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What do you think about the float JJ8?
06/29/2015 MOTION for Extension of Time until 07/13/2015 to File Response as to 162 MOTION to Remove the "Protected Information" Designations from Depositions , filed by USA.Response due by 7/16/2015.(Schwind, Gregg)
Surprise, surprise!!!
06/29/2015 STATUS CONFERENCE ORDER: A status conference shall be held on Tuesday, July 7, 2015 at 1 p.m. before Judge Margaret M. Sweeney. Because protected information will be discussed, the status conference shall be closed to the public. Only those counsel admitted to the protective order may participate. Signed by Judge Margaret M. Sweeney. (ta) Copy to parties.
There could be worse faces for the product. :)
This holiday week will be interesting. I put in a GTC order at $7. :)
06/29/2015 NOTICE, filed by USA Application for Access to Protected Information (Hosford, Elizabeth)
APPLICATION FOR ACCESS TO PROTECTED INFORMATION
Pursuant to paragraph 7 of this Court’s Protective Order dated July 16, 2014 (ECF No. 73), defendant, the United States, respectfully requests that Richard B. Harper and Jessica F. Rosenbaum be permitted access to information protected by the Protective Order. The applicants are counsel for a deponent who will be provided access to Protected Information pursuant to Paragraph 4 of the Protective Order. Counsel for the United States has consulted with counsel for plaintiffs, Fairholme Funds, Inc., et al. (Fairholme), who has indicated that Fairholme does not oppose these applications for access to protected information.
OF COUNSEL:
PETER A. BIEGER Assistant General Counsel
Respectfully submitted,
BENJAMIN C. MIZER
Principal Deputy Assistant Attorney General
s/ Robert E. Kirschman, Jr. ROBERT E. KIRSCHMAN, JR. Director
s/ Kenneth M. Dintzer KENNETH M. DINTZER Deputy Director
ELIZABETH M. HOSFORD FRANKLIN E. WHITE, JR. Assistant Directors
One of the World's Largest Dermatologist-Owned E-Commerce Sites to Feature NuGene Kathy Ireland as a Premier Product Line
NuGene International, Inc. Expands Distribution and Consumer Awareness With Selection by LovelySkin.com
Marketwired NuGene International, Inc.
2 hours ago
IRVINE, CA--(Marketwired - Jun 29, 2015) - NuGene International, Inc. ("NuGene") (OTCQB: NUGN), a developer, manufacturer and marketer of advanced skin and hair care lines utilizing adipose derived human stem cells and stem cell media, has announced that LovelySkin.com (one of the largest and best recognized prestige brand websites) has selected NuGene Kathy Ireland's products as a premier line of business for its prestige branded e-commerce store.
LovelySkin.com is a premier dermatologist-owned and operated beauty website serving hundreds of thousands of customers. Under the direction of award-winning board-certified dermatologist and cosmetic surgeon, Joel Schlessinger M.D., LovelySkin is an exclusive cosmeceutical store that has been featured in multiple publications including Women's Wear Daily. The website offers professional-grade skin care formulas as well as spa-quality and salon-quality products.
"I am delighted to carry NuGene as I have followed their products intently for some time now. The concept of adipose stem cells leading to regeneration of collagen and other fibroblasts has intrigued me for years. NuGene's formulation eliminates much of the risk found in other growth factor products while leading to a renewal of our skins' natural innate resources. Use of these products is a simple way to rejuvenate our skin in combination with other actives such as antioxidants. Moreover, the team at NuGene is phenomenal. I am truly honored to be a part of their family," stated Dr. Schlessinger when announcing the inclusion of the NuGene product line into his top rated portal.
Joel Schlessinger M.D. is the editor-in-chief, Cosmetic Surgery, for Practical Dermatology and the founder of Cosmetic Surgery Forum, a multi-specialty educational symposium that covers the latest research, treatment and techniques in dermatology and cosmetic surgery. Dr. Schlessinger has been consistently voted the best cosmetic surgeon and dermatologist in Omaha, Nebraska (now 16 years in a row the winner of the best cosmetic surgeon in Omaha and best dermatologist) and one of America's Top Docs, US News Best Doctors and Best Doctors in America (both dermatology and pediatric dermatology) as well as an Elle Beauty Genius award winner.
In addition to an interest in cosmeceuticals and cosmetic surgery, Dr. Schlessinger operates a clinical trials unit (Advanced Skin Research Center), which reports having performed over 300 trials in 22 years, including trials of Dysport, Evolus and Xeomin (new forms of botulinum toxin), trials of Kybella, Liposonix, Revance topical botulinum toxin and over 10 new compounds for psoriasis.
"We are excited to have our NuGene Skincare products available at LovelySkin.com, one of the nation's leading skincare destinations. We believe our NuGene products are revolutionary as NuGene is unlike anything else on the market today. Aging, sun damage, lines and wrinkles are beautifully addressed by our collection. We thank LovelySkin.com for joining us in offering the greatest innovation in skincare to you," said Kathy Ireland, Chair, CEO and Chief Designer for Kathy Ireland Worldwide.
"We are honored and excited by Dr. Schlessinger's selection of our product line," said Fady Elias M.D., NuGene's Director of Professional Business Development. "His endorsement of our products further advances our emerging leadership in this growing industry."
About NuGene International, Inc.
