Watching carefully
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Weeeeeeeeeeeeee Go Fannie Gooooooo!!!
I will be here. I bought some shares in my RRSP account. Thinking long term.
Also, looking at buying call options too. Have not bought any as of yet.
Nice to see you here GKG. NGB looks like a more stable investment than some other stocks out there Not to name any names LOL.
To think that this company was trading at around $700 (taking into account the two splits) is insane! And now that they have returned to profitability, I only see it going upward from here on out.
When it gets to $70.00 per share, it will still only be at 10% of it's all-time highs. Something to think about. And yes, I think it will get there, not now, not in 2 years, but it will get there. This is a stock to buy and look at it in a year, two years, three years. Daily action does not matter. Greek economy is recovering and NBG will only go up.
Cheers,
vt.
I bought back in. And I have more powder left for tomorrow if it re-visits that level as I suspect it will.
Might gap down to $2.40 and run back up to $2.80s
Yes, it got filled, let's move on LOL
Gaps ALWAYS fill on FNMA. Where are those who kept saying it wont fill?
vt.
I was going to sell before the close but it showed strength.
I can always buy more when (if) it gaps down from 2.50 - It might not, we'll see...
I filled at $2.42
Thank you gap
We will see who's right. In the end, we both think it will go up.
Good Luck,
vt.
I'm guessing gap-down tomorrow and upward from there.
GAP FILLED! FINALLY!
$2.50 fell too easily!
Great find. Hilarious!
Gap is still there at $2.43 - It may fill today.
The government's response to the lawsuit is today.
Big hits hitting the bid right now
Looking good!!
We should hear something good soon, and propel this way past $3.00
Monday may be a historic day where the government settles out of court and releases Fannie from c-ship!
We will see a nice rise today in anticipation.
Cheers,
vt.
NEWS: Allerayde SAB Takes Second Place in the Galileo Masters Competition, Earning Access to Key Research and Development Resources
http://ih.advfn.com/p.php?pid=nmona&article=60290373&symbol=ASAB
We should start moving up tomorrow in anticipation of Monday
I havent been following it recently but this guy looks like he is just a scam artist now. He did not deliver anything of value to the old AQLV shareholders.
And he did not get "a bit" of shares of VRTY, he got a substantial amout while the shareholders got their shares split 100-1
Took a few days but it got there. Some got squeezed it seems.
Approval of the settlement comes as Judge Glenn considers ResCap's plan to reorganize--and eventually to liquidate--its remaining assets.
Not good.
Who cares? What they need is: SALES!
MMs playing games lol
Obvious dilution and scam going on here. SEC will be notified tomorrow.
2,340,195,000 trillion or just 2.3 trillion?
There is a difference between the two.
2,340,195,000,000,000,000 or 2,340,195,000 ?
But I know what you meant
This play is DEAD! Too much dilution!
Reverse split coming soon imo!
Anti-carnage LOLZZZ
It's almost lunchtime FAR FROM ANY CARNAGE going on here
Down 0.4% LMAO!
Is this what you mean by carnage? LOLZZZZZ
You have to click on ENABLE FILTER next to the quote right on top of the sticky posts!
Go back 6 years why don't you LOLZZZZZ
This year has been awesome!!
LOLZZZZ@Carnage Baaaahahahahahahahaha
$2.73 up from $0.30 this year. Oh the carnage LMAO!!
Still waiting for today's carnage after yesterday's "massive" dump.
MASSIVE ACCUMULATION EOD
LOL That's not news, it's a poorly written article.
Looks like we could get back into the $3.00s today.
Wait until Blue sells and you will see his adjusted prediction at $1.50-ish
Corker open to Hedge Fund proposal !!!!
Bob Corker, the Republican senator co-sponsoring a bill to wind down Fannie Mae and Freddie Mac, has become the first senior politician to express openness to a hedge fund proposal to take over core operations of the US mortgage finance giants.
Mr Corker did not say he supported the plan, but said it provided hope that there was private capital willing to invest in the agencies.
He found the plan interesting, he added, saying that it validated his legislation because it would work only in a reformed housing finance system. He also said he would be open to meeting with the hedge funds to discuss the proposal.
“It works hand in glove with my plan,” Mr Corker said in an interview. “It only works in a reformed world.”
Mr Corker’s comments could provide an opportunity for the hedge funds to influence the debate in Washington over what to do with Fannie and Freddie, which had to be bailed out by the government during the financial crisis and are now in conservatorship.
Other government officials have rejected the plan, led by Bruce Berkowitz’s Fairholme Funds, to recapitalise a bulk of the mortgage finance firms.
Gene Sperling, White House national economic council director, said earlier this week that it risked creating two new “too big to fail” institutions. He added that the Obama administration wanted to avoid a return to the duopoly that existed before the financial crisis.
Other Fannie and Freddie investors are starting to become more vocal. Consumer advocate Ralph Nader, a shareholder in Fannie and Freddie, held a conference call on Friday urging shareholders to group together and lobby Washington, saying they were being “ripped off” and ignored by politicians.
