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We all know technically who can release the GSE's, but that doesn't mean we can make them. We've tried! :) They say they want everyone on board at the same time. I've seen members of congress give the green light so far, now the FSOC recommends legislation to address the conservatorship, which is Lew, Yellen, Watt, etc. voting members. I have know doubt that congress could take forever to draft something, but I'm surprised to see anything with Lew's name attached, saying we need legislation to address the conservatorship.
Donot, it seems that this is a recommendation from the FSOC report. If they simply said housing reform, I would think differently, but this also says "legislation addressing the conservatorship."
Legislation addressing
the conservatorship of the GSEs and clarifying the future role of the federal and state governments in mortgage markets would also help reduce uncertainty in the mortgage market and better enable market participants to make long-term investment decisions.
http://www.treasury.gov/initiatives/fsoc/studies-reports/Documents/2015%20FSOC%20Annual%20Report.pdf
This is coming from FSOC report. Lew is chairman, Yellen, Watt, etc are all voting members. Doesn't it seem like a shout out to congress, go ahead, draft legislation for release? or am I way off here? :)
Legislation addressing
the conservatorship of the GSEs and clarifying the future role of the federal and state governments in mortgage markets would also help reduce uncertainty in the mortgage market and better enable market participants to make long-term investment decisions.
http://www.treasury.gov/initiatives/fsoc/studies-reports/Documents/2015%20FSOC%20Annual%20Report.pdf
" Core challenges to housing finance reform persist. Legislation addressing the conservatorship of Fannie Mae and Freddie Mac and clarifying the future role of the federal and state governments in mortgage markets would help reduce uncertainty in the mortgage market and better enable market participants to make long-term investment decisions "
http://financialservices.house.gov/uploadedfiles/061715_fc_memo.pdf
"The housing market recovery continued in 2014, despite some signs of softness early in the year. As house prices continued to rise, the number of households with negative equity declined while the performance of outstanding loans improved. Congress has debated several housing finance reform proposals, including separate pieces of legislation that advanced out of the House Financial Services Committee in July 2013 and the Senate Banking Committee in May 2014. The Council recommended that comprehensive legislation address the conservatorship of Fannie Mae and Freddie Mac — the government-sponsored enterprises (GSEs) — and clarify the future role of the federal and state governments in mortgage markets. In the absence of housing finance reform, FHFA, primarily through its conservatorship and oversight of the GSEs, continued to make meaningful efforts to improve housing finance infrastructure and reduce the amount of taxpayer risk. However, core challenges persist. The GSEs remain in conservatorship, subject to FHFA supervision, with the vast majority of newly originated mortgages carrying a federalgovernment backing either through the GSEs, the Federal Housing Administration, or other government-backed programs. The Council’s report includes a number of recommendations to reduce the GSE’s exposure to mortgage credit risk."
http://financialservices.house.gov/UploadedFiles/HHRG-114-BA00-WState-JLew-20150617.pdf
Lew before house banking committee today, FSOC overview
http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=399221
Thanks H!
Donotunderstand, this Payne, Baritomo clip is really good though! All the networks have extra noise. I tried to post just the clip, so you wouldn't have to watch the rest. :)
http://video.foxbusiness.com/v/4299474032001/hank-greenberg-to-appeal-ruling-in-bailout-lawsuit/?playlist_id=937116503001#sp=show-clips
"Greenberg will appeal for damages,"
Maria Baritomo
discussing greenberg case on foxbusiness now
That is the last 2 paragraphs and one statement before the conclusion.
"The record supports a conclusion that FRBNY, Treasury, and their outside counsel from Davis Polk & Wardwell carefully orchestrated the AIG takeover so that shareholders would be excluded from the process. These entities avoided at all cost the opportunity for any shareholder vote. Having intentionally kept the shareholders in the dark as much as possible, it rings hollow for Defendant to contend that the shareholders waived the right to sue by failing to object." Case law strongly supports this conclusion. In American Airlines, 551 F.3d at 1302, the Federal Circuit observed that “[f]ailure to challenge an improper agency action does not ratify such action or insulate it from later objection and litigation.” The Federal Circuit saw no reason to disturb the trial court’s holding. Id. Similarly, in Clapp, 127 Ct. Cl. at 515, 117 F. Supp. at 582, the Court of Claims ruled “[w]e find it hard to imagine a case where the Government can take a citizen’s money, by refusing him something to which he is entitled, and then keep the money on the ground of estoppel. This defense is beneath the dignity of the Government.” Id. Accordingly, Defendant’s waiver argument is without merit. "
06/15/2015 REPORTED OPINION The Clerk is directed to enter judgment. Signed by Judge Thomas C. Wheeler. (se) Copy to parties.
Thanks TII!
Thanks TII!