NuGene International, Inc. specializes in developing, manufacturing and marketing proprietary regenerative cosmeceutical and pharmaceutical products based on adipose derived human stem cell and human stem cell media. The US Department of Health and Human Services calls regenerative medicine the "next evolution of medical treatments." The regenerative medical market which includes cosmeceuticals and pharmaceuticals was estimated at $7.2 Billion in the US in 2014 and is expected to rapidly grow in the coming years according to RNCOS Business Consultancy Services Global Cosmeceuticals Market report. NuGene's cosmeceutical and pharmaceutical products are based on proprietary stem cell based regenerative formulations derived from non-controversial, adult human stem cell derived media obtained from adipose tissue. NuGene's exclusive products combine its in-house advancements, proprietary technologies, and patent pending formulations. NuGene's goal is to leverage its knowledge and expertise to develop age defying cosmeceutical skincare and hair care products in addition to pharmaceutical products based on the same regenerative science platform.
Forward-Looking Statements
This release contains forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to the possibility that some or all of the matters and transactions considered by NuGene International may not proceed as contemplated, and by all other matters and assumptions specified in NuGene's filings with the Securities and Exchange Commission, especially those risks and other matters described under "Risk Factors" within NuGene's Form 10-Q filed with the Commission on May 15, 2015. These statements are made based upon current expectations that are subject to risk and uncertainty. NuGene does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information.
Contact:
Investor/ Media Relations:
Jay Goth
951.704.6792
http://finance.yahoo.com/news/one-worlds-largest-dermatologist-owned-110500777.html?.tsrc=applewf
And KIWW brings in over $2 billion a year in sales. They did plenty of DD themselves, and are aware of all SEC filings.
"In November 2014 we entered into a License Agreement with kathy ireland Worldwide® ("kiWW®") whereby we licensed the right to utilize the trademarks and rights to the name, likeness and visual representations of Kathy Ireland in connection with our cosmeceutical line of products containing adult human adipose stem cell derived or containing biologically active or biologically derived ingredients. The initial term of the license is for eight years and it may be renewed for up to an additional four years.
In accordance with the License Agreement, we are required to submit a Business Plan to the kiWW® within ninety days of the effective date of the License Agreement. We have submitted our Business Plan to the Licensor within the required time frame and received the necessary approvals."
Reduced amount of trading days this week, hoping for some good news somewhere to take into the holiday weekend! :)
For discovery, I believe this was the last extension,
03/16/2015 ORDER granting 136 motion for extension of time to complete discovery. All jurisdictional discovery to be completed by 6/29/15; status report due 7/13/15. Signed by Judge Margaret M. Sweeney. (ta) Copy to parties.
They've also had additional requests for removal of protected info designation on logs, depositions, etc
Gov Response on removal of protected info on depositions due 6/29, on other docs due 7/13, and response on the removal of protected info designation from the DeMarco, Ugoletti depositions due 7/13.
Weather is great in Colorado too, poolside! Nugn is an interesting stock. Being new, there are things that have to be monitored. It's on the OTC, enough said. :) It is also kind of fun to watch some here being taken by surprise. It makes more sense when you hear the CEO etc, in person talk about propietary rights, pending patents. Kathy Ireland gives some clues, saying she is a bit of a control freak. This isn't their first rodeo. They just have a specific rollout plan. GLTA!
You've always been pretty good with your predictions, JJ8. Thanks for sharing, looking forward to the week ahead!
Goldrusher, I have met the Board of Nugene. What again is your DD? You're still telling other people to do DD and not give your own. Good luck on your other stocks.
I'm liking these end of the day pops. Nice way to go into the weekend!
Like Maria Bartiromo said about Greenberg, that she was glad to see someone "push back." (against the gov)
Goldrusher, what is your motive? You bash people here saying they haven't done any DD. Where is your DD? It doesn't seem like you have looked below the surface yourself. So, you must think the Nugene Team listed below are just part of a scam?
The Team
Sanjay Dhar, Ph.D.
Executive Director of Research and Development
Dr. Sanjay Dhar was Founding Director of Center for Tissue Engineering & Regenerative Medicine at Aesthetic & Plastic Surgery Institute, University of California, Irvine. He is one of the world’s most outstanding scientists and a foremost leader in adipose derived stem cells research.
Obtaining an M.S. & M.Phil., from University of Kashmir India, and Ph.D. from Indian Veterinary Research Institute, India; he went on to be a Visiting Fellow at Center for Biologics Evaluation & Research, Food & Drug Administration, (CBER/FDA, Bethesda. MD) followed by being a Visiting Sr. Associate at New England Medical Center (New England Medical Center, Boston). He joined Institute for Molecular Medicine as a Research Scientist for a brief stint but his passion for research brought him to University of California, Irvine where he joined as a Professional Researcher in the Division of Plastic Surgery and built its research program. After the establishment of Aesthetic & Plastic Institute at UCI, he became the Director of the Research for the institute wherein he started various research programs focused on peripheral nerve regeneration, and bone & cartilage regeneration
using growth factors and adipose derived stem cells.
He was a part of the team which showed that adipose derived stem cells can be differentiated into bone and cartilage and these differentiated cells along with prefabricated biodegradable polymers can be used for the treatment of bone and cartilage defects. He also developed a model of delivering nerve growth factor to the severely injured peripheral nerves for its recovery, regeneration and regaining of the function. He owns various patents for his pioneering work in these areas of research. He has vast experience in the area of stem cell research, translational sciences and its therapies.
Dr. Dhar organized and Co-chaired the 4th California Tissue Engineering Meeting and is a life member of various international societies, has published numerous papers in peer reviewed journals and has presented his work a number of conferences. He has delivered guest lectures here and abroad and is recipient of numerous awards for his pioneering work. Besides his interest in research, he has imparted research trainings and mentored about fifty students in the area of tissue engineering. His academic interest has also led him to be a member of School Site Council at Irvine Unified School District. Prior to joining NuGene, Inc., he was the Vice President, Science & Technology at Stem Cells on Wheels, Irvine, CA.
