Well what do you think A&M has been doing all these years?

So without links, I wonder if you just blowing smoke..

or shares of JPM?

newflow, another post of yours with no link....

Newflow, so if you don’t have a link, how about a simple explanation telling us where you found the WAMU Pass-through and Certificates referencing the WaFd bank website? Is that real or you just made it up or what?

Show me the WAMU Pass Through or Cert with the reference to WaFd.. A simple request for the link.....

Washington Federal changed their name last year to WaFD Bank..

But where is the link to Washington Mutual? Newflow didn't even provide a link from WAMU Mortgage Pass-Though and Certificates to WaFd....

Newflow, would you have a link?

IMHO, more bad news for drilling in STP EEZ Block 6 in 2020.

Late yesterday, Kosmos Energy (KSO) filed with the SEC, their intent for a reverse split, between 1:5 and 1:15. As a longtime KOS shareholder, I am a little in shock. I don't think it's needed but they are doing it to remain listed on major stock exchange...... I understand..

Kosmos Energy is really struggling now and they are leading the drilling even though we all know GALP is the Block 6 operator (but GALP has little experience in deep water).... GALP is also struggling financially...

I guess if Shell provided funding KOS could drill in Block 6 this year but I think the probability is getting lower by the day.. and it probably won't occur until 2021.... This isn't good news, but hopefully, I will be wrong... but right now, not looking good..

GLTA,

ND9


NOTICE OF ANNUAL STOCKHOLDERS MEETING TO
BE HELD ON WEDNESDAY, JUNE 10, 2020

To the Stockholders of Kosmos Energy Ltd.:

You are cordially invited to attend the 2020 annual stockholders meeting of KOSMOS ENERGY LTD., a Delaware corporation (the “Company”), which will be held on Wednesday, June 10, 2020, at 8:00 a.m., local time, in the Salon Suite at the Four Seasons Hotel, 57 E. 57th Street, New York, New York 10022 for the following purposes:

4.
To approve an amendment to our Certificate of Incorporation to effect a reverse stock split and proportionally reduce the number of authorized shares of common stock, par value $0.01 per shares (the “common shares”); and

https://secfilings.nasdaq.com/filingFrameset.asp?FilingID=14078472&RcvdDate=4/17/2020&CoName=KOSMOS%20ENERGY%20LTD.&FormType=PRE%2014A&View=html

Royal Dude, thanks for your research and thoughts. I am praying you are right.

ND9

Sidedraft, maybe Alice had to file because of this note, further down on form:

FAILURE TO SPECIFY IN ADEQUATE DETAIL THOSE PROCEEDINGS TO BE TRANSCRIBED OR FAILURE TO MAKE PROMPT SATISFACTORY FINANCIAL ARRANGEMENTS FOR TRANSCRIPT ARE GROUNDS FOR DISMISSAL OF THE APPEAL OR IMPOSITION OF SANCTIONS

Royal Dude, what specifically, do you think the $10B is for? What is JPM paying for?

thanks,
ND9

Restrictions on Sale of Assets by the Federal Deposit Insurance Corporation

https://www.federalregister.gov/articles/2014/10/24/2014-25337/restrictions-on-sale-of-assets-by-the-federal-deposit-insurance-corporation

A Proposed Rule by the Federal Deposit Insurance Corporation on 10/24/2014
Action

Notice Of Proposed Rulemaking.

