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IMF News....4/24/14...
Short Takes: FHA Delinquencies Approaching an All-Time Low? / Flagstar?s IO Ticking Time Bomb / More MSR Deals from Phoenix, IMA and MountainView / No to Johnson-Crapo / Promotion for Wingspan Official
The National Urban League has come out as an opponent of the Johnson-Crapo GSE reform bill. In a new letter to Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID, NUL President and CEO Mark Morial argues that the bill?s repeal of current affordable housing goals, as well as the reduced government guaranty, will lead to higher mortgage costs that will make homeownership unaffordable for middle and working class Americans. ?For this central reason, the National Urban League intends to mobilize its membership and partners in opposition to this bill ? or any subsequent housing finance reform legislation that does not include affordable housing goals,? writes Morial. A markup is set for next Tuesday, April 29?
500K shares @3.95
245k shares @ 3.94.....big buy for what we've seen lately.
This is the best part...
Two long positions were negatively impacted, however. First, Netflix, Inc. (NASDAQ:NFLX) fell 21.1%, though the pain was mitigated by the fact that I’ve been harvesting profits all the way up (I sold as high as $433 in February; it closed yesterday at $353.03), so it was less than a 3% position at the start of month. Secondly, Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) retraced most of February’s 53.4% gain, dropping 25.6%. It’s still been a nicely profitable position since I established it in November – and I expect it will continue to be – but I sure wish I’d taken some profits when it spiked over $6 in early March.
IMF News....4/21/14...
Growing Opposition to Senate GSE Reform Could Stall Bill Markup
By Charles Wisniowski
While Congress is halfway through its two-week Easter/Passover recess, political pressure continues to build against the Senate's bipartisan housing finance reform legislation, leading to growing doubt whether the scheduled markup of the bill will occur as scheduled later this month.
At the moment, the Senate Banking, Housing and Urban Affairs Committee has only the bare minimum majority of 12 of the 22 committee members pledged to support the GSE legislative reform bill crafted by Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID.
Johnson is said to be seeking at least four more supporters before putting the bill up for a vote. The bill needs to clear committee with at least 16 votes in order to reach the Senate floor with sufficient political momentum for it to be considered, noted an industry lobbyist.
However, the lobbyist said there's growing expectations that the planned April 29 markup will pushed back to May to allow Johnson and Crapo time to seek more support.
more IMF News....
FHFA 2014 Scorecard ?Soon?/Congress Remains in Recess This Week
Despite the growing impatience for word of the Federal Housing Finance Agency's expected policy direction under new management, an industry observer says FHFA Director Mel Watt?s cautiousness should be viewed as a healthy sign. "I think some people thought he would be able to come in and wave a magic wand, but I think Watt wants to be careful about rocking the boat," said financial industry consultant Bert Ely...
The industry is currently awaiting release of the FHFA's 2014 Conservatorship Scorecard, which was expected weeks ago. A senior trade group executive told Inside The GSEs to expect official policy guidance via the scorecard to be issued by the Finance Agency "soon."...
Finally, Congress remains out of town this week during its two-week Easter/Passover recess. House and Senate lawmakers will return April 28.
While it looks as if Ackman could win his HLF bet don't count on any of his personal profits going to a FnF investment. He has already stated he will donate all of his HLF profits to charity. Now, his overall fund may be a different story.
I wouldn't be surprised if he did the same with his FnF bet one day. If it's necessary, that is.
MB, I assumed if available you would be there! Thanks for being our "fly on the wall". Any and all updates/info is always appreciated.
Many, many thanks.
TII
So there are about 8m FMCCH shares issued at a RV of $50 each. This is good news.
Watching the press conference live, I immediately knew what Tim was getting at. Great line from a very good movie and even better performance.
"No, I'm just gettin' warmed up!" "HOOAH!"
MB, thanks for all of your past, present and future efforts. They are very much appreciated. It's great to get an insiders "feel and perception" of what is going on on the hill and with the media that was present at the IU conference.
Keep up the great work!
TII
Banker Who Helped Crash Housing Market Helped Crafting Mortgage Reform
Here's a link to the article. The title is great.
Banker Who Helped Crash Housing Market Helped Crafting Mortgage Reform
BY: Alana Goodman
April 10, 2014 5:00 am
Controversial housing finance reform legislation making its way through the Senate Banking Committee was co-written by a former mortgage trader for Countrywide Financial and Wachovia, two of the subprime mortgage behemoths at the center of the housing market crash in 2007.
Michael Bright, the senior financial adviser to Sen. Bob Corker (R., Tenn.), worked as a trader and member of the loan-pricing desk at Countrywide Financial from 2002 to 2006, and as a senior trader for Wachovia from 2006 to 2008.
Bright joined Corker’s office in 2010, and has been a key figure in crafting the Corker-Warner housing reform bill and the successive legislation spearheaded by Sens. Mike Crapo (R., Idaho) and Tim Johnson (D., S.D.).
“[Bright’s] running the show,” said Tim Pagliara, a top bundler for Corker who has taken an active stance against the bill. “And Corker listens to him.”
Pagliara said Bright continues to play a leading role in the Crapo-Johnson legislation, which draws heavily from the Corker-Warner bill.
“I’ll be on Capitol Hill [on Wednesday], and he’s dominating, he’s a big part of the discussion,” said Pagliara. “He’s going to be in the main meeting.”
