removed FNMA
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I have been reading this kind of BS articles for last one year since I started trading. During this time in 2013, I use to find this kind of negative article at least twice a week. Now I can read this once in a while. During this time in 2015, I believe this kind of talk will be once in a blue moon. Not my assumption, it is my bet.
FNMA
Who is this @$$?????
Who are "We"?
What a moronic argument! How much money he is earning writing this kind of BS article?
I have been reading this kind of BS articles for 1 long year. The more I read, the more I laugh.
Good luck to all longs.
I went through this kind of circus many times. This will be a DOA bill like many others proposed before. I bet that it wont hit the senate floor. I bet with all of my money.
FNMA
Sierra is a blog. Her comment is equivalent to any opinion posted by a novice trader/investor in ihub, yahoo msg board or stock tweet.
But I hope she is correct and I completely agree with her.
FNMA
How many Senior Preferred Shares US government own? I know they have the warrant to buy 80% of common stake.
Not in 2013.
Any one knows the percentage short today?
DeMarco’s FHFA Wants Lower GSE Loan Limits After All; But is Watt Ok With It?
By Paul Muolo
pmuolo@imfpubs.com
The Federal Housing Finance Agency late Monday announced it will seek public comment on lower GSE loan limits for 2014, saying it may reduce by 4 percent the statutory national limit of $417,000 and the “high-cost” cap of $625,500.
The news came as a surprise to certain factions of the mortgage industry who thought they were “safe” for next year. One trade group executive, requesting anonymity, told IMFnews Daily that, “It’s not clear [Mel] Watt will be okay with the lower limits.” Watt has been confirmed by the Senate to be the next permanent director of FHFA, but has yet to be sworn in.
In its statement, announcing the comment period, FHFA notes, “The contemplated action is a plan and not a final decision,” adding that no change will be made until October of next year. “The requested public input will be carefully reviewed before FHFA decides whether and how to proceed with the planned approach to Freddie Mac’s and Fannie Mae’s loan purchase limits.”
Among other things, the regulator wants to know if six-months notice is adequate time to give lenders and servicers to make the changes to their systems and processes. The agency also wants to know, “whether it is preferable for FHFA to announce a multi-year schedule of decreases, and to what date any future loan purchase limit reductions should be tied.” For more on the story, see the upcoming editions of Inside Mortgage Finance and Inside The GSEs later in the week.
Other areas of interest: Originations, Secondary/MBS, Regulatory, Fannie, Freddie, GSEs
Lenders Hit With Another GSE Surprise: Higher LLPAs for Certain FICOs
By Paul Muolo
pmuolo@imfpubs.com
Fannie Mae and Freddie Mac – under the direction of the Federal Housing Finance Agency – have quietly increased certain “loan level price adjustments” on lower FICO score mortgages, which will make residential credit more costly for borrowers.
The LLPAs were not announced via a press release but instead appeared on the websites of the two GSEs before being noticed by certain players in the industry. A report from Zelman & Associates notes that the LLPA changes are in excess of the 10 basis point g-fee increase unveiled by FHFA last week. Zelman writes: “Within the LTV and credit score matrix, the most negatively impacted borrower pools are those that carry credit scores from 680-759 and put down 5-20 percent. In these borrower cohorts, the recent FHFA-directed changes would raise effective financing costs by approximately 20-40 basis points.”
Dave Stevens, president of the Mortgage Bankers Association, told IMFnews Daily, “What had been an exercise by regulators to systematically attract private capital into the mortgage market has now turned into an attempt to shock private capital back into the system. The new up-front risk-based pricing grid means that fees will rise the most for borrowers in the heart of the home-purchase market, those who have credit scores between 680 and 759 and who are putting down between 5 and 20 percent.”
MBA says the timing of the new LLPA matrix “could not be worse, especially with the Qualified Mortgage Rule, which is already tightening credit, going into effect in January.” For more on the story, see the upcoming editions of Inside Mortgage Finance and Inside The GSEs later in the week
Good observation.
I think many big players have already joined with Ackman and Berkowitz. We will know that as soon as they come to the press. We have a strong support at 2.71. This is a very good sign. The accumulation is going around this base. I think even if we break it down, we wont go much beyond 2.5. I can see we hit $4 before the 31st to celebrate new year.
ALL IMO.
