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Whatever it's called is irrelevant...how do you suppose this will make a difference with current events? Much of this is changing everyday now including the recent bill that has been voted on and talks of CFPB, FHFA being illegally structured...
The momentum has significant changed from the article that was published on June 20, 2011. The discussion has significantly changed as well as the administration...how do you suppose this article will relate to current events?
Are we there yet?...just waiting for the song to be sang...
Sorry on mobile...I can't add a 5 year chart for this but here's a link you can take a look at...
http://www.investopedia.com/terms/c/cupandhandle.asp
Technical perspective...looks like we got ourselves a huge cup and handle forming boys and girls...and it's not a daily perspective either...we're talking a 5 year trend...
What we're hearing...history repeats Republicans sell GSE's as private companies in prep for war...
The law that applies to situations where state and federal laws disagree is called the supremacy clause, which is part of article VI of the Constitution. The supremacy clause contains what's known as the doctrine of pre-emption, which says that the federal government wins in the case of conflicting legislation.
The Supremacy Clause of the United States Constitution (Article VI, Clause 2) establishes that the Constitution, federal laws made pursuant to it, and treaties made under its authority, constitute the supreme law of the land. ... Even state constitutions are subordinate to federal law.
"On Tuesday, Mnuchin said he planned to eliminate government control of the companies but offered few details."
This maybe a start of a new development for the GSE's...possible implications for the FHFA by eliminating the agency...if you can't fire the director then eliminate the entire agency altogether...
Trump administration fights its own agency in U.S. court
By Lisa Lambert,Reuters 7 hours ago
By Lisa Lambert
WASHINGTON (Reuters) - The Trump administration took an unusual step on Friday in its efforts to defang the U.S. financial consumer watchdog created after the banking crisis, with the executive branch of the federal government telling a court that one of its own agencies is violating the U.S. Constitution.
The Justice Department filed a brief opposing the Consumer Financial Protection Bureau's appeal of a ruling that its single-director structure does not hew to the constitution.
The decision that the bureau appealed also said the president should have the power to fire the agency's head at will. Under the 2010 Dodd-Frank Wall Street reform law that created the CFPB to protect individuals against fraud in lending, the president can only fire the agency director for cause.
The CFPB director is currently Obama appointee Richard Cordray, hailed by consumer advocates for taking action against payday lenders, credit card companies and debt collectors. Many bankers and Wall Street executives, along with Republican lawmakers, have said his authority to both write and enforce regulations is too wide.
The agency can represent itself in court cases except for those before the Supreme Court, putting President Donald Trump in a rare predicament: he cannot direct the Justice Department to withdraw the appeal.
Instead, the Justice Department could only file a brief supporting the CFPB's opponent, mortgage company PHH Corp.
"A single-headed independent agency presents a greater risk than a multi-member independent commission of taking actions or adopting policies inconsistent with the President’s executive policy," the Justice Department argued, saying a commission must compromise, while a single director does not answer to anyone.
The department also said that because CFPB directors hold five-year terms, a president may not get a chance to appoint someone who agrees with him. Cordray's term expires next year.
The department argued the U.S. Court of Appeals for the District of Columbia Circuit should allow Trump to fire the director at will, upholding the original decision reached by a three-member panel of its judges in October.
No U.S. president has ever dismissed an independent agency's director for cause. Republican lawmakers say Cordray's history provides Trump with cause for dismissal, although some are seeking a legislative path to fire him.
The rare inter-agency legal fight was widely expected.
After Trump's election win, some states' attorneys general and Democrats in Congress sought permission to represent the CFPB in the appeal, anticipating Trump would try to undermine the agency.
(Editing by David Gregorio)
https://www.yahoo.com/news/trump-administration-fights-own-agency-u-court-220701930--sector.html
Perhaps he's cutting the budget on housing because he's no longer relying on the GSE's dividends...
What would privatizing Fannie and Freddie mean for you?
It's a reference to 2016 as of the video being published (Published on May 3, 2016) which may not include all of 2016...and definitely not including 2017 payments...
Recap coming soon...media views are changing...viewers buy what media sells...
Only if you could post today's chart yesterday...now that's what I call a great working crystal ball...
Ah yes...calling the ol' horse manure, brown chocolate...
MNUCHIN MET WITH MEL WATT!!!
Treasury Secretary Steven Mnuchin Sees Tax Overhaul by August
Economic growth at 3% or higher is also among Trump administration’s ambitious goals, he says
Treasury Secretary Steven Mnuchin in his office at the Treasury Department on Wednesday. PHOTO: SHAWN HUBBARD FOR THE WALL STREET JOURNAL
By REBECCA BALLHAUS and NICK TIMIRAOS
Updated Feb. 22, 2017 9:37 p.m. ET
Treasury Secretary Steven Mnuchin laid out ambitious goals to secure a U.S. tax-code overhaul by August and to deliver economic growth at rates not seen in more than a decade.