Fady Elias, M.D.
Director of Professional Business Development
Sports medicine orthopedics Orthobiologics specialist
Dr. Elias graduated from the University of Washington with a bachelor of science degree in molecular and cellular biology. He then completed his medical school at the prestigious university of Washington school of medicine graduating with distinction and as the youngest graduate in his class. He pursued postgraduate training at Stony Brook University Hospital in New York and the Cleveland Clinic in Ohio.
Dr. Elias practices orthopedic sports medicine and specializes in orthobiologics, the use of stem cells in treating orthopedic injuries and disease. He has treated several professional athletes as well as patients from all over the world.
He was asked to join NuGene two years ago as VP of business development. This was a natural fit given that he treats patients with autologous stem cells in his own clinical practice. He has been responsible for the expansion of the NuGene brand and creating brand awareness. His ability to simplify the science of NuGene in a simplified yet thorough manner has been essential in gaining organic traction and sales growth.
Shahrokh Zekavati, Ph.D.
Chemist, Executive Director of Manufacturing
Dr. Shahrokh Zekavati joined NuGene, Inc with 30 years of Cosmetic and Pharmaceutical Industry experience and a strong educational background. He earned his Doctorate of Engineering and Master of Science in Physical Organic Chemistry from the University of Science and Technology at Languedoc – Montpellier (France) and Engineer in Training (EIT) from CA, USA.
He also earned another Master of Science and Bachelor of Science in Chemical Engineering from Tehran University (Iran). He is one of the primary developers of pain relief and anti-inflammatory products line and is continuously contributing to scientific research and product development. With his knowledge and experience in formulation, operation and documentation, Shahrokh operates as a liaison between NuGene and new product requests.
Kathy M. Anderson, M.D., FACOG, J.D.
Medical Education and Licensure:
Fellow of the American College of Obstetrics and Gynecology
Diplomate of American Board of Obstetrics and Gynecology
California Medical License: 2-2-94 to Present
Diplomate of National Board of Medical Examiners
Assistant Clinical Professor in Dept. of Ob/Gyn: 8/2004
University of California, Irvine
UCI Medical Center
Orange, CA. 92863
Residency Obstetrics and Gynecology, LLUMC: 1992-1996
Robert Wagner, MD, Program Director
LLU Medical Center
Loma Linda, CA 92354
Loma Linda University, School of Medicine: M.D. (Honors) 1989-1992
Dr. Douglas Will, Dean of Medical School
LLU School of Medicine
Loma Linda, CA 92354
Oral Roberts University, School of Medicine: 1988-1989
Larry Edwards, MD
Dean of Medical School, ORU
7777 S Lewis
Tulsa OK 74171
Oral Roberts University: B.S., 1981-1985—with honors
Dr. Carl Hamilton, Dean
Special legal Training:
International Law- July 2004, Toulouse, France
International Law; Sexual orientation and the Law- July 2005, Netherlands
Special Medical Training:
Certified in multiple aesthetic procedures, including lasers and aesthetic injections, 2007
Certified in Lipodissolve procedures, 2007
Operative Hysteroscopy – 1997
Operative Laparoscopy Course, 9-24-94, LLUMC
Microsurgical Techniques Course, 10-16-95, LLUMC
Laser Surgical Principles and Techniques, 5-10-96, LLUMC
"In filing its notice to appeal, Mr. Boies also told the court that Starr would seek to revive parts of the lawsuit that had been dismissed in a 2013 ruling. If successful, that move could expand by tens of billions of dollars the potential damages against the government."
http://m.4-traders.com/AMERICAN-INTERNATIONAL-GR-4815/news/Greenberg-Gets-Ready-For-Round-2-20599829/?countview=0
Yes, the whole time it is painfully obvious that the 3rd amendment is illegal, yet we all get to sit back and watch profits be swept away. I'm not convinced that it was even a contract. They only use the word "agreement" throughout the 3rd amendment. Every contract includes an agreement, but not every agreement is necessarily a contract.