Summary

The Federal Deposit Insurance Corporation (FDIC) is proposing to amend our regulations. Part 340 implements section 11(p) of the Federal Deposit Insurance Act. Under section 11(p), individuals or entities whose acts or omissions have, or may have, contributed to the failure of an insured depository institution cannot buy the assets of that failed insured depository institution from the FDIC. The proposed revisions to part 340 will help to clarify its purpose, scope and applicability, and will make it more consistent in our regulations, the parallel provision in the FDIC's Orderly Liquidation Authority regulations that implements section 210(r) of the Dodd-Frank Wall Street Reform and Consumer Protection Act by placing restrictions on sales of assets of a covered financial company by the FDIC. Sections of part 340 became effective on July 1, 2014

Table of Contents Back to Top

DATES:
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
I. Background
II. Proposal
III. Request for Comments
IV. Regulatory Analysis and Procedure
A. Paperwork Reduction Act
B. Regulatory Flexibility Act
C. Plain Language
Text of the Proposed Rule
Federal Deposit Insurance Corporation
List of Subjects in 12 CFR Part 340
Authority and Issuance
PART 340—RESTRICTIONS ON SALE OF ASSETS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION

DATES: Back to Top

Written comments must be received by the FDIC not later than December 23, 2014.
ADDRESSES: Back to Top

You may submit comments by any of the following methods:
Agency Web site: http://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the Agency Web site.

E-Mail: Comments@FDIC.gov. Include “RIN 3064-AE26” in the subject line of the message.

Mail: Robert E. Feldman, Executive Secretary, Attention: Comments, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429.

Hand Delivery/Courier: Guard station at the rear of the 550 17th Street Building (located on F Street) on business days between 7 a.m. and 5 p.m. (EDT).

Federal eRulemaking Portal: http://www.regulations.gov/. Follow the instructions for submitting comments.
Public Inspection: All comments received will be posted without change to http://www.fdic.gov/regulations/laws/federal/ including any personal information provided. Paper copies of public comments may be ordered from the Public Information Center by telephone at 703-562-2200 or 1-877-275-3342.



Nightdaytrader Friday, 03/20/15 12:15:47 PM
Re: AZCowboy post# 417517 0
Post #
417525
of 622090
AZCowboy, I have posted this several times but I keep coming back to this new rule by FDIC... It really makes me wonder who this rule was written for... So yeah, maybe JPM can't buy the assets because of new rule, but WMIH can...

Praying you are right.

ND9
******************

Split T...... On April 9, the Fed publicized details of an additional $2.3 trillion in loan support to businesses via the creation of three new lending facilities. These programs have been built with the Coronavirus Aid, Relief, and Economic Security (CARES) Act in mind and will directly support the work of the Treasury and the Small Business Administration (SBA) in implementing the relief mandated by the CARES Act.

Read more: https://www.americanactionforum.org/insight/fed-announces-extensive-new-measures-to-support-the-economy-updated/#ixzz6JdejogKy
Follow us: @AAF on Twitter

Royal Dude, nice, very nice. ND9

Nolte: Fauci Said Going to ‘Malls, Movie Theaters, Gym’ Okay on Feb 29

JOHN NOLTE
13 Apr 2020

As late as February 29, Dr. Anthony Fauci was telling America it was safe to go to the mall, the movies, and the gym.

ADDED: As late as March 9, Fauci was publicly approving campaign rallies and the healthy going on a cruise.


During a Saturday, February 29 appearance on the NBC’s far-left Today Show, Fauci was asked point blank if Americans should stop enjoying their daily routines. Fauci answered point blank, “No.”

You can watch the video here. Here’s a transcript of the pertinent part:

TODAY SHOW: So Dr. Fauci, it’s Saturday morning in America, people are waking up right now with real concerns about this; they want to go to malls, and movies, maybe the gym, as well. Should we be changing our habits, and if so, how?

FAUCI: No. Right now at this moment, there is no need to change anything that you’re doing on a day-by-day basis. Right now the risk is still low, but this could change. I’ve said that many times, even on this program. You got watch out, because although the risk is low now, you don’t need to change anything you’re doing. When you start to see community spread, this could change, and force you to become much more attentive to doing things that would protect you from, spread.

Fauci, who’s the director of the National Institute of Allergy and Infectious Diseases and on President Trump’s coronavirus task force, sounded very different on Sunday during an appearance on far-left CNN.