Thank you morons who sold to me at 2.71.
Nice...
I have the same plan. Cheers!
I am done with watching his circus.
Tim Sykes is another scam. I was his subscriber. Every 3 of his 4 calls were losing calls, in my 2 months subscription. He is no different than those shady penny stock pnd schemers like Awesome Penny Stock use to do. Even he is worse. APS has disclaimer in the bottom of their promotion page. That guy even does not have that. He is nothing but a charlatan. Every new comer in trading should stay out of him. He sells his expensive dvds and earn more than he earns in trading. I doubt in his winning strategy as he claims.
Note: All IMO.
Stockman... what you said will be the patented truth with in next December. No doubt.
Thanks.
I don have the subscription. If any one does, pls let us know their rating.
http://finance.yahoo.com/news/zacks-analyst-blog-highlights-costco-130007062.html
The Zacks Analyst Blog Highlights: Costco Wholesale, Bank of America, Freddie Mac, Fannie Mae and SVB Financial Group
Happy trading with FNMA. :)
Why does it need to drift downward to $2.2? What is the problem with $3.2?
You are mixing with a wrong person. Wang Mei En is the actual name stated in the SEC filing. Not your guy who is Wang Wei. However, I found an old article. Do not know if it would be helpful or not.
http://globenewswire.com/news-release/2011/07/11/450922/226141/en/Sinobiomed-d-b-a-Sitoa-Global-Announces-Strategic-Partnership-With-Soconison-Technology-Ventures.html
SAN CARLOS, Calif., July 11, 2011 (GLOBE NEWSWIRE) -- Sinobiomed Inc. (d/b/a Sitoa Global Inc.) (OTCQB:STOA) (the "Company" or "Sitoa"), an e-commerce facilitator, today announced that it has entered into a strategic partnership agreement with Soconison Technology Ventures ("Soconison"), permitting Soconison and its portfolio companies to utilize the Company's network and platform software technology to develop and host business-to-consumer ("B2C") e-commerce marketplaces.
Over the next 6 months, the Company will assist in developing and maintaining B2C marketplaces operated by Soconison and its portfolio companies, including ZBL Cybermarketing, Inc., Google's largest Search Engine Marketing (SEM) and Search Engine Optimization (SEO) provider in Northern China centered on the metropolitan area of Beijing, for integration and maintenance fees of at least $0.63 million.
Cal Lai, the Company's President and CEO, commented, "We believe that this is an important step for us in our bid to expand our e-commerce business and participate in the growth of online transactions in China. We expect that the revenues from this agreement will strengthen our financial position and support the execution of our business plan."
"Our portfolio companies have captured significant online user traffic with the growth in China," said James Wang, Managing Partner at Soconison Technology Ventures. "We believe that Sitoa's technology will allow us to monetize our online user communities through the building of e-commerce marketplaces."
ABOUT SINOBIOMED INC. (d/b/a SITOA GLOBAL INC.)
Sinobiomed Inc. (soon to be Sitoa Global Inc.) is an e-commerce facilitator that seeks to enable new advances in e-commerce by building and managing leading online marketplaces that match online sellers with targeted customer groups. The Company's efforts target the growth of e-commerce, online media, and social networking. Its goal is to provide infrastructure for online sellers designed to attract focused customer communities as part of a social marketplace, expanding retail selling channels without the risks of focus dilution, increased capital, and operating costs. As part of its revenue model, the Company shares in revenue generated by the marketplace sites, in addition to charging one-time integration and hosting fees.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the ability of the Company to perform under the agreement and that the revenues there from will strengthen the Company's financial position over the next 6 months; the continued growth of the
Nice read. Thank you for sharing.
I am sure this article was posted before. This explains why GSE cannot be shut down or replaced. No GSE means no 30 yr fixed mortgage. No 30 yr fixed mortgage means no more home buying resulting to house price plummet. That scenario will worse than 2008 housing crisis. I hope clowns in Washington understand this simple fact.
Killing GSEs Could Kill Fixed-Rate Mortgage Loans, Says Bove
BY Philip van Doorn
It's easy to say that private capital will step in and replace Fannie and Freddie as humungous buyers of fixed-rate mortgage loans, but not everyone believes it can happen.
