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Transparency Refresh: Improvements to the USASpending.gov Website
By: David A. Lebryk, Fiscal Assistant Secretary 4/1/2015
Consistent with the Administration’s efforts to increase transparency, participation and collaboration with the public, this week Treasury made a number of improvements to the USASpending.gov website in order to make it easier to review existing federal spending data. The USASpending.gov website provides the public with access to spending data for federal awards like contracts, grants and other financial assistance from across the federal government.
Statement of Secretary Lew on the Executive Order Targeting Significant Malicious Cyber-Enabled Activities
4/1/2015
"The Treasury Department is committed to protecting the U.S. financial system from a range of state and non-state actors. Today’s Executive Order allows us to expose and financially isolate those who hide in the shadows of the Internet to conduct malicious cyber activities that threaten the national security, foreign policy, or economic health or financial stability of the United States.
This authority is a powerful new tool to help protect our security and economy against those who would exploit the free, open, and global nature of the Internet to cause harm. We intend to use this authority carefully and judiciously against the most serious cyber-threats to protect our nation’s critical infrastructure."
###?
The plaintiffs' attorneys love a good interrogation, deposition. They're chomping at the bit!!
I'll check my Fidelity balance first. If it shows I'm a zillionaire, I'll know it's true. We do have a nice, long, holiday weekend coming up!!!
OK, it's restored!! I'm not believing anything today!! :)
I already forgot about April Fool's Day! I'm such easy prey. :) This is going to be a long day! I hope the gse links page is a joke!
What???
Call Today at 2:00 p.m. EST; Dial In: (800) 288-8975
MEDIA TELECONFERENCE
Former FDIC Chairman William Isaac to Present New Paper on Investors Unite Teleconference on Wednesday, April 1 at 2:00 p.m. EST
Isaac Says Fannie & Freddie Sweep by Government Flies in the Face of Law and Could Undermine Future Resolution Cases
WASHINGTON – On Wednesday, April 1 at 2:00 p.m. EST, William Isaac, former Chairman of the Federal Deposit Insurance Corporation (FDIC), will release a sharp critique of the federal government's 2012 decision to sweep all of the profits of Fannie Mae and Freddie Mac to the Treasury.
As Isaac explains in today's Wall Street Journal, the amended conservatorship of Fannie Mae and Freddie Mac has deprived the government sponsored enterprises (GSE) of their ability to rebuild capital and has put taxpayers at risk of being asked to fund another rescue of the mortgage finance giants.
Isaac will also explain how the government's abrupt change to the terms of the 2008 Housing and Economic Recovery Act (HERA) sets a bad precedent because vibrant private capital markets depend on confidence that the government can be counted on to adhere to the rule of law.
Investors Unite Executive Director Tim Pagliara will host the media teleconference and Isaac will present his new analysis and will be available for questions from the media.
To join the teleconference, please RSVP to media@investorsunite.org. Those who RSVP will receive an advance copy of the paper ahead of the call.
WHO:
Tim Pagliara, Executive Director of Investors Unite and CapWealth Advisors Chairman and CEO
William Isaac, former Chairman of the Federal Deposit Insurance Corporation (FDIC)
WHAT: Media Teleconference: William Isaac Argues Fannie & Freddie Sweep by Government Changes the Rules of the Game
WHEN: Wednesday, April 1 at 2:00 p.m. EST
DIAL: Toll Free: (800) 288-8975
NOTE: Please RSVP to media@investorsunite.org
About Investors Unite: Formed by Tennessee investor and CapWealth Advisors Chairman and CEO, Tim Pagliara, Investors Unite (investorsunite.org) is a coalition of over 1,400 private investors from all walks of life, committed to the preservation of shareholder rights for all invested in Fannie Mae and Freddie Mac. The coalition works to educate shareholders and lawmakers on the importance of adopting GSE reform that fully respects the legal rights of Fannie Mae and Freddie Mac shareholders and offers full restitution on investments.
P.O. Box 2591
Brentwood, TN 37024
Mortgage applications surge on spring demand
Diana Olick | @DianaOlick
1 Hour Ago
CNBC.com
Despite volatility in interest rates, mortgage applications moved decidedly higher last week, continuing their strong stride into spring.
