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Found it...so yeah Treasure has made both statements that the bailout is a loan and now an investment...
Taxpayer Protection. Any time the government stands behind a loan, even indirectly, it takes on
some degree of risk. While the government can charge market participants an insurance
premium for accepting that risk, pricing risk properly can be difficult. If the government does
not charge a fair price, it may encourage excessive risk-taking and increase the likelihood that
the taxpayer will be forced to bear the cost of the government’s losses. Political pressure to
lower the price of government support increases the odds that the government will misprice risk
and put taxpayers at risk. Requiring private capital to come ahead of government guarantees or
providing a way to ensure taxpayer losses are repaid through future assessments, such as higher
fees, may mitigate these risks
http://www.treasury.gov/initiatives/Documents/Reforming%20America%27s%20Housing%20Finance%20Market.pdf
If Treasury has already received $1 billion in senior preferred stock, how can you say that no investment
has been made yet?
The companies each issued $1 billion in senior preferred stock to Treasury in connection with Treasury's
commitment to maintain a positive net worth in the GSE. No taxpayer money was spent to receive this stock.
http://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/2008-9-11_SPSPA_FAQ_508.pdf
That is definitely a problem I see as well...but did he not say that the bailout was an investment and not a loan?...I see them playing both sides of the fence again...
Hey I got quick question for someone here on the board...anyone...I thought Lew told congress that they made an investment and it wasn't a loan...is this correct? Did he say that or no? Maybe in a court testimony? If that's true...then how do can they explain this statement?
If Treasury has already received $1 billion in senior preferred stock, how can you say that no investment
has been made yet?
The companies each issued $1 billion in senior preferred stock to Treasury in connection with Treasury's
commitment to maintain a positive net worth in the GSE. No taxpayer money was spent to receive this stock.
http://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/2008-9-11_SPSPA_FAQ_508.pdf
§4622. Capital restoration plans
(a) Contents
Each capital restoration plan submitted under this subchapter shall set forth a feasible plan for restoring the core capital of the regulated entity subject to the plan to an amount not less than the minimum capital level for the regulated entity and for restoring the total capital of the regulated entity to an amount not less than the risk-based capital level for the regulated entity. Each capital restoration plan shall—
(1) specify the level of capital the regulated entity will achieve and maintain;
(2) describe the actions that the regulated entity will take to become classified as adequately capitalized;
(3) establish a schedule for completing the actions set forth in the plan;
(4) specify the types and levels of activities (including existing and new programs) in which the regulated entity will engage during the term of the plan; and
(5) describe the actions that the regulated entity will take to comply with any mandatory and discretionary requirements imposed under this subchapter.
(b) Deadlines for submission
The Director shall, by regulation, establish a deadline for submission of a capital restoration plan, which may not be more than 45 days after the regulated entity is notified in writing that a plan is required. The regulations shall provide that the Director may extend the deadline to the extent that the Director determines it necessary. Any extension of the deadline shall be in writing and for a time certain.
(c) Approval
The Director shall review each capital restoration plan submitted under this section and, not later than 30 days after submission of the plan, approve or disapprove the plan. The Director may extend the period for approval or disapproval for any plan for a single additional 30-day period if the Director determines it necessary. The Director shall provide written notice to any regulated entity submitting a plan of the approval or disapproval of the plan (which shall include the reasons for any disapproval of the plan) and of any extension of the period for approval or disapproval.
(d) Resubmission
If the Director disapproves the initial capital restoration plan submitted by the regulated entity, the regulated entity shall submit an amended plan acceptable to the Director within 30 days or such longer period that the Director determines is in the public interest.
(Pub. L. 102–550, title XIII, §1369C, Oct. 28, 1992, 106 Stat. 3985; Pub. L. 110–289, div. A, title I, §1145(b)(2), July 30, 2008, 122 Stat. 2767.)
http://www.gpo.gov/fdsys/pkg/USCODE-2012-title12/html/USCODE-2012-title12-chap46.htm
Oh look MM's sending a message...otc 101...lol
Here's an Otc joke...how can you tell the stock that you trade is on otc...When you can tell a joke about a trade while it's still showing on the screen......c'mon MM's we're done selling...take it up already...
nuh uhhh...mine was the 40 shares...
lol...FNMAS volume is only 169k...