CNNLOL: The New York Times reported yesterday that you and other top officials wanted to recommend social and physical distancing guidelines to President Trump as far back as the third week of February, but the administration didn’t announce such guidelines to the American public until March 16th, almost a month later. Why?

FAUCI: As I’ve said many times, we look at it from a pure health standpoint. We make a recommendation. Often the recommendation is taken. Sometimes it’s not. But it is what it is. We are where we are right now.

CNNLOL: Do you think lives could have been saved if social distancing, physical distancing, stay-at-home measures, had started the third week of February instead of mid-March?

FAUCI: You know, Jake, again, it’s the what would have, what could have. It’s very difficult to go back and say that. I mean, obviously, you could logically say that if you had a process that was ongoing and you started mitigation earlier, you could have saved lives. Obviously, no one is going to deny that. But what goes into those kinds of decisions is complicated. But you’re right, I mean, obviously, if we had right from the very beginning shut everything down, it may have been a little bit different. But there was a lot of pushback about shutting things down back then.

So as late as February 29, Fauci was not so much as telling us to wash our hands more often. In fact, he was telling us point blank it was okay to engage in three of the most risk-for-infection behaviors imaginable: crowded malls, crowded movie theaters, and sweaty gyms.

But now he’s trying to claim he was telling the administration as far back as a week earlier that we needed to mitigate?

This just doesn’t compute.

Either Fauci was lying on the Today Show, which means he knew there was a serious threat and for whatever sociopathic reason he chose not to share that information. Or he was being highly disingenuous during his Sunday appearance on CNNLOL.

If Fauci indeed knew how serious the threat was on February 29, there is simply no valid excuse for him not to share that information with the public. He might have been on the White House task force, but a man of conscience would resign from that position if asked to lie or downplay something as deadly as an epidemic.



It’s not like Fauci would find himself jobless, bankrupt, and disgraced.

So which is it?


Did Fauci know we should have been social distancing by the third week of February, did he know how deadly this disease was and still told Americans to go to the gym, movies, and mall as late as February 29. Or…

Did he drop the president in the grease on Sunday?

Another point…

Earlier in the same Today Show interview — and remember this is on February 29, and he is already on Trump’s China virus task force — Fauci is practically sanguine about the state of the virus spread. He talks about how we were able to quarantine travelers from China, he talks about how much tougher community tracing will be, but acts as though that is under control now, especially with all the testing difficulties resolved.

He does say things could get worse, but his confidence in having the disease contained is unmistakable. He’s certainly confident enough to tell us go about our routines, and this confidence lines up — and remember, Fauci was advising Trump at the time — with the confidence Trump was expressing at the time.

Trump has already taken notice of the conflict between what Fauci told CNNLOL on Sunday and what Fauci told America as late as February 29:

You’ll note the hashtag at the end of the tweet retweeted by the president reads “#FireFauci.”


Follow John Nolte on Twitter @NolteNC. Follow his Facebook Page here.

https://www.breitbart.com/the-media/2020/04/13/nolte-fauci-said-going-to-malls-movie-theaters-gym-okay-on-feb-29/

Emeka Offor: An uncommon entrepreneur

20th March 2020 in Politics
Tony Manuaka

On March 21, 2020, Sir Emeka Offor will be conferred with an Honorary Doctorate degree in Business Administration (Honoris Causa) by the Chukwuemeka Odumegwu Ojukwu University, Igbariam, Anambra State at the convocation ceremony of the university.

Emeka Offor, Executive Vice Chairman, Chrome Group of Companies is a Nigerian businessman with uncommon entrepreneurial skills. He is dynamic, astute and adventurous in business. Born in Kafanchan, Kaduna State on the 10th of February, 1959, he is the first of the ten children of his parents, Late Chief Benneth Offor (Nnakaibeya) and Mrs. Comfort Offor of Nkalafia, Oraifite in Ekwusigo local government area of Anambra State.

