something me and you share , fun.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Fannie Mae & Freddie Mac: A Risk Worth Taking
https://seekingalpha.com/pro/checkout/2314155?notice=pro
Fannie Mae: The Government's Most Recent Motion To Dismiss And Fairholme's Motion To Stay
https://seekingalpha.com/pro/checkout/3340185?notice=pro
Bank of America’s ‘Hustle’ Whistleblower Retains Reward
http://www.dsnews.com/news/05-25-2016/bank-of-americas-hustle-whistleblower-retains-reward
The Hustle Continues: Why the Feds Haven’t Nailed the Big Banks
A three-judge panel of the Second Circuit Court of Appeals overturned the lower court, ruling that while Countrywide breached its contract with Fannie and Freddie by selling them lower-quality loans than promised, the government did not prove what it had to: that Countrywide acted “knowingly and with a specific intent to defraud” at the time that the loans were sold. In other words, the Justice Department didn’t get sufficiently inside the minds of the executives to prove a deliberate scheme to defraud Fannie and Freddie.
https://newrepublic.com/article/133716/hustle-continues-feds-havent-nailed-big-banks
Wells Fargo agrees to pay $70 million penalty for foreclosure processing errors
http://www.journalnow.com/business/business_news/local/wells-fargo-agrees-to-pay-million-penalty-for-foreclosure-processing/article_10ead66a-0028-5395-85cd-5b5440352ce6.html
Fannie, Freddie and an Outbreak of Amnesia
The growing ‘recap and release’ movement is a bad idea that could lead to another financial disaster.
http://www.wsj.com/articles/fannie-freddie-and-an-outbreak-of-amnesia-1464131687
The only way Fannie and Freddie’s investors make money is to maintain the existing crony business model. But not even that gets the GSEs out of the woods if they are required to hold adequate capital. As the Journal’s John Carney explained in an April 4 column, at current rates of profit, Fannie and Freddie wouldn’t have enough capital to depart conservatorship for decades.
I think they smoked something during ...bla bla bla
Must Government Remain a Backstop for Fannie and Freddie?
http://knowledge.wharton.upenn.edu/article/160523_the_future_of_fanniemae_and_freddiemac-andrew-davidson/
Penalty Against Bank of America Overturned in Mortgage Case
http://www.nytimes.com/2016/05/24/business/dealbook/penalty-against-bank-of-america-overturned-in-mortgage-case.html?ref=dealbook&_r=0
Setback for DOJ in BofA Case; TRID's Impact in Capital Markets; Are MBS Markets Liquid?http://www.mortgagenewsdaily.com/channels/pipelinepress/05242016-mbs-liquidity.aspx
- A three-judge panel ruled on Monday that federal prosecutors had failed to prove that Bank of America Corp's Countrywide unit had defrauded Federal Home Loan Mortgage Corp and Federal National Mortgage Association, the government-backed mortgage firms, when it sold them troubled loans. (http://nyti.ms/25j8nL5)
http://finance.yahoo.com/news/press-digest-york-times-business-055642727.html
NEWS Government unconstitutional takes private property
http://www.bloomberg.com/news/articles/2014-10-01/fannie-freddie-plunge-after-court-ruling-on-profits-correct-
Mukasey Wins Reversal for Rebecca MaironeFont size: A | A | A
10:46 AM ET 5/24/16 | PR Newswire
Marc L. Mukasey, global co-chair of the White Collar Defense & Special Investigations Practice at international law firm Greenberg Traurig, LLP, secured a favorable ruling for long-time client Rebecca Mairone when the United States Court of Appeals for the Second Circuit threw out a jury's 2014 finding of fraud in connection with the so-called "Hustle" mortgage program, which was run at the former Countrywide Financial as it transitioned from originating subprime loans to prime loans that were later sold to Fannie Mae and Freddie Mac. Following the verdict, U.S. District Judge Jed S. Rakoff imposed a $1.27 billion penalty on Bank of America and ordered former Countrywide executive Rebecca Mairone to pay a $1 million penalty. But according to today's unanimous Court of Appeals ruling, "[t]he trial evidence fail[ed] to demonstrate the contemporaneous fraudulent intent necessary to prove a scheme to defraud through contractual promises."
The verdict exonerated both Bank of America, the successor in interest to Countrywide, and Mairone. Through Mukasey, Mairone stated, "I want to thank my lead lawyer, Marc Mukasey, my appellate lawyer, Josh Rosenkrantz, Bank of America, Williams and Connolly and my whole legal team who never stopped fighting to exonerate me. I never lost my faith in our judicial system to do the right thing and I'm looking forward to a bright future in business."