Alright who's the wise guy who sold 20 shares and pay a broker fee of $10...lol
Looks like Fannie is pregnant and is about to drop a bomb...
Something along that line...
Follow the herd or you'll be eaten alive by the wolf...
down .02 up .04...that's a big correction alright considering you almost sold yesterday...
Abrakadabra...it's happening right before your eyes...
Not yet...going higher...inverted head and shoulder...
Hold on...inverted head & shoulder...
Oh yeah it's your birthday...oh yeah it's your birthday...lol
Oh good...I thought maybe the zombies got you...lol
You fell for it?
You can put you hand down now David302...lol
http://online.wsj.com/public/resources/documents/perryappealbrief0629.pdf
You bet your life savers it would...
Of course they would today after close...why wouldn't they...lemmings have sold...lol
Door still open for Greece, says Eurogroup head
48 minutes ago
The door remains open for Greece despite the breakdown of bailout talks over the weekend, Eurogroup head Jeroen Dijsselbloem has said.
He said it was still "conceivable" to avoid a Greek exit.
"I continue to say that, for us, the door is still open, although in the meantime the possibilities and time are very limited," the head of the group of eurozone finance ministers told journalists in The Hague.
Greece is hurtling toward an IMF default tomorrow and possible exit from the euro after the shock breakdown of debt talks with creditors on Saturday.
Asked whether it was possible to avoid a Greek exit from the euro currency, a so-called Grexit, Mr Dijsselbloem said "it's still very conceivable".
Voicing disappointment at Greece's exit from talks, Mr Dijsselbloem said the negotiations were "about Greece's future, and despite the talks not being over, they left the table".
Greece looks likely to default on an IMF debt payment of about €1.5bn due tomorrow, a first step on a path that could lead to it exiting the eurozone.
The government in Athens has called a referendum for 5 July on the latest bailout proposal being offered to Greece.
Meanwhile the Economic Management Council met this evening to discuss developments in Greece and across the euro zone.
During the meeting they received briefings from Governor of the Central Bank, Patrick Honohan and Cathal Kelly of the National Treasury Management Agency.
The meeting took note of the calm in the Irish financial markets.
The Government intends to keep developments in Greece under review.
Juncker 'betrayed' by failure to reach Greek bailout deal
EU Commission head Jean-Claude Juncker has said he felt "betrayed" by the failure of Athens to agree on a bailout deal with EU ministers, despite the huge efforts made.
"After all the efforts I deployed from the commission, I feel betrayed because these efforts were insufficiently taken into account," Mr Juncker said at a news briefing.
Mr Juncker said if Greek voters reject proposed reforms in Sunday's referendum they would also be rejecting the European Union.
"A 'No' would mean, regardless of the question posed, that Greece had said no to Europe," Mr Juncker said in Brussels.
In response, a spokesman for the Greek government cast doubt on Mr Juncker's "sincerity", saying: "An essential element in indicating good faith and reliability in negotiations is sincerity".
Meanwhile, German Chancellor Angela Merkel is still prepared to hold talks with her Greek counterpart Alexis Tsipras.
A spokesman for the German leader said Ms Merkel was willing to speak to Mr Tsipras, "if he would like to".
It comes as Greek banks are to remain closed until 7 July, the day after a referendum on bailout proposals.
According to an official decree published early today, ATM withdrawals will be limited to €60 a day in the same period.
The decree on capital controls was published in the official government gazette and titled 'Bank Holiday break'.
It lists the measures imposed on financial institutions lasting from 28 June to 6 July and was signed by President Prokopis Pavlopoulos and Prime Minister Alexis Tsipras.
It cited "the extremely urgent and unforeseen need to protect the Greek financial system and the Greek economy due to the lack of liquidity caused by the Eurogroup's decision on 27 June to refuse the extension of the loan agreement with Greece".
