Mac (OTCQB: FMCC) today announced it sold via auction 2,879 deeply delinquent non-performing loans (NPLs) serviced by Bayview Loan Servicing, LLC from its mortgage-related investments portfolio. The transaction is expected to settle in August 2016, and servicing will be transferred post-settlement. The sale is part of Freddie Mac's Standard Pool Offerings (SPO®). Freddie Mac, through its advisors, began marketing the transaction on May 25, 2016, to potential bidders, including minority and women-owned businesses (MWOBs), non-profits, neighborhood advocacy funds and private investors active in the NPL market.
The loans were offered as five separate pools of mortgage loans, three of them geographically diverse SPO pool offerings. The two remaining pools were New York- and New Jersey-only pools, respectively. Investors had the flexibility to bid on one or multiple pools, or bid on the aggregate of the SPO pools. All five pools were sold at a weighted average price in the mid-60s as a percent of the total unpaid principal balance.
The loans have been delinquent for almost five years, on average. Given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 29 percent of the aggregate pool balance. The aggregate pool is geographically diverse and has a loan-to-value ratio of approximately 92 percent, based on BPO (Broker Price Opinion).
http://www.otcmarkets.com/stock/FMCC/news?id=134382
Corker did it ...I saw it !Watch Bob Corker Tell Americans to “Short” Shares of Fannie Mae
http://www.valuewalk.com/2015/10/watch-bob-corker-tell-americans-to-short-shares-of-fannie-mae/
Fannie and Freddie Bailout Terms
Between 2008 and 2011 the government invested $187.5 billion in preferred shares in Fannie Mae and Freddie Mac, carrying a 10% dividend or payment in kind option (an option the government has ignored consistently). The government also obtained warrants for an ownership stake in each GSE for 79.9 percent.
On August 17th, 2012, long after the authorization for any future bailouts or purchases of securities via H.E.R.A expired, the government took unprecedented action and amended the terms of the Fannie Mae and Freddie Mac’s bailouts requiring them to send every dime of profit they make to the Treasury, without the payments offsetting any of the original bailout. Shortly after the GSEs would become profitable again, profitable enough to begin repaying $245.6 billion, an action the government claimed it was surprised by, despite recently unsealed legal filings showing otherwise.
To date, the GSEs have not been allowed to pay back a dime of principal despite having paid back $245.6 billion. These terms would be considered preposterous by free market capitalists if they were applied to any other entity. We don’t know why anyone besides the hedge funds have protested but one can guess that conservatives have looked the other way because they never liked the GSEs and Liberals have looked the other way because they want even deeper control of the housing market by the government.
Everyone can win in a bailout if it is executed fairly and properly but the government has changed the rules half-way through and treated certain entities much worse then others. The Banks and General Motors in particular got much better deals than AIG and Fannie and Freddie.
http://investcorrectly.com/20160617/hypocrisy-bailout-terms-federal-national-mortgage-assctn-fnni-otcmktsfnma-federal-home-loan-mortgage-corp-otcmktsfmcc/
A closely watched proposal to replace Fannie Mae and Freddie Mac would require raising more than $100 billion from private investors, according to its authors who include advisers to Hillary Clinton.
Left unstated is how to deal with current shareholders, who include hedge funds and money managers who are locked in a bitter legal battle with the government over profits generated by the mortgage-finance giants.
At issue is a paper that advises Congress to wind down Fannie Mae and Freddie Mac and replace them with a government-owned company dubbed the National Mortgage Reinsurance Corporation. While the authors first proposed the new company in March, they provided details Tuesday on how it would be governed and capitalized.
Notably, NMRC would create a new class of securities paying a fixed dividend to erect a buffer against possible downturns. As the company ramped up, the securities would build capital amounting to 2.5 percent of the company’s guarantees -- or about $125 billion, assuming that the firm backed about $5 ....
http://www.bloomberg.com/politics/articles/2016-06-14/clinton-advisers-mortgage-plan-would-tap-investors-for-billions
Fannie Mae and Freddie Mac Invest in Democrats
Published by Lindsay Renick Mayer
The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.
Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president. Sen. Chris Dodd (D-Conn.), chairman of the Senate banking committee, has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
Name
Office
Party/State
Total
1. Dodd, Christopher J
S
D-CT
$133,900
2. Kerry, John
S
D-MA
$111,000
3. Obama, Barack
S
D-IL
$105,849
4. Clinton, Hillary
S
D-NY
$75,550
5. Kanjorski, Paul E
H
D-PA
$65,500
6. Bennett, Robert F
S
R-UT
$61,499
7. Johnson, Tim
S
D-SD
$61,000
8. Conrad, Kent
S
D-ND
$58,991
9. Davis, Tom
H
R-VA
$55,499
10. Bond, Christopher S 'Kit'
S
R-MO
$55,400
11. Bachus, Spencer
H
R-AL
$55,300
12. Shelby, Richard C
S
R-AL
$55,000
13. Emanuel, Rahm
H
D-IL
$51,750
14. Reed, Jack
S
D-RI
$50,750
15. Carper, Tom
S
D-DE
$44,389
16. Frank, Barney
H
D-MA
$40,100
17. Maloney, Carolyn B
H
D-NY
$38,750
18. Bean, Melissa
H
D-IL
$37,249
19. Blunt, Roy
H
R-MO
$36,500
20. Pryce, Deborah
H
R-OH
$34,750
21. Miller, Gary
H
R-CA
$33,000
22. Pelosi, Nancy
H
D-CA
$32,750
23. Reynolds, Tom
H
R-NY
$32,700
24. Hoyer, Steny H
H
D-MD
$30,500
25. Hooley, Darlene
H
D-OR
$28,750
And you dems WANT to BLMAE republicans for this mess... Are you kidding me? Its quite clear whos in bed with who here. Wheres the investigations? The media attention to expose corruption? Clearly a democrats mess...
