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By "reform", I think they mean surpress.
I'm interested to know what prompted TH to join. Was he asked or did he ask? Why now? Why that lawsuite?
Notice that Madoff was involved with FnF trading pre-crash as well?
If/when FnF get uplifted, wouldn't that solve the issue of the NSS?
Those buys over the ask yesterday and today were a great indicator.
$3.33 just printed on a $3.29 x $3.30 bid/ask. Someone really wants shares.
I was taken to a login page.
Ichan probably filling up his position.
Mine are locked. Sales under and over the bid x ask. No spread on the bid x ask. Higher bid than ask. Someone wants to accumulate, and they are getting as many as they can.
Some of the strangest manipulation I've seen in a long time on this stock.
Is anyone else seeing a lot of strange action on L2? Bid higher than the ask. Orders being filled over the ask. Bid and ask at the same price.
How long do you feel is adequate? This isn't traffic court.
"The move would happen within the next two to three years, she said."
So FNMA will be around for the next two or three years?
My e-trade mobile ap must have screwed up because I saw 25M on the ask flash at $4 a minute ago.
They both signed the 3rd amendment.
They were signed by Geithner and Demarco.
The real question is; were the DTA's experienced after the 3rd ammendment purposfuly, or could they have been realized prior to the 3rd ammendment. They need to prove that there was prior knowledge of the DTA's value before the 3rd ammendment was enacted.
Not really. It was meant to incite fear. Pfds have outpaced commons in a session and commons have outpaced pfds. The question never came up in the past.
I'm showing we popped a dime in the last few seconds for a close at $4.42
Didn't they just do a 1:50 RS today? I'd rather have the CYNK folks before it was halted. Either way, we are past the $4.30 wall.
4.10's starting to print. Next stop, $4.20.
It's the definition of wealth redistribution. They said they were going to "tap" treasury funds to extend HARP. FnF's profits are part of those funds. This administration's main goal is to take money from the hard working american public and redistribute it to the unemployed, underwater, undeserving american people.
This is exactly what they are going to do with the MyRA program as well. http://www.infowars.com/government-lays-groundwork-to-confiscate-your-401k-and-ira-this-is-happening/
What rite does the USG have in telling me how much I could save for retirement? http://nypost.com/2013/04/28/obamas-budget-clipping-401ks/
It looks like he already spoke.
http://www.cvent.com/events/mha-five-year-anniversary-summit/event-summary-e5f0c800c3544d7ba024e560c6a63c0b.aspx
We will open the day with Treasury Secretary Jack Lew, who will offer his perspective on the U.S. housing recovery and current housing policy issues. Our morning agenda will also include a series of focused panel discussions with industry leaders on MHA. The luncheon keynote address will be provided by Carol Galante, Federal Housing Administration Commissioner. Following the keynote, a panel of key stakeholders will discuss the future of loss mitigation to include such topics as loss mitigation best practices, including technology, product standardization, and documentation. We will cap the day with a larger group discussion on key observations and takeaways for the future of loss mitigation.
This was the best info i could find.
http://www.politico.com/morningmoney/0614/morningmoney14427.html
HAPPENING TODAY: LEW TO ANNOUNCE NEW HOUSING EFFORTS — Per release: “Treasury Secretary Jacob J. Lew will deliver closing remarks at the Making Home Affordable (MHA) Fifth Anniversary Summit [and] will announce additional policies to assist struggling homeowners, provide more affordable housing options for renters, and expand access to credit for borrowers.
“These new efforts build on previous Administration initiatives that helped stabilize the housing market by providing direct assistance to struggling homeowners and transforming the manner in which the housing industry responded to the financial crisis”
http://www.marketwatch.com/story/fitch-gse-risk-transfer-deals-fill-void-for-us-mortgage-paper-2014-06-26
Fitch: GSE Risk Transfer Deals Fill Void for US Mortgage Paper
NEW YORK, Jun 26, 2014 (BUSINESS WIRE) -- Tight pricing on mortgage risk transfer securities issued by Fannie Mae and Freddie Mac indicates a growing appetite for this relatively new and unique form of mortgage risk, says Fitch Ratings. The securities are among the few alternatives available for residential mortgage-backed investing apart from fully agency backed deals.
The risk sharing deals - called Structured Agency Credit Risk (STACR) Debt Notes (issued by Freddie Mac) and Connecticut Avenue Securities (issued by Fannie Mae) - span a total of seven deals referencing over $150 billion of mortgage risk thus far, with deal volume expected to grow.