Mr. Mnuchin, in his first interview since his confirmation last week as Treasury secretary, said slower economic growth since the financial crisis had primarily been an anomaly and a result of Obama administration policies that can be reversed. He said the Trump administration is aiming for a sustained 3% or higher annual growth rate, a projection not widely shared by other forecasters.
“We think it’s critical that we get back to more normalized economic growth. More normalized economic growth is 3% or higher,” Mr. Mnuchin said.
Sustained growth at rates above 3% could be difficult to achieve. The Federal Reserve projects a long-run annual growth rate of 1.8% and the Congressional Budget Office has a similar view.
The U.S. faces slower economic growth in part because the labor force is expanding less briskly than in the past as baby boomers retire. Slow worker productivity growth has also held back the economy. Output has grown about 2% on average annually over the past decade, and other wealthy economies facing similar demographic challenges have seen slower growth rates.
Still, a strong reversal of weak productivity growth or an upturn in labor force growth could send output growth higher. The Trump administration is betting tax and regulatory reform could spark such changes.
Stronger growth would make it easier for the Trump administration to balance competing goals of cutting taxes and boosting spending on the military and infrastructure without sending deficits much higher. The new administration is working on a budget blueprint due out next month that will be a first step toward reconciling its objectives.
“We will have our own set of financial projections,” he said.
Mr. Mnuchin said the administration was working with House and Senate Republicans to smooth over differences among them on tax policy, with the aim of passing major legislation before Congress leaves for its August recess. He added, “that’s an ambitious timeline. It could slip to later in the year.”
In his first week on the job, Mr. Mnuchin has spoken with around 10 foreign counterparts and other leaders, including International Monetary Fund Director Christine Lagarde. He also has met with Mel Watt, the director of the Federal Housing Finance Agency, the independent regulator of mortgage companies Fannie Mae and Freddie Mac, which are under the effective control of that agency and the U.S. Treasury as a result of their 2008 bailouts.
Mr. Mnuchin, whose confirmation process was the longest for a Treasury secretary of a new administration in U.S. history, brought a handful of advisers to the agency with him, but it will likely be months before other senior positions that require Senate confirmation are filled. The White House hasn’t nominated anyone for other posts at the department that require Senate approval.
The secretary has been in close contact with National Economic Council director Gary Cohn, his former colleague at Goldman Sachs Group Inc., who emerged as a powerful economic policy maker while Mr. Mnuchin awaited confirmation. The two men have a close relationship, a Treasury official said.
One big question is whether the Trump administration will go along with House Republican plans to make a tax overhaul revenue neutral—meaning lower tax rates won’t add to the deficit. Mr. Mnuchin wouldn’t discuss the administration’s view on that question and instead pointed to stronger economic growth as an engine that will reduce the urgency for major trade-offs in any tax bill.
The House GOP plan doesn’t count solely on growth. It also features limited deductions and a border-adjustment provision that taxes imports and removes taxes from U.S. exports. The plan is projected to generate about $1 trillion over a decade.
The border adjustment provision has run into criticism from large retailers and other importers. U.S. Senators have piled on, too, leaving the idea in trouble without a major presidential push that hasn’t happened and might never come.
Mr. Mnuchin said the administration is “looking seriously” at the House plan that includes border adjustment and was well aware of concerns raised by specific industries. The Treasury Department had its own concerns, he added, “about what the impact may be on the dollar” from a border-adjusted tax.
His comments underscored the challenge the new administration and congressional Republicans face reconciling competing objectives.
With the House plan in potential trouble, a Senate plan nonexistent and the Trump plan incomplete, the GOP’s tax agenda is in search of a guidepost at a crucial moment. Mr. Mnuchin called for a combined plan that would address developing fractures in the party over tax policy.
As Treasury secretary, Mr. Mnuchin also takes on the role as the Trump administration’s leading voice on U.S. currency policy, meaning his every word on the dollar will be closely followed in financial markets.
Mr. Trump has expressed frustration that other countries—most notably China—have used weak currency policies to boost exports. The comments during his campaign and since his election carried with them an implication that the new administration might favor a weaker currency to support the U.S. trade position.
But Mr. Mnuchin avoided taking confrontational positions on the dollar. He said the strong U.S. dollar is a reflection of confidence in the U.S. economy and its performance compared with the rest of the world and was a “good thing” in the long run. The comments echoed remarks Mr. Mnuchin made in a confirmation hearing last month.
The dollar has appreciated by 23% over the past three years and added to those gains since the November election.
“I think the strength of the dollar has a lot to do with kind of where our economy is relative to the rest of the world, and that the dollar continues to be the leading currency in the world, the leading reserve currency and a reflection of the confidence that people have in the U.S. economy,” Mr. Mnuchin said.