Read more at http://www.liveleak.com/view?i=266_1221520426#EWFPucLKOUeSdtYI.99
Fannie Mae and Freddie Mac Invest(ed) in Lawmakers
When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies. On Sunday the government completely took over the two government-sponsored enterprises, and we've returned to our data to bring you the updates, this time providing a list of all 354 lawmakers who have gotten money from Fannie Mae and Freddie Mac (in July we posted the top 25). These totals are based on data released electronically from the FEC on Sept. 2 and include contributions to lawmakers' leadership PACs and candidate committees from the floundering companies' PACs and employees. Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that. This week we also wrote about how much money lawmakers had invested of their own money in the companies last year--a total of up to $1.7 million.
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
Kerry, John S MA D $111,000 $2,000 $109,000
Bennett, Robert F S UT R $107,999 $71,499 $36,500
Bachus, Spencer H AL R $103,300 $70,500 $32,800
Blunt, Roy H MO R $96,950 $78,500 $18,450
Kanjorski, Paul E H PA D $96,000 $57,500 $38,500
Bond, Christopher S 'Kit' S MO R $95,400 $64,000 $31,400
Shelby, Richard C S AL R $80,000 $23,000 $57,000
Reed, Jack S RI D $78,250 $43,500 $34,750
Reid, Harry S NV D $77,000 $60,500 $16,500
Clinton, Hillary S NY D $76,050 $8,000 $68,050
Davis, Tom H VA R $75,499 $13,999 $61,500
Boehner, John H OH R $67,750 $60,500 $7,250
Conrad, Kent S ND D $64,491 $22,000 $42,491
Reynolds, Tom H NY R $62,200 $53,000 $9,200
Johnson, Tim S SD D $61,000 $20,000 $41,000
Pelosi, Nancy H CA D $56,250 $47,000 $9,250
Carper, Tom S DE D $55,889 $31,350 $24,539
Hoyer, Steny H H MD D $55,500 $51,500 $4,000
Pryce, Deborah H OH R $55,500 $45,000 $10,500
Emanuel, Rahm H IL D $51,750 $16,000 $35,750
Isakson, Johnny S GA R $49,200 $35,500 $13,700
Cantor, Eric H VA R $48,500 $46,500 $2,000
Crapo, Mike S ID R $47,250 $40,500 $6,750
Frank, Barney H MA D $42,350 $30,500 $11,850
Bean, Melissa H IL D $41,249 $34,999 $6,250
Bayh, Evan S IN D $41,100 $16,500 $24,600
McConnell, Mitch S KY R $41,000 $40,000 $1,000
Maloney, Carolyn B H NY D $39,750 $16,500 $23,250
Dorgan, Byron L S ND D $38,750 $30,500 $8,250
Miller, Gary H CA R $38,000 $31,500 $6,500
Rangel, Charles B H NY D $38,000 $14,750 $23,250
Tiberi, Patrick J H OH R $35,700 $32,600 $3,100
Bunning, Jim S KY R $33,802 $29,650 $4,152
Stabenow, Debbie S MI D $33,450 $32,000 $1,450
Chambliss, Saxby S GA R $33,250 $22,500 $10,750
Menendez, Robert S NJ D $31,250 $30,500 $750
Enzi, Mike S WY R $31,000 $27,500 $3,500
Van Hollen, Chris H MD D $30,700 $11,000 $19,700
Landrieu, Mary L S LA D $30,600 $20,000 $10,600
Murray, Patty S WA D $30,000 $23,000 $7,000
Clyburn, James E H SC D $29,750 $26,000 $3,750
Crowley, Joseph H NY D $29,700 $25,500 $4,200
Sessions, Pete H TX R $29,472 $24,000 $5,472
McCrery, Jim H LA R $29,000 $26,000 $3,000
Hooley, Darlene H OR D $28,750 $19,500 $9,250
Royce, Ed H CA R $28,600 $4,000 $24,600
Renzi, Rick H AZ R $28,250 $28,000 $250
Lieberman, Joe S CT I $28,250 $11,500 $16,750
Baucus, Max S MT D $27,500 $21,000 $6,500
Moore, Dennis H KS D $26,550 $25,500 $1,050
Coleman, Norm S MN R $24,690 $12,000 $12,690
Matheson, Jim H UT D $24,500 $24,000 $500
Schumer, Charles E S NY D $24,250 $1,500 $22,750
Durbin, Dick S IL D $23,750 $14,000 $9,750
Rogers, Mike H MI R $22,750 $21,000 $1,750
Lynch, Stephen F H MA D $22,500 $13,500 $9,000
Rockefeller, Jay S WV D $22,250 $5,000 $17,250
Smith, Gordon H S OR R $22,000 $20,000 $2,000
Mikulski, Barbara A S MD D $21,750 $16,500 $5,250
McCain, John S AZ R $21,550 $0 $21,550
Spratt, John M Jr H SC D $21,500 $17,000 $4,500
Brown-Waite, Ginny H FL R $21,000 $21,000 $0
Davis, Geoff H KY R $21,000 $19,500 $1,500
Velazquez, Nydia M H NY D $20,750 $16,750 $4,000
Baca, Joe H CA D $20,500 $20,200 $300
Alexander, Lamar S TN R $20,500 $20,000 $500
Allard, Wayne S CO R $20,250 $0 $20,250
Neugebauer, Randy H TX R $20,000 $20,000 $0
Nelson, Ben S NE D $20,000 $19,000 $1,000
Salazar, Ken S CO D $19,900 $17,000 $2,900
