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About $5.44
Congress At The Beach. Obama Speech = 0
Dr. Key,
Do you think Grill It is a good buy on Thursday?
IMPORTANT! Varney On Fox News Live
Varney was on Fox News about 2 minutes ago.
He commented on Obama's speech. He said Obama's plan = social engineering. He wants to force banks to take on high risk loans under the premise that the banks will be responsible for the losses. This is impossible. In the end, the taxpayer will be forced to bail the banks out again. Obama is trying to start the 2008 housing problem all over again.
Obama cannot force the banks to be on the hook for high risk loans.
It does not sound at all, as if Obama's speech meant anything.
As I said before, Congress is not in session. All news, including the Obama speech, means nothing. Who is going to react on it?
Cheap Shares Can Be Good Thing Depending on Where You Are In This Whole Cycle of Trading FnF.
Absolutely Agree With Your Comment
Congress Cannot Act On A Bill While Recess Is On
The News/Media can change every day, but Congress is not going to take any action while in Recess. All the News/Media now is just buzz and speculation. Even Obama's speech means nothing unless it is put into a bill and passed by Congress.
Keep your mind on the earnings. That is a fact that can change the pps.
A Receiver Can Dissolve, Not Conservator
Congress choose conservator, not Receiver. Only a receive can dissolve a corporation. Does U.S. action to make Conservator endless sound like an illegal taking, or does it not?
Give FnF control back to the shareholders. I rest my case your honor!
Exactly What Illegal Taking Lawsuits Are All About
Several lawsuits are open based on your exact comments.
Hang In There With Cheap Shares
If you own cheap shares, hang in there. If you are growing in patient, put some other risk money on other stocks that are popping. Make a few bucks on a swing trade and wait for FnF to do its thing.
Watch the Hot! Breakout Boards and the Yahoo Finance page for ideas of what stock is taking a run during the day. Get your mind off FnF while Congress is out on recess.
There Is No Law Ending FnF
As of now there are bills on the table to wind down FnF. The specifics are not known. Wind down can mean many things. Dissolution is the legal term for ending a corporation forever. If Congress means dissolution, then why do they say "Wind down"? For now, shares of FnF may be "on sale."
I am hopeful shareholders will receive something in the unlikely event FnF are dissolved forever.
Buflo
Closing Fannie, Freddie could boost mortgage rates
http://finance.yahoo.com/news/closing-fannie-freddie-could-boost-mortgage-rates-071703765.html
WASHINGTON (AP) — Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis.
Borrowers would probably end up paying slightly higher mortgage rates under House and Senate bills that would phase out Fannie and Freddie over five years and shrink the government's huge role in guaranteeing mortgage securities. Fannie and Freddie teetered under a crush of massive losses on risky mortgages before being bailed out.
The House Republican bill would virtually privatize the mortgage market. The Senate's bipartisan plan envisions a continued but more limited government role in insuring mortgage securities. Supporters say that would keep mortgages available and affordable.
Congressional efforts to overhaul the nation's mortgage finance system got a boost Tuesday from President Barack Obama's call for changes that are generally in line with the Senate's bipartisan plan.
"For too long these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was 'heads we win, tails you lose,' and it was wrong," Obama said. "The good news is right now there's a bipartisan group of senators working to end Fannie and Freddie as we know them. And I support these kinds of reform efforts."
The idea behind both plans is to shift more mortgage financing risk from the government to the private sector to prevent taxpayers from having to pay for future bailouts. But there's a price homebuyers would likely pay for having private investors shoulder more risk to protect taxpayers.
"It will mean higher mortgage rates," said Mark Zandi, chief economist at Moody's Analytics. "The question is how much higher."
Typical borrowers could pay about $75 per month in extra interest payments, about half a percentage point, on an average mortgage under the Senate proposal, Zandi estimated, and about $135 more under the House plan. That's on a conforming loan of about $200,000 with the borrower providing a 20 percent down payment.
