alive & kicking
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could be perfect time to get in cheep!!today news is coming imho
e trade showing $1.59 as of 8am
any speculation of what is going on with lucky fox site ?
WOW! just got here,this makes my day !!!!
legalising it will happen ,just federal regulation ,one law for all states ,just a matter of time now ,
i believe i was 98% accurate time line for "soon"
would you like my address to send money ,lol
Soon is defined as in a short time,
in the future,The future is the indefinite time period after the present. Its arrival is considered inevitable due to the existence of time and the laws of physics. Due to the apparent nature of reality and the unavoidability of the future, everything that currently exists and will exist can be categorized as either permanent, meaning that it will exist for the whole of the future, or temporary, meaning that it won't and thus will come to an end. SO SOON IT WILL BRING $$$$ OR NOT
$$DHSM$$
Freddie Mac enhanced fraud detection gets results
Posted by Jacob Gaffney on July 2, 2013 12:33 PM
2
Around two and a half years ago, Freddie Mac was pretty fed up with fraud. So, they did something about it, and the results were staggering.
According to estimations in an Executives Perspectives blog, the top fraud officer at the government-sponsored enterprise, Joan Ferenczy, said her office dealt with 3,300 additional reports of potential fraud since adding a new anti-mortgage fraud chapter to the Seller/Servicer Guide.
Freddie Mac broke up a “ring” of former industry professionals operating a “company” that falsified the income, employment, and assets of their clients to qualify them for mortgage relief they would not normally have been eligible for," writes Ferenczy on the success of the program. "Every file this company sent in had identical pay-stub templates and bank account statements that did not belong to their clients."
Freddie Mac heard about the ring from one of their lenders. That's because under Chapter 7 (Mortgage Fraud Detection, Prevention and Reporting) regular fraud reports are now a contractual obligation.
For example, a mortgage servicer needs to report cases of first payment default — usually a sign of something awry.
Freddie Mac expects the numbers to keep increasing, we suspect, as more lenders continue to adopt the required standards.
By law, the GSEs’ conservatorship will end if they meet their minimum capital requirements,
well probably more
this bill is a joke and will be doa
or will be met with many legal law suits
59.3 billion from Fannie Mae posted Friday big bucks coming from Freddie really soon might give the government a reason to back off
take their piece of the cake and quit screwing with the agreement they made ,at the least it will be a big legal battle ,and by paying back the agreement they cant win ,fnf will win and be turned back over to stockholders
FHFA Has Breached Its Fiduciary Duty To Fannie Mae And Freddie Mac
In other words, by placing this artificial barrier in the way of these two companies,
the FHFA as conservator has breached its fiduciary duty and is, thus, in violation of
the conservatorship agreements as well as its covenants to the shareholders.
Even the Congressional Research Service stated in their September 2009 report to Congress
that "by law, [Fannie's and Freddie's] conservatorship[s] will end if they meet the minimum capital requirements" (Pg.7).
page 7 states
This report continues by discussing the advantages and disadvantages of these options and by
adding more detail to the options.
Options Maintaining GSE Status
By law, the GSEs’ conservatorship will end if they meet their minimum capital requirements, or
when the FHFA director determines that ending conservatorship would be in the public interest. If
this occurs, there are a number of options that could be considered that would include maintaining
Fannie Mae and Freddie Mac as GSEs. These are returning control to the stockholders with no
additional modification, imposing additional regulations on the GSEs, explicitly guaranteeing the
GSEs’ MBS, imposing utility-type profitability limits on the GSEs, merging Fannie Mae and
Freddie Mac into the Federal Home Loan Bank System, and issuing additional GSE charters.
Option: Return Control to Stockholders
Congress could decide to make little or no change to the GSEs’ charters. The GSEs would
continue to be stockholder-owned companies with special charters and special obligations to
support the housing market.
If this option were adopted, common stockholders would regain their right to elect the boards of
directors, which in turn would appoint senior management. Dividends to preferred stockholders
could resume. Dividends on the senior preferred stock owned by the federal government would
continue. The GSEs would decide whether to retire the senior preferred stock held by the federal
government. The boards of directors could resume common dividends. Bond payments would
continue, and after December 31, 2009, the GSEs would shrink their portfolios by 10% annually
until their portfolios were less than $250 billion.13
Return to stockholder control implicitly assumes that the GSEs would return to profitability.
Since entering into conservatorship, the GSEs have issued to Treasury approximately $95 billion
in senior preferred stock. This stock pays an annual cash dividend of 10% or an annual preferred
stock dividend of 12%. Since 1980, Fannie Mae’s income has been sufficient to pay this cash
dividend in only four years: 2005, 2004, 2003, and 2001; Freddie Mac could have done this only
in 2002. Based on historical data, the GSEs are unlikely to be able to sustain the annual cash
dividend payments. Unless the government were to agree to a reduction in the 10% dividend or
the amount of senior preferred stock, it seems unlikely that GSEs would have value to common
stockholders.
Moreover, in agreeing to conservatorship, the GSEs each gave the federal government warrants to
purchase 79.9% of their common stock at $0.00001 per share. Before effective control could be
returned to common stockholders, the GSEs probably would need to reach some agreement with
the federal government over the disposition of these warrants. Based on similar past government
13 On February 18, 2009, Treasury announced that it was increasing each GSE’s portfolio limit from $850 billion to
$900 billion. See U.S. Treasury, “Statement by Secretary Tim Geithner on Treasury’s Commitment to Fannie Mae and
Freddie Mac,” press release, February 18, 2009, http://www.treasury.gov/press/releases/tg32.htm, U.S. Treasury,
“Amended and Restated Senior Preferred Stock Purchase Agreement,” press release, September 26, 2008,
http://www.treasury.gov/press/releases/reports/seniorpreferredstockpurchaseagreementfnm1.pdf, and U.S. Treasu[url][/url][tag]insert-text-here[/tag]
back up that statement with fact !
in short government just wants their money,
not interested in running a mortgage company !
move housing finance aggressively to the private sector
read my last post .
