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Was there any language change in the report regarding "scheduled" payments to Treasury ?
When Mnuchin (and Watt) announces (within the next month,imo) FnF will not be making any payments to Treasury, their combined Net Worth will be at least $11.2 Billion. That's a very good start to the recapping process. Onward and upward, hopefully.
It still never ceases to amaze me how much false information people will put on this site, whatever their reason.
Honestly that for new players , bc Ackman bought at 1.66$ .With you and me keep add more ! lol
February 08, 2017
Fannie Mae Announces Scheduled Release of Fourth Quarter and Full-Year 2016 Financial Results
Company to Host Media Conference Call
Pete Bakel
202-752-2034
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced plans to report its fourth quarter and full-year 2016 financial results on Friday morning, February 17, 2017, before the opening of U.S. financial markets.
Fannie Mae will host a conference call for the media to discuss the company's results at 8:00 a.m., ET, on February 17, 2017. The conference call will be concurrently webcast. The live audio webcast of the earnings release call will be available at http://event.on24.com/wcc/r/1361602-1/FF46C11DA448B46EE94A2AE3663C99BB, and the company’s fourth quarter and full-year 2016 earnings press release, annual report on Form 10-K, and other supplemental information will be available on the company's Quarterly & Annual Results webpage at fanniemae.com/financialresults. A transcript of the call also will be made available on the page.
WEBCAST DETAILS – Fannie Mae Fourth Quarter and Full-Year 2016 Financial Results
Please click on the link below to access the Webcast registration page. It is recommended that you test the connection to the Webcast prior to joining the event.
URL: http://event.on24.com/wcc/r/1361602-1/FF46C11DA448B46EE94A2AE3663C99BB
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae. - See more at: http://www.fanniemae.com/portal/media/financial-news/2017/financial-results-2016-scheduled-release-6515.html#sthash.hf6R3TAm.dpuf
Obiter, "Howard on Mortgage Finance" is the only Tim Howard blog I will ever recognize as real. It is owned and operated by the real Tim Howard (sad that we even have to refer to him as "the real"), the ex-CFO of Fannie Mae and a true gentleman and scholar. The other TH717 site, was/is bogus and had/has little to no value, imo.
Howard on Mortgage Finance
I hope this helps.
Tim Howard's response (in the comments section of his blog) to the word "scheduled" added to Freddie's report release this morning.....
I think the addition of the word “scheduled” to the language referencing the March sweep payment is highly significant; it means that the possibility of not making that payment has at least been broached with FHFA (which approves the language in all of Fannie’s and Freddie’s press releases).
Mick Mulvaney is confirmed as WH Budget Director. 51 - Yes, 49 - No
One more down.
This a important. for sure. FNMA's report release tomorrow morning will certainly help support our suspicions.
From Fannies 2015 yearend/4Q report.....The company expects to pay Treasury $2.9 billion in dividends in March 2016.
From Fannies 2016 3Q report.....Fannie Mae expects to pay $3.0 billion in dividends to Treasury in December 2016
From Fannies 2016 2Q report.....Fannie Mae expects to pay $2.9 billion in dividends to Treasury in September 2016.
From Fannies 2016 1Q report.....Fannie Mae expects to pay $919 million in dividends to Treasury in June 2016.
The significance of the addition of "scheduled," will be enhanced if the FNMA 8-K and 10-K contain the same or similar addition.
Obiter, thanks for the "Scheduled" research. As always, swift, detailed and reliable.
Hopefully this insertion of the word "scheduled" is an indication of how things may/will change in the very near future.
Come on Nooch....Watt you waiting for, show us the money!
I believe Fannie will report similar 4Q numbers (probably a few billion better) tomorrow. Combine FnF's 4Q numbers and the companies could have more than $12 billion net worth if the NWS was stopped very soon. Not a bad start to recapping themselves.
Freddie Mac to Pay $4.5 Billion to Treasury for 4Q >FMCC
Last update: 16/02/2017 8:13:36 am
I expect Fannie and Freddie 4Q2016 combined profits of somewhere in the $5-7 Billion dollar range. The next and extremely important step will be for the UST and the FHFA to agree on ending the NWS thus allowing the GSEs to start recapitalizing themselves.
Thursday and Friday morning will give us the numbers we'll be working with moving forward.
Crap-o is so concerned with getting folks on his anti-GSE side he's probably also asked his landscaper, cleaning lady, drycleaner and barista if FnF should be eliminated by congress! He's way too desperate.