"You have to assume that almost in any future model being drafted, loans will be more expensive," said David Stevens, CEO of the Mortgage Bankers Association and a former Obama administration housing official.
Most Democrats tend to favor a continued government role backstopping the mortgage market because they say it stabilizes the housing market. Many House Republicans, especially conservatives, want to end government involvement and let the free market rule. Given the split, the rival bills stand as opening markers in a long fight.
"We all agree that the system with Fannie and Freddie needs to be changed," said Rep. Michael Capuano, D-Mass., ranking Democrat on the House Financial Services subcommittee on housing and insurance. "The real question is, do we reform it or kill it the way House Republicans want to."
Rep. Maxine Waters, D-Calif., the ranking Democrat on the Financial Services Committee, said the vast majority of housing industry groups such as real estate agents, mortgage bankers and homebuilders support keeping a government role insuring mortgage securities.
House Republicans, led by the chairman of the House Financial Services Committee, Rep. Jeb Hensarling, R-Texas, say their bill to vastly reduce the government's involvement in the mortgage finance system will be a boon to consumers, spurring competition and innovation in the private sector and giving borrowers more choices. They blame Fannie and Freddie for inflating the market before the housing crash, contributing to the boom-bust cycle.
Hensarling, in a statement Tuesday, said his plan "puts private capital at the center of the housing finance system, ends the bailout of Fannie Mae and Freddie Mac and sustains the 30-year fixed rate mortgage - all goals the president today says he supports."
Hensarling's bill recently cleared his committee without any Democratic votes and is expected to get a House vote in the next few months.
Housing advocates warn that if the government's role is scaled back too far, mortgages could be pushed out of reach for people with lower credit scores and smaller savings for down payments.
They say 30-year fixed-rate mortgages, long a staple of the housing market, could become harder to find and more expensive for borrowers with modest incomes because lenders would be less willing to offer such longer-term loans without government guarantees.
"Those people are now going to be locked out of the system or many will end up paying a premium because of these changes," said John Taylor, chief executive of the National Community Reinvestment Coalition, a housing advocacy group.
Fannie and Freddie own or guarantee nearly half of all U.S. mortgages and 90 percent of new ones. They buy mortgages from lenders, package them as bonds, guarantee them against default and sell them to investors. That helps banks get rid of risk from their balance sheets, freeing up more money to lend.
During the financial crisis, as house prices tanked and foreclosures surged, the government rescued Fannie and Freddie from a flood of defaults on risky loans the agencies had guaranteed, many aimed at providing affordable housing for lower-income borrowers.
Like many banks, the two companies had relaxed their standards on loans they bought or guaranteed during the boom. High-interest loans, some with low "teaser" rates, were given to risky borrowers.
Now under government control, Fannie and Freddie are hugely profitable, and thanks in large part to the housing recovery they're pumping billions of dollars into the U.S. Treasury. Fannie and Freddie have paid the Treasury $132 billion, more than two-thirds of the bailout.
In the Democratic-controlled Senate, a bipartisan bill by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., would gradually replace Fannie and Freddie over five years with a new agency having a more limited role insuring mortgage securities against catastrophic losses.
The bill would create a new Federal Mortgage Insurance Corp. that would provide backstop insurance available only after a substantial amount of private capital is used up. Investors would pay insurance fees to the corporation while agreeing to put a substantial amount of their own capital at risk.
The bill in the GOP-controlled House nearly eliminates the government's role in the mortgage financing system. It would limit the Federal Housing Administration to insuring loans only for first-time and lower-income borrowers.
@yahoofinance on Twitter, become a fan on Facebook
Power Hour Here. Any Comments?
I just found this stock. Is it a good time to get in?
This Board is useful.
Buflo
Happy Birthday Mr. Fence!!! Video For You.
Become an ASSET to U.S. not an ASS,
When you become a citizen.
Issues Are Divide and Conquer Matter
Certain issues have to be spoken about. Congress divides them up and the respective people present them. No telling whether the presenter was passionate about their topic or not.