The past several administrations have for the most part signaled support for a strong dollar, even though at times an appreciation of the currency has hurt exports.
Mr. Mnuchin demurred when asked about China’s currency and said he looked forward to “healthy bilateral relations” with the world’s second- largest economy.
“There’s trade issues that will make sense to look at, and I think there’s investment issues that will make sense to look at,” he said. “There are many things that we will need to collaborate on.”
During the campaign, Mr. Trump repeatedly promised to brand China as a currency manipulator, but over the past 18 months, China has taken steps to bolster its currency. The Obama administration said that was a sign Beijing had moved away from seeking an unfair trading advantage by keeping the yuan undervalued.
Mr. Mnuchin said those were two separate issues. “One is the issue of currency manipulation, and then one is the issue of whether there’s unfair trading advantages,” he said Wednesday. “They may or may not be related.”
—Richard Rubin contributed to this article.
Write to Rebecca Ballhaus at Rebecca.Ballhaus@wsj.com and Nick Timiraos at nick.timiraos@wsj.com
FHFA, like the FDIC before it, was given broad powers
to enable it to respond in a perilous time in U.S. financial
history. But with great FHFA, like the FDIC before it, was given broad powers
to enable it to respond in a perilous time in U.S. financial
history. But with great power comes great responsibility.
Here, those responsibilities and the authority FHFA received
to address them were well-defined, and yet FHFA disregarded
them. In so doing, FHFA abandoned the protection of the
anti-injunction provision, and it should be required to defend
against the Institutional and Class Plaintiffs’ claims.defined, and yet FHFA disregarded
them. In so doing, FHFA abandoned the protection of the
anti-injunction provision, and it should be required to defend
against the Institutional and Class Plaintiffs’ claims.
Lol...you're too much Obiterdictum...how was CT?...I was going to email you the other day but I got busy...maybe one of these days...
That proposal has gone out the window already when Trump became President...but thanks for playing...
Yes he did mention but he mentioned it to reporters after a hearing with Congress...
You forgot Pythagorean theorem...
New Fannie Mae Video...
Fannie Mae Servicing Released Options
Published on Jan 9, 2017
It just means that the court will allow the additional briefing to be entered...
Not in OTC land...you'll end up adding a lot of manure on this topic...
Donkey Poo...institutions can trade after hours and premarket...just no retail
Definitely shows which side Watt stands...
Unless there's a 4th amendment instructing FHFA on how to relieve the GSE'S from conservatorship that will hence raise capital as well as relisting the GSE's on the regular stock exchange prior to terminating the 3rd amendment...it would be foolish to terminate the 3rd amendment and leaving it up to another questionable person...
So hedgefunds are not funds? Merry Christmas to you too...
Gselinks.com
Writ of Mandamus is already denied...
He'll get it by releasing the GSE's...not holding them hostage like Obama...
Did you just say margin call!?
Trump Makes Fannie Mae And Freddie Mac Shareholders Great Again
By Jacob Wolinsky on November 30, 2016 1:19 pm in Business
Munchin is making Fannie Mae and Freddie Mac shareholders great again. Shares of (Fannie Mae OTCMKTS: FNMA) are currently up 34 percent today, while Freddie Mac shares are clocking in 32 percent gains (OTCMKTS: FMCC)at the time of this writing. And that is not all both stocks are up about 200% since Donald Trump won the election on November 8th 2016. No wonder Bill Ackman and Bruce Berkowitz are so excited about the Trump admin. The two large shareholders expect a revamp of housing policy which could be extremely lucrative to the shareholders. Munchin is very close with Eddie Lampert and is also connected (through that medium?) to Bruce Berkowitz.
But catalyst for today’s rally – Steve Munchin saying on Fox Business Network that the GSEs should not be under Government control. Below is a rough transcript via QTR
Rough Transcription of Mnuchin’s Fox Appearance
Maria: Would you move to have these privatized?
Mnuchin: Absolutely. We gotta get Fannie and Freddie out of government ownership. It makes no sense that these are owned by the government and have been controlled by the government for as long as they have. In many cases this displaces private lending in the mortgage markets and we need these entities that will be safe; so let me just be clear we’ll make sure that when they’re restructured they’re absolutely safe and they don’t get taken over again but we gotta get them out of government control.
Maria: This is a big deal. These are huge institutions. You think that. If we saw that as not complicated wouldn’t that have happened already? That it would get out of government?
Mnuchin: Well I think with this administration (Obama) it hasn’t been a priority. If it had been a priority it would have. And in our administration its right up there in the list of the top 10 things that we’re going to get done and we’ll get it done reasonably fast.
http://www.valuewalk.com/2016/11/mnuchin-fannie-mae-fox/