Freddie Mac Announces Release Date for Fourth Quarter and Full-Year 2016 Financial Results
Last update: 14/02/2017 8:30:00 am
Freddie Mac Announces Release Date for Fourth Quarter and Full-Year 2016 Financial Results
MCLEAN, VA--(Marketwired - Feb 14, 2017) - Freddie Mac (OTCQB: FMCC) announced today that it plans to report its fourth quarter and full-year 2016 financial results before the U.S. financial markets open on Thursday, Feb. 16, 2017.
The company will hold a conference call at 9:00 a.m. Eastern time (ET) on Thursday, Feb. 16, 2017, to discuss the company's results with the media. The conference call will be concurrently webcast and the replay will be available on the company's website at www.FreddieMac.com/investors for approximately 30 days.
All materials related to the call will be available on the Investor Relations page of the company's website at www.FreddieMac.com/investors.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
(MORE TO FOLLOW) Dow Jones Newswires
February 14, 2017 08:30 ET (13:30 GMT)
Yes, 955, that's what I said the other day when they picked him. I'm hoping that's the main reason he was chosen, at least. As the main architect, he can dispute previous actions against HERA when this Admin goes after it.
One more piece to the puzzle. Albeit, I very big piece.
Joe Manchin (D-WV) has been the rare Dem going against his side on some of these other cabinet confirmations as well. Not a surprise at all actually.
Funny how Corker and Shelbe wanted to be almost last ...they should be it!!!!
46-47 should be yes here on out!
Yep. I hope and expect at least a 52-47 with the yeas taking it.
But, with that being said, it would not surprise me at all if he somehow didn't get the 50 votes he needs, there's just so much money on the line here (and that's what it's all about). If he doesn't get the 50 votes and some R's flip, it will most likely be very junior Senators that just came into the senate or very old ones that are on their last terms before retiring. It won't be the usual suspect such as Corker, Crapo or Shelby. Being the weasels they are, they'll make some other suckers to do their bidding for them. There's a chance this could happen, but I don't expect it.
Fingers crossed!
Man, those politicians really took it to Mnuchin today...not! It's amazing how tough they are, that is, until it starts cutting into their regularly scheduled four day weekends. hahaha
Yet another interview with a so called media/economic "expert" that appears to know less about the FnF situation than most investors. It really is a shame. At least he was somewhat neutral considering he's friends with John Carney's brother, Tim.
Same here, Camacho. I believe that's why Calabria was chosen, because he wrote HERA basically. The Admin will use him when/if they decide to attack BO's Admin and correct the interpretation of HERA or possible legality of it even.
Cmdr, Mnuchin's vote is set. It will take place at 7pm on Monday, after about 7 hours of "debate" time on that same day. The Senate is "debating" Mnuchin today as well, under quorum call. Not sure how many Senators will be speaking today (most going home I believe), but as long as the floor is under quorum call a R senator has to be sitting for the hours to count towards the 30 (that's why if you watch the video you will see someone sitting in the president chair). At end of day today much of the 30 hours will have been used. Leaving the 7 or so for Monday.
Hope this helps.
Thanks, Cap'n. That's exactly what I remembered Watt saying....just couldn't remember the time and place. So much info over so many years starts to blur together.
Thanks for that, Obiter.
I have a question.
To your knowledge, if UST wanted to alter the warrants they received as part of the SPSPA to say, 20%, instead of 79.9% of outstanding shares, would they then have to have help/communication from FHFA/Watt (acting on behalf of the GSEs) to accomplish that task?
TIA
I had read that earlier today. It's not definitive. They will be there until 2pm tonight to vote on Price for sure. Less then six hours from now. They can easily decide to vote to invoke cloture at that point as well. I guess we'll see come 2am.
Source please.
Mnuchin confirmation now delayed until next Thursday afternoon. One week delay per Hatch.
I too, think I remember Watt saying that possibly conservatorship could move towards ending, but it would have to come at the behest of the UST. Of course, any other time he was asked he said the administration (and he) felt congress should make the decisions.
Regarding the warrants, I know UST has control of them, but I was under the impression they would still have to sign some type of agreement/contact with FAHA to do away with/alter them. Of course, if that was offered by the UST, Watt would have to accept as he has a fiduciary duty to. No? I also know they could just never exercise them without any input from Watt/FHFA, but they would still exist for another 12 years until they expire, and this would make it very hard to recap and value the companies if that was the case.