Corker’s office acknowledged Bright’s role in writing the Corker-Warner bill, and defended his past work for Countrywide and Wachovia.
“Our office spent a good deal of time to hire someone who has extensive knowledge of housing finance to serve as our senior advisor on these issues and help craft the housing finance reform legislation the senator introduced last year,” said spokesperson Tara DiJulio.
However, the former mortgage trader’s involvement is raising alarms with some government watchdogs and critics, who say the legislation is skewed in favor of the nation’s biggest banks.
“Anyone who really participated in Countrywide and Wachovia before the collapse happened was fully participating in the types of financial arrangements that caused the collapse,” said Public Citizen’s Craig Holman. “We’re seeing some of the rules evolving in this legislation that appear to be rigged for the bigger banks.”
Edward J. Pinto, resident fellow at the American Enterprise Institute, said that Bright “comes to this definitely from the perspective of those kinds of institutions and Wall Street, and that definitely has colored what’s in the bill.”
The bipartisan legislation would dissolve government-sponsored enterprises Fannie Mae and Freddie Mac and replace them with a new federal agency called the Federal Mortgage Insurance Corporation [FMIC].
Under the law, the FMIC would cover 90 percent of investor losses on mortgage-backed securities, and, in the event of a national financial crisis, 100 percent of these losses.
“[The banks and mortgage lenders] think Fannie and Freddie are being too stingy, and they want to loosen the spigot some more with government support,” said John Berlau, a senior fellow at the Competitive Enterprise Institute.
Pinto said one of the major concerns of the bill’s critics is the taxpayer-funded guarantee for mortgage-backed securities losses.
“Anytime you have an … explicit government guarantee, it will end up resulting in a taxpayer bailout at some point because the government is not very good at pricing for risk,” he said.
Government watchdogs questioned whether someone with deep ties to the major financial institutions that contributed to the 2007 subprime crisis should play such an active role in crafting finance reform legislation.
Holman said it appeared to be a “reverse revolving-door” scenario.
“We see this capture of congressional committees and even specific projects like this by the very same interests that have a great deal at stake in shaping that legislation,” he said. “This is the reverse revolving door spinning without any controls whatsoever.”
While Bright speaks regularly about the housing finance reform legislation to industry groups and firms, Corker’s office said he does not receive outside payment for these appearances.
Ken Boehm, chairman of the National Legal and Policy Center said this activity does not violate congressional rules, but raises questions about what Bright’s primary interests are as a senate staffer.
“The question is, is he really doing the people’s business or is he feathering his own nest for future advancement? And the folks who do that a lot do things like run around the all the trade association meetings,” said Boehm. “The public’s entitled to know what he’s doing, and they can decide for themselves if that’s what they want there.”
I believe this is what Tim was referring to. I'm Just Gettin' Warmed Up - Al Pacino
(I don't know how to post youtube clips or if you even can, so just click on the text.)
Blanka, thank you for your efforts over the last 36 hours.
Obit, that is exactly what I took from this mornings Investors Unite Press Conference. Although, you stated it more precise and eloquent than I surely would have. Job well done.
Thanks.
You're welcome. I was just trying to help you understand how to move around the board better. I didn't realize that you didn't understand the meaning of the word "sticky" and what it represented.
I see you're up to speed now. Glad I could help.
Home > Boards > US OTC > Banking and Finance > Fannie Mae (FNMA)
Click on the Fannie Mae (FNMA)
Then Scroll down below the big chart and you will see all of the posts...
Post Subject < Older | Newer >
#202343 Sticky Note FNMA and the facts ... MUST READ ~ Blue ~ 04/04/14 02:45:57 PM
#197070 Sticky Note Agreed. Sign this: https://petitions.whitehouse.gov/petition/restore-gses-f JoEy D BuLL 03/24/14 10:49:01 PM
#177657 Sticky Note Ackman Sees Big Upside to Fannie, Freddie Bet obiterdictum 02/23/14 05:24:38 PM
#159116 Sticky Note An Unconstitutional Bonanza Daxxer 12/02/13 06:59:07 PM
These first 4 posts have a yellow background and have little sticky note looking thing on the left right after the post number The first one by Blue is the one everyone has a problem with
#202441 wicked indeed. I am little bummed that I frdmlover 04/04/14 04:38:09 PM
#202440 http://finance.yahoo.com/news/james-lockhart-says-cant-see-151306751.html Jun myogenix 04/04/14 04:36:33 PM
#202439 Did you scroll down? How do you get ada 04/04/14 04:35:03 PM
#202438 Slander and spreading false information is a criminal offense. stockprofitter 04/04/14 04:34:26 PM
#202437 AGAIN: When I clicked on FannieMae at lumpina 04/04/14 04:34:11 PM..................
NEWS OUT...about Investors Unite.
New "Investors Unite" Coalition Launches to Win Fair Treatment for Shareholders of Fannie Mae, Freddie Mac Stocks
NASHVILLE, Tenn., April 3, 2014 /PRNewswire-USNewswire/ -- Today, Tim Pagliara, Chairman & CEO, CapWealth Advisors, and investor in Fannie Mae and Freddie Mac, announced the formation of a broad coalition of individual Fannie and Freddie shareholders seeking full restitution after their dividends were seized by the Treasury Department in 2012 under terms of U.S. Government-mandated conservatorship.