He had his early education at Eziukwu Primary School, Aba and St. Michael’s Primary School, Ogbete, Enugu. He proceeded to Merchant of Light Secondary School Oba and later Abbott Boys High School, Ihiala. Being the son of a police officer, young Emeka’s early life was characterized by moving from one part of the country to another, just as his father kept moving in the course of duty. That took him to places like Kafanchan, Aba, Enugu, Onitsha, Abakaliki, Ihiala and Oraifite among others.

Sir Emeka Offor began life as a teacher at Abbott Boys High School, Ihiala where he worked briefly for three months before his father’s former colleague, one Mr. Geoffrey Abadi employed him as a Transport Clerk in Rivways Lines Nigeria Limited, a Nigerian Company engaged in importation of Packed/Bulk bitumen in Warri. He rose from being an employee to a small scale trader in bitumen. But after two years of operating as a small scale businessman, he broke barriers and began to supply bitumen to major construction companies including Hardel & Enic, Julius Berger Nigeria Limited, Ozigbo Engineering Company, Guffanti Nigeria Limited, Feugerole Nigeria Limited etc. Between 1981 and 1982, the young Emeka supplied all the bitumen used by Alden Volker Nigeria Limited in the construction of Onne Port in Rivers State.

His business blossomed through the years and in 1985, Chrome Oil Services Limited was born. Within the last 35 years, this company has grown into a vast business empire with interests in Oil & Gas, Insurance & Finance, the Power Sector, Telecommunications, Logistics, Travels and Hospitality both in Nigeria and Overseas under Chrome Group of Companies.

Guided by the principles of hard work, commitment and passion for success, Sir Emeka Offor engineered the Turn Around Maintenance of the Port Harcourt Refinery. Today, the subsidiaries of Chrome Group include Kaztec Engineering Limited, Nimek Investments Limited, Niger Insurance Plc., Guinea Insurance Plc., Global Scansystems Nigeria Limited, Enugu Electricity Distribution Company, Elcrest Exploration and Production Company Limited, Chrome Insurance Brokers Limited, Inland Containers Nigeria Limited, among others.

There are indeed over 20 active companies operating both in Nigeria and overseas under Chrome Group. Until recently, Sir Emeka Offor was the Chairman Board of ERHC Energy Inc., a United States of America based independent oil and gas company with a focus on exploration and production in the Gulf of Guinea.

Motivated by the desire to give back to the society that produced him, Sir Emeka Offor, in 1993, established the Sir Emeka Offor Foundation (SEOF), a nonprofit, charitable organization with a vision to reduce poverty and create life-improving economic opportunities for those residing in Nigeria’s most marginalised communities through education, healthcare services, Widows’ Cooperative, Youth Empowerment/Employment as well as Infrastructure Development.

From 2003 when it was incorporated till date, the foundation has dispensed many philanthropic gestures including the donation of over $30 million worth of books, computers and other educational materials to schools and educational institutions in Nigeria and about 18 other African Countries in collaboration with Books for Africa (BFA). As one of the beneficiaries, the Chukwuemeka Odumegwu Ojukwu University has received over 18,000 volumes of books covering E-Library, Geology, Law, Medicine, Engineering, Computer Science and other disciplines.

In continuation of its nationwide book distribution policy, the foundation has just a few days ago, embarked on another nationwide exercise. Over 1.4 million books and educational materials covering various disciplines were distributed to 80 universities, 22 polytechnics, 37 Colleges of Education, seven public libraries (One from each of the six geo-political zones of the country and the FCT), 180 primary and secondary schools each. It has also distributed fourteen 40 feet containers of medical equipment/supplies to designated federal, state, special hospitals and health institutions.

The Foundation, through its scholarship programmes established since 2007, has awarded scholarships to over 150 pupils for primary education, 200 students for secondary education and 300 students for undergraduate/graduate programmes as well as over 400 beneficiaries for vocational/skill acquisition. In monetary terms, well over N150 million has been spent in the provision of scholarship and scholarly support to a broad spectrum of students desirous of acquiring education.