It seems like they're comparing apples and oranges here. I think everyone is pretty sick of the gov's constant delays and dismissal attempts, all paid for by the taxpayer. Sweeney said the plaintiff's will have their day in court, let's get on with it! :)
DEFENDANT’S NOTICE OF SUPPLEMENTAL AUTHORITY The United States respectfully submits this notice of supplemental authority to alert the Court to the recent opinion and pending appeal in Piszel v. United States, No. 14-691C, 2015 WL 3654399 (Fed. Cl. June 12, 2015), No. 15-5100 (Fed. Cir.). Ex. A. As described below, Piszel is persuasive authority that supports arguments raised in our pending motion to dismiss. Should the Federal Circuit affirm the court’s decision in Piszel, that decision would become binding precedent bearing upon this Court’s disposition of Fairholme and the other lawsuits brought by shareholders of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) who allege that actions taken by the Federal Housing Finance Agency (FHFA) effected an illegal exaction or Fifth Amendment taking of their shareholder rights. In Piszel, the court dismissed illegal exaction and takings claims arising out of the conservatorship of Freddie Mac. The plaintiff, Anthony Piszel, served as the Chief Financial Officer of the company from 2006 until September 2008. A few weeks after FHFA placed the Enterprises into conservatorship, the Director of FHFA instructed Freddie Mac to terminate Mr. Piszel without cause and to withhold the “golden parachute” severance compensation promised to him under his employment contract with the company. In his complaint, Mr. Piszel alleged that FHFA’s actions constituted either an illegal exaction or a Fifth Amendment taking of his contract right under his employment agreement. The court disagreed, holding that Mr. Piszel failed to state a plausible claim under either theory. With respect to the illegal exaction claim, the court held that he could not show that any money “was improperly paid, exacted, or taken from [him]” and turned over to the Government either directly or “in effect.” Piszel, at 8-10. (“What distinguishes an illegal exaction from a . . . breach of contract claim is that in an illegal exaction case the claimant has paid money over to the government that he once had in his pocket, and in a . . . breach of contract claim the claimant is seeking payment of money the claimant has never received.” Id. at 10. With respect to the takings claim, the court held on two independent grounds that Mr. Piszel failed to state a plausible claim. First, relying upon the Federal Circuit’s “instructive” holdings in Golden Pac. Bancorp v. United States, 15 F.3d 1066, 1073-74 (Fed. Cir. 1994), and Cal. Hous. Sec., Inc. v. United States, 959 F.2d 955, 957 (Fed. Cir. 1992), cert. denied, 113 S. Ct. 324 (1992), the court held that Mr. Piszel did not have a cognizable property interest in his severance compensation package because Freddie Mac was subject to pervasive government supervision and regulation, including the possibility of conservatorship, at the time Mr. Piszel entered into his employment contract in 2006. The court read those Federal Circuit decisions as holding that “the shareholders of statutorily regulated financial institutions lack[] the requisite property interests to support a takings claim.” Piszel, at 13. The court emphasized that FHFA (and its predecessor, the Office of Federal Housing Enterprise Oversight (OFHEO)) had at all relevant times (that is, both before and after the enactment of the Housing and Economic Recovery Act (HERA)) possessed extensive statutory authority to regulate, among other things, executive compensation. Piszel, at 13-15 (citing 12 U.S.C. § 4620(a) (1992); 12 U.S.C. § 4518(a) (1992); 12 U.S.C. § 4617(b)(2)(A)(i) (2008)). That broad authority included, the court explained, the power to place the Enterprises into “conservatorship under which the regulatory agency succeeds to ‘all the powers of the shareholders, directors, and officers of the enterprise.’” Id. at 13-14 (citing 12 U.S.C. § 4620(a) (1992). Second, the court held that, even if Mr. Piszel could allege a cognizable property interest, his regulatory takings claim failed as a matter of law under the standard regulatory takings analysis established by the Supreme Court in Penn Central Transp. Co. v. City of New York, 438 U.S. 104, 124-25 (1978). Piszel, at 16-17. Specifically, the court held that, given the pervasive and long-standing Government regulation of the Enterprises, Mr. Piszel could not have possessed a reasonable, investment-backed expectation to receive his severance compensation in the event that FHFA placed Freddie Mac in conservatorship. Id. at 16. Importantly, the court stated that no amount of discovery could alter this result. Id. at 18. If affirmed on appeal, Piszel will become binding precedent bearing upon Fairholme’s takings claim in this case. First, like Mr. Piszel, Fairholme challenges an action by FHFA taken pursuant to the broad grant of regulatory authority in HERA. See Compl. ¶¶ 76-79, 84-85. In our motion to dismiss, we demonstrated, among other things, that Fairholme cannot state a plausible Fifth Amendment takings claim because shareholders in the Enterprises do not possess a legally-cognizable property interest. Def. Mot. to Dismiss at 28-32, Dec. 9, 2013, ECF No. 20. This is because shareholders in the Enterprises – like executives at the Enterprises, such as Mr. Piszel – voluntarily enter into a highly-regulated industry subject to Government control. Id. at 31. Second, we demonstrated in our motion to dismiss that Fairholme cannot allege a plausible regulatory taking because shareholders lack a reasonable, investment-backed expectation of compensation for any loss of shareholder rights. Id. at 33-37. Although Piszel does not involve a shareholder claim, its reasoning is applicable in that context. Indeed, in Golden Pacific and California Housing, upon which the Piszel court extensively relied, the Federal Circuit rejected claims alleging a taking of shareholder interests. Both Mr. Piszel and shareholders in the Enterprises voluntarily entered a heavily-regulated industry subject to Government control. Given the likelihood that the Federal Circuit’s disposition of the appeal will result in binding precedent of importance to this case, the appeal in Piszel is an additional reason that all proceedings in this action should be stayed.1 Respectfully submitted, BENJAMIN C. MIZER Principal Deputy Assistant Attorney General s/ Robert E. Kirschman, Jr. ROBERT E. KIRSCHMAN, JR. Director s/ Kenneth M. Dintzer KENNETH M. DINTZER Deputy Director Commercial Litigation Branch Civil Division U.S. Department of Justice P.O. Box 480, Ben Franklin Station Washington, DC 20044 Telephone: (202) 616-0385 Facsimile: (202) 307-0972 Email: KDintzer@CIV.USDOJ.GOV June 24, 2015 Attorneys for Defendant 1 We acknowledge the Court’s oral statement, made during the January 28, 2015 status conference, that it intends to deny our motion to stay proceedings in this case pending the resolution of the District of Columbia Circuit appeals in Perry Capital LLC v. Lew. Unlike Perry Capital, however, Piszel is pending in the Federal Circuit and will be binding precedent on this Court. 4
It was clean until the UST took 100%, then it was theft, dirty money, and they "placed" it in the Treasury, then it came out the other side to "cure the deficit," fund various programs.
They took 100% net profits (that's not clean money) from privately held companies, flushed it through the Treasury and are spitting it back out where they see fit.
but they took the money in an illegal way, making it dirty money
3rd amendment is clean?
Money laundering!!! (I'm stuck on this thought for a while now. :) Prove to me this is not money laundering, through the UST of all vehicles!!!