The grassroots coalition of shareholders will be called Investors Unite and includes investors from across the United States who have banded together to take action to influence the course of government-sponsored enterprise (GSE) reform. The grouping will work to impact and amend proposed legislation, such as the Johnson-Crapo proposal, which would fully vanquish Fannie and Freddie shareholders.
"I'm hearing from scores of outraged people invested in Fannie and Freddie who are incredulous at the way in which the US Government side-stepped the rule of law to seize legitimate investments and profit," said Tim Pagliara. "Many are ready to take action. Some will be in Washington, D.C., next week to meet with legislators like those on the Senate Banking Committee who think they might be able to dismiss investor rights and the rule of law as they rally behind the Crapo-Johnson bill.
Pressure on Congress to enact reform that restores the rights of Fannie Mae and Freddie Mac investors has intensified in recent months under the leadership of famed consumer rights advocate Ralph Nader and Tim Pagliara, both investors in Fannie Mae and Freddie Mac. The two recently came together alongside affordable housing rights advocates at a Shareholder Respect roundtable in Washington, D.C., to point to the failure of GSE reform initiatives, such as the Corker-Warner proposal and PATH Acts, to address shareholder rights.
As a first action by Investors Unite, dozens of investors from across the United States will take part in a round of meetings with the offices of Senate Banking Committee members on Wednesday, April 9, following a press conference at the National Press Club.
For more information about Investors Unite, please visit www.investorsunite.org.
Investors who wish to join or learn more about the coalition can contact info@investorsunite.org.
Reporters with inquiries can email media@investorsunite.org.
About Investors Unite: Investors Unite is a coalition of private investors from all walks of life, committed to the preservation of shareholder rights for those invested in the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. It was formed recently by Tennessee investor Tim Pagliara.
Contact: media@investorsunite.org
SOURCE Investors Unite
Something might be up? volume picked up in the last 5 minutes.
MB, perfectly stated. I agree. Good luck next week if the opportunity presents itself.
OK you political pundits out there.
There are seven Senators that the 60 Plus Association ads are attacking. Which, if any, do you think might rethink their support for the J-C bill and thus change their vote come April 29th (mark-ups aside)? I would like to hear your thoughts and opinions. Anyone, anyone...Bueller?
Democrats….
Kay Hagan (D-NC)
Joe Manchin (D-WV)
Mark Warner (D-VA)
Republicans….
Mike Crapo (R-ID)
Dean Heller (R-NV)
Mark Kirk (R-IL)
Jerry Moran (R-KS)
Jarenawer, I know you said this was a rumor, but could you please state where you read/heard this rumor?...and/or provide a link?
TIA
blanka, sorry, no PM here. Yes, I have emailed or spoken with those folks as well as Lauren and one other who's name escapes me at the moment. I'm not sure if you still have concerns, but if so, I'm 100% sure this is legit.
Fannie Mae, Freddie Mac: Were They Ever Broken?
Fannie Mae, Freddie Mac: Were They Ever Broken?
April 1, 2014
By Peter Miller, Contributor
The government has collected more than $20 billion in the past year from lenders who sold allegedly-subpar mortgages and related securities to Fannie Mae and Freddie Mac, with more settlements likely to come.
When the Federal Housing Finance Agency (FHFA) announced in September that it would seek damages from a large assortment of major lenders a lot of people were unsure what would happen. But now, after a string of settlements including $9.3 billion from the Bank of America and $5.1 billion from JP Morgan Chase, it’s clear that FHFA — the federal agency which oversees Fannie Mae and Freddie Mac — did the right thing on behalf of the two giant government-sponsored enterprises.
That said, such huge financial victories raise a discomforting question: Why is it that Fannie and Freddie are still controlled by the federal government and not, say, Citigroup or the Bank of America?
The issue is certainly not just size — all the companies involved are enormous. The failure of one or more would have a profound (and awful) impact on the economy.
Nor is the question one of repayment, Fannie and Freddie have returned the $187 billion they received. Both Citigroup and repaid the $45 billion advanced to them by the federal government.
The government has given up all equity claims with Citigroup and the Bank of America but wants to keep Fannie and Freddie in its pocket, apparently forever. Indeed, according to The New York Times, a once-secret 2010 Treasury memo states that the government wants to ensure that “existing common equity holders will not have access to any positive earnings from the G.S.E.’s in the future.”
Effectively, the government has seized two enormous businesses without compensation to shareholders, an event stockholders will no doubt claim violates the Fifth Amendment right to “just compensation” when private property is taken by government.
The whole matter concerning Fannie and Freddie reeks with oddities, starting with this one: Were the giant GSEs ever in danger of failing?
$1.5 Trillion in Fannie Mae; Freddie Mac Assets
James B. Lockhart, director of the Office of Federal Housing Enterprise Oversight, said just weeks before the federal takeover that both companies were "adequately capitalized, holding capital well in excess of the OFHEO-directed requirement, which exceeds the statutory minimums. They have large liquidity portfolios, access to the debt market and over “$1.5 trillion in unpledged assets.”
It’s not unusual for companies to run into tough times and then borrow or use reserves to get past a rough patch. In the case of Fannie and Freddie their available assets dwarfed government advances by better than eight to one.