According to Bove, the wind-down of Fannie and Freddie supported by President Obama and many members of Congress could force banks to stop making fixed-rate mortgage loans, out of fear that they won't be able to sell them.
In case you're wondering why banks are typically desperate to get fixed-rate mortgage loans off their books, it is because of the tremendous interest rate risk of these assets. If you have a fixed-rate mortgage loan portfolio paying an average rate of 4.0% and short-term interest rates rise high enough that you're paying 5% on passbook savings accounts, you might as well shut your doors that day.
Memories are short. Short-term rates have been near zero since late 2008, when the Federal Reserve set the target range for the federal funds rate at zero to 0.25%. But that won't last forever. And in the 80s, scores of savings and loan associations failed when high interest rates forced them to pay higher rates on deposits than they were earning on their loan portfolios.
Bove wrote that "In the past week I have contacted a small number of large banks and asked whether they would originate and hold 20 and 30 year self-amortizing, fixed-rate mortgages if there was no Fannie Mae or Freddie Mac (FRE/$2.46/NR). The universal answer was 'No!'"
You may be aware that fixed-rate mortgage loans are pretty rare outside the United States. They are rare because most other countries don't have what has for decades been, effectively, a nationalized, uniform set of standards for underwriting fixed-rate mortgage loans so they can instantly be sold -- through Fannie and Freddie -- into a highly liquid secondary market.
A fixed-rate mortgage can provide a great deal of financial security, especially if the loan is locked in at a time of low long-term interest rates, such as we have seen over the past few years. But an adjustable rate loan can be quite painful for a borrower if and when rates rise quickly.
The disappearance of fixed-rate mortgage loans would "increase the monthly cost of owning a home," according to Bove. "This in turn will cause housing prices to fall wiping out the equity in many units. The decline in wealth of the vast majority of households that will result is likely to impact spending habits and economic growth," he wrote.
"To my way of thinking the impact will be so profoundly negative that it will not happen. The elimination of these instruments would, in fact, be enough to finally get the majority of Congress thrown out."
And that's why Bove expects the GSEs to survive in some form. "The question is what form they will take if they stay," he wrote.
The government's epic bailout of American International Group (AIG_) -- to the tune of $182 billion, including assistance from the -- ended up quite well, with the company surviving, the government converting its preferred shares to common shares, which it sold at a profit, and the entire deal resulting in an "overall $22.7 billion positive return," according to the U.S. Treasury.
Nice read. Thx.
Stay tuned guys for another massive earning.....
Fannie Mae sells $1.0 bln bills at mixed rates
Dec 4 (Reuters) - Fannie Mae, the largest U.S.home funding source, said on Wednesday it sold $1.0 billion ofbenchmark bills at mixed interest rates compared with lastweek's sale of similar maturities.
Fannie Mae said it sold $500 million of three-month billsdue March 5, 2014 at a 0.080 percent stop-out rate, or lowestaccepted rate, down from the 0.091 percent rate for $500 millionof three-month bills sold Nov. 27.
The company sold $500 million of six-month bills dueJune 4, 2014 at a 0.120 percent rate, unchanged from the 0.120 percent rate for $500 million of six-month bills sold aweek ago.
The three-month bills were priced at 99.980 with a moneymarket yield of 0.080 percent. The six-month bills were pricedat 99.939 with a money market yield of 0.120 percent.
Settlement is Dec. 3-4.
Wrong board.
Unfortunately Obama endorsed the Corker Warner Bill. Already that bill is being called as the Obamacare for housing. I do not think Obama is that stupid to pursue that nonsense bill any more. His poll has turned to 42% which is the worst in his time.
In conclusion, no chance for Obama to touch Fannie and Freddie.
FNMA
Thank you Cate for sharing that. That post precisely describes the situation. IMO, it wont be very long to restore the wealthiest company of the nation.
Long live FnF.
Very likely. But volume is extremely low today....I like the accumulation. All are signalling towards the next run to $5, which will ensure the fireworks for 2014 New Year.
Good luck to all longs.
This is another scam introduced by the fraudster CEO.
Thousand thumps up.
If anyone posted it earlier, sorry for redundancy.
G-Fee ‘Parity’ Between Large and Small Mortgage Firms Elusive
By Paul Muolo
pmuolo@imfpubs.com
Although the Federal Housing Finance Agency has said it wants more “parity” in the MBS guaranty fees paid by large and small lenders, observers say the playing field remains uneven.