A former supervisory federal prosecutor and Securities Exchange Commission enforcement attorney, Mukasey defends corporations and executives facing allegations of securities fraud, FCPA violations, FIRREA, antitrust violations, environmental crimes, money laundering, bribery, mail/wire fraud, tax offenses, and other business crimes. A renowned trial lawyer, Mukasey has tried an array of criminal cases and has also convinced prosecutors, behind the scenes, to abandon investigations before charges were filed. Mukasey is Chambers & Partners rated and was named by Law360 as an MVP of the Year in the White Collar category in 2013 and 2014, and a 2015 Trailblazer in the area of White Collar Crime by The National Law Journal.
About Greenberg Traurig's White Collar Criminal Defense PracticeGreenberg Traurig's White Collar Criminal Defense Practice has wide-ranging experience protecting companies and individuals through coordinated planning and defense. Greenberg Traurig is on the forefront of client service in this area, and is one of few firms with more than 90 former federal and state prosecutors in its litigation group, and where the majority of litigation shareholders and counsel have first-chair trial experience. The team's defense capabilities includes vast experience in structuring internal investigations, developing guidelines and implementing compliance programs and addressing issues of voluntary disclosure, as well as extensive representations involving alleged securities fraud, FCPA violations, health care/pharmaceutical fraud, environmental crimes, money laundering, financial services fraud, public corruption/campaign finance, tax corruption, defense contracting, and bankruptcy fraud.
About Greenberg Traurig, LLPGreenberg Traurig, LLP is an international, multi-practice law firm with approximately 1900 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia, and the Middle East. The firm is No 1. on the 2015 Law360 Most Charitable Firms list, third largest in the U.S. on the 2015 Law360 400, Top 20 on the 2015 Am Law Global 100, and among the 2015 BTI Brand Elite. More information at: http://www.gtlaw.com/.
Contact: Joey Kaiser | kaiserj@gtlaw.com | 212.801.6983
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mukasey-wins-reversal-for-rebecca-mairone-300273954.html
SOURCE Greenberg Traurig
Dick Bove: More Documents Revealed Concerning Fannie Mae “The game has clearly changed here”
http://www.valuewalk.com/2016/05/fannie-mae-secret-docs/
NEWS FnF is private companies !
Monday open with all BS end @5$ a share!!!???
they may shorts in cash in RL
He wants cheap shares , untill court has decided... drivers shares prices down... lmao
yeah it better at 1$
I am buying that why!
On Tuesday Freddie Mac announced a net loss of $354 million for the first quarter of the year. The loss was due mostly to how decreases in interest rates affect Freddie’s derivative holdings and not a weakening housing market. In fact, an accompanying statement from CEO Donald H. Layton confidently declared, “Freddie Mac’s first quarter business results continued to be strong, reflecting our transformation to be a more competitive company.” Fannie Mae, meanwhile, announced today quarterly profits of $1.1 billion. Of course, $919 million of that was snatched up by Treasury.
Indeed, both companies’ statements noted that the terms of the conservatorship, amended by the 2012 Net Worth Sweep that will whittle their capital to zero by 2018, make it inevitable that they will experience a negative net worth and have to draw from public funds.
This week’s earnings reports were eagerly anticipated. Many market watchers suspected the stage was set for a draw by Freddie or Fannie back in February when Federal Housing Finance Agency Director Mel Watt warned that D-day was looming. Watt’s deliberate candor about his concerns over dwindling rainy day capital made news but he was merely summarizing financial reality. Of course, the GSEs’ 2015 net income was a far cry from the companies’ historic 2013 earnings, when Fannie and Freddie posted record profits following the reversals of off-balance sheet losses that the government forced them to write down in the wake of the Great Recession. But the GSE business model clearly remains very healthy – slight income and profit declines and market fluctuations happen to the best of companies. Just ask Apple.
Of course, what Apple has going for it is that it gets to keep its earnings. By doing so it has created an ample capital buffer – $233 billion in cash and securities – far beyond ample, in fact. Thus, even if iPhone sales slow, the company should be fine over the long term. It is remarkable how resilient companies can be when they are allowed to retain capital and function based on market principles.
http://investorsunite.org/fannie-freddie-capital-sank-closer-zero-first-quarter-planned/
"Conservatorship with no capital and facing a political regime change poses a real threat to our mortgage system," Stevens said. MBA has called for the creation of a single GSE security and for up-front risk sharing to increase competition and provide market access to lenders of all sizes. It also called for the common securitization platform (CSP) to ensure data standardization, fungibility, and objectiveness.