However, it’s not clear that Fannie and Freddie ever needed to borrow $187 billion in the first place. To understand why consider just the loss reserve at Fannie Mae: It went from $77 billion in 2011 to $47 billion in 2013. That’s $30 billion set aside at the direction of federal overseers, not money which was actually required to fend off creditor claims but an accounting shift which made the company’s position appear more dire.
Or, think about the $20 billion in allegedly-substandard loans that were passed off to Fannie Mae and Freddie Mac — money now being returned in the form of FHFA settlements. Would not Fannie Mae and Freddie Mac have seemed a lot more stable if they did not have to wait years to straighten out accounts?
Lower Home Prices, Higher Insurance Claims
As the value of residential real estate declined from the 2007 peak, claims against the insurance and guarantees provided by Fannie and Freddie increased. Here’s why:
If you have a home that has a $200,000 mortgage and the price rises from $210,000 to $250,000 there’s no foreclosure if the borrower can no longer afford the property. The home can be sold in the open market for enough to cover the debt.
However, if home values fall then the picture changes. A home worth $180,000 with a $200,000 mortgage is a big problem. Not only is the property worth $20,000 less than the debt, there are also other costs related to a foreclosure or short sale. The entities who insure or guarantee the loan in some way are all going to face a big loss, whether that third-party is the FHA, VA, private mortgage insurers or Fannie and Freddie.
The bottom line: The problems faced by Fannie and Freddie were caused in large measure by the loss of real estate values, losses set in motion by the failure of private lenders to properly underwrite loans and the widespread introduction of “nontraditional” loan products — what we today call toxic mortgages.
A variety of plans in Washington are now in place to dump Fannie and Freddie and replace them with new players from the private sector — but with federal guarantees, just like the system in place today. Senate Bill 1217, the centerpiece of GSE "reform" legislation claims that if passed, “the full faith and credit of the United States is pledged to the payment of all amounts from the Mortgage Insurance Fund which may be required to be paid under any insurance provided under this title.”
In the end, trillions of dollars in assets and hundreds of billions of dollars in annual revenues will be awarded to the “winners” of the GSE replacement derby. But is this a derby which needs to be run?
Fannie and Freddie have never closed or even slowed operations during the worst of the mortgage meltdown. They function day in and day out, relentlessly, and at minimal cost to the public. Fannie, has enabled borrowers since 2009 to complete 12.3 million refinances, 3.7 million purchases, and financing for 2.2 million units of multifamily housing. During the same period, Freddie did 7.7 million refinances, originated 2 million purchase money mortgages and helped finance 1.6 million multifamily units.
Given such success what is the point of replacing Fannie and Freddie? Will taxpayer guarantees end? Will mortgage costs decline?
Here’s one answer: A just-released study by the Federal Reserve Bank of New York found that the five largest banks had a cost-of-funds advantage of 41 basis points — .41 percent — when compared with smaller competitors.
Now ask yourself: Do you see much difference or any difference in the mortgage rates charged by major lenders when compared with smaller lenders? If borrowers and taxpayers are not getting the advantage of large-scale efficiencies with mortgage rates today then why is it in their interest to replace Fannie Mae and Freddie Mac?
investorsunite.org is real and not a scam!
The trip to DC is NOT a scam. I have taken part in both of the conference calls with Tim P. They just acquired their domain name last week I believe as they just started putting this coalition together. I have spoken to or emailed with many of the same people you guys have. They only want real shareholders involved. Just like when they have conducted their conference calls they have stated that if any reporters are on the line this conversation is off the record and they will be glad to make a record statement after the call was over. They want to make sure someone doesn't try to crash their efforts with outside agendas.
I'm sure the website will come together soon enough. They first want to make sure they can get as many people as possible in front of the politicians before they are out for Easter break and before the April 29th J-C Bill markup date! That really only leaves next week.
Thanks to everyone who is offering support!
website set up info
A breakdown of three GSE measures, side by side. The PATH Act, Corker-Warner Bill and the Johnson-Crapo Bill.
Very good info to have.
A breakdown of three GSE measures
One would think. That is, if the help from the Treasury was like anybody else they helped, but it's not. At least, that's what they say. You know, here take this $100 and you can pay me back with 10% interest. Three years later, no, wait a minute, I've decided know you have to give me all of your quarterly paycheck and you can never pay me pack the $100 I made you take.
Under those terms, they can always say the taxpayer was not paid back. That's why they set it up that way, imo.
It's never a lie when you can put all of the rules in your favor.
Freddie Mac ?@FreddieMac · 4h
Yesterday's dividend check to Treasury gives taxpayers a $10 billion return on their investment in Freddie.
Freddie Mac Twitter
I have no dog in this fight. When I see an injustice it's hard for me to not act. I witnessed the bet and I have witnessed the almost daily lack of character from the person not standing behind his words.
We all know who and what stockprofitter is based on his words and actions. He made a bet, didn't keep up his end of it. He has had endless opportunities to pay up, but never will (maybe he'll prove me wrong, but I wouldn't bet on it). Lumpina, I feel sorry for you for what he has put you through. This says all anyone needs to know about stockprofitter, imo.
At least we won't have to wade through this trash anymore.
Neither, it got back to $3.92.