One trade group official, who spoke on the condition his name not be used, said as far as he can see there are still “meaningful differences” in what smaller lenders pay in g-fees compared to their larger competitors.
He added that his members do not want to go on the record because they fear it will make doing business with Fannie Mae and Freddie Mac more difficult.
How much individual sellers pay for their g-fees is one of the best-kept secrets in the industry. During the mortgage boom of the past decade, the government-sponsored enterprises gave “volume discounts” to large customers such as Countrywide Financial, Wells Fargo and JPMorgan Chase. Some paid as little as 10 basis points compared to the industry average of 25 bps. GSE guaranty fees on new business now average more than 50 bps. For more on the story, see Inside MBS & ABS, now online.
Other areas of interest: Originations, Secondary/MBS, Regulatory, Fannie, Freddie, Mortgage Lending & Servicing
Is There a Sign of Life in the Alt A Mortgage Market?
By John Bancroft
jbancroft@imfpubs.com
Production of adjustable-rate mortgages jumped by almost 10 percent from the second to the third quarter as rising mortgage interest rates pushed more borrowers into the ARM market, according to a new analysis from Inside Mortgage Finance.
Although originations fell slightly in the third quarter, there is a pulse in the Alt A market. An estimated $12 billion of these loans were made during the first nine months of 2013, off 8 percent from the same period last year.
The Alt A estimates are based on the volume of first-lien conventional mortgages with interest rates ranging from 150 basis points over the prime mortgage rate to 300 bps over, as reported in the 2012 Home Mortgage Disclosure Act data.
For all of last year, some $19 billion of these loans were reported under HMDA, up from $14 billion in 2011. For more on the story, see Inside Mortgage Finance.
Other areas of interest: Originations, Servicing, Data/Rankings, Nonconforming, Mortgage Lending & Servicing, Trends & Profitability
FHFA Will Unveil Capital Ratio for MIs Soon; New ‘Master Policy’ Out Now
By Paul Muolo
pmuolo@imfpubs.com
The Federal Housing Finance Agency is expected to unveil a new risk-to-capital ratio for mortgage insurance firms doing business with the GSEs by mid December, officials close to the matter told Inside Mortgage Finance. The anticipated ratio is expected to be 18:1.
Meanwhile, the regulator Monday morning unveiled new “master policy” requirements for the MI industry, which will make it harder for insurance firms to get out of paying claims on defaulted mortgages. However, there is some good news in the new requirements, including relief for MIs that underwrite the mortgages they insure.
One MI official, requesting his name not be used, said MIs can get rescission relief even if a loan defaulted after just one year if they underwrite all the mortgages they insure. Current FHFA guidelines make MI firms liable for claims on mortgages 36 months after the date of origination. Language in the new MP extends the 36-month measurement under certain circumstances, said one observer.
FHFA offers few details on the MP on its website, but notes that the new rules establish “specific time frames for processing claims, including requests for additional documentation.” For more on the story, see Inside Mortgage Finance later in the week.
Other areas of interest: Originations, Secondary/MBS, Regulatory, Fannie, Freddie, GSEs
BofA Will Pay Freddie $404 Million to Settle Legacy Repurchase Claims
By Paul Muolo
pmuolo@imfpubs.com
Bank of America has agreed to pay Freddie Mac $404 million to settle mortgage repurchase obligations tied to 716,000 loans sold to the GSE between 2000 and 2009, according to a statement released Monday.
The “representations and warranties” payment also compensates Freddie Mac for “certain past losses and potential future losses relating to denials, rescissions and cancellations of mortgage insurance,” the GSE said. The amount is less $13 million for repurchases already made.
In January of this year BofA – the nation’s third largest originator according to Inside Mortgage Finance – agreed to pay Fannie Mae $11 billion to settle rep and warrant claims, a large chunk of which can be traced to mortgages originated by Countrywide Financial Corp. BofA bought CFC in the summer of 2008.
Fannie and Freddie are beginning to take in a significant amount of money from R&W settlements, but both stand to reap an even larger windfall from a pending civil lawsuit filed by the Federal Housing Finance Agency against 17 issuers of private-label MBS – securities that were bought by the GSEs during the housing boom. For more on the story, see Inside The GSEs later in the week.