But unfortunately the gov wouldn't do the right thing, and they had to be sued. The hedgies are the only ones that can afford the money and can afford to wait it out. The double-edged sword is that the gov gets even more stubborn when sued.
The gov has been offered ways to make money for everyone on this, but they don't seem interested. In lawsuits, "move towards gain or away from pain."
Now, the gov will have to want to move away from pain, (depositions, protected designations removed.)
Guessing the studies will produce positive results. They've been at this quite a while! Will be good to get it out there!
That sounds interesting! :)
nice profit for you, good job!
Not just for women
http://www.nugene.com/product/anti-hair-loss-serum/
I'm ready for some court updates! June 29th, July 6th, reosponses due. Payment to UST goes out June 30th. We have enough accountants here, let's track exactly where those funds end up. It still seems like money laundering to me!
"rebalancing transactions with other funds"
Thanks H!
Next court event June 29th, defendant's response due
Designations from Depositions , filed by All Plaintiffs.Response due by 6/29/2015. (Attachments: # 1 Appendix)(Cooper, Charles)
Rosner has been on with CNBC's Santelli before about Fannie, Freddie. Maybe they can have Santelli give an update also.
Here's all the GSE info in one spot. Sorry my other posts got chopped up. :)
20 TITLE VII—TAXPAYER PROTEC-
21 TIONS AND MARKET ACCESS
22 FOR MORTGAGE FINANCE
23 SEC. 701. DEFINITIONS.
24 In this title, the following definitions shall apply:
SIL15476 S.L.C. 150
1 (1) AGENCY.—The term ‘‘Agency’’ means the
2 Federal Housing Finance Agency.
3 (2) BACK-END RISK SHARING.—The term
4 ‘‘back-end risk sharing’’ means any risk-sharing
5 transaction that allows the enterprises to share sin-
6 gle-family mortgage credit risk that is already on the
7 existing balance sheets of the enterprises with the
8 private sector.
9 (3) COMMON SECURITIZATION SOLUTIONS.—
10 The term ‘‘Common Securitization Solutions’’ means
11 Common Securitization Solutions, LLC.
12 (4) ENTERPRISE.—The term ‘‘enterprise’’ has
13 the meaning given that term in section 1303 of the
14 Federal Housing Enterprises Financial Safety and
15 Soundness Act of 1992 (12 U.S.C. 4502).
16 (5) FIRST LOSS POSITION; FRONT-END RISK
17 SHARING; RISK-SHARING TRANSACTION.—The terms
18 ‘‘first loss position’’, ‘‘front-end risk sharing’’, and
19 ‘‘risk-sharing transaction’’ have the meanings given
20 those terms in section 1328(a) of the Federal Hous-
21 ing Enterprises Financial Safety and Soundness Act
22 of 1992, as added by section 706(b)(1).
23 (6) GUARANTEE FEE.—The term ‘‘guarantee
24 fee’’ has the meaning given that term in section
SIL15476 S.L.C. 151
1 1327(a) of the Housing and Community Develop-
2 ment Act of 1992 (12 U.S.C. 4547(a)).
3 (7) PLATFORM.—The term ‘‘Platform’’ means
4 the securitization platform and a model contractual
5 and disclosure framework, first described by the
6 paper issued by the Federal Housing Finance Agen-
7 cy on October 4, 2012 entitled ‘‘Building a New In-
8 frastructure for the Secondary Mortgage Market’’,
9 and updated in subsequent documents released by
10 the Federal Housing Finance Agency, including an-
11 nual strategic plans for the conservatorship of the
12 enterprises and annual conservatorship scorecards.
13 (8) PLATFORM DIRECTORS.—The term ‘‘Plat-
14 form Directors’’ means the Securitization Platform
15 Board of Directors established under section
16 705(c)(1).
17 (9) SECOND LOSS POSITION.—The term ‘‘sec-
18 ond loss position’’ means, with respect to a risk-
19 sharing transaction, the fully-funded position to
20 which any credit losses on such a covered security
21 resulting from the nonperformance of underlying
22 mortgage loans will accrue and be absorbed after a
23 first loss position, to the full extent of a holder’s in-
24 terest in such position.
SIL15476 S.L.C. 152
1 2 3 4 5 6 7 8 9
10
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(10) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of the Treasury.
(11) SENIOR PREFERRED STOCK PURCHASE AGREEMENT.—The term ‘‘Senior Preferred Stock Purchase Agreement’’ means—
(A) the Amended and Restated Senior Pre- ferred Stock Purchase Agreement, dated Sep- tember 26, 2008, as such Agreement has been amended on May 6, 2009, December 24, 2009, and August 17, 2012, respectively, and as such Agreement may be further amended and re- stated, entered into between the Department of the Treasury and each enterprise, as applicable; and
(B) any provision of any certificate in con- nection with such Agreement creating or desig- nating the terms, powers, preferences, privi- leges, limitations, or any other conditions of the Variable Liquidation Preference Senior Pre- ferred Stock of an enterprise issued or sold pur- suant to such Agreement.
SEC. 702. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.
(a) IN GENERAL.—In the Senate and the House of Representatives, for purposes of determining budgetary
SIL15476 S.L.C. 153
1 impacts to evaluate points of order under the Congres-
2 sional Budget Act of 1974, any previous budget resolution,
3 and any subsequent budget resolution, provisions con-
4 tained in any bill, resolution, amendment, motion, or con-
5 ference report that increases, or extends the increase of,
6 any guarantee fee of an enterprise shall not be scored with
7 respect to the level of budget authority, outlays, or reve-
8 nues contained in such legislation.