Sir Emeka Offor Foundation endowed a Professorial Chair worth N20 million in the Faculty of Physical Sciences, University of Nigeria, Nsukka. In August 2019, it donated a sum of N8.52 million to the University of Nigeria, Nsukka for the equipping of the Digital Anatomy Laboratory of the Department of Clinical Pharmacy and Pharmacy Management of the Faculty of Pharmaceutical Sciences. It also embarked on the renovation and furnishing of the Daura Public Library in Katsina State, which has been re-named Waziri Al-hassan Public Library.

The Foundation has evaluated for rehabilitation, the Sir Emeka Offor Senior Secondary School Kambarawa – Katsina State. This school was named after Sir Offor in appreciation of the laudable support he has given to educational development in Katsina State. It also offers automatic employment in the companies of its founder and a brand new car to graduates of tertiary institutions who graduated with first class honours.

The Foundation built Amenity Ward at the Enugu Orthopedic Hospital at the cost of N45.574 million to alleviate the sufferings of orthopedic patients. Others include the establishment of health centres, free medical consultations, treatment and drugs to the less privileged, yearly 250,000 Euros Glaucoma Research Grant at the Department of Ophthamology, University of Mainz, Germany, established a Nigerian Fellowship for Cataract Surgery and Glaucoma Management at the same University.

It further established a Widows’ Cooperative Society to empower widows physically and psychologically, to enable them remain largely independent. The Successes the Widows’ Cooperative recorded, has made it a reference point in modern empowerment models. The Cooperative that started off with start-up stipends to widows has grown to a point where they can lend money to empower others.

In 2014, the Foundation awarded an empowerment Contract to a polio survivor, who had requisite skill and competence to manufacture/ produce Tricycles/Clutches in aid of his disabled colleagues, worth N44 million. Similarly, Sir Emeka Offor Foundation sponsored the Nigerian contingent to the International Wheel Chair and Amputee Sports (IWAS) tournament in United Kingdom, where they won Gold medal.

Sir Emeka Offor through his Foundation has constantly reminded the world that the very poor and needy can become active and productive members of society, if properly empowered and mentored. The Foundation is currently in active collaboration and cooperation with the Carter Centre in the area of eradication of River Blindness in five states in the Southeast – Enugu, Imo, Anambra, Ebonyi and Abia. Also included are Delta and Edo states. SEOF pledged $10 million at the inception of this partnership and has made modest commitments in fulfillment of the obligation. It is also in collaboration with the Andrew Young Foundation in support of their global ideals, the Rotary International in the area of Polio eradication, Peace and Conflict Management, Maternal and Child Health, basic Education and Literacy.

Sir Emeka Offor is a member of the Rotary International, and was recently elevated to the status of the Foundation Circle of the Arch C Klumph Society (AKS) of the Rotary Foundation of Rotary International. His Singular donation of one million to Rotary Foundation, spread across the four cardinalendeavors of Rotary, elevated him to this status. These endeavors include Peace and Conflict Management, Maternal and Child Health, Basic Education and Literacy as well as Polio Eradication.

Sir Emeka Offor is currently the Rotary International Polio Ambassador to Nigeria. He has cumulatively contributed over $4 Million towards the eradication of polio scourge in Nigeria. This contribution also singles him out as the highest donor in the African Continent. In addition to his numerous notable legacies through Rotary International, Sir Emeka Offor Foundation is building a Rotary Hall within the Rotary Centre Complex Abuja, worth over N70 million. The conference hall has a 1,600 sitting capacity and is expected to be unveiled on the 20th of June, 2020.

His Oraifite community has benefitted in road construction and rehabilitation, building of town hall, building of All Saints Anglican Church, medical outreach and empowerment programmes. Among several other countries, national and global institutions, he has been honoured by the Romanian Consulate in Nigeria for his invaluable contribution towards the development and enhancement of bilateral relations between Nigeria and Romania.