None yet, but they are one of 24 companies scheduled for an earnings announcement today.
April 1, 2014 Earnings Announcements
My guess is if they are against universal health care (Obamacare), which they are, then they are against nationalizing the GSEs, which in effect, is what the Govt is saying they've done. I don't know a lot about their political affiliations, just that they have some of the deepest pockets in the US and are somewhat aligned with the 60 Plus group, which appears to be on our side. Gotta be a good thing, imo.
Looks like Nick T. of the WSJ was either on todays conference call or got wind of it.
Nick Timiraos ?@NickTimiraos · 2h
GSE shareholder group (led by Tim Pagliara & Ralph Nader) will bring Fannie, Freddie investors to meet with lawmakers next week in DC.
@NickTimiraos
Yes, they are behind the attack ads aimed at the senators pushing for the J-C bill. 60 Plus is on our side and also connected to the Koch brothers...who are both No. 6 on Forbes billionaires list.
Everyone, don't underestimate the 60 Plus Association! They are well connected and over 7 million members/votes strong.
I was just going to post....the Koch brothers, nice!
T trade 16:14:29 1,144,200 $3.94
MB, I was watching LII when the spike actually happened. I saw in real time what I posted, but I didn't actually see the $7 trade. I did see the $4 go through though. It was flying all over the place and I could have easily missed the $7 trade. I know someone posted a comment on here right after it happened. Not sure if they actually saw it on LII or if they saw it posted as HOD though.
Hope this helps.
I'm also looking forward to Obits comment on the Swaps. I remember reading somewhere a while back that if someone owns more than 10% of the stock it could affect the DTAs for the GSEs, but I'm not sure if that's true or not. If it is, does an increase over 10% through Swaps somehow work around that? Maybe Obit has the answers if it's even pertinent.
Here are the trades when things went crazy. Started close to 10:15am and lasted a few minutes. The $7 HOD didn't register here, but some trades to slip through from time to time.
20140331T161449 3.47 10000 Auto trade
20140331T161450 3.49 2500 Auto trade
20140331T161450 3.57 178 Auto trade
20140331T161451 3.46 2000 Auto trade
20140331T161451 3.57 500 Auto trade
20140331T161451 3.6 5300 Auto trade
20140331T161451 3.67 1000 Auto trade
20140331T161451 3.61 200 Auto trade
20140331T161451 3.67 178 Auto trade
20140331T161454 3.45 13945 Auto trade
20140331T161454 3.65 200 Auto trade
20140331T161454 3.54 100 Auto trade
20140331T161454 3.6 100 Auto trade
20140331T161456 3.61 200 Auto trade
20140331T161456 3.52 200 Auto trade
20140331T161457 3.55 200 Auto trade
20140331T161457 3.67 200 Auto trade
20140331T161458 3.45 14055 Auto trade
20140331T161459 3.61 200 Auto trade
20140331T161459 3.58 2000 Auto trade
20140331T161500 3.46 6900 Auto trade
20140331T161500 3.55 10000 Auto trade
20140331T161501 3.64 200 Auto trade
20140331T161503 3.55 15000 Auto trade
20140331T161503 3.5 100 Auto trade
20140331T161504 3.55 1200 Auto trade
20140331T161504 3.58 480 Auto trade
20140331T161504 3.55 100 Auto trade
20140331T161505 3.55 5620 Auto trade
20140331T161508 3.54 10000 Auto trade
20140331T161509 3.96 200 Auto trade
20140331T161509 3.61 200 Auto trade
20140331T161509 3.55 500 Auto trade
20140331T161511 3.46 10000 Auto trade
20140331T161513 3.7 200 Auto trade
20140331T161514 3.59 1000 Auto trade
20140331T161514 3.75 178 Auto trade
20140331T161514 3.65 400 Auto trade
20140331T161514 3.8 200 Auto trade
20140331T161515 3.75 200 Auto trade
20140331T161515 3.95 200 Auto trade
20140331T161516 4. 200 Auto trade
20140331T161517 3.57 2902 Auto trade
20140331T161517 3.56 100 Auto trade
20140331T161517 3.55 2000 Auto trade
20140331T161517 3.56 800 Auto trade
20140331T161517 3.54 3000 Auto trade
20140331T161517 3.55 75000 Auto trade
20140331T161518 3.55 100 Auto trade
20140331T161518 3.7 200 Auto trade
20140331T161519 3.95 200 Auto trade
20140331T161519 3.55 500 Auto trade
20140331T161520 3.65 200 Auto trade
20140331T161520 3.5 13600 Auto trade
20140331T161520 3.55 500 Auto trade
20140331T161521 3.55 21310 Auto trade
20140331T161523 3.56 20000 Auto trade
20140331T161525 3.5 15500 Auto trade
20140331T161525 3.57 5000 Auto trade