Trading spreads in the secondary market have tightened considerably since the initial transactions were issued in mid-2013. We don't believe this has been driven by any perceived inference of federal government support if losses arose. These deals' lack of explicit government guarantee, coupled with the clear and strategically important intent of the Federal Housing Finance Agency (FHFA) to shrink the mortgage market's dependence on government guarantees, makes any support of these deals unrealistic.
We detect a mix of supply-demand and other drivers behind the tighter trading levels. Existing risk sharing deals have been issued with floating rate coupons, which reduces investor duration risk. The spreads over LIBOR have been fairly attractive, but have lowered in more recent transactions as liquidity has improved. Pricing on the M1 class of the first STACR deal (issued in July 2013) was issued near par of 100, (with a coupon of LIBOR+340 bps), but had bid up to 105.46 as of trade dates reported through TRACE at the end of May.
Furthermore, the FHFA outlined in its most recent strategic plan a goal of tripling each GSE's risk sharing volumes over 2013 levels. Based on recent issuance, we expect GSEs will easily meet these goals. Thus, expectations that the GSEs will supply a steady stream of deals will continue to bolster liquidity in the secondary market, which also helps explain the price tightening.
The level of transparency associated with the transactions (including TRACE reporting) and underlying reference pools adds to the market's growing comfort level.
Mortgage risk transfer securities bear several unique characteristics compared to traditional RMBS. One key difference is that these deals are structured as synthetic credit transfers, but are technically unsecured obligations of the GSEs and are consolidated on their balance sheets. This structure, which is largely driven by certain Commodities Futures Trading Commission rules, is less preferable than the more conventional credit-linked note structure, in Fitch's view. Under the terms of the notes, a small amount of loss would be incurred by the GSE first, then the investors would fully absorb principal losses based on a predefined 'loss severity schedule'. Above the scheduled losses, the GSEs would absorb the remaining risk.
Private label RMBS issuance has shown some signs of life in 2014, but volumes remain a fraction of pre-crisis levels. Five deals had been issued through last week, totaling $1.6 billion of par. Well under 1% of overall mortgage origination volume is currently being securitized in non-agency backed deals.
Additional information is available on www.fitchratings.com .
The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article, which may include hyperlinks to companies and current ratings, can be accessed at www.fitchratings.com . All opinions expressed are those of Fitch Ratings.
SOURCE: Fitch Solutions
Realtors, builders, bankers placing big election bets
http://www.marketwatch.com/story/realtors-builders-bankers-placing-big-election-bets-2014-06-25?siteid=rss&rss=1
WASHINGTON (MarketWatch) — The housing market is in better shape than it was two years ago, but major issues are still in flux, and industry participants are placing large bets on favored congressional candidates ahead of the November election.
Housing groups have already spent millions of dollars this election season, and check-writing is sure to ramp up over coming months. Given the partisan gridlock in Congress, one might wonder why the industry would bother to invest so much in lawmakers who may accomplish very little. The answer is simple: advocates must use every opportunity to promote their position.
“A trade group representing an industry cannot be caught on the sidelines and unprepared,” said Brian Gardner, an analyst at Keefe, Bruyette & Woods, a New York-based investment bank. “Groups and advocates want to be proactive and always try to build political capital, even when the prospects of legislation are low.”
The major looming political issue for the housing industry is mortgage-finance reform, including what to do with federally controlled giants Fannie Mae FNMA+2.93% and Freddie Mac FMCC+3.53% , which back about six-in-10 new mortgages. Much of the housing industry wants Congress to retain some place for the government in the mortgage marketplace, while encouraging greater private investment. Other priorities for the housing industry are whether tax reform will hit the mortgage-interest deduction, terrorism-risk insurance, flood insurance, immigration, and other issues.
The housing market as a whole is at the point where the worst of the crisis has passed. Foreclosures are dropping, home equity is rising and job growth, a key factor behind home sales, is firming.
“Fewer people are at risk of losing their homes,” said Jed Kolko, chief economist at real estate site Trulia.
Still, years after the bubble burst, Washington remains waist deep in unresolved issues affecting the housing market, and industry advocates are paying close attention to action on Capitol Hill.
“Our members are just as interested as any of the other stakeholders in the housing market’s recovery, concerned about creating a favorable business environment for them to offer sustainable mortgage credit to consumers,” said Bill Killmer, chief lobbyist at the Mortgage Bankers Association. “We need to be involved with folks that have the capacity to influence the debate.”