Director (Melvin) Watt responded, Stevens said, the single security is in sight, the CSP is being built although MBA must push aggressively to get it completed, and progress is being made on risk sharing to bring private capital into the market.
Progress has extended beyond the GSEs. MBA fought for a safe harbor in Ability to Repay/Qualified Mortgage (QA) rule and to align QA and the Qualified Residential Mortgage (QRM) rule, one without a downpayment requirement.
Pivoting toward the future, Stevens said that MBA's work is far from finished. While many calls for key policy actions are being met, many are moving at too slow a pace. With the major rules required under Dodd Frank implemented, MBA now needs to keep leading and pushing to refine them to give borrowers the opportunities they deserve.
QM, he said, has done a lot of good but falls short of being a long-term solution. The GSEs can purchase loans that are solidly underwritten but fail to meet the QM standard of 43 percent debt-to-income (DTI) ratios because of a QM "patch" that provides safe harbor for these loans. Without the parch and the permanent exemption for GNMA loans, credit would be much tighter.
But the patch only exists for as long as the GSE's remain in conservatorship or seven years, whichever comes first. When it expires or if GSE underwriting changes substantially "a whole segment of qualified potential borrowers will be frozen out of the market." The QM rule should not punt all credit decisions to two companies that aren't even regulated by the same agency, he said, and the rule should demand the same credit approval process for a borrower whether the loan is being sold to a GSE or a private investor, as long as all the other terms are the same.
He admitted that the industry did advocate for the patch to gain time to assess QM's impact, but said there are now too many "what ifs" that could impact the real estate finance system. What if a new regime at CFPB has a different view about the rule and the patch, or the next FHFA director comes with different ideas of the role scope, and size of the GSEs in the market, or the conservatorship ends?
http://www.mortgagenewsdaily.com/05162016_mba_regulatory_issues.asp
MagneGas Corporation (NASDAQ:MNGA) to Report Quarterly Earnings: What’s in the Cards?
General operating expenses increased approximately $900,000 for the first quarter ending March 31, 2016 to $2.9 million from $2.0 million for the same period last year. In the first quarter of 2016, the Company had approximately $1 million of non-recurring operational and capital expenses related to the move to the new headquarters and various consulting contracts that expired in March of 2016.
The Company recently began an aggressive cost cutting campaign aimed at focusing operational expenses on major business opportunities as an initiative for 2016.
Stock’s Performance
MagneGas Corporation (NASDAQ:MNGA) shares traded during its most recent trading session in the range of $0.85 – $1.01. The stock has slipped -3.48% in the past week and plunged -10.70% in the last 4 weeks, historically the stock illustrate that its six months performance stands at -16.18% while its year to date performance is at -40.65%.
The stock ended previous trading session in the red zone in a volatile trading. The stock closed down -0.016 points or -1.60% at $0.956 with 1.03 million shares getting traded, post opening the session at $0.96.
http://www.thepointreview.com/magnegas-corporation-nasdaqmnga-to-report-quarterly-earnings-whats-in-the-cards/
You made 30% if you was short this ....easy money!
50cents coming with delist notice ! MNGA GL
Let the Sunshine of Disclosure Disinfect Fannie Mae Litigation
National Review - March 4, 2016 - March 8, 2016
By Saikrishna Prakash
In the coming days and weeks, federal judge Margaret Sweeney will rule on a motion to compel the federal government to disclose tens of thousands of documents sought by Fairholme Funds Inc. related to the federal conservatorship of Fannie Mae and Freddie Mac. The government’s attempt to shield these documents via a claim of executive privilege looks absurd, especially since the documents may reveal wrongdoing on the part of the Treasury Department. Let’s hope Judge Sweeney forces the government to turn those documents over.