Jefferson, William J H LA D $19,250 $8,500 $10,750
Byrd, Robert C S WV D $18,500 $8,000 $10,500
Hatch, Orrin G S UT R $18,250 $12,500 $5,750
Miller, Brad H NC D $18,000 $16,500 $1,500
Sherman, Brad H CA D $18,000 $12,500 $5,500
Craig, Larry S ID R $18,000 $15,000 $3,000
Roberts, Pat S KS R $18,000 $18,000 $0
Waters, Maxine H CA D $17,800 $15,000 $2,800
Biggert, Judy H IL R $17,750 $15,500 $2,250
Gerlach, Jim H PA R $17,750 $16,500 $1,250
Reyes, Silvestre H TX D $17,550 $2,000 $15,550
LaTourette, Steven C H OH R $17,500 $17,500 $0
Brownback, Sam S KS R $17,300 $14,250 $3,050
Barrett, Gresham H SC R $17,250 $13,000 $4,250
Watt, Melvin L H NC D $17,250 $13,000 $4,250
Scott, David H GA D $17,000 $13,500 $3,500
King, Pete H NY R $16,750 $1,000 $15,750
Cummings, Elijah E H MD D $16,700 $10,000 $6,700
Grassley, Chuck S IA R $16,500 $14,500 $2,000
Cantwell, Maria S WA D $16,250 $0 $16,250
Domenici, Pete V S NM R $16,226 $7,000 $9,226
Herseth Sandlin, Stephanie H SD D $16,200 $4,500 $11,700
Putnam, Adam H H FL R $15,500 $15,500 $0
Feinstein, Dianne S CA D $15,250 $2,000 $13,250
Brown, Sherrod S OH D $15,000 $15,000 $0
Feeney, Tom H FL R $14,750 $13,500 $1,250
Sununu, John E S NH R $14,750 $0 $14,750
Hinojosa, Ruben H TX D $14,500 $13,000 $1,500
Capito, Shelley Moore H WV R $14,250 $8,000 $6,250
Burr, Richard S NC R $14,250 $13,500 $750
Jackson, Jesse Jr H IL D $14,000 $8,000 $6,000
Meeks, Gregory W H NY D $14,000 $13,500 $500
Cornyn, John S TX R $14,000 $12,000 $2,000
Collins, Susan M S ME R $13,000 $12,000 $1,000
Boxer, Barbara S CA D $12,750 $5,000 $7,750
McHenry, Patrick H NC R $12,500 $12,500 $0
Israel, Steve H NY D $12,050 $10,000 $2,050
Nunes, Devin Gerald H CA R $12,000 $12,000 $0
Davis, Artur H AL D $11,750 $11,500 $250
Martinez, Mel S FL R $11,750 $8,500 $3,250
Roskam, Peter H IL R $11,650 $8,500 $3,150
Pryor, Mark S AR D $11,650 $9,500 $2,150
Webb, James S VA D $11,550 $1,000 $10,550
Doolittle, John T H CA R $11,500 $11,500 $0
Harkin, Tom S IA D $11,450 $6,900 $4,550
Lee, Barbara H CA D $11,250 $11,000 $250
Thune, John S SD R $11,057 $1,000 $10,057
Klein, Ron H FL D $11,000 $11,000 $0
Mahoney, Tim H FL D $11,000 $11,000 $0
Fossella, Vito H NY R $10,750 $7,500 $3,250
Schultz, Debbie Wasserman H FL D $10,750 $9,750 $1,000
Thompson, Mike H CA D $10,600 $1,000 $9,600
Moran, Jim H VA D $10,500 $1,250 $9,250
Kennedy, Edward M S MA D $10,500 $3,000 $7,500
Clay, William L Jr H MO D $10,250 $8,500 $1,750
Payne, Donald M H NJ D $10,100 $5,500 $4,600
Dingell, John D H MI D $10,000 $7,000 $3,000
Lincoln, Blanche S AR D $10,000 $5,500 $4,500
Levin, Sander H MI D $9,800 $0 $9,800
Roybal-Allard, Lucille H CA D $9,800 $5,000 $4,800
Barrasso, John A S WY R $9,500 $9,500 $0
Nelson, Bill S FL D $9,500 $9,000 $500
Napolitano, Grace H CA D $9,300 $8,500 $800
Castle, Michael N H DE R $9,200 $7,000 $2,200
Drake, Thelma H VA R $9,000 $9,000 $0
Dreier, David H CA R $9,000 $7,000 $2,000
Bachmann, Michele Marie H MN R $8,850 $6,500 $2,350
Gonzalez, Charlie A H TX D $8,500 $5,000 $3,500
Lewis, John H GA D $8,500 $4,000 $4,500
Knollenberg, Joe H MI R $8,250 $5,000 $3,250
Moore, Gwen H WI D $8,250 $8,000 $250
Pastor, Ed H AZ D $8,100 $4,500 $3,600
Norton, Eleanor Holmes D DC D $8,000 $3,000 $5,000
Becerra, Xavier H CA D $8,000 $7,000 $1,000
Jackson Lee, Sheila H TX D $8,000 $0 $8,000
Larson, John B H CT D $8,000 $8,000 $0
Lewis, Jerry H CA R $8,000 $7,000 $1,000
Melancon, Charles J H LA D $8,000 $8,000 $0
Walsh, James T H NY R $7,750 $0 $7,750
Corker, Bob S TN R $7,750 $2,000 $5,750
Cramer, Bud H AL D $7,500 $7,000 $500
Cubin, Barbara H WY R $7,500 $5,000 $2,500
Ensign, John S NV R $7,300 $6,000 $1,300
Meek, Kendrick B H FL D $7,250 $6,500 $750
Wilson, Charlie H OH D $7,250 $7,000 $250
Leahy, Patrick S VT D $7,250 $2,500 $4,750
Cleaver, Emanuel H MO D $7,000 $7,000 $0
Marchant, Kenny Ewell H TX R $7,000 $7,000 $0
Thompson, Bennie G H MS D $7,000 $6,000 $1,000
Casey, Bob S PA D $7,000 $6,000 $1,000
Solis, Hilda L H CA D $6,800 $6,500 $300
Gordon, Bart H TN D $6,750 $4,000 $2,750
Pomeroy, Earl H ND D $6,750 $5,000 $1,750