20140331T161527 3.63 200 Auto trade
20140331T161528 3.62 100 Auto trade
20140331T161530 3.62 10900 Auto trade
20140331T161530 3.64 2500 Auto trade
20140331T161530 3.6 636 Auto trade
20140331T161530 3.65 100 Auto trade
20140331T161531 3.65 100 Auto trade
20140331T161532 3.64 2500 Auto trade
20140331T161532 3.65 400 Auto trade
20140331T161533 3.65 100 Auto trade
20140331T161533 3.66 100 Auto trade
20140331T161535 3.66 100 Auto trade
20140331T161535 3.65 500 Auto trade
20140331T161538 3.67 272 Auto trade
20140331T161538 3.65 3500 Auto trade
20140331T161539 3.68 1734 Auto trade
20140331T161540 3.7 500 Auto trade
20140331T161543 3.7 4300 Auto trade
20140331T161543 3.59 100 Auto trade
20140331T161543 3.7 1828 Auto trade
20140331T161545 3.7 6836 Auto trade
20140331T161545 3.71 200 Auto trade
20140331T161545 3.68 500 Auto trade
20140331T161546 3.71 100 Auto trade
20140331T161546 3.68 2066 Auto trade
20140331T161546 3.65 2934 Auto trade
20140331T161546 3.58 1000 Auto trade
20140331T161550 3.7 500 Auto trade
20140331T161550 3.71 100 Auto trade
20140331T161552 3.7 2300 Auto trade
20140331T161552 3.67 200 Auto trade
20140331T161552 3.66 500 Auto trade
20140331T161552 3.68 3000 Auto trade
20140331T161553 3.68 100 Auto trade
20140331T161553 3.66 8000 Auto trade
20140331T161555 3.6 863 Auto trade
20140331T161555 3.72 3700 Auto trade
20140331T161555 3.7 700 Auto trade
20140331T161555 3.75 500 Auto trade
20140331T161555 3.7 500 Auto trade
20140331T161555 3.75 500 Auto trade
20140331T161558 3.75 2450 Auto trade
20140331T161559 3.75 8400 Auto trade
20140331T161559 3.71 100 Auto trade
20140331T161559 3.64 100 Auto trade
20140331T161559 3.66 150 Auto trade
20140331T161600 3.66 250 Auto trade
20140331T161600 3.65 1500 Auto trade
20140331T161600 3.645 500 Auto trade
20140331T161600 3.65 100 Auto trade
20140331T161600 3.645 800 Auto trade
20140331T161600 3.65 100 Auto trade
20140331T161600 3.66 5000 Auto trade
20140331T161600 3.65 3000 Auto trade
20140331T161600 3.67 200 Auto trade
20140331T161601 3.65 2000 Auto trade
20140331T161601 3.67 200 Auto trade
20140331T161601 3.75 100 Auto trade
20140331T161602 3.65 1000 Auto trade
20140331T161603 3.7 200 Auto trade
20140331T161604 3.66 181 Auto trade
20140331T161604 3.67 181 Auto trade
20140331T161604 3.66 200 Auto trade
20140331T161604 3.59 100 Auto trade
20140331T161604 3.65 100 Auto trade
20140331T161605 3.66 320 Auto trade
20140331T161606 3.67 5000 Auto trade
20140331T161606 3.66 620 Auto trade
20140331T161606 3.67 5000 Auto trade
20140331T161606 3.66 6000 Auto trade
20140331T161607 3.67 100 Auto trade
20140331T161607 3.66 1000 Auto trade
20140331T161607 3.67 600 Auto trade
20140331T161608 3.67 9400 Auto trade
20140331T161608 3.68 7800 Auto trade
20140331T161608 3.67 145 Auto trade
20140331T161609 3.67 5000 Auto trade
20140331T161609 3.66 500 Auto trade
20140331T161610 3.66 2000 Auto trade
20140331T161610 3.68 200 Auto trade
20140331T161611 3.68 8900 Auto trade
20140331T161611 3.66 900 Auto trade
20140331T161612 3.66 6400 Auto trade
20140331T161612 3.68 7100 Auto trade
20140331T161612 3.66 100 Auto trade
20140331T161612 3.68 100 Auto trade
20140331T161613 3.66 1000 Auto trade
20140331T161614 3.69 1000 Auto trade
20140331T161614 3.67 500 Auto trade
20140331T161615 3.67 600 Auto trade
20140331T161615 3.68 100 Auto trade
20140331T161616 3.69 100 Auto trade
20140331T161616 3.75 300 Auto trade
20140331T161616 3.7 100 Auto trade
20140331T161616 3.68 400 Auto trade
20140331T161618 3.7 5000 Auto trade
20140331T161618 3.67 100 Auto trade
20140331T161619 3.7 2470 Auto trade
20140331T161620 3.7 2000 Auto trade
20140331T161621 3.68 2000 Auto trade
20140331T161622 3.68 27926 Auto trade
20140331T161623 3.68 300 Auto trade
20140331T161623 3.7 200 Auto trade
20140331T161625 3.68 1000 Auto trade
20140331T161626 3.69 500 Auto trade
20140331T161626 3.68 1200 Auto trade
20140331T161627 3.68 6800 Auto trade
20140331T161628 3.69 1000 Auto trade
20140331T161628 3.68 500 Auto trade
20140331T161629 3.7 1000 Auto trade
20140331T161629 3.69 1000 Auto trade
20140331T161629 3.7 18370 Auto trade
20140331T161630 3.69 750 Auto trade
20140331T161631 3.68 1400 Auto trade
20140331T161631 3.7 500 Auto trade
20140331T161631 3.68 4000 Auto trade
20140331T161631 3.69 18000 Auto trade
20140331T161633 3.69 950 Auto trade
20140331T161633 3.7 100 Auto trade