Total volume increased 4.6 percent sequentially, on a seasonally adjusted basis for the week ending March 27th, according to the Mortgage Bankers Association (MBA).
"This week's mortgage application survey falls right into line with recent indications that home sales – new, existing and pending – are on the rise, as is consumer sentiment," said Lynn Fisher, MBA's Vice President of research and economics."
PLAY VIDEO
US mortgage applications surge
Mortgage applications to purchase a home rose 6 percent week to week and were 8 percent higher than one year ago. Applications to refinance, which are more dependent on interest rate levels, rose 4 percent for the week and are 44 percent higher than they were one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.89 percent from 3.90 percent, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans, according to the MBA survey.
Read MoreRent or buy? Dependson your 'horizon': Zillow
Both conventional and government loans moved higher, showing that more first-time buyers may be getting into the market. Government-insured FHA loans, as well as Veterans Administration loans, tend to be the product of choice for these buyers, and their volume grew by 19 percent from a year ago.
Mortgage rates edged lower this week, after a bounce higher in the middle of last week.
"3.75 percent remains the most prevalently-quoted conventional 30-year fixed rate for top tier scenarios. Most of the lenders that moved up to 3.875 percent with last week's spike are now back down to 3.75 percent, and a few of the most aggressive lenders are offering 3.625 percent," wrote Matthew Graham of Mortgage News Daily.
With both the month-end and quarter-end falling this week, and traders readying for the monthly employment report Friday, rates are not moving much. More volatility will likely be ahead.
http://www.cnbc.com/id/102551267
I'm not even sure if he new the ramifications. :) He was repeating what has been on their website since like 2011? Maybe someone let him ramble on? :)
03/31/2015 NOTICE, filed by All Plaintiffs of Filing of Application of Joseph Orlando for Access to Protected Information (Attachments: # 1 Declaration of Joseph A. Orlando)(Cooper, Charles)
Former FDIC Chairman William Isaac will release a sharp critique of the federal government's 2012 decision to sweep all of the profits of Fannie Mae and Freddie Mac to the Treasury Wednesday at 2 p.m. ET.
Isaac’s report details how the amended conservatorship of Fannie Mae and Freddie Mac has deprived the government sponsored enterprises of their ability to rebuild capital and has put taxpayers at risk of being asked to fund another bailout of the mortgage finance giants.
Just last week a report from the Federal Housing Finance Agency’s Office of Inspector General found that while Fannie and Freddie returned to profitability in 2012, that profitability is not a sure thing going forward.
The report notes that the mortgage industry is complex, cyclical, and sensitive to changes in economic conditions, mortgage rates, house prices, and other factors.
“The enterprises have acknowledged in their public disclosures that adverse market and other changes could lead to additional losses and that their financial results are subject to significant variability from period to period,” the OIG says.
Isaac and others GSE reform groups, including host Investors Unite, say that the government's abrupt change to the terms of the 2008 Housing and Economic Recovery Act sets a bad precedent because vibrant private capital markets depend on confidence that the government can be counted on to adhere to the rule of law.
Freddie Mac posted net income of $7.7 billion for the full-year 2014, compared to $48.7 billion for the full-year 2013. Freddie’s 2014 net income and comprehensive income declined from 2013 by $41 billion and $42.2 billion, respectively. 2013 results included an income tax benefit of $23.3 billion that primarily resulted from the release of the deferred tax asset valuation allowance in the third quarter of 2013.
On the other side, Fannie Mae reported annual net income of $14.2 billion and annual comprehensive income of $14.7 billion in 2014. This compares to net income of $84.0 billion and comprehensive income of $84.8 billion in 2013, which included the release of the company’s valuation allowance against its deferred tax assets.
http://www.housingwire.com/articles/33414-former-fdic-chair-unleashes-sharp-critique-of-fannie-freddie-treatment
New paper by Isaac, nice way to start off the month! This will be good! Let's go!!
MEDIA TELECONFERENCE
Former FDIC Chairman William Isaac to Present New Paper on Investors Unite Teleconference on Wednesday, April 1 at 2:00 p.m. EST
Isaac Says Fannie & Freddie Sweep by Government Flies in the Face of Law and Could Undermine Future Resolution Cases
WASHINGTON – On Wednesday, April 1 at 2:00 p.m. EST, William Isaac, former Chairman of the Federal Deposit Insurance Corporation (FDIC), will release a sharp critique of the federal government's 2012 decision to sweep all of the profits of Fannie Mae and Freddie Mac to the Treasury.