Tiahrt, Todd H KS R $6,500 $6,500 $0
Boyd, Allen H FL D $6,000 $5,500 $500
Capuano, Michael E H MA D $6,000 $5,000 $1,000
Heller, Dean H NV R $6,000 $6,000 $0
Marshall, Jim H GA0 D $6,000 $6,000 $0
Whitfield, Ed H KY R $6,000 $6,000 $0
Klobuchar, Amy S MN D $5,650 $1,500 $4,150
Ross, Mike H AR D $5,550 $3,000 $2,550
McCarthy, Carolyn H NY D $5,500 $5,500 $0
Slaughter, Louise M H NY D $5,500 $5,500 $0
Hodes, Paul W H NH D $5,450 $5,000 $450
Cardin, Ben S MD D $5,300 $500 $4,800
Boren, Dan H OK D $5,250 $5,000 $250
Ackerman, Gary H NY D $5,000 $4,000 $1,000
Andrews, Robert E H NJ D $5,000 $0 $5,000
Camp, Dave H MI R $5,000 $5,000 $0
Cole, Tom H OK R $5,000 $5,000 $0
Davis, Lincoln H TN D $5,000 $5,000 $0
Hill, Baron H IN D $5,000 $5,000 $0
Pearce, Steve H NM R $5,000 $5,000 $0
Perlmutter, Edwin G H CO D $5,000 $5,000 $0
Weller, Jerry H IL R $5,000 $0 $5,000
Snowe, Olympia J S ME R $5,000 $4,000 $1,000
Wicker, Roger S MS R $5,000 $5,000 $0
Davis, Danny K H IL D $4,950 $2,000 $2,950
Chabot, Steve H OH R $4,750 $3,000 $1,750
Honda, Mike H CA D $4,750 $4,000 $750
Price, David H NC D $4,550 $2,050 $2,500
Hagel, Chuck S NE R $4,500 $0 $4,500
Lugar, Richard G S IN R $4,500 $1,000 $3,500
Kaptur, Marcy H OH D $4,350 $1,000 $3,350
McCollum, Betty H MN D $4,350 $0 $4,350
Carson, Andre H IN D $4,250 $4,000 $250
Obey, David R H WI D $4,250 $2,000 $2,250
Salazar, John H CO D $4,250 $4,000 $250
Sanchez, Loretta H CA D $4,250 $3,000 $1,250
Tanner, John H TN D $4,250 $3,500 $750
Cardoza, Dennis H CA D $4,000 $4,000 $0
English, Phil H PA R $4,000 $4,000 $0
Green, Al H TX D $4,000 $4,000 $0
Kilpatrick, Carolyn Cheeks H MI D $4,000 $3,250 $750
Murphy, Chris H CT D $4,000 $4,000 $0
Tester, Jon S MT D $4,000 $3,500 $500
Rodriguez, Ciro D H TX D $3,750 $3,000 $750
Donnelly, Joe H IN D $3,500 $3,500 $0
Matsui, Doris O H CA D $3,500 $2,500 $1,000
Paul, Ron H TX R $3,500 $0 $3,500
Price, Tom H GA R $3,500 $3,500 $0
Schmidt, Jean H OH R $3,500 $2,500 $1,000
Wexler, Robert H FL D $3,500 $3,500 $0
Wyden, Ron S OR D $3,500 $0 $3,500
Biden, Joseph R Jr S DE D $3,300 $0 $3,300
Gutierrez, Luis V H IL D $3,250 $2,500 $750
Harman, Jane H CA D $3,250 $0 $3,250
Hensarling, Jeb H TX R $3,250 $1,500 $1,750
Kennedy, Patrick J H RI D $3,250 $0 $3,250
Ryan, Paul H WI R $3,250 $2,500 $750
Myrick, Sue H NC R $3,200 $1,500 $1,700
Schwartz, Allyson H PA D $3,200 $2,000 $1,200
Diaz-Balart, Lincoln H FL R $3,000 $3,000 $0
Lucas, Frank D H OK R $3,000 $1,500 $1,500
McCarthy, Kevin H CA R $3,000 $3,000 $0
Souder, Mark E H IN R $3,000 $3,000 $0
Udall, Mark H CO D $3,000 $2,500 $500
Bingaman, Jeff S NM D $3,000 $3,000 $0
Levin, Carl S MI D $3,000 $3,000 $0
Stevens, Ted S AK R $3,000 $3,000 $0
Hobson, Dave H OH R $2,850 $0 $2,850
Johnson, Eddie Bernice H TX D $2,825 $1,000 $1,825
Berkley, Shelley H NV D $2,750 $2,000 $750
Jones, Walter B Jr H NC R $2,750 $0 $2,750
Ferguson, Mike H NJ R $2,700 $0 $2,700
Cannon, Chris H UT R $2,500 $2,000 $500
Childers, Travis W H MS D $2,500 $2,500 $0
DeGette, Diana H CO D $2,500 $2,000 $500
Ellison, Keith H MN D $2,500 $2,500 $0
Keller, Ric H FL R $2,500 $2,000 $500
Oberstar, James L H MN D $2,500 $0 $2,500
Serrano, Jose E H NY D $2,500 $1,500 $1,000
Shays, Christopher H CT R $2,500 $2,000 $500
McCaskill, Claire S MO D $2,500 $2,500 $0
Cuellar, Henry H TX D $2,450 $2,000 $450
Markey, Edward J H MA D $2,250 $0 $2,250
Smith, Adam H WA D $2,250 $2,000 $250
Butterfield, G K H NC D $2,000 $2,000 $0
Costa, Jim H CA D $2,000 $2,000 $0
Foster, Bill H IL D $2,000 $2,000 $0
Grijalva, Raul M H AZ D $2,000 $2,000 $0
Hastings, Doc H WA R $2,000 $2,000 $0
Moran, Jerry H KS R $2,000 $0 $2,000
Murphy, Patrick J H PA D $2,000 $2,000 $0
Olver, John W H MA D $2,000 $2,000 $0
Porter, Jon H NV R $2,000 $2,000 $0
Regula, Ralph H OH R $2,000 $0 $2,000
Reichert, Dave H WA R $2,000 $2,000 $0
Sanchez, Linda H CA D $2,000 $2,000 $0
Sires, Albio H NJ D $2,000 $2,000 $0
Tauscher, Ellen H CA D $2,000 $2,000 $0
Akaka, Daniel K S HI D $2,000 $2,000 $0
Cochran, Thad S MS R $2,000 $2,000 $0
Whitehouse, Sheldon S RI D $2,000 $1,000 $1,000