20140331T161633 3.74 1000 Auto trade
20140331T161634 3.69 1000 Auto trade
20140331T161634 3.74 1000 Auto trade
20140331T161634 3.7 100 Auto trade
20140331T161635 3.74 1000 Auto trade
20140331T161636 3.74 25376 Auto trade
20140331T161637 3.75 1900 Auto trade
20140331T161638 3.7 1000 Auto trade
20140331T161639 3.76 1200 Auto trade
20140331T161639 3.7 5000 Auto trade
20140331T161640 3.7 51505 Auto trade
20140331T161641 3.7 5500 Auto trade
20140331T161641 3.75 200 Auto trade
20140331T161642 3.7 500 Auto trade
20140331T161642 3.74 300 Auto trade
20140331T161642 3.75 200 Auto trade
20140331T161643 3.73 200 Auto trade
20140331T161643 3.75 200 Auto trade
20140331T161644 3.75 500 Auto trade
20140331T161645 3.75 45743 Auto trade
20140331T161646 3.75 300 Auto trade
20140331T161646 3.7 4800 Auto trade
20140331T161646 3.75 100 Auto trade
20140331T161647 3.73 100 Auto trade
20140331T161647 3.75 6668 Auto trade
20140331T161650 3.75 10000 Auto trade
20140331T161651 3.75 100 Auto trade
20140331T161651 3.72 720 Auto trade
20140331T161652 3.75 700 Auto trade
20140331T161652 3.76 12450 Auto trade
20140331T161653 3.75 2248 Auto trade
20140331T161653 3.7 300 Auto trade
20140331T161653 3.75 12800 Auto trade
20140331T161654 3.7 5000 Auto trade
20140331T161656 3.74 2500 Auto trade
20140331T161656 3.75 200 Auto trade
20140331T161656 3.7 100 Auto trade
20140331T161657 3.75 496 Auto trade
20140331T161657 3.7 200 Auto trade
20140331T161657 3.75 196 Auto trade
20140331T161658 3.8 5700 Auto trade
20140331T161658 3.74 5000 Auto trade
20140331T161659 3.75 2500 Auto trade
20140331T161659 3.7 700 Auto trade
20140331T161659 3.75 15000 Auto trade
20140331T161700 3.75 9000 Auto trade
20140331T161700 3.7 10000 Auto trade
20140331T161700 3.75 500 Auto trade
20140331T161701 3.75 3600 Auto trade
20140331T161702 3.75 49218 Auto trade
20140331T161702 3.76 500 Auto trade
20140331T161703 3.78 5000 Auto trade
20140331T161703 3.75 5000 Auto trade
20140331T161703 3.74 13927 Auto trade
20140331T161703 3.75 2300 Auto trade
20140331T161704 3.75 25000 Auto trade
20140331T161707 3.75 2000 Auto trade
20140331T161709 3.7 2000 Auto trade
20140331T161710 3.7 34698 Auto trade
20140331T161710 3.74 480 Auto trade
20140331T161710 3.7 1000 Auto trade
20140331T161711 3.75 1000 Auto trade
20140331T161711 3.7 8332 Auto trade
20140331T161713 3.7 246192 Auto trade
20140331T161714 3.7 9500 Auto trade
20140331T161714 3.74 8500 Auto trade
20140331T161714 3.75 100 Auto trade
20140331T161715 3.69 300 Auto trade
20140331T161716 3.72 1500 Auto trade
20140331T161716 3.7 200 Auto trade
20140331T161717 3.75 100 Auto trade
20140331T161717 3.7 400 Auto trade
20140331T161718 3.7 1000 Auto trade
20140331T161722 3.7 1250 Auto trade
20140331T161722 3.76 12450 Auto trade
20140331T161723 3.7 100 Auto trade
20140331T161723 3.72 2900 Auto trade
20140331T161725 3.7 4000 Auto trade
20140331T161725 3.69 523 Auto trade
20140331T161725 3.7 500 Auto trade
20140331T161726 3.71 200 Auto trade
20140331T161727 3.7 56559 Auto trade
20140331T161727 3.68 100 Auto trade
20140331T161728 3.68 200 Auto trade
20140331T161728 3.69 1300 Auto trade
20140331T161728 3.7 2000 Auto trade
20140331T161729 3.7 5000 Auto trade
20140331T161729 3.69 2000 Auto trade
20140331T161729 3.7 723 Auto trade
20140331T161730 3.68 100 Auto trade
20140331T161731 3.7 600 Auto trade
20140331T161731 3.69 200 Auto trade
20140331T161731 3.7 150 Auto trade
20140331T161731 3.695 2600 Auto trade
20140331T161731 3.69 2000 Auto trade
20140331T161731 3.695 300 Auto trade
20140331T161731 3.7 2000 Auto trade
20140331T161732 3.7 500 Auto trade
20140331T161732 3.69 500 Auto trade
20140331T161733 3.69 5300 Auto trade
20140331T161733 3.7 300 Auto trade
20140331T161733 3.69 100 Auto trade
20140331T161734 3.69 6900 Auto trade
20140331T161735 3.68 100 Auto trade
20140331T161735 3.69 1000 Auto trade
20140331T161735 3.7 4350 Auto trade
20140331T161735 3.67 2500 Auto trade
20140331T161735 3.75 200 Auto trade
20140331T161735 3.7 5000 Auto trade
20140331T161735 3.69 100 Auto trade
20140331T161736 3.67 2500 Auto trade
20140331T161736 3.7 500 Auto trade
20140331T161736 3.69 2000 Auto trade
20140331T161736 3.68 2000 Auto trade
20140331T161737 3.7 100 Auto trade
20140331T161737 3.71 100 Auto trade
20140331T161737 3.7 1000 Auto trade
Increase of 15,434,715 shares of FNMA appear to be through Swaps.