In the paper Isaac details how the amended conservatorship of Fannie Mae and Freddie Mac has deprived the government sponsored enterprises (GSE) of their ability to rebuild capital and has put taxpayers at risk of being asked to fund another rescue of the mortgage finance giants.
Isaac will also explain how the government's abrupt change to the terms of the 2008 Housing and Economic Recovery Act (HERA) sets a bad precedent because vibrant private capital markets depend on confidence that the government can be counted on to adhere to the rule of law.
Investors Unite Executive Director Tim Pagliara will host the media teleconference and Isaac will present his new analysis and will be available for questions from the media.
To join the teleconference, please RSVP to media@investorsunite.org. Those who RSVP will receive an advance copy of the paper ahead of the call.
WHO:
Tim Pagliara, Executive Director of Investors Unite and CapWealth Advisors Chairman and CEO
William Isaac, former Chairman of the Federal Deposit Insurance Corporation (FDIC)
WHAT: Media Teleconference: William Isaac Argues Fannie & Freddie Sweep by Government Changes the Rules of the Game
WHEN: Wednesday, March 31 at 2:00 p.m. EST
DIAL: Toll Free: (800) 288-8975
NOTE: Please RSVP to media@investorsunite.org
About Investors Unite: Formed by Tennessee investor and CapWealth Advisors Chairman and CEO, Tim Pagliara, Investors Unite (investorsunite.org) is a coalition of over 1,400 private investors from all walks of life, committed to the preservation of shareholder rights for all invested in Fannie Mae and Freddie Mac. The coalition works to educate shareholders and lawmakers on the importance of adopting GSE reform that fully respects the legal rights of Fannie Mae and Freddie Mac shareholders and offers full restitution on investments.
P.O. Box 2591
Brentwood, TN 37024
What's the bid? :)
His attorneys are on the phone part.
begins at 11am EST
Epstein would be great. I think some mentioned that in February? I'm not sure what happened?
@Fanniegate101: @CGasparino @FreeFannie Great move! @MarkCalabria is an excellent reference and wealth of knowledge. His article: http://t.co/MZce6P7H5f
.@FreeFannie @Fanniegate101 oK we're efforting to book calabria on the legal side of the debate for weds (barring breaking news)
@cvpayne: .@CGasparino the bipartisan money grab..its win-win for fed government and when you-know-what hits fan public will pay- shareholders shafted
Yes, we're ripe and Treasury is rotten. :)
Plaintiffs submit this notice to inform the Court that in addition to the attorneys listed in the parties’ Joint Status Report of March 23, 2015 (Doc. 139), the following attorney for the plaintiffs in one of the related cases pending before this Court intends to listen to the March 31 status conference telephonically: • Joshua B. Kaplan, Spector Roseman Kodroff & Willis (Washington Federal v. United States, No. 13-385) Date: March 30, 2015
141
03/30/2015 NOTICE, filed by All Plaintiffs Concerning Attorneys in Related Cases Who Plan To Listen to March 31 Status Conference (Cooper, Charles)
Refresher course! Another payment of $1.9 billion is scheduled to go to Treasury this week. That will bring the total paid by Fannie Mae to $136.4 billion, over $20 billion MORE than was "given." Also with depositions hopefully starting soon, I thought it was interesting to listen again to FNMA CEO (from Feb 20, 2015.)
http://fanniemae.com/resources/file/ir/audio/media-call-q42014.mp3
That sounds about right!
Donotunderstand, I don't know if you saw this post. I guess these are some questions Judge Wheeler would like answered.