9 (b) EXCEPTION.—The prohibition in subsection (a)
10 shall not apply to any legislation that—
11 (1) includes a specific instruction to the Sec-
12 retary on the sale, transfer, relinquishment, liquida-
13 tion, divestiture, or other disposition of senior pre-
14 ferred stock acquired pursuant to the Senior Pre-
15 ferred Stock Purchase Agreement; and
16 (2) provides for an increase, or extension of an
17 increase, of any guarantee fee of an enterprise to be
18 used for the purpose of financing reforms to the sec-
19 ondary mortgage market.
20 SEC. 703. LIMITATIONS ON SALE OF PREFERRED STOCK.
21 Notwithstanding any other provision of law or any
22 provision of the Senior Preferred Stock Purchase Agree-
23 ment, the Secretary may not sell, transfer, relinquish, liq-
24 uidate, divest, or otherwise dispose of any outstanding
25 shares of senior preferred stock acquired pursuant to the
SIL15476 S.L.C. 154
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Senior Preferred Stock Purchase Agreement, until such time as Congress has passed and the President has signed into law legislation that includes a specific instruction to the Secretary regarding the sale, transfer, relinquishment, liquidation, divestiture, or other disposition of the senior preferred stock so acquired.
SEC. 704. SECONDARY MARKET ADVISORY COMMITTEE.
Not later than 90 days after the date of enactment of this Act, the Agency shall establish the Secondary Mar- ket Advisory Committee, which shall—
(1) provide advice to the Agency on decisions relating to the development of market infrastructure, including the Platform and Common Securitization Solutions; and
(2) include private market participants rep- resenting multiple aspects of the mortgage market, including mortgage lenders, poolers of mortgage- backed securities, and investors of mortgage-backed securities.
SEC. 705. SECURITIZATION PLATFORM.
(a) SENSE OF CONGRESS.—It is the sense of Con- gress that—
(1) at the direction of the Agency, the enter- prises have established a joint venture called Com- mon Securitization Solutions intended to facilitate
SIL15476 S.L.C. 155
1 the issuance of mortgage-backed securities through
2 the Platform;
3 (2) at the direction of the Agency, the develop-
4 ment of the Platform is currently geared toward the
5 issuance of mortgage-backed securities by the enter-
6 prises;
7 (3) as soon as practicable, the capacity and
8 functionality of the Platform should be expanded to
9 facilitate the issuance of mortgage-backed securities
10 by issuers other than the enterprises;
11 (4) the property of the enterprises, including in-
12 tellectual property, technology, systems, and infra-
13 structure (including technology, systems, and infra-
14 structure developed by the enterprises for the Plat-
15 form), as well as any other legacy systems, infra-
16 structure, processes, and the Platform itself are val-
17 uable assets of the enterprises; and
18 (5) the enterprises should receive appropriate
19 compensation for the transfer of any assets.
20 (b) REPORTS TO CONGRESS.—
21 (1) ANNUAL REPORT ON DEVELOPMENT OF
22 THE PLATFORM.—Not later than 1 year after the
23 date of enactment of this Act, and every year there-
24 after, the Agency shall submit to Congress a report
SIL15476 S.L.C. 156
1 on the status of the development of the Platform,
2 which shall include—
3 (A) the projected timelines for—
4 (i) completing development of the
5 Platform to support the securitization
6 needs of the enterprises; and
7 (ii) completing development of the
8 Platform to support the securitization
9 needs of issuers other than the enterprises;
10 and
11 (B) the projected budget for the develop-
12 ment of the Platform.
13 (2) REPORT ON TRANSITION OF THE PLAT-
14 FORM.—Not later than 3 years after the date of en-
15 actment of this Act, the Agency shall develop a plan,
16 and submit to the Committee on Banking, Housing
17 and Urban Affairs of the Senate and the Committee
18 on Financial Services of the House of Representa-
19 tives a report on such plan, to transition the Plat-
20 form from a joint venture owned by the enterprises
21 into a private, nonprofit entity that best facilitates
22 a deep, liquid, and resilient secondary mortgage
23 market for mortgage-backed securities.
24 (c) PLATFORM BOARD OF DIRECTORS.—
SIL15476 S.L.C. 157
1 (1) ESTABLISHMENT.—Not later than 6
2 months after the date of enactment of this Act, the
3 Agency shall establish a Securitization Platform
4 Board of Directors to advise on the development of
5 the Platform and the transition of the Platform.
6 (2) COMPOSITION AFTER 1 YEAR.—Not later
7 than 1 year after the date of enactment of this Act,
8 as determined by the Agency, the Board of Directors
9 of the Platform shall be comprised of 7 directors, 3
10 of whom—
11 (A) shall have demonstrated knowledge of,
12 or experience in, financial management, finan-
13 cial services, risk management, information
14 technology, or housing finance; and
15 (B) are not simultaneously employed by an
16 enterprise or serve as a director of an enter-
17 prise.
18 (3) COMPOSITION AFTER 18 MONTHS.—Not
19 later than 18 months after the date of enactment of
20 this Act, as determined by the Agency, the Board of
21 Directors of the Platform shall be comprised of 9 di-
22 rectors, 4 of whom—
23 (A) shall have demonstrated knowledge of,
24 or experience in, financial management, finan-
SIL15476 S.L.C. 158
1 cial services, risk management, information
2 technology, or housing finance; and
3 (B) are not simultaneously employed by an
4 enterprise or serve as a director of an enter-
5 prise.