From the recent amended 13D....
Item 1. Security and Issuer
This amendment No. 1 to Schedule 13D (this “Amendment No. 1”), which amends and supplements the statement on Schedule 13D filed on November 15, 2013 (as amended and supplemented by this Amendment No. 1, the “Schedule 13D”), by (i) Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”); (ii) PS Management GP, LLC, a Delaware limited liability company (“PS Management”); and (iii) William A. Ackman, a citizen of the United States of America (together with Pershing Square and PS Management, the “Reporting Persons”) relates to the common stock of Federal National Mortgage Association, a federally chartered corporation (the “Issuer”). The principal executive offices of the Issuer are located at: 3900 Wisconsin Avenue, NW, Washington, DC 20016 - 2892.
Capitalized terms not defined in this Amendment No. 1 shall have the meaning ascribed to them in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.
As of March 31, 2014, the Reporting Persons beneficially owned an aggregate of 115,569,796 shares of common stock (the “Subject Shares”), representing approximately 9.98% of the Issuer’s outstanding common stock. The Reporting Persons also have additional economic exposure to approximately 15,434,715 notional shares of common stock under certain cash-settled total return swaps (the “Swaps”), bringing their total aggregate economic exposure to 131,004,511 shares of common stock (approximately 11.31% of the outstanding common stock). Shares of the Issuer’s common stock are not voting securities as such term is used in Rule 13d-1(i) under the Act. Accordingly, the Reporting Persons have determined to forego future reporting on Schedule 13D.
Also...
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following information:
On March 28, 2014, certain of the Reporting Persons entered into Swaps for the benefit of certain Pershing Square Funds. Under the terms of the Swaps, (i) certain of the Pershing Square Funds will be obligated to pay to the bank counterparty any negative price performance of the 15,434,715 notional number of shares of common stock subject to the Swaps as of the expiration date of such Swaps, plus interest rates set forth in the applicable contracts, and (ii) the bank counterparty will be obligated to pay certain of the Pershing Square Funds any positive price performance of the 15,434,715 notional number of shares of common stock subject to the Swaps as of the expiration date of the Swaps. During the term of the Swaps, cash will be paid by the bank counterparty to the relevant Pershing Square Fund in an amount equal to the amount of notional distributions or dividends paid by the Issuer in respect of such notional number of shares of common stock. All balances will be settled in cash. The Pershing Square Funds’ counterparties for the Swaps include entities related to UBS AG. The Swaps do not give the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the Issuer and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership of any shares of common stock of the Issuer that may be referenced in the swap contracts or common stock or other securities or financial instruments that may be held from time to time by any counterparty to the contracts.
Is Ackman now at 11% for both FnF or did he add (or is he going to) another 11% to his previous/current position of about 10%?
Does anyone know?
What the heck is going on? anyone?
IMFnews...Monday, Mar 24, 2014
Where?s the FHFA Annual Scorecard? Agency Stays Mum on the Topic
By Charles Wisniowski
cwisniowski@imfpubs.com
With the first quarter nearly over, the Federal Housing Finance Agency has yet to indicate when, or even whether, it will issue its 2014 Conservatorship Scorecard.
The agency debuted its scorecard in early March 2012 under then FHFA Acting Director Edward DeMarco as a means to implement in fuller detail the Finance Agency?s ?strategic plan? for a post-Fannie Mae and Freddie Mac secondary market.
?It?s important to see the scorecard itself as further evidence of our commitment to the work set forth in the strategic plan and the transparency to these efforts that we are trying to bring to the process,? explained DeMarco at the time. ?I really believe that the strategic plan and scorecard based on that plan are responsive to requests made of FHFA by members of Congress and that they provide the public a view into what the FHFA is trying to accomplish as conservator.?
The scorecard is not mandated by statute, but the industry has become accustomed to an early-March delivery of the FHFA?s goals for the two, which have been operating under government conservatorship since the fall of 2008. ?I?m at a loss,? said one industry observer. ?Those who I expect would be in the know have been asking me if I have heard about what?s going on with the scorecard.?
Short Takes: FHFA?s DeMarco Calls it a Day / DeMarco for CSP Chief?
By Paul Muolo
pmuolo@imfpubs.com
Ed DeMarco, who received high marks from certain members of Congress for his stewardship of Fannie Mae and Freddie Mac, will leave the Federal Housing Finance Agency at the end of April. The announcement came late in the morning on Monday. According to a press statement, DeMarco has made ?no announcements about his future plans.? In a statement, FHFA Director Mel Watt called him ?an invaluable asset.? One of DeMarco?s pet projects at FHFA was the common securitization platform, which has yet to pick a CEO or chairman?
There has been some speculation that DeMarco might want the CSP CEO job, which pays about $400,000...