It seems that the gov is going to attempt to keep Fannie, Freddie in conservatorship at least until the court cases are settled. They think it benefits them, to keep shareholder rights, etc squashed.
Thanks, I have plenty of sites that I frequent. I just like to hop around the IHUB stocks once in a while. It must just be that it's a fairly new ticker. No biggie, just a little annoying.
Usually they show volume and current price (even delayed) 15 min, but not on this stock.
Another big buy! I wish IHUB would update the numbers!
Why do you guys get those mailers?
The government is purposefully holding Fannie and Freddie in conservatorship until the court case ends. Shareholders are the only ones holding them accountable. Sweeney said in the beginning, she wants to know how and when conservatorship will end.
Lumpina, some people who trade frequently, move back and forth between the two, to avoid wash trades.
"Richard Perry, Chief Executive Officer, Perry Capital"
http://www.deliveringalpha.com/
Did anyone in Congress know?
Former colleagues and close associates of Hastert have expressed shock at the charges against him.
One lawmaker who served alongside him, former Rep. Mel Watt (D-N.C.), acknowledged hearing "an unseemly rumor" early on in Hastert's Speakership.
"I had no direct knowledge of any abuse by former Speaker Hastert and, therefore, took no action," said Watt, who now leads the Federal Housing Finance Agency.
http://thehill.com/blogs/blog-briefing-room/news/244176-questions-mount-in-hastert-case
"Plaintiffs have now filed a motion to file a sur-reply, stating that while they welcome defendant’s clarification in its sur-response, that submission also makes some new representations."
Check out nugene.com, the advisory board, latest studies. They have actual office building in OC, etc.
"Financials:
It takes a long time to develop a housing project, and that pipeline stopped in the recession. This has contributed to a lack of housing inventory.
“this idea about lack in inventory is becoming a bigger issue in more places…The life cycle of building a home is not the cost or time you use, put the sticks up or you build. You have to get convince a farmer, if it’s a raw land, the sell the land and him to get it plotted and then you have to get it improved with sewer, and streets and so forth then you have to find build it once or build on it or and then you build it so. It’s a fairly long life cycle and a lot of that didn’t happen, lot of that stopped, as a result of lot of foreclosures on the market. So getting the inventory flow working again takes some time.” —Wells Fargo (Bank)
Mortgage markets have benefitted from clarification of rep & warranty policies by GSEs
“We’ve had some policy changes at the GSEs where we know now more about when risk transfers, so the credit boxes opened up a bit for that reason” —Wells Fargo (Bank)"
http://skrisiloff.tumblr.com/post/120777824830/heres-what-ceos-said-about-the-economy-this-week
@ScottWapnerCNBC: Coming up in 45 mins on @HalftimeReport, analyst Tim Ramey is live, on why the Govt's $HLF decision could be closer than you think.
ORDER On April 23, 2015, plaintiffs in the above-captioned case filed a motion to remove the “Protected Information” designation from defendant’s March 20, 2015 provisional privilege log. Plaintiffs’ motion is fully briefed. On June 2, 2015, the court granted defendant’s unopposed motion to file a sur-response, to allow defendant to clarify its position regarding production of the final privilege logs during jurisdictional discovery. Plaintiffs have now filed a motion to file a sur-reply, stating that while they welcome defendant’s clarification in its sur-response, that submission also makes some new representations. Plaintiffs seek the opportunity to respond, and have attached their sur-reply to the motion. For good cause shown, plaintiffs’ motion is GRANTED, and the sur-reply is deemed FILED. IT IS SO ORDERED. s/ Margaret M. Sweeney MARGARET M. SWEENEY Judge
06/04/2015 ORDER granting 159 plaintiffs' motion for leave to file sur-reply. Signed by Judge Margaret M. Sweeney. (ta) Copy to parties.
Nice dancing! I'm gonna do that at the toast!
@timhoward717: Ugoletti exposed: Motion to be filed soon to make the Ugoletti Deposition unsealed and open to the public. #fanniegate update tonight.
Testimony of Assistant Secretary for Management Brodi Fontenot before the House Oversight and Government Reform Committee on "Ensuring Transparency through the Freedom of Information Act"
6/3/2015
?WASHINGTON - Chairman Chaffetz, Ranking Member Cummings, and distinguished members of the Committee, thank you for the opportunity to testify today on the Department of Treasury’s role in fostering transparency through the Freedom of Information Act (FOIA).
As the Treasury Department’s Chief FOIA Officer, I take seriously compliance with FOIA and promotion of transparency and openness in Treasury operations. Although the nine Treasury bureaus independently process FOIA requests directed to each bureau, my team is responsible for providing agency-wide guidance and training, as well as for monitoring Treasury FOIA performance, and proposing agency-wide policy and improvements.