I think 1.30hr to 1.45hr
$1.61 Close. High last 2 min. buys
$1.61 on high volume
PSAR below 20MA and 50MA on 5 min chart
$1.60
+2 on that!
Good Chance 4 GAP UP In Morning :)
Moving up alot and down a bit all day.
About 11 Cents More For 20%
Dr. Merlot's News Article
Thank you Mr. Fence and others for your help.
http://investorshub.advfn.com/uimage/uploads/2013/7/22/hgnktOrange_County_News.png
How to Post an image?
Dr. Merlot's file is an image file. Anyone know how to post an image file that does not have a URL. The article is "Fooling with Fannie, Freddie" published in The Orange County Register on July 20, 2013. The article is a commentary.
Copy and Paste
Open the pdf. Block the text. Click copy.
Open Ihub FNMA board. Click New Post.
Click in Box. Click Paste or ctrl + v.
Click Submit Post.
CORKER UPDATE! FRESH NEWS
National Mortgage News
Copyright 2008 Source Media Inc. All Rights Reserved.
July 22, 2013
Volume 37; Issue 42
Section: STREET SMARTS
Corker-Warner Bill Shows Some Consideration
Bonnie Sinnock
The authors of the Corker-Warner government-sponsored enterprise bill acknowledge that they have not drawn up everything needed to effectively reform Fannie Mae and Freddie Mac yet, but they have shown some consideration of the industry in what they have done so far.
"I think the market can help us get this right," Sen. Mark Warner, a Virginia Democrat, said during a discussion at a Bipartisan Policy Center event last week, where he credited a BPC research paper as a key influence in the creation of the bill.
He said among the things the creators of the bill have spent a lot of time thinking about has been ensuring community banks have equal access.
"We may not have it perfectly right," but the legislative effort is a "start," said Warner, noting that the process' scope is daunting.
"It's almost kind of remarkable that we created these entities in the past that had so many functions," he said.
"I never thought I'd know this much about housing finance system plumbing," said Warner.
"It is complicated," he said.
Bob Corker, a Tennessee Republican, said he believes separating the guarantor function from the issuer function is "a much better system" than the status quo, given the dominance in the mortgage market Fannie Mae and Freddie Mac currently have.
"These things are becoming piggy banks," he said of the government-sponsored enterprises, noting that "if we don't deal with these entities soon" the government may literally pay for it.
Among things one of the two authors of the bill wants feedback on is how to structure reform such that it does not disrupt the government-sponsored enterprises' involvement in the multifamily market the bill seeks to preserve, Corker said.
This piece of the business "didn't get Fannie or Freddie into trouble," said Warner.
Corker expressed regret that the acting director of the government-sponsored enterprises' regulator, Ed DeMarco, was slated at deadline to potentially be replaced as head of the Federal Housing Finance Agency by Rep. Mel Watt, a North Carolina Democrat who has faced opposition from Corker and other Republican senators who have cited his lack of experience.
But Warner said Watt "has a deep background in this area."
Among the things the two said they do agree on is what they call the bill's pragmatic approach, which aims to take a middle road between those who call for the government-sponsored enterprises' dissolution and those who call for their continuation.
"I think our bill strikes the appropriate balance," Corker said.
Warner said has heard some argue for maintaining the status quo when it comes to the government-sponsored enterprises but believes the public sector risk exposure involved makes this "totally unpalatable."
However, they do need to be preserved, he said, citing the value of the guarantee to both foreign and United States investors in Fannie Mae and Freddie Mac's mortgage-backed securities.
"We need that government backstop," he said, also noting that they make the 30-year fixed rate mortgage possible.
Warner added that "the human capital expertise in those institutions has a very important role to play" in their new structure.
Corker said he believes this is a good time to try to move the legislation forward as the legislative calendar is "fairly open" and officials are concerned this is "the one piece of unfinished business" in financial reform not addressed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
But "the window is closing," he said.