Sir Emeka was honoured with an Honourary Doctorate degree (Honoris Causa) in Entrepreneurship by Nnamdi Azikiwe University Awka during the Convocation Ceremony of May 10, 2019. He is a recipient of many national and international awards.

•Manuaka is Editor, Special Projects, The Sun Publishing Limited, Lagos

https://www.sunnewsonline.com/emeka-offor-an-uncommon-entrepreneur/

Zomay Group is a wholly Nigerian-owned, indigenous company incorporated and manned by professionals. We provide quality Engineering, Procurement, Installation, Construction, Dredging, Maintenance, Marine & Logistics, Offshore services to the oil and gas exploration and production companies, and various organizations in Nigeria.

Our corporate office is located in Lagos and operational base in Port Harcourt, Rivers State. We are committed to delivering efficient services that will enable our clients surpass their set targets, using our skilled and experienced personnel and the best available technologies.

Our core competence lies in our ability to collaborate with our clients to help them achieve their business objectives. In unique Joint Venture relationships, dynamism and competence has seen Zomay Group grow from a start-up company to one managing an asset base of over N2Billion in just over 4 years.

************************
» Marine and Logistics » Marine Logistics
MARINE & LOGISTICS

ZOMAY Marine’s operational, technical and safety procedures are revolutionary. The Company’s Marine & Logistics Division consistently employs the latest technology throughout our vessels nationwide, while driving the development of new technology in anticipation of our customers’ needs. Through strategic alliances, partnerships and exclusive management contracts, ZOMAY Marine is distinctively focused on remaining a premier transportation and offshore services company.

ZOMAY Marine offers customers a comprehensive suite of support services including crew transportation, platform supply, offshore accommodation, maintenance support, standby safety services and anchor handling and mooring capabilities in both shallow and deep-water environments around the nation.

ZOMAY Marine’s reputation for professionalism and successful partnering with its customers has put it at the forefront of marine support providers for complex ultra-deepwater developments.

Our operations also cover onshore services such as swamp in areas of refurbishment of flow stations, onshore leasing and barging services. We have in our fleet swamp barges, pusher tugs, crew boats and accommodation modules for crew comfort in swampy locations.

In today’s market, there is no substitute for professionalism. ZOMAY Marine’s personnel, both shoreside and aboard vessels are committed to safety and service excellence.

http://www.zomaygroup.com/marine-and-logistics/marine-logistics/

SIR EMEKA OFFOR - 35M Offshore Patrol Vessel

ZOMAY GROUP / MARINE / CONSTRUCTION / DREDGING / OFFSHORE / EXPLORATION & PRODUCTION

PORT HARCOURT OFFICE / NO. 1, ODI AVENUE, OFF FORCES AVENUE, OLD GRA, PORT HARCOURT, RIVERS STATE, NIGERIA T/ +234 (0)84 55600 /+234 (0)90 2393 0100
LAGOS OFFICE / 5A ONILEGBALE ROAD, OFF GERRARD, P.O. BOX 53541, IKOYI, NIGERIA T/ 01-2122014/01-2123533 E/ INFO@ZOMAYGROUP.COM W/ WWW.ZOMAYGROUP.COM

http://www.zomaygroup.com/wp-content/uploads/2015/05/mv-sir-emeka-offor.pdf

I would rather ask him when they will release WAMU safe harbor assets...

Because Wall Street loves shorting... then they can be on both sides of the fence and make money when market goes up and when it comes down (repeat cycle)..

Large Green, yep, that is what I was trying to say... You said it much better than me.. Thanks...

ND9

BBANBOB, you might be right.. When Alice started this fight a year ago, I said that my biggest concern was her dragging this out further, and us having to wait even longer (~11.5 yrs) before escrows were rewarded for the 2008 theft.. That is still my concern... We're all getting older and a long of people are hurting because of coronavirus/economy.. It sure would be nice if this was over, we received a payout, and we could help others in this time of need....

ND9

Couldn't the Underwriters just, for lack of a better term, "buy off Alice?" That is, couldn't they just offer her $1M to drop case?