Dax, regarding the warrants, Mnuchin and Watt can do whatever they seem fit to do with them. All it would take is the stroke of a pen. Keep in mind, the current warrant arrangement is set up that the UST gets to exercise 79.9% of whatever the outstanding number of share are when they exercise them. So, it's not just limited to four times the current 1.15802 billion shares outstanding right now. If the companies try to raise capital through a sale of more shares, the 79.9% is then based on the 1.15802 plus whatever the new amount is. I'm not saying it will happen this way, but it can. And, because of that, the current warrant agreement makes it virtually impossible for FnF to recapitalize. Add to the fact that the UST has received over $68 Billion more than they forced FnF to take and that's why I believe something will be done to change the warrants as they stand now. Ultimately, from a business standpoint, if you're trying to recap companies, whatever warrants you do use would have to be exercised at a high strike price, which in turn would be good for common shareholders as their shares would be valued at that price too. Nooch is a smart businessman, I believe he'll do what's right to get them out of gov't ownership and allow then to succeed, relatively quickly. Which is basically what he said was needed.
Time will tell, I guess.
Can the warrants be exercised partially. Say exercise 1/4 or 1/2 of them? Seems like a valid settlement enticement. Or are the warrants all or none.? Anyone know?
It's exactly (within a few hours) what I've been writing hear all week. Once you know the batting order for the nominees it's simple math from there. The only thing that would change it is if Dems agree to a unanimous end of cloture, which based on what they've been doing, isn't gonna happen.
Yet another piece to this big, beautiful puzzle with blue skies and green gra$$.
I know Calabria has made comments about shareholder rights, but it comes up very often during his many talks and he usually refrains from speaking to it for the most part.
The paper you refer to was co-authored by Michael Krimminger, ex-lead counsel for the FDIC (and also responsible for HERA's intentions). The comments on page 31 in the paper actually refer to shareholders rights within FDIC cases. There certainly can be some inference due to HERA mimicking the FDIA, but FnF shareholder rights are more specifically address in the first 20 or so pages of the paper.
Either way, I believe Calabria has his purpose to this Admin and it relates to HERA's correct interpretation more than his thoughts on future housing finance. The position he's been giving doesn't really have that much authority.
I see it as more pro than con for FnF shareholders.
We've had more important pieces added to this giant puzzle in the last 90 days than we have in the last eight years. Stand back and take a look everyone. It's starting to take shape.
I have seen Mark Calabria speak many times on the future of housing finance and he doesn't take much of a stance on the shareholder rights issue, but he has said , on numerous occasions, that what congress intended when enacting HERA is not what has happened. He may very well have different thoughts on what the future of FnF should look like, but Trump et al may not really care about those thoughts.
My guess is they are really concerned with his knowledge of HERA and it's true interpretation. What ever else he brings to the table may be secondary at best.
This is the KEY we need to focus on. He (basically) wrote HERA with regards to how it mimics FDIA. He knows exactly what congress intended it to mean. He has always said the BO Admin and its DOJ had twisted what congress meant when it enacted HERA. If Trump/Pence et al decide to recap/release/restructure FnF in a way that helps everyone (including their friends) financially, Calabria is their ace in the hole. When anti-gse congress/media start squawking, and they will, they can say...."we have the guy that wrote HERA and he says this is what congress asked him to do when he wrote it".
The way I see it, he's their get out of free jail card.
Nice! Should be great for us as he helped write HERA and has been very critical of how the Obama administration handled the Conservatorship!
While I hope that happens, I have yet to see a reputable source on that. Please provide your source.
TIA
They wont be using full 30 hours on Mnuchin, also Price might be voted as early as today evening.
The Senate has been under Quorum Call since last night, but a Rep Senator has to be sitting in the chamber I believe. The clock still runs under it. The 30 hours under cloture rule has been running since 8pm last night and will end at 4am Friday. Although, Price's vote will happen Friday morning, probably between 8am and 10am. At that time (actually about an hour after), cloture (30 hours) will start for Mnuchin, putting his vote on schedule for about 4-6pm on Saturday. Of course, all this can change if there is a unanimous vote to end cloture and proceed directly to a confirmation vote, but with way the Dems have been acting, it's not very likely. Then again, actually working on the weekend may test their resolve.
Source please.
Did he get put ahead of Price? If not, and Dems use their 30 hour cloture time, Price vote would happen around 1AM Friday at the earliest, but more likely not until around 7AM Friday. Then Mnuchin's vote would happen about 30 hours later, around 1PM on Saturday.
Mnuchin confirmation moved to Friday.
Mnuchin, amongst his close friends, is actually known as "Nooch"...from what I've been told.
Da MaNoooooooooch.
No, the 30 hour cloture time clock starts now (12:51pm) and will end with a vote to confirm him at 6:51pm, Wednesday.
I'm wondering if he can create an Executive Order that repeals HERA? I don't see why he couldn't and then add in verbiage that exactly accomplishes what he wants (short-term) with regards to the GSEs.