The suit had its origins in 2008, when the federal government moved to prevent the collapse of the federally chartered enterprises Fannie Mae and Freddie Mac, which buy mortgage loans from banks and bundle them into securities that are sold to investors. This is aimed at helping to keep markets liquid so that banks can make more home loans. That year’s Housing and Economic Recovery Act provided Fannie and Freddie with billions in public funds and placed them in conservatorship under the authority of the newly established Federal Housing Finance Agency (FHFA), but did not eliminate the interests that private shareholders had in Fannie and Freddie. In 2012, when the companies began generating profits again, Treasury Department officials negotiated what has become known as the Net Worth Sweep. The Net Worth Sweep diverts nearly all net income from both enterprises to the Treasury. Thus Fannie and Freddie have sent over $241 billion to the Treasury, leaving Fannie and Freddie shareholders out in the cold.http://investorsunite.org/let-the-sunshine-of-disclosure-disinfect-fannie-mae-litigation/
Gore & Obama Admin Lay Out Fannie Mae & Freddie Mac Reform Strategy?
Advisors to Clinton, Gore and Obama Admin.’s Lay out Fannie Mae and Freddie Mac Reform Strategy “for All Americans” – but, not really (all Americans) by Amanda Maher
In what some are considering a blow to the Obama Administration’s position on the “recap and release” of Fannie Mae and Freddie Mac (which is not to do so), an advisor to the administration released a report yesterday titled, “A Strategy to Promote Affordable Housing for All Americans by Recapitalizing Fannie Mae and Freddie Mac”. The report is co-authored by Dr. Robert Shapiro, a former Clinton administration official and current advisor to senior members of the Obama administration, and Dr. Elaine Kamarck, a lecturer at the Harvard Kennedy School of Government and former advisor to Vice President Al Gore.
The plan lays out four key elements to the recap and release of Fannie Mae and Freddie Mac:
http://www.valuewalk.com/2015/11/obama-fannie-mae/
She did comments on UFO its real or not If She becomes The President! Rather than talks about USA matters like borrowing money ,raising tax and eligal taking private property not a subject to talk about!
Attorneys John Yoo and Horace Cooper have an op-ed in Investors Business Daily, published just now, asking why the Obama Administration is hiding thousands of documents relating to Fannie Mae and Freddie Mac.
Can't be national security reasons, surely...
A clue might be found in the fact that shareholders in Fannie Mae and Freddie Mac have sued the U.S. government, contending that the federal government's takeover of the institutions in 2008, and a diversion of profits to the federal government in 2012, constituted an unconstitutional taking of property.
http://www.conservativeblog.org/amyridenour/2016/4/26/federal-judge-slaps-obama-administration-coverup-attempt.html
Your Tuesday Evening Briefing: Paul Ryan, North Carolina, Equal Pay Day
1'''2'''3''''4'''5'''6'''7'''8. Unsealed documents show that Fannie Mae and Freddie Mac recovered quickly after their bailouts. That counters the picture the government painted in 2012, when it ordered the mortgage finance giants’ profits to be sent to the Treasury Department, saying they were in a death spiral and taxpayers needed protection against losses. The government’s take to date: $50 billion.''''
http://www.nytimes.com/2016/04/12/nytnow/your-tuesday-evening-briefing-paul-ryan-north-carolina-equal-pay-day.html?_r=0
earning report today ! any idea ?
Trump's Right: Paying Back the National Debt With 'Discounts' Is Already Official Policy
Well, now. These “very low rates” could not have anything to do with the fact that the Fed has vacuumed-up $3.5 trillion of Treasury debt and its close substitute in GSE securities since September 2008. Apparently, the law of supply and demand has been suspended until further notice — except for the fact that when Bernanke even hinted that the Fed might sell-down some of its grossly bloated balance sheet in April 2013 treasury yields erupted higher in the infamous taper tantrum.
The fact is, ultra-low rates on Uncle Sam’s mountainous debt have everything to do with central bank manipulation of interest rates; and “confidence” in Washington’s fiscal rectitude is but an empty platitude.
There has been a central bank Big Fat Thumb on the scales for nearly two decades, and it now includes the $1.7 trillion of treasury debt owned by the People’s Bank of China (including its off-shore accounts), the $1.2 trillion owned by the BOJ and the nearly $7 trillion owned by central banks and their affiliates as a whole.