The market’s rebound may be cutting the urgency among lawmakers to move faster on, for example, ending the federal conservatorship of government sponsored enterprises Fannie and Freddie – a relationship originally intended to be temporary, but that is now approaching its six-year birthday. A bill that would wind down Fannie and Freddie and create a federal emergency backstop for mortgage-backed securities is stalled in the Senate, having passed in a committee with too little support to force a floor vote anytime soon. A Republican proposal in the House would create no such government guarantee.
Housing industry’s major outlays
The National Association of Realtors has already contributed more than $1.4 million to federal candidates, about 48% to Democrats and 52% to Republicans, according to OpenSecrets.org, a site that follows money in politics.
“Housing and real estate issues are pretty much in the middle of the political spectrum. Our friends are in both parties,” said Jamie Gregory, NAR’s deputy chief lobbyist.
Its sizable political contributions make NAR a “heavy hitter,” according to OpenSecrets.
“We are in the business of electing people to Congress that support housing and real estate,” Gregory said. ”It’s people that stand up and are advocates. We get involved with those kinds of activities where we can make a difference and we do it where our friends need the help. We don’t just do it to sort of wave a flag.”
NAR also focuses on developing relationships over time, rather than just looking at single issues. Sen. Thad Cochran, a Republican of Mississippi who won Tuesday’s runoff , is a large beneficiary of NAR’s “outside” spending — expenditures made independently of a candidate’s committees — with the Realtor group investing more than $780,000 in support of his candidacy. Cochran, a senior member in his chamber, is also on the Senate Appropriations Committee, a powerful panel that oversees spending.
Cochran has also been a strong advocate for NAR issues over the years, such as flood insurance and rural housing.
“He’s done things that have moved the ball forward for housing,” Gregory said.
NAR’s direct recipients have each collected between $500 and $13,000, with Rep. Bradley Byrne, a Republican of Alabama, topping the list. The group looks at incumbents’ voting records and gives candidates a questionnaire. NAR also considers a candidate’s electability.
Meanwhile, the National Association of Home Builders, another “heavy hitter” in the world of political spending, has already sunk more than $600,000 so far on contributions to candidates, with more than 70% for Republicans, according to OpenSecrets. NAHB declined to discuss contributions to specific candidates.
Elsewhere, the MBA has spent more than $300,000 on candidates, with Virginia Democrat Sen. Mark Warner a top recipient.
Warner, a member of the Senate Banking Committee, has played a key role in crafting legislation to unwind Fannie and Freddie and overhaul the country’s housing-finance system.
Individual donors supporting MBA’s spending work for the likes of Wells Fargo WFC+0.40% , the No. 1 U.S. lender, and Pulte Mortgage PHM+0.25% , a unit of a large U.S. home builder.
PLAINTIFFS’ RESPONSE TO DEFENDANT’S MOTION FOR PROTECTIVE ORDER
http://timhoward717.com/2014/06/10/plaintiffs-response-to-defendants-motion-for-protective-order/
https://timhoward717.files.wordpress.com/2014/06/61014plaintiffs_-response-to-defendant_s-motion-for-protective-order-2.pdf
Thank you timhoward717.
Is there any speculation that he is holding them for another buyer after what we saw this week with Icahn? Any idea if they are transferable? My knowledge on those types of swaps is limited.
I though Ackman held the total return swaps that UBS brokered at $3.50?
Bid support is stacking up on L2. We're headed higher.
Rep. Maloney Introduces Bill to Increase Housing Units More Affordable to Low-Income Families
http://targetednews.com/display_story.php?s_id=1163838
Does anyone have any more info on this? Subscription is required for this site, and I couldn't find any other references to the bill on a quick google search.
Press Release: S&P Report: Fannie And Freddie Remain Central To U.S. Housing
I couldn't copy the whole report from my phone. Just came through on Etrade news.
Any idea how much of the O/S Berkowitz, Ackman, and Iachn have tied up now? On a side note, that Ferrari showroom they had at the Wynn this weekend is looking pretty good.
Funny how we dropped more with more volume when the bill was announced rather than when they actually voted on it. This proves to me it's all a mind game they are using to manipulate shares out of retail's hands.
FHFA's stance today has changed from wind down to reform. I'm expecting a 4th amendment to be released soon.
Someone really doesn't want it going over 4.30
IMO it's the difference between institutional volume and retail.