The Fairholme plan would eliminate Fannie and Freddie, and transfer their future mortgage guarantee business to two new private sector companies. The new entities, which Mr Berkowitz nicknamed “Tom” and “Jane”, would be capitalised with assets equivalent to the $34.6bn face value of Fannie and Freddie’s preferred shares, plus the proceeds of a $17.3bn rights issue, potentially backed by private equity.
Mr Corker said he could not comment on whether those were favourable terms to make it a good deal, but he said the nature of the proposal fits with his bill, adding that the hedge funds’ plan would need his legislation to set up the necessary mechanisms to make their investment.
Critics of Mr Corker’s bill, which is also sponsored by Democratic Senator Mark Warner, questioned whether enough private capital would want to invest in a reformed housing finance system, especially after only five years, the bill’s timeframe for winding down Fannie and Freddie.
Jim Millstein, former head of restructuring at Treasury during the financial crisis, expressed scepticism during a Senate hearing on housing finance reform on Friday, saying it was a long way from making an offer to completing the $17.3bn fundraising Fairholme proposed.
He said one of his main concerns with the Corker-Warner bill was that after five years, “you can’t just flip a switch” and expect private capital to show up.
Statement By Ralph Nader
Friday, November 22, 2013
Since the 2008 bailout of Fannie Mae and Freddie Mac, and the beginning of their conservatorship, the stockholders of these two companies, of which I am one, have been stripped of their basic rights as shareholders.
Prior to the financial crisis, shareholders of these government sponsored enterprises (GSEs) had legal rights to challenge management decisions through the courts and through proxy battles, or by offering shareholder resolutions. On September 7, 2008, when the U.S. Treasury and the Federal Housing Finance Agency (FHFA) established a conservatorship for Fannie Mae and Freddie Mac, common shareholders lost their voting rights, dividends on preferred and common stock were suspended, and annual shareholder meetings were canceled.
The legal mandate of the conservatorship is to “conserve and preserve the assets” of the companies taken into conservatorship and “restore them to safe and sound condition.” But neither goal is being advanced by the FHFA. And FHFA, under Ed DeMarco, has acted as a “closet liquidator” of the GSEs, effectively acting to wind down the companies. This explicitly contradicts the legal mandate of the conservatorship. Fannie and Freddie – and their shareholders – are being treated unfairly.
The federal government – the Treasury, FHFA, and Congress – exploited and ignored the GSEs’ shareholders with zombie stock, and stuck them in financial limbo. The GSEs were required to pay above-market 10 percent dividends on Treasury’s investment, while many of the Wall Street banks that were bailed out with TARP money were required to pay dividends half of that rate. The shareholders of their bailed out banks were preserved and given a chance to recover.
The FHFA ordered the Fannie and Freddie boards and executives to suspend communications with shareholders and abolish annual shareholder meetings. And finally, adding insult to injury, in 2010 the FHFA arbitrarily directed Fannie and Freddie to initiate the delisting of their common and preferred stock from the NYSE. This further degraded shareholder value and chased away many institutional investors.
In 2012, as Fannie Mae and Freddie Mac were returning to profitability despite financial and operating restrictions on their activities, the U.S. Treasury changed the terms of its investment in the GSEs to its own benefit. The Treasury replaced the already well-above-market 10 percent dividends that the GSEs were paying to a “sweep” of all of the profits of the companies.
In times when the GSEs were facing mounting losses, the 10 percent dividends were burdening the GSEs with debt, forcing them to borrow from Treasury in order to turn around and pay that borrowed money right back to Treasury, thus compounding their debt and inflating future dividend payments. However, now that the GSEs have returned to profitability, this arrangement has the potential to do great harm. The GSEs are now sending nearly all of their earnings to Treasury, can’t rebuild their capital, and their shareholders remain in a limbo where they are neither eliminated nor given an opportunity to recover. If the enterprises were doing well enough to pay the government a 10 % return on the senior preferred stock, why couldn’t they also pay dividends on the common stock and junior preferred stock?
Regardless of the outcome of deliberations on the structure of the GSEs, Fannie and Freddie shareholders deserve a chance to recover some of the value of their stock. The federal government provided funds to help stabilize AIG and Citigroup, both of whom had investors who were allowed to benefit from the recovery of these companies. It should be no different when it comes to the GSEs’ shareholders, who, in addition, are useful to the U.S. Treasury.
Under the conservatorship, the government received warrants to buy up to 79.9 % of GSE common stock for $0.00001 per share. To avoid putting the liabilities of the two GSEs on the government’s books, the government’s share had to remain just under 80 %. The shareholders, with zombie stock and no rights or remedies, were usefully left to own the other 20 %.
Neither piece of legislation introduced in Congress – the PATH Act (H.R. 2767) in the House, nor the Corker-Warner bill (S. 1217) in the Senate – adequately addresses how to deal with Fannie Mae and Freddie Mac shareholders moving forward. Any serious reform needs to give the GSE shareholders an opportunity to share in the recovery of value that is likely for Fannie and Freddie.
In hearings at the House and the Senate on the future of Fannie Mae and Freddie Mac, many stakeholders and individuals interested in the housing sector have been invited to share their views. Those left without a seat at the table are the shareholders, who were told for years that their investment was the safest one after U.S. Treasury bonds.