6 (d) AUTHORIZED AND PROHIBITED ACTIVITIES.—
7 (1) AUTHORIZED ACTIVITIES.—
8 (A) IN GENERAL.—Not later than 2 years
9 after the date of enactment of this Act, Com-
10 mon Securitization Solutions, in consultation
11 with the Platform Directors, shall—
12 (i) develop standards for—
13 (I) an entity other than an enter-
14 prise to become an approved issuer of
15 securities issued through the Plat-
16 form;
17 (II) loans that may serve as col-
18 lateral for securities issued through
19 the Platform; and
20 (III) originating, servicing, pool-
21 ing, dispute resolution, disclosure, and
22 securitizing residential mortgage loans
23 that collateralize securities issued
24 through the Platform by issuers other
25 than the enterprises; and
SIL15476 S.L.C. 159
1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
(ii) operate and maintain the Plat- form and establish fees for use of the Plat- form.
(B) ISSUING SECURITIES BY APPROVED
ISSUERS.—Not later than 3 years after the date of enactment of this Act—
(i) the Platform shall facilitate the issuance of securities by any approved issuer other than an enterprise; and
(ii) issuances of securities facilitated through the Platform shall not be limited to those made by the enterprises. PROHIBITED ACTIVITIES.—The Platform
(A) guarantee any mortgage loans or mort- gage-backed securities;
(B) assume or hold mortgage loan credit risk;
(C) purchase any mortgage loans for cash on a single loan basis for the purpose of securitization;
(D) own or hold any mortgage loans or mortgage-backed securities for investment pur- poses;
may
(2) not—
SIL15476 S.L.C. 160
1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
(E) make or be a party to any representa- tion and warranty agreement on any mortgage loans; or
(F) take lender representation and war- ranty risk.
(e) FUNDING BY THE FHFA AND TRANSFER OF PROPERTY.—
(1) TRANSFER OF FUNDS FROM THE ENTER- PRISES.—At a time established by the Agency, the Agency shall transfer to the Platform such funds from the enterprises as the Agency, in consultation with the Platform Directors, determines may be rea- sonably necessary for the Platform to begin carrying out the activities and operations of the Platform.
(2) TRANSFER OF PROPERTY.—
(A) IN GENERAL.—The Agency, in con-
sultation with the enterprises, shall direct the enterprises to transfer or sell to the Platform any property, including intellectual property, technology, systems, and infrastructure (includ- ing technology, systems, and infrastructure de- veloped by the enterprises for the Platform), as well as any other legacy systems, infrastructure, and processes that may be necessary for the
SIL15476 S.L.C. 161
1 Platform to carry out the functions and oper-
2 ations of the Platform.
3 (B) CONTRACTUAL AND OTHER LEGAL OB-
4 LIGATIONS.—As may be necessary for the
5 Agency and the enterprises to comply with
6 legal, contractual, or other obligations, the
7 Agency shall have the authority to require that
8 any transfer authorized under subparagraph
9 (A) occurs as an exchange for value, including
10 through the provision of appropriate compensa-
11 tion to the enterprises or other entities respon-
12 sible for creating, or contracting with, the Plat-
13 form.
14 (f) TRANSITION OF THE SECURITIZATION PLAT-
15 FORM.—
16 (1) IN GENERAL.—Not later than 5 years after
17 the date of enactment of this Act, the Agency shall
18 oversee the transition of ownership of the Platform
19 from the enterprises to a private nonprofit entity in
20 accordance with the plan developed under subsection
21 (b)(2).
22 (2) REPAYMENT OF COST.—Not later than 10
23 years after the date of the transition described in
24 paragraph (1), the total cost of the Platform at the
25 time of the transition, as determined jointly by the
SIL15476 S.L.C. 162
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10
11
12
13
14
15
16
17
18
19
20
21
22
23
Agency and the Secretary, shall be repaid to the en- terprises.
(g) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to prohibit the Agency or the Plat- form from first developing a common securitization plat- form for use only by the enterprises, if all of the provisions in this Act relating to the development of the Platform are complied with in a timely manner.
SEC. 706. MANDATORY RISK SHARING.
(a) SENSE OF CONGRESS.—It is the sense of Con- gress that—
(1) at the direction of the Agency, the enter- prises have executed a series of transactions in which the enterprises share risk with the private sec- tor;
(2) in the risk-sharing transactions to date, the enterprises have shared risk on pools of loans that either the enterprises already guarantee or do not yet guarantee;
(3) the risk that the enterprises have shared has been either any loss suffered on the loans in the transaction or any loss in excess of some minimal level on loans in the transaction;
SIL15476 S.L.C. 163
1 (4) to date, the vast majority of risk-sharing
2 transactions have involved either back-end risk shar-
3 ing or the transfer of the second loss position; and
4 (5) the Agency should direct the enterprises
5 to—
6 (A) engage in more front-end risk sharing
7 in which the first loss position is transferred;
8 and
9 (B) retain data that can help inform pol-
10 icymakers and the public about the impact to
11 consumers, the market, and the enterprises
12 from such transactions.
13 (b) MANDATORY RISK SHARING.—
14 (1) IN GENERAL.—Subpart A of part 2 of sub-
15 title A of the Federal Housing Enterprises Financial
16 Safety and Soundness Act of 1992 (12 U.S.C. 4541
17 et seq.) is amended by adding at the end the fol-
18 lowing:
19 ‘‘SEC. 1328. MANDATORY RISK-SHARING TRANSACTIONS.
20 ‘‘(a) DEFINITIONS.—In this section, the following
21 definitions shall apply:
22 ‘‘(1) FIRST LOSS POSITION.—The term ‘first
23 loss position’ means, with respect to a risk-sharing
24 transaction, the fully-funded position to which any
25 credit loss on such covered security resulting from
SIL15476 S.L.C. 164
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10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
the nonperformance of underlying mortgage loans will accrue and be absorbed, to the full extent of the holder’s interest in such position.