Allen, Tom H ME D $1,950 $0 $1,950
Stearns, Cliff H FL R $1,850 $1,850 $0
DeLauro, Rosa L H CT D $1,750 $1,000 $750
Towns, Edolphus H NY D $1,750 $0 $1,750
Hulshof, Kenny H MO R $1,700 $1,250 $450
Fattah, Chaka H PA D $1,500 $1,000 $500
Neal, Richard E H MA D $1,500 $1,500 $0
Diaz-Balart, Mario H FL R $1,450 $1,000 $450
Kucinich, Dennis J H OH D $1,349 $0 $1,349
Alexander, Rodney H LA R $1,250 $1,250 $0
Carnahan, Russ H MO D $1,250 $1,000 $250
Wilson, Heather A H NM R $1,250 $0 $1,250
Coburn, Tom S OK R $1,250 $0 $1,250
Feingold, Russ S WI D $1,250 $0 $1,250
Kyl, Jon S AZ R $1,250 $0 $1,250
Linder, John H GA R $1,150 $500 $650
Sestak, Joe H PA D $1,150 $0 $1,150
Specter, Arlen S PA R $1,100 $350 $750
Berry, Marion H AR D $1,000 $1,000 $0
Blackburn, Marsha H TN R $1,000 $1,000 $0
Boswell, Leonard L H IA D $1,000 $1,000 $0
Boucher, Rick H VA D $1,000 $1,000 $0
Boustany, Charles W Jr H LA R $1,000 $1,000 $0
Calvert, Ken H CA R $1,000 $1,000 $0
Campbell, John H CA R $1,000 $1,000 $0
Cazayoux, Donald J H LA D $1,000 $1,000 $0
Conaway, Mike H TX R $1,000 $1,000 $0
Cooper, Jim H TN D $1,000 $500 $500
Ellsworth, Brad H IN D $1,000 $1,000 $0
Filner, Bob H CA D $1,000 $0 $1,000
Graves, Sam H MO R $1,000 $1,000 $0
Hayes, Robin H NC R $1,000 $0 $1,000
Higgins, Brian M H NY D $1,000 $1,000 $0
Johnson, Hank H GA D $1,000 $0 $1,000
Latham, Tom H IA R $1,000 $1,000 $0
Lofgren, Zoe H CA D $1,000 $0 $1,000
McNerney, Jerry H CA D $1,000 $1,000 $0
Michaud, Mike H ME D $1,000 $1,000 $0
Mitchell, Harry E H AZ D $1,000 $1,000 $0
Musgrave, Marilyn H CO R $1,000 $0 $1,000
Ortiz, Solomon P H TX D $1,000 $1,000 $0
Rush, Bobby L H IL D $1,000 $0 $1,000
Schiff, Adam H CA D $1,000 $1,000 $0
Scott, Robert C H VA D $1,000 $0 $1,000
Smith, Chris H NJ R $1,000 $0 $1,000
Space, Zachary T H OH D $1,000 $1,000 $0
Terry, Lee H NE R $1,000 $0 $1,000
Walberg, Tim H MI R $1,000 $0 $1,000
Welch, Peter H VT D $1,000 $1,000 $0
Wolf, Frank R H VA R $1,000 $1,000 $0
Dole, Elizabeth S NC R $1,000 $0 $1,000
Lautenberg, Frank R S NJ D $1,000 $0 $1,000
Christian-Green, Donna D VI D $750 $0 $750
Inslee, Jay R H WA D $750 $0 $750
Duncan, John J Jr H TN R $600 $600 $0
Bilbray, Brian P H CA R $500 $0 $500
Bishop, Sanford D Jr H GA D $500 $500 $0
Castor, Kathy H FL D $500 $0 $500
Edwards, Donna H MD D $500 $0 $500
Hinchey, Maurice H NY D $500 $0 $500
LaHood, Ray H IL R $500 $0 $500
Mack, Connie H FL R $500 $0 $500
Pascrell, Bill Jr H NJ D $500 $500 $0
Pickering, Charles "Chip" Jr H MS R $500 $500 $0
Rehberg, Denny H MT R $500 $0 $500
Sarbanes, John H MD D $500 $0 $500
Shadegg, John H AZ R $500 $0 $500
Skelton, Ike H MO D $500 $500 $0
Smith, Lamar H TX R $500 $500 $0
Stark, Pete H CA D $500 $500 $0
Weldon, Dave H FL R $500 $0 $500
Wu, David H OR D $500 $0 $500
Graham, Lindsey S SC R $500 $0 $500
Brown, Corrine H FL D $450 $0 $450
Turner, Michael R H OH R $375 $0 $375
Hastings, Alcee L H FL D $300 $0 $300
Warner, John W S VA R $300 $0 $300
Aderholt, Robert B H AL R $250 $0 $250
Arcuri, Michael H NY D $250 $0 $250
Carney, Chris H PA D $250 $0 $250
Dicks, Norm H WA D $250 $0 $250
Lampson, Nick H TX D $250 $0 $250
Manzullo, Don H IL R $250 $0 $250
Platts, Todd H PA R $250 $0 $250
Watson, Diane E H CA D $250 $0 $250
Weiner, Anthony D H NY D $250 $0 $250
DeMint, James W S SC R $250 $0 $250
Sanders, Bernie S VT I $250 $250 $0
Total $4,844,572 $3,017,797 $1,826,775
Includes contributions from PACs and individuals. 2008 cycle totals based on data released electronically by the Federal Election Commission on Sept. 2, 2008.
Read more at http://www.liveleak.com/view?i=693_1221548629#oXjEErhyeUwcT68j.99
Read more at http://www.liveleak.com/view?i=693_1221548629#oXjEErhyeUwcT68j.99
Government Misleads with Strange Math on Returns in Federal National Mortgage Assctn Fnni Me (OTCMKTS:FNMA), and Federal Home Loan Mortgage Corp (OTCMKTS:FMCC)
http://investcorrectly.com/20160610/government-misleads-strange-math-returns-federal-national-mortgage-assctn-fnni-otcmktsfnma-federal-home-loan-mortgage-corp-otcmktsfmcc/
Banks was paying billions dollars to not went to jail ( Too big to Jail)!