Banks will reopen on Tuesday 7 July, a government statement said.
It said cash machines, many of which are dry after massive withdrawals this weekend, would "operate normally again by Monday noon at the latest".
Pension payments will be exempt from the bank transaction restrictions, while there will be "no problem for wages paid electronically into bank accounts", the statement said.
Internet banking transactions inside Greece will work normally, as will card payments in shops, but transfers abroad will require approval from a Ministry of Finance commission, it said.
Earlier, Athens sought to reassure thousands of tourists currently staying in Greece, saying that people with a credit card issued in a foreign country will not be affected by the limits on ATM withdrawals.
The radical measures have been imposed to protect the banking system against the threat of mass panic at the prospect of a possible default by Greece, and the impact of the referendum announcement on negotiations with creditors.
Meanwhile, European stocks were sharply lower today as investors fear Greece could be heading for a euro zone exit.
Harris says lack of engagement 'cannot continue'
Minister of State at the Department of Finance Simon Harris has encouraged the Greek government to come back to the negotiating table, describing the situation as highly regrettable.
Speaking on RTÉ's Six One News, Mr Harris said that if Greece leaves the euro, it will be disappointing and a bad day for Europe.
He said it is encouraging to see that there has been little movement on the bond markets.
However, he said, a solution is needed, adding that the lack of engagement from Greece cannot continue.
Progress had been made, he said, but that, almost out of the blue, Greek negotiators unilaterally withdrew.
Mr Harris said: "We certainly haven't given up hope and I don't think any of the 18 Eurogroup colleagues have.
"If Greece leaves the euro, it will be a very disappointing day and a bad day for the euro."
Taoiseach Enda Kenny has clarified claims he made in Brussels on Friday evening that the Government had not increased income tax, PRSI payments or VAT during the economic crisis in Ireland.
Speaking in Co Offaly this afternoon, Mr Kenny said that his comments were meant to refer mainly to the hospitality sector which is such an important economic asset to the people of Greece.
http://m.rte.ie/news/2015/0629/711262-greece-banks/
They don't need to...just need to reach an agreement...
...nuh uhh...you said it was going to $10 last time...pump to $10 then drop to $2... and I'll believe it...
You've sold at bottom? Oh...it's ok...be proud of your decision...even if it goes up tomorrow...raise your hand up high...higher...
You'll be glad you didn't...
Ya'll who sold today raise your hands...starting with you David...MM's taking this right back up tomorrow...
Big buying activity on Greece Bank...good news coming out!!!
Quit panicking y'all...granted it's going to be red for a bit...but the sky isn't falling...don't lose your head over it...act like a chicken little and you'll end up being eaten alive or get crushed by a semi-truck crossing the street...you've all seen the days of this stock being $1...where are we now on the long run...how much have we gone up? Go take a chill pill, and quit watching, if it makes you all that nervous...
lol...
Preferreds are up .11 cents...Europe market is green....U$ Commons will head back up to even out the market...
Days low is 2.285 on FMCC...coincidence...I think not...
I LIKE!!! I'm still trying to tweak my charts here and there to give me an early warning and mimic what the MM's see and do before they do it...it's still a working progress and I'd imagine it always will be since they change the game play every now and then...with all the technicals pointing to a slow down of the downtrend...there's only one way to go...the bid size and volume reflects that...
Well will you look at that...312k+ on the bid...
THOU SHALT NOT PASS!!!
I don't know how you got yours set up, but I try to set mine up to give me an early warning as much as possible even while the pps is on a downtrend...
Huh?...no...you're talking about the zero line on the MACD...when you draw a line at the two most recent lowest points, even while the Macd is below the zero line...it's still positive divergence...
draw a line at the two most recent lowest points on the MACD...and waaallaaahhh...
MACD is positive on daily...look again...rsi not at 30...near 30...WM% is oversold ...
We're at Davy Jones' Locker...Buy 'em all!!!