Other areas of interest: Originations, Secondary/MBS, Regulatory, Fannie, Freddie, GSEs
No Effort in Congress to Extend FHA High-Cost Loan Limit
By George Brooks
gbrooks@imfpubs.com
With the FHA high-cost loan limit set to decline from its current statutory level of $729,750 to $625,500 – the same level as Fannie Mae and Freddie Mac – policymakers appear unwilling to push for an extension.
The temporary maximum loan limit for government-backed mortgages is set to expire on Dec. 31, unless Congress votes for another extension, which appears unlikely, according to mortgage industry analysts. Neither lawmakers nor the White House have shown support for maintaining the current FHA high-cost loan ceiling.
Although no one has conceded that the FHA loan ceiling will go down for certain areas, there has been no effort to extend it either, said a top industry official, who requested anonymity. “We do not expect much of a [market] impact [if the FHA loan limit readjusts],” he said.
Currently, loans over $600,000 make up just 0.005 percent of the FHA portfolio. Over the past two years, the FHA endorsed 9,183 loans between $600,000 and $729,750. For more on the story, see Inside FHA Lending.
Other areas of interest: Originations, Servicing, Secondary/MBS, Regulatory, Ginnie Mae/FHA, Mortgage Lending & Servicing
Short Takes: The Mortgage and the Damage Done – to Banks / Lower FICO Loans Increase / Who Says LPMI is Dead? / FGMC Caters to Brokerage Firms / CFPB’s New QM Webinar
By Paul Muolo, Thomas Ressler
pmuolo@imfpubs.com, tressler@imfpubs.com
Standard & Poor’s recently published an updated estimate of likely losses stemming from mortgage-related litigation, finding that banks face future costs of $56.5 billion to $104 billion. “Payments at the upper end of the estimates would wipe out about two-thirds of the $154.9 billion litigation buffer estimated to be held by the banks, but would not cut into their regulatory capital”…
According to Richey May, a mortgage accounting and consulting firm, the percentage of borrowers whose FICO scores are less than 700 increased from 25 percent in the second quarter to 30 percent in the third…
RightStart Mortgage, a wholesaler based in Pasadena, CA, has launched a new lender-paid mortgage insurance product that enables borrowers to lower monthly payments while avoiding the expense of paying mortgage insurance. The MI policy, of course, is built into the rate. The company notes: "The maximum purchase price is $300,000 and a 5 percent downpayment and minimum FICO score of 750 are also required”...
First Guaranty Mortgage Corp. will partner with Navigator Lending Solutions to provide education and training resources to assist mortgage firms that are converting from brokerage status to banker status…
The Consumer Financial Protection Bureau and the Federal Reserve will conduct a webinar on the topic of small creditor qualified mortgages, this Wednesday, Dec. 4. Among the issues scheduled to be addressed are the types of QMs all creditors may originate, the types of QMs only small creditors may originate, and how the bureau defines small creditor for purposes of the QM rule. Other topics include the flexibilities small creditors have in originating QMs, the requirements that must be met to originate small creditor QMs, and whether small creditors may make balloon mortgages and/or non-QM loans.
Nonbank Servicers Take Up Slack Left by Retreating Big Banks
Bank of America shed 16.7 percent of its servicing portfolio in 2Q13—enough to make a Top 10 servicer. Wells Fargo and Chase, the other servicing giants, also saw decreases in this period. The shrinking at the top made room for growth for such nonbanks as Ocwen Financial, Nationstar Mortgage andWalter Investment. Learn more about the trends and leaders in every sector of the mortgage market in IMF’s quarterly Top Mortgage Players report.
Other areas of interest: Originations, Servicing, Secondary/MBS, Regulatory
I use Sure Trader. No restriction of $25000. Nice web platform and margin leverage is very good IMO.
Thanks a lot. Look forward to having that.
Could not agree more.
Is there a way to make a complaint to SEC against this scam? Please let me know if anyone in this board knows how to do it. Thanks in advance.
They announced the same LOI for IRIS several months ago. They trashed that LOI few months ago. This LOI will be trashed in couple of months too. This company is a classic penny stock scam.
Note: I am holding millions of shares which the company is gonna take away from me soon by a Reverse Split.
If that happens ever, I will quit trading and/or investing. Mark my post.
FNMA