“People should be short it, because it’s major BS,” Corker says. “It’s just talking your own book.”
A Treasury Department spokesman declined to comment on Corker’s comments. Treasury Sec. Jack Lew has been supportive of efforts to replace Fannie and Freddie without re-privatizing the giants.
Corker, who has failed to advance legislation he co-wrote to wind down Fannie and Freddie, said that Congress has been “inept” in not tackling the issue. Corker has co-written a new bill with Sen. Elizabeth Warren, Sen. Mark Warner and Sen. David Vitter called the Jumpstart GSE Reform Act that would prevent the Treasury from selling any of its preferred equity in Fannie and Freddie without congressional approval.
http://www.marketwatch.com/story/sen-bob-corker-says-investors-should-short-fannie-and-freddie-2015-10-07
Can civil fraud take place without someone perpetrating criminal fraud?
In another example, Wells Fargo & Co. agreed in February to pay $1.2 billion to settle allegations that it duped the Federal Housing Administration into insuring thousands of loans that did not meet federal requirements. Somebody did the duping, so why no criminal charges?
Why are our prisons not full of the people who systematically enriched themselves and brought the world economy to its knees by defrauding borrowers and investors?
http://www.dailybulletin.com/opinion/20160609/doesnt-fraud-imply-theres-a-fraudster
Too Big to Jail!
Corker says he's done nothing wrong. He charges complaints filed against him by a self-styled Washington watchdog group are part of a smear spurred by angry hedge fund billionaires fearful his stance on the future of mortgage giants Fannie Mae and Freddie Mac would torpedo their considerable investments.
The Wall Street Journal, which first revealed the federal inquiry, has cited unnamed sources saying authorities don't believe Corker was involved in the company's potential accounting issues, though they are interested in learning more about the senator's trading in CBL's stock.
The Journal also reported they have found no evidence to suggest Corker has committed wrongdoing.
CBL officials said in a statement the Wall Street Journal article "included serious allegations from unnamed sources. We believe these allegations to be completely baseless and take very seriously any question regarding our accounting and financial practices. We strongly deny and will seek to understand the origin of these allegations."
CBL officials say "neither the company nor its executives have been contacted by the FBI, SEC or any other regulatory agency regarding our company's accounting or financial practices. At all times, our company operates with the utmost integrity and holds itself to the highest ethical standards" and has "stringent policies and procedures" to ensure its reports and filings "comply with applicable laws, rules and regulations."
http://www.timesfreepress.com/news/politics/state/story/2016/jun/06/corker-berke-spattered-partismud-throwing-ove/369521/
We’ll see what develops, should the SEC decide to investigate Senator Corker. But a formal investigation would certainly raise an interesting issue: As a member of the Senate Banking Committee, Corker wields regulatory oversight over the Securities and Exchange Commission – the very enforcement agency that would be tasked with investigating the activity outlined in the complaint filed today. In this context, how could Corker remain on the Banking Committee without it being a clear conflict of interest? We think the answer to that question is clear. He could not.
http://investorsunite.org/would-an-sec-investigation-force-senate-corker-to-vacate-the-senate-banking-committee/
Sen. Bob Corker, R-Tenn. appeared on CNBC Wednesday discussing the issue of conservatorship for the GSEs, and in dismissing a report suggesting the White House is open to ending conservatorship he said investors should short Fannie Mae and Freddie Mac.
Corker said "hedge funds" are spreading false rumors that the White House wants to "re-IPO" Fannie and Freddie.
“People should be short it, because it’s major BS,” Corker said. “It’s just talking your own book.”
He was referring to an Oct. 5 note from the research firm Political Alpha. This note made the rounds in both Washington and Wall Street causing GSE shares to trade-up. The note states:
Multiple sources have confirmed that the White House has reached out to the housing finance community to better understand its options on what to do with the GSEs after conservatorship.
…
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. While we have been told the Administration is not close to deciding how to proceed, the initial announcement of the White House’s intent would clearly be beneficial to the entire capital structure of the GSEs.
http://www.housingwire.com/articles/35296-did-sen-corker-violate-sec-rules-senate-ethics-telling-investors-to-short-gses
“I would think pretty close to zero,” Fannie Mae’s Chief Economist Doug Duncan told Scotsman Guide News on Monday, referring to the possibility of a June rate hike in the wake of the recent anemic jobs report. “That was a setback in the labor market, that they are going to wait and see whether that was some sort of aberration or temporary factor."
Duncan said the Fed will likely hike the rate one time this year, possibly at the September meeting. He said the labor data was the most important piece of data, but the Fed also appears to be paying close to attention to the key vote in Great Britain and whether China is able to clamp down on a credit bubble.
“Typically, in the past, U.S. monetary authority has stuck to domestic issues,” Duncan said. “Clearly this Fed board is taking more account of international factors.”
Mortgage Bankers Association Chief Economist Mike Fratantoni said he agreed that May’s weak jobs report likely killed any possibility for a rate increase at the June meeting, but he was still confident that the hike could come in July “as other economic data are pointing to continued economic growth.”
http://www.scotsmanguide.com/News/2016/06/Fed-Chair-Yellen-downplays-weak-jobs-report--but-a-June-rate-hike-viewed-as-unlikely/
The Risk Involved With GSE Credit Risk Transfer
http://www.dsnews.com/news/06-09-2016/the-risk-involved-with-gse-credit-risk-transfer
While the GSEs remain in conservatorship and taxpayers remain on the hook for mortgage credit risk, the Enterprises have been transferring a portion of credit risk on single-family mortgages to private investors for three years now through various programs like the Structured Agency Credit Risk (STACR) for Freddie Mac and the Connecticut Avenue Series (CAS).
However, volatility in mortgage rates could result from relying predominantly on these transactions to reduce risk to taxpayers, according to a report from Karan Kaul of the Urban Institute released on Thursday. The straightforward approach of diversifying private capital sources would help to avoid this outcome, according to Kaul.