PSAR below 20 MA on 1 min, 5 min and daily chart.
Earnings Date is 08/08.
Not Selling My Shares So Big Fish Bigger
Each small sell from retail will be bought up in large blocks from Big Fish only to make the Big, Bigger. They are not getting my shares.
My Husband Has Joined That Club Too
Sale Could Be Over Soon
One article related to new bill
7/16/13 Nat'l Mortgage News (Pg. Unavail. Online)
2013 WLNR 17297637
Loaded Date: 07/16/2013
National Mortgage News
Copyright 2013 National Mortgage News. All rights Reserved.
July 16, 2013
Volume 1; Issue 1
Section: News
MBA Unveils Pragmatic GSE Reform Plan
Victoria Finkle
The Mortgage Bankers Association is proposing fixes for the housing market that regulators can make now, without waiting on lawmakers to overhaul Fannie Mae and Freddie Mac.
Its plan, "Key Steps on the Road to GSE Reform," is part of the group's effort to rally support for important changes to the mortgage system, even as the House and Senate begin debating separate plans to revamp the government-sponsored enterprises. David Stevens, MBA's president and chief executive, has been sharing pieces of the plan over the past several months, but the new report spells it out in full. Stevens emphasized at a press briefing Monday that all the steps can be taken ahead of any legislative action.
"These are pragmatic moves that need to happen now," he said. "The key is getting organized momentum to go after it."
MBA's report focuses on five critical areas of the mortgage finance system that the Federal Housing Finance Agency and the Treasury Department can start addressing right away, Stevens said. Those steps, which he called "guaranteed must-haves in any future system," include establishment of a uniform mortgage-backed-security product and a securitization platform that both government-sponsored enterprises would share; a requirement that the GSEs offer lenders more risk-sharing options at the point of sale; broader access to secondary markets for community lenders; and development of consistent underwriting limits.
Stevens said that he has started urging industry groups and others to help put pressure on policymakers to take action. A hurdle facing the industry is that the FHFA has lacked a permanent director since 2009, which has slowed progress on certain transition steps, he said. Edward DeMarco has served as the agency's acting director since that time; Rep. Mel Watt, D-N.C., has been nominated for the permanent job.
"I think Ed has been a thoughtful, conservative steward of those GSEs and he's taken some action, but he's doing it in a relatively isolated way. There's not some work effort he's involved in with multiple regulators to help to really come up with substantive change," Stevens said.
He added: The aim is to build "greater momentum with Treasury, with the [Obama] administration, with members of Congress, with other financial stakeholders," so they all begin to say, "'This does make sense, or I agree with this component or that component.' If we can start getting endorsement and thoughtful work product around these transition steps, the goal would be to create more incentive for [DeMarco] to begin to enact change, and not wait to see whether Mel Watt gets the job or not. And quite frankly, if Mel does get the job, I want him to be exposed to these now as well."
---- INDEX REFERENCES ---
COMPANY: FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE; FEDERAL HOME LOAN MORTGAGE CORP
NEWS SUBJECT: (Government (1GO80); Legislation (1LE97); U.S. Legislation (1US12))
INDUSTRY: (Banking (1BA20); Consumer Finance (1CO55); Financial Services (1FI37); Loans (1LO12); Mortgage Banking (1MO85); Retail Banking Services (1RE38); Subprime Lending (1SU05))
REGION: (USA (1US73))
Language: EN
OTHER INDEXING: (David H. Stevens; David Stevens; Mel Watt; Edward DeMarco)
Word Count: 453
7/16/13 NATMTGN (No Page)
END OF DOCUMENT
Watt Seems Solid No Stress Test Needed
Read A New Bill Was Coming Out
I read that a new bill was coming out this week. The one you mention must be it.
More Procedures If Not Enough Votes
Watt can still be installed without the necessary total votes. There are just more procedures to be followed. The alternative seems to be to put Watt in as a temporary, but that does not seem to be thought of as of yet.
Be Good Reasonable!