‘‘(2) FRONT-END RISK SHARING.—The term ‘front-end risk sharing’ means any risk-sharing transaction that allows the enterprises to share sin- gle-family mortgage credit risk with the private sec- tor on mortgage loans prior to receiving a guarantee.
‘‘(3) RISK-SHARING TRANSACTION.—The term ‘risk-sharing transaction’ means any transaction that provides an additional avenue for sharing enter- prise mortgage credit risk with the private market. ‘‘(b) RISK-SHARING TRANSACTIONS.—The Director
shall require each enterprise to develop and undertake transactions in which the first loss position is transferred involving the guarantee by the enterprises of securities and obligations based on or backed by mortgages on resi- dential real properties designed principally for occupancy of from 1 to 4 families, as provided in subsection (c).
‘‘(c) REQUIRED PERCENTAGE OF BUSINESS.—
‘‘(1) FIRST LOSS AND FRONT END.—Except as provided in paragraph (2), the Director shall require
that—
‘‘(A) the total amount of the first loss po- sition transferred by each enterprise in a cal-
SIL15476 S.L.C. 165
1 endar year shall be not less than 150 percent
2 of the total amount of the first loss position
3 transferred by the enterprise during the pre-
4 ceding calendar year; and
5 ‘‘(B) not less than half of the total amount
6 of the first loss position transferred under sub-
7 paragraph (A) is transferred through front-end
8 risk sharing.
9 ‘‘(2) EXCEPTION.—The requirement under
10 paragraph (1) may be delayed for not more than 1
11 year if the Director and the Secretary of the Treas-
12 ury—
13 ‘‘(A) determine that such an increase in
14 the amount of the first loss position transferred
15 by the enterprise in a calendar year, or an in-
16 crease in the amount that would need to be
17 shared through a front end transaction, would
18 adversely impact the housing market; and
19 ‘‘(B) submit to Congress a report describ-
20 ing the justification for the determination made
21 in subparagraph (A).’’.
22 (2) ANNUAL REPORTING REQUIREMENT.—Not
23 later than 1 year after the date of enactment of this
24 Act, and every year thereafter, the Agency shall sub-
25 mit to Congress a report, which shall include—
SIL15476 S.L.C. 166
1 (A) for the 12-month period preceding the
2 date on which the report is submitted, an as-
3 sessment of the market responses to the credit
4 risk-transfer activities of each of the enter-
5 prises, in aggregate, and by credit risk-transfer
6 mechanism, including—
7 (i) impacts on borrower costs, yield
8 spreads, and the economics of the oper-
9 ations of the enterprises; and
10 (ii) the type and characteristics of the
11 underlying collateral and borrowers whose
12 loans are involved in credit risk-transfer
13 transactions; and
14 (B) a 5-year plan, which shall include, for
15 each of the 5 years following the year in which
16 the report is issued—
17 (i) the projected percentage of the un-
18 paid principal balance of each enterprise
19 covered under the credit risk-transfer pro-
20 gram;
21 (ii) the projected percentage of new
22 business for each enterprise subject to
23 transactions in which the first loss position
24 is transferred, including the types of deal
25 structures;
SIL15476 S.L.C. 167
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10
11
12
13
14
15
16
17
18
(iii) the projected depth of front-end risk sharing per type of transaction for each enterprise; and
(iv) a description of the steps that the Agency intends to take to broaden the eli- gible investor base for credit risk-transfer programs.
http://www.banking.senate.gov/public/index.cfm?FuseAction=Issues.View&Issue_id=d86ae09c-b158-a803-253f-443c303a8deb
Nugene is interesting itself, and then Kathy Ireland seems to be a force of nature, ha! People have been trying to figure out her connection lately with Janet Jackson, and I just saw this tweet. It's an older article, but I like the last 2 sentences,
"But one thing I learned while covering Ireland, you shouldn’t underestimate what a smart business woman she is, even if she prefers to talk about people rather than profits. She likes to keep her company quiet but it’s worth keeping an eye on her celebrity connections."
http://www.forbes.com/sites/dorothypomerantz/2012/02/08/the-surprising-link-between-kathy-ireland-and-janet-jackson/
It is an interesting little stock to watch. It has the usual risks of new ticker, OTC, P & D companies trying to sabotage it. I had heard some pretty good comments a while ago from a guy who is known for his thorough research in microcap stocks. I'm kind of watching it from that angle. We'll see!! Seems like it has just enough volatility for the swing traders too, GLTY JJ8!
21 (1) ANNUAL REPORT ON DEVELOPMENT OF
22 THE PLATFORM.—Not later than 1 year after the
23 date of enactment of this Act, and every year there-
24 after, the Agency shall submit to Congress a report
1on the status of the development of the Platform,
2 which shall include—
3 (A) the projected timelines for—
4 (i) completing development of the
5 Platform to support the securitization
6 needs of the enterprises; and
7 (ii) completing development of the
8 Platform to support the securitization
9 needs of issuers other than the enterprises;
10 and
11 (B) the projected budget for the develop-
12 ment of the Platform.
13 (2) REPORT ON TRANSITION OF THE PLAT-
14 FORM.—Not later than 3 years after the date of en-
15 actment of this Act, the Agency shall develop a plan,
16 and submit to the Committee on Banking, Housing
17 and Urban Affairs of the Senate and the Committee
18 on Financial Services of the House of Representa-
19 tives a report on such plan, to transition the Plat-
20 form from a joint venture owned by the enterprises
21 into a private, nonprofit entity that best facilitates
22 a deep, liquid, and resilient secondary mortgage
23 market for mortgage-backed securities.