Since STACR and CAS transactions began in 2013, Fannie Mae has transferred the credit risk for a fifth of its mortgage portfolio to private investors and Freddie Mac has laid off risk for about a third of its portfolio to the private market. The GSEs’ regulator since 2008, the FHFA, is now requiring Fannie Mae and Freddie Mac to transfer the risk on 90 percent of the single-family loans they acquire this year.
Securities are typically sold through STACR and CAS to investors in multiple tranches—two higher-risk tranches and two safer tranches. The brief history of STACR and CAS revealed that the volatility in the higher risk tranches has been high, while it has been considerably less for safer tranches. History has also shown that investors generally demand higher interest rates on their investment when the market deteriorates, such as earlier this year with the combination of an oil price decline in the U.S. and worries about a slowdown in China, according to Kaul.
Banking trade groups oppose piecemeal changes to GSEs
Five powerful trade associations urged Fannie Mae and Freddie Mac’s regulator on Wednesday not to make piecemeal changes to the government-sponsored enterprises (GSEs) prior to Congress undertaking comprehensive reforms.
In a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt, the Mortgage Bankers Association, the American Bankers Association, the National Association of Realtors, the National Association of Home Builders and the National Housing Conference said comprehensive reform was needed to fix “the structural flaws that led to the breakdown of the housing-finance system.”
Although the groups do not speak out against recent calls by some progressive and small-lender trade groups that want the government to end the GSE profit sweeps and to rebuild the their capital reserves, they did argue against any changes to the preferred-stock purchase agreements between the GSEs and the U.S. Treasury. Those pacts, in essence, provide that Treasury's stock holdings are senior to all other preferred or common stock issued by the GSEs.
Under the current arrangement, all of the GSEs revenues are swept up by the Treasury and their capital buffers are scheduled to be wound down to zero by the start of 2018. Fannie and Freddie, in turn, are able to draw on lines of credit extended by the government in the event of losses.
The letter said these agreements “provide an adequate backstop” until reforms are completed by Congress.
The letter also said that the reforms should be designed to create a sustainable system of housing finance and benefit consumers, rather than simply benefit “the balance sheets of private companies” — a reference to the hedge funds that bought Fannie and Freddie stock cheap during the downturn and, according to recent media reports, are now aggressively pushing to have Fannie and Freddie recapitalized and released from conservatorship.
“Absent reform, we run the risk of continuing to kick the can down the road without ensuring ongoing access to mortgage credit for millions of future homeowners,” the letter said. “Policymakers need to continue to focus on the paramount objective of fixing the structural flaws that led to the breakdown of the housing-finance system — the only outcome that will protect taxpayers, preserve access to credit and ensure a stable housing-finance system.”
In recent months, groups have been applying more pressure on the FHFA to end the profit sweeps. In February, Watt warned that Fannie and Freddie would most likely have to take draws on the Treasury, a move that has been previously characterized in the media as a taxpayer-funded “bailout,” which is unpopular politically. He said investors could lose confidence in the GSE-issued mortgage-backed securities should they be forced to take draws. Fannie Mae’s Chief Executive Officer Tim Mayopoulos also recently called the current structure “unsustainable.”
Numerous groups, including progressives and conservatives, Fannie and Freddie stock investors and some banking trade groups have urged Watt to withhold dividend payments to the Treasury, and allow the GSEs to rebuild capital. These groups have different visions of the ultimate role of the GSEs, but generally want to see Fannie and Freddie recapitalized and released from the eight-year conservatorship after reforms.
Last month, the Community Mortgage Lenders of American (CMLA) and the Community Home Lenders Association joined seven progressive groups in urging Watt to allow the GSEs to rebuild their buffers. The groups argue Watt has the power to accomplish this unilaterally.
"Fannie Mae and Freddie Mac are being run on a slender and quickly vanishing amount of capital,” CMLA Executive Director Glen Corso said on Wednesday. “Homebuyers, as well as all of us in the mortgage finance industry, face a threat.”
http://www.scotsmanguide.com/rsArNews.aspx?iPTitle=9.4&id=45097158855
Housing industry opposes Fannie-Freddie plan
http://www.sltrib.com/home/3984564-155/housing-industry-opposes-fannie-freddie-plan
The terms of the bailout agreement do not "replace the need for a permanent solution to housing finance reform.
However, they do provide an adequate backstop to allow Congress to complete the last piece of unfinished business from the financial crisis," the letter said. "Detours from this long-term goal would be counterproductive."
In recent weeks, other groups have sent Watt their own letters calling for the FHFA to allow Fannie Mae and Freddie Mac to retain capital to buffer against the potential need for bailouts.
Bridge Bancorp, Inc. is a bank holding firm for The Bridgehampton National Bank . The company has a market cap of $530.88 million. The Bank engages in commercial and consumer banking business, including accepting time, savings and demand deposits from the consumers, businesses and local municipalities surrounding its branch offices. It has a 22.59 P/E ratio. These deposits, together with funds generated from activities and borrowings, are invested primarily in commercial real estate loans; multi-family mortgage loans; home equity loans; construction loans; residential mortgage loans; secured and unsecured commercial and consumer loans; Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) and Federal Home Loan Mortgage Corporation (FHLMC) and non-agency mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; New York State and local municipal obligations, and the United States government sponsored entity (U.S.
http://www.franklinindependent.com/bridge-bancorp-incorporated-nasdaqbdge-sellers-covered-0-29-of-their-shorts/
Glen Bradford reviews how the government forced itself onto Federal Home Loan Mortgage Corp (OTCMKTS:FMCC) and Federal National Mortgage Assctn Fnni Me (OTCMKTS:FNMA) and from there has taken over $100 billion out of them. A hurricane of truth is coming to knock down the government’s fraud. (SeekingAlpha)
http://investcorrectly.com/20160609/quick-bytes-thursday-june-9th-fmcc-fnma-twtr-scty-aapl/
Breaking News : US goverment is taking private property (fnf) uncontitutional !http://www.thepoliticalinsider.com/breaking-obama-just-suffered-major-defeat-supreme-court/
It will happen anytime , FnF full report for 2yrs now
Bill Ackman Bullish On Freddie Mac/ Fannie Mae & Allergan
Democrats in their own words Covering up Fannie Mae, Freddie Mac scandal
Today Jack Lew puts $250 bil. dollars back recap FnF , It3 will be a better day ! Court news after market close maybe ....