Rep. Mel Watt’s Testimony to Senate Banking Cmte for FHFA Director
June 27, 2013 at 9:56 AM
The questions are:
• “Why do you want this position?” and • “What do you see as the role of the Director of the FHFA?”
The answer was:
we’ll continue to test risk-sharing models that move housing finance aggressively to the private sector and we’ll cooperate fully and be a resource to members of the Senate and the House as you decide the future of housing finance.
Watt’s Testimony
SEC. 501. REPEAL OF GSE CHARTERS.THE BILL
should expect that report late July first week of august right ?
on the other hand, Cost to Taxpayers. Winding down GSE activity could push federal publicly held debt above baseline levels on average $200 billion to $400 billion , Senator Bob Corker proposal contemplates a five-year window to wind down the government sponsored enterprises or GSEs
the bill will die and financial reports will be posted and pps will go back up ,so don't get spooked and sell at a loss
Regulators Have Created a Mortgage Minefield
The Wall Street Journal
“Red sky at night, sailor's delight. Red sky in morning, sailor's warning”
Nominations Hearing
Thursday, June 27, 2013
10:30 AM - 12:00 PM
538 Dirksen Senate Office Building
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS
will meet in OPEN SESSION to conduct a hearing on the following nominees: The Honorable Melvin L. Watt, of North Carolina, to be Director of the Federal Housing Finance Agency; Dr. Jason Furman, of New York, to be a Member and Chairman of the Council of Economic Advisers; Ms. Kara M. Stein, of Maryland, to be a Member of the Securities and Exchange Commission; Dr. Michael S. Piwowar, of Virginia, to be a Member of the Securities and Exchange Commission; and The Honorable Richard T. Metsger, of Oregon, to be a Member of the National Credit Union Administration Board.
M095 reaches operational orbit, 23 down, 1 to go
http://orbitrax.com/?m=201306
not complaining on that ;2.50-3.50
reasonable price i can live with (lol)
but like you said ,can only keep 3
high expectations!but love the thought !
American Bankers :
DeMarco has already taken some steps toward GSE reform, though there is a limit on what the FHFA can do on its own. He is pushing Fannie and Freddie to create a unified back office that would establish a standardized securitization platform which could be spun off into its own entity. That would maintain the infrastructure of Fannie and Freddie,
win lose draw money to be made
with the appointment of Watt,s on the 27th (if all goes well)
IMO pps should go up tomorrow with that expectation and the bad news out of the way for now .and if appointed is should continue to rise and like any bill up for vote it will never never pass the first time ,so when rejected even if just to be rewritten pps will jump big time so play it up and play it down money for all of us !!
beginning to like Watt's
But Watt's road to confirmation won't be a smooth one. Sen. Bob Corker, R-Tenn., released a statement Wednesday objecting to the nomination arguing that a new director should not be considered until there's a clearer picture of the future of Fannie and Freddie,
FMCC will rocket when bill is rejected!!
back up to 1.65 tomorrow IMO
or higher
i would love to agree
but within the Obama administration,i have no faith !
i personally think it will never get past the senate or the house ,
but Obama has a way of backdooring anything he wants legal or not ,
just like appointing people during a house recess,and nothing become of that !!this whole thing is all political and alot of money for the government stands to be made ,
government bailout for the two organizations that has cost taxpayers $170 billion to date.
So far, Freddie Mac and Fannie Mae have paid back a combined $62.2 billion of the $170 billion in bailout funds.
most of that was paid back in less than 1 year ,at this rate it will be paid off in less than 2 years ,
bailout
Fannie Mae, Freddie Mac Would Be Wound Down In 5 Years
that leaves 3 years of full profit !!!
5 years
TITLE V—WIND DOWN OF
FANNIE MAE AND FREDDIE MAC
SEC. 501. REPEAL OF GSE CHARTERS.
1) I
N GENERAL
.—Subject to the requirements
of this Act, any proceeds from the wind down of an
enterprise shall be paid first to the senior preferred
shareholders of each such enterprise, then to the
preferred shareholders of each such enterprise, and
then to the common shareholders of each such enter-prise.
http://www.corker.senate.gov/public/_cache/files/1bc94e87-5a8a-4f07-a709-30bb19f15873/06-25-13%20BILL%20TEXT.%20Housing%20Finance%20Reform%20&%20Taxpayer%20Protection%20Act%20.pdf" rel="nofollow" target="_blank" >http://www.corker.senate.gov/public/_cache/files/1bc94e87-5a8a-4f07-a709-30bb19f15873/06-25-13%20BILL%20TEXT.%20Housing%20Finance%20Reform%20&%20Taxpayer%20Protection%20Act%20.pdf[tag]Mr. C
ORKER[/tag]
so IMO it is still a great investment win -lose or draw $$$$$$$$$
Freddie Mac to sell $3 billion bills on Monday
Mon Jun 24, 2013 8:39am EDT
27th is just a nomination hearing think that will send price up ?
just half of that i would shi%$
i might believe $2.50 but $9.00 pretty high expectations,don't you think
actually got a few fact straight !thanks !!
was not bashing it last night !
just was disappointed in its performance yesterday ,
but that is the way it has been going ,
lost a few bucks today no problem ,would have really liked to see it go down not up today ,but bought back at a good price today ,next week ought to be up good
sad but true but still believe!
been here a while now ,riding the pony up and down like a carrousel at the kiddy park ,but it aint no bull ride ,more like a Shelton pony ,but im waiting on that full 8 second ride $$DHSM$$