STARR INTERNATIONAL COMPANY, * INC., on its behalf and on behalf of a class * of others similarly situated, * * Plaintiff, * * v. * * THE UNITED STATES, * * Defendant. * * ************************************* ORDER REGARDING CLOSING ARGUMENTS As agreed by counsel for the parties, the Court will hear closing arguments on Wednesday, April 22, 2015 beginning at 10:00 AM. The arguments will be held in Federal Circuit Courtroom 201 at the National Courts Building in Washington, D.C. The Court will grant each party two hours, divided by a lunch break. Plaintiff may reserve some of its time for rebuttal if it desires. A party may divide its presentation among different lawyers if it wishes. Electronic aids such as PowerPoint are permitted. Counsel may organize and present their arguments in any manner they like, but the Court has the following questions that each party should address during the arguments: 1. Should Plaintiff’s Fifth Amendment taking claim be regarded as a “regulatory taking” or a “physical taking?” Does the characterization of the claim as a regulatory or physical taking make any difference to the Court’s analysis of liability or damages? 2. Under Delaware law, was an AIG common stock shareholder vote required regarding the Government’s acquisition of a 79.9 percent equity interest in AIG, or
in connection with the June 2009 reverse stock split? What was the legal effect, if any, of not holding a shareholder vote? 3. Government officials testified at trial that bankruptcy was not an option for AIG, and they would not have allowed a bankruptcy filing to occur. If an AIG bankruptcy was not an option, what relevance, if any, does bankruptcy have to the Court’s analysis of liability or damages? 4. Under the circumstances of this case, would voluntary consent constitute a valid defense to Plaintiff’s illegal exaction claim? 5. In considering Fifth Amendment taking and illegal exaction claims, in what circumstances should the Court perform an economic loss analysis? IT IS SO ORDERED. s/Thomas C. Wheeler THOMAS C. WHEELER Judge
I agree. We can't let the gov keep making it up as they go (3rd amendment). Have to keep confidence in the markets. Interesting, I saw that there is legislation out there for a national maximum usury rate for consumers. :) I'd like to know the specific attorneys that wrote up the 3rd amendment.
Closing arguments begin 4/22.
Starr (Greenberg) vs USA
Thanks H! We are owners, just don't get to vote or have meetings at the moment.
I agree Rocco. I hope this stock gets back going again soon. I need to sell some fluff to get another car. At this point it will be a scooter! :) C'mon FNMA$$$
No. 11-779C (Filed: March 27, 2015)
*************************************
STARR INTERNATIONAL COMPANY, * INC., on its behalf and on behalf of a class * of others similarly situated, * * Plaintiff, * * v. * * THE UNITED STATES, * * Defendant. * * *************************************
ORDER REGARDING CLOSING ARGUMENTS
As agreed by counsel for the parties, the Court will hear closing arguments on Wednesday, April 22, 2015 beginning at 10:00 AM. The arguments will be held in Federal Circuit Courtroom 201 at the National Courts Building in Washington, D.C. The Court will grant each party two hours, divided by a lunch break. Plaintiff may reserve some of its time for rebuttal if it desires. A party may divide its presentation among different lawyers if it wishes. Electronic aids such as PowerPoint are permitted.
Counsel may organize and present their arguments in any manner they like, but the Court has the following questions that each party should address during the arguments:
1. Should Plaintiff’s Fifth Amendment taking claim be regarded as a “regulatory taking” or a “physical taking?” Does the characterization of the claim as a regulatory or physical taking make any difference to the Court’s analysis of liability or damages?
2. Under Delaware law, was an AIG common stock shareholder vote required regarding the Government’s acquisition of a 79.9 percent equity interest in AIG, or
in connection with the June 2009 reverse stock split? What was the legal effect, if any, of not holding a shareholder vote?
3. Government officials testified at trial that bankruptcy was not an option for AIG, and they would not have allowed a bankruptcy filing to occur. If an AIG bankruptcy was not an option, what relevance, if any, does bankruptcy have to the Court’s analysis of liability or damages?
4. Under the circumstances of this case, would voluntary consent constitute a valid defense to Plaintiff’s illegal exaction claim?
5. In considering Fifth Amendment taking and illegal exaction claims, in what circumstances should the Court perform an economic loss analysis?
IT IS SO ORDERED.
s/Thomas C. Wheeler THOMAS C. WHEELER Judge
03/27/2015 ORDER re: Closing Arguments Signed by Judge Thomas C. Wheeler. (se) Copy to parties.
437
03/27/2015 NOTICE, filed by USA of Errata (Mizoguchi, Brian)