"Subsequently, on August 17, 2012, the Third Amendment (Net Worth Sweep) was announced (came into effect on January 01, 2013). The Third Amendment altered the 10% dividend arrangement and required Fannie Mae to send all its profits to Treasury, minus a gradually declining capital reserve. It is the contention of shareholders that this constituted an unconstitutional taking of private property."
http://seekingalpha.com/article/3970309-fannie-mae-presently-owe-17_6-billion-original-10-percent-arrangement
volume on the rise , that a good thing ....http://www.valuewalk.com/2016/06/bruce-berkowitz-hails-latest-win-fannie-mae-fight/
Sen. Bob Corker, R-Tenn. appeared on CNBC Wednesday discussing the issue of conservatorship for the GSEs, and in dismissing a report suggesting the White House is open to ending conservatorship he said investors should short Fannie Mae and Freddie Mac.
Corker said "hedge funds" are spreading false rumors that the White House wants to "re-IPO" Fannie and Freddie.
“People should be short it, because it’s major BS,” Corker said. “It’s just talking your own book.”
http://www.housingwire.com/articles/35296-did-sen-corker-violate-sec-rules-senate-ethics-telling-investors-to-short-gses
This makes sense. A loan is a much simpler product, and the barriers to entry are low. In April, for example, Fannie Mae announced a loan product of its own that would effectively let homeowners borrow a little extra to finance the purchase of panels, paying it back like a mortgage.Fannie Mae has been a called a lot of things over the years, but renewable-energy pioneer is not one of them. If a homeowner can arrange for a mortgage-like loan -- a product as familiar and American as apple pie -- and then take bids from several local installers to put up the panels, then they might just do that instead of going with a bundled loan from one of the big solar developers.This isn't to say putting up solar panels will become just like having your gutters fixed. Solar systems include cells, inverters, software and (increasingly) storage. To get the most out of them, they will have to work efficiently, especially as states change electricity pricing regimes under pressure from utilities alarmed at the rise of such competition.That leaves a potential role for integrated solar service companies to fill even if the financing gets simpler. Still, competition is only going to increase. Mortgage lenders, like the utilities with which solar companies already lock horns, enjoy low capital costs and existing customer relationships to exploit.For the solar companies, loans look like a Band-Aid; a sacrifice of future margins to the cause of raising cash now. Their real challenge remains the same one SolarCity spelled out last summer: cutting bloated costs and debt. It's that simple.
http://www.bloomberg.com/gadfly/articles/2016-06-08/solarcity-loan-program-no-simple-fix
check this one ...Banks were willing pay bils$$ for not go to jail ...it was done deal that why they try cover it up. And use FnF to suck all the money !http://billmoyers.com/episode/too-big-to-jail/
“The rights of shareholders have been trampled on and their access to information has been blocked at every turn since 2012.”
Tim Pagliara, GSE Shareholder
Although Pagliara is the founder and executive director of Investors Unite, which is a coalition of individual investors committed to preserving shareholder rights for Fannie Mae and Freddie Mac investors, he is not filing these lawsuits on behalf of Investors Unite, according to an announcement from the company.
Pagliara filed his lawsuits in the state courts after written requests to inspect corporate records, which are available to shareholders under state law in both Delaware and Virginia, were denied. Although Fannie Mae and Freddie Mac have been under conservatorship of the FHFA since 2008, and are charted by the government, the Ninth Circuit Court of Appeals ruled earlier in March that the GSEs are private companies in a False Claims Act suit filed by realtors against several of the nation’s largest lenders. The plaintiffs in that case alleged that the defendants certified that certain loans purchased by Fannie Mae and Freddie Mac were free and clear of certain HOA charges and liens when they were not, and further alleged that the false certifications were made to the GSEs as instrumentalities of the U.S. government.
The Ninth Circuit ruling caused a buzz in the mortgage industry and prompted an attorney representing the plaintiff in another Net Worth Sweep lawsuit to write a letter to a federal judge in the U.S. District Court for the District of Delaware, informing the judge of the Ninth Circuit decision.
Pagliara’s complaints point out that the Treasury’s publicly stated goal of the Net Worth Sweep is to ensure that “every dollar of earnings each firm generates is used to benefit taxpayers,” which Pagliara claims ignores shareholder rights and is underpinning the conservatorship that requires Fannie Mae’s and Freddie Mac’s assets to be “conserved.”
“Shareholders have a right to understand how this sweep of earnings from private companies that trampled the rights of shareholders was conceived and executed,” Pagliara said. “By inspecting the companies’ corporate records, we will be better able to answer key questions about that decision making process.”
http://www.dsnews.com/news/03-15-2016/shareholder-to-fannie-mae-and-freddie-mac-show-me-the-corporate-records
Deloitte, Ernst & Young, PricewaterhouseCoopers and KPMG audit companies that account for 98 percent of the value of U.S. stock markets. During the crisis, nine major financial institutions collapsed or were rescued by the government within months of receiving clean bills of health from one of the Big Four. While Schnurr was deputy managing partner at Deloitte, the firm signed off on the books of Bear Stearns, Washington Mutual and Fannie Mae. Each went bust soon after, costing investors over $115 billion in losses.
“CONSTRUCTIVE FEEDBACK”
Doty’s efforts have floundered, in large part because Schnurr’s office has used its oversight powers to block, weaken and delay them, according to a dozen current and former SEC and PCAOB officials. Schnurr’s staff has also campaigned to have Doty removed from office, these people said.
Doty’s term ended on Oct. 24. He continues to serve as PCAOB chairman day-to-day, waiting for the SEC to decide whether or not to reappoint him.
http://www.reuters.com/article/us-usa-accounting-pcaob-special-report-idUSKBN0TZ1XL20151217
That only copy and past (sharing intel)