http://www.newsmax.com/Finance/DavidStockman/Donald-Trump-National-Debt-Economy-Default/2016/05/10/id/728125/
Forget Flipping Houses—These Retail Investors Flip Mortgages “While titles and deeds establish property ownership, notes — the financial agreements between lenders and home buyers — set the terms by which a borrower will pay for the home. Financial institutions have long passed them back and forth as they rebalance their portfolios. But the trade in delinquent notes has exploded in the post-financial-crisis world. As government entities like Fannie Mae and Freddie Mac have struggled with the legacies of the housing bust, they’ve sold billions of dollars’ of delinquent notes to big institutional investors, who resell them in turn.” (MarketWatch)
http://nreionline.com/nrei-wire/10-must-reads-cre-industry-today-april-12-2016
http://www.marketwatch.com/story/forget-flipping-houses-these-investors-flip-mortgages-2016-04-11
Why it matters: This month we discuss two interesting court cases involving the False Claims Act (FCA). On April 19, 2016, the Supreme Court heard oral argument in Universal Health Services v. U.S. ex rel. Escobar, a case involving the issues of implied certification of compliance and legal falsity in an FCA context. This was the only FCA case as to which the Supreme Court granted certiorari this term, and the Supreme Court's decision will resolve a multicircuit split on these issues. We review the oral argument here. In addition, we discuss a recent Ninth Circuit decision addressing the question of whether the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (a.k.a. Fannie Mae and Freddie Mac, respectively) constitute "federal instrumentalities" for purposes of the FCA. Short answer: They don't. Last, the DOJ announced a couple of significant FCA resolutions in connection with FHA-insured mortgage loans and sleep apnea masks—read on for a recap.
http://www.jdsupra.com/legalnews/corporate-investigations-white-collar-79193/
Fannie Mae (OTC: FNMA) and Freddie Mac (OTC: FMCC) are higher for the second straight session following unsealed documents that some government officials new the company would be profitable before the decision to sweep all of the two companies profits.
Documents showed that Ex-Fannie Mae CFO, Susan McFarlan, told Treasury officials on August 9th, 2012, days before the change to the bailout terms, that it would be profitable for the foreseeable future. She also said that at some point in the not-so-distant future factors might exist whereby the allowance on the deferred tax asset would be released.
Investors of the preferred and common stock have sued the government, claiming some of these profits belong to shareholders.
FMCC is up 14.8% and FNMA is up 12.3%, after gaining 29% and 35%, respectively, on Tuesday.
http://www.streetinsider.com/Hedge+Funds/Fannie+Mae+(FNMA),+Freddie+Mac+(FMCC)+Gain+for+Second+Session+on+Hope+Trade/11498528.html
A decision by the 9th Circuit Court of Appeals yesterday could have big implications for a Delaware case where plaintiffs are arguing that Fannie Mae and Freddie Mac are Delaware corporations and therefore are subject to state, not federal law.
Because Delaware law doesn't allow for the net worth sweep of Fannie and Freddie profits, if the GSEs are ruled to be private companies, that profit sweep would be illegal. The 9th Circuit seems to be saying just that in a decision that upheld a district court finding.
"The district court properly held that a claim presented to Fannie Mae or Freddie Mac is not presented to an 'officer, employee or agent' of the United States. And that’s because Fannie Mae and Freddie Mac are private companies, albeit companies sponsored or chartered by the federal government," the ruling from the 9th Circuit stated.
http://www.housingwire.com/articles/36442-fanniegate-9th-circuit-rules-that-fannie-and-freddie-are-private-companies
$2 FNMA mark
It's mean ReCap coming!
Spotlight on the False Claims Act - 6 May, 2016
USA May 6 2016
Why it matters: This month we discuss two interesting court cases involving the False Claims Act (FCA). On April 19, 2016, the Supreme Court heard oral argument in Universal Health Services v. U.S. ex rel. Escobar, a case involving the issues of implied certification of compliance and legal falsity in an FCA context. This was the only FCA case as to which the Supreme Court granted certiorari this term, and the Supreme Court's decision will resolve a multicircuit split on these issues. We review the oral argument here. In addition, we discuss a recent Ninth Circuit decision addressing the question of whether the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (a.k.a. Fannie Mae and Freddie Mac, respectively) constitute "federal instrumentalities" for purposes of the FCA. Short answer: They don't. Last, the DOJ announced a couple of significant FCA resolutions in connection with FHA-insured mortgage loans and sleep apnea masks—read on for a recap.
http://www.lexology.com/library/detail.aspx?g=5a865201-1879-4a53-87c7-8703d6ee3a6b
MJNA Security Details
Share Structure
Market Value1 $157,382,402 a/o May 04, 2016
Authorized Shares 5,000,000,000 a/o Dec 31, 2015
Outstanding Shares 2,866,710,414 a/o Dec 31, 2015
-Restricted Not Available
-Unrestricted Not Available
Held at DTC Not Available
Float 411,045,323 a/o Mar 31, 2013
Par Value 0.001
http://www.otcmarkets.com/stock/MJNA/profile