Like many other agencies, Treasury faces challenges in the administration of FOIA. But Treasury remains steadfast in its commitment to improving its FOIA performance, and has made notable progress. Treasury-wide, the agency received an average of 15,657 requests annually between 2009 and 2014. In FY 2014, Treasury processed nearly 14,000 requests agency-wide. The scope and complexity of these requests and the resources required to respond vary greatly. As of April 30, approximately 930 requests remain pending, which is less than six percent of our average annual incoming requests.
When I joined Treasury six months ago, I was pleased to discover that the Treasury team had already begun implementing new measures to improve FOIA performance and efficiency in Departmental Offices and Treasury-wide. For example, at Departmental Offices, beginning in 2013, my team doubled the number of full time employees dedicated to FOIA. We used that additional capacity in two critical ways. First, we devoted focused attention to closing Treasury’s oldest FOIA cases. In FY 2014, Treasury closed 13 of its 20 Oldest FOIA cases. So far in FY 2015, we have closed two out of our top twenty oldest, including the oldest FOIA request in the agency.
Second, we made significant changes to the procedures and staffing structure used to manage FOIA cases to improve efficiency and timelines. These procedures now require that a case manager be assigned as the point of contact for each request. As a result, requests are tracked more effectively. In addition, FOIA requesters can talk to the case manager assigned to their case to obtain information on the status of their case.
We have improved service to FOIA requesters and the general public through better use of technology as well. In 2013, we implemented a new online Treasury FOIA portal. Requesters can now submit requests for any Treasury Bureau or Office online through Treasury.gov. We also continue to proactively post a wide variety of Treasury materials on our FOIA page on Treasury.gov.
In addition, my team, in its Treasury-wide policy and oversight capacity, is driving improved FOIA performance for Treasury’s Bureaus. My team monitors each Bureau’s key FOIA metrics, and I review FOIA performance data with Bureau leadership regularly.
My team also engages directly with FOIA staff from each Bureau. They hold monthly FOIA Council meetings—attended by staff of all nine Treasury bureaus—to discuss the latest guidance, best practices, and common challenges in FOIA implementation. They also promote and provide FOIA training for all Bureau FOIA professionals. During the past year, 100 percent of the full-time FOIA professionals across Treasury received FOIA-specific training.
We have more work to do; but there are encouraging signs that Treasury is on the right track. For example, during FY 2014:
o The Treasury-wide FOIA backlog decreased by eight percent.
o Treasury received 14,107 requests and closed 13,991 requests – we are keeping pace with the volume of requests.
o We also processed more FOIA requests in less time. Treasury closed 73 percent of incoming requests within 20 days—that is a three percent increase over FY 2013.
o Five of the nine Treasury Bureaus closed more requests than they received during the fiscal year.[1] Four Treasury Bureaus ended the year with zero backlog.[2]
o We also released more information overall. Treasury released records in full or in part in response to 90 percent of cases in which responsive records were identified. Treasury was one of only nine federal agencies with such a high rate of released records.[3]
In sum, today Treasury is releasing more information, processing more requests in less time, and making tangible progress on reducing its pending FOIA inventory and closing its oldest cases, as compared to just 18 months ago. We believe we are headed in the right direction.
Applying FOIA properly remains a complex endeavor. It requires trained, experienced professionals who are expert in applying the law and knowledgeable about agency activities and records. Maintaining the right level of resources is especially challenging in light of the budget environment and the limited number of skilled FOIA professionals.
Nevertheless, Treasury has increased its investment in FOIA, even while its appropriations shrink. Treasury spent over 20 million dollars in FY 2014 on compliance with FOIA—a 28 percent increase over the prior two years. Similarly, Treasury added 32 full-time equivalents to its agency-wide FOIA staff between 2012 and 2014—an increase of 21 percent. The current fiscal environment makes the availability of additional resources uncertain.
We remain committed to further improvements with existing resources. We believe the measures already implemented, as described above, will continue to improve Treasury-wide FOIA performance. My team and I will continue to lean forward to drive additional improvements and to provide as much information as we can, as quickly as we can, within both the spirit and letter of FOIA.
I welcome your questions today.
Thank you.
@stocksdd: @carney @aawnc123 Carney - How do you think $AIG takings case will be ruled ? any opinions?
@carney: @stocksdd @aawnc123 I'm not really sure. People who I know who attended the trial were very impressed by the plaintiffs case.
That's all Royce there. He continually says Fannie, Freddie haven't repaid the Treasury.
"Contrary to what Fannie and Freddie apologists claim, the GSEs have yet to repay any of the taxpayer-funded bailout funds they received, which makes today's announcement by the FHFA outrageous. Money coming in from the GSEs should go to the taxpayers instead of a slush fund for ideological housing groups to play around with.”
http://royce.house.gov/news/documentsingle.aspx?DocumentID=397623
Try the product first. It is pretty amazing!