ND9

David vs Goliath ...................... won't be easy.............



Appellant
Alice Griffin

vs

Appellee
WMI Liquidating Trust

Appellee
Credit Suisse Securities (USA) LLC

Appellee
Goldman, Sachs & Co.

Appellee
Morgan Stanley & Co., Inc.

With stock market crashing, unemployment soaring, and COOP price dropping, and if you believe in the WAMU safe harbor assets coming back to estate.... Do you think the value of the WAMU safe harbor assets is also crashing? So if we get paid next week, will it be the same as if we got paid 2 months ago, or much less because of current crisis?

thanks,
ND9

Jay got his cash and stock.. Doubt he cares about us..

Calculations? You didn't even know who A&M was...

Well, Tepper apparently paid $2B cash for Carolina Panthers... So the cash had to come from somewhere......

Mortgage bankers warn Fed mortgage purchases unbalanced market, forcing margin calls

PUBLISHED SUN, MAR 29 2020
9:24 PM EDT
UPDATED MOMENTS AGO
Steve Liesman
@STEVELIESMAN

KEY POINTS

The Mortgage Bankers Association warned that the housing market could face a ” large-scale disruption,” due to actions by the Fed that were meant to help the mortgage market.

The Fed bought $183 billion of purchases last week of mortgage-backed securities, in an effort to drive down rates, and they did.
But the Fed’s actions, amid a volatile market environment, helped add further strains that resulted in blowing up a widespread hedge that mortgage bankers use to protect themselves against rate increases, and now some lenders are facing margin calls that are eroding their working capital and threaten their ability to operate.

The Mortgage Bankers Association in a dire letter to regulators Sunday warned that the U.S. housing market is “in danger of large-scale disruption,” due to efforts by the Federal Reserve that were intended to help rescue the mortgage market.

At issue are the Fed’s unprecedented $183 billion of purchases last week of mortgage-backed securities. The purchases were meant to drive down rates, and they did.

But together with the storm that gripped financial markets from the coronavirus, they also effectively blew up a widespread hedge that mortgage bankers use to protect themselves against rate increases. The hedge pays them if the prevailing rate in the market is higher than the rate than the mortgage rate they locked with the customer.

The system works well unless mortgage rates are highly volatile. Compounding the problem, many customers couldn’t close on their loans because of quarantines, leaving the mortgage lenders with only the cost of the hedge and no off-setting loan.

The huge volatility in mortgage bonds created massive margin calls from the broker-dealers, who wrote the hedges, to their mortgage bankers.

Some of these mortgage bankers are now facing margin calls of tens of millions of dollars that could drive them out of business, according to Barry Habib, founder of MBS Highway, a leading industry advisor who was among the first to publicly sound the alarm bell last week.

Hardest hit are independent mortgage bankers who wrote about 55% of the $2.1 trillion mortgages created last year and can have higher leverage.

In its letter to regulators, the MBA said: “The dramatic price volatility in the market for agency mortgage-backed securities [MBS] over the past week is leading to broker-dealer margin calls on mortgage lenders’ hedge positions that are unsustainable for many such lenders.”

The letter went on to say, “Margin calls on mortgage lenders reached staggering and unprecedented levels by the end of the week. For a significant number of lenders, many of which are well-capitalized, these margin calls are eroding their working capital and threatening their ability to continue to operate.”

Some lenders, the letter said, may not be able to meet their margin calls in a day or two.

The Fed came into the mortgage market forcefully two weeks ago when rates began to rise because a large array of investors were selling mortgage securities to raise cash, in part, to offset big losses in the stock market. There was also fear that borrowers wouldn’t be able to pay.

In the week of March 16, the Fed bought $68 billion of mortgages. But the market still saw massive selling, prompting the Fed to come in with an additional $183 billion of purchases last week. The combined $250 billion in mortgage purchases by the Fed over two weeks was $84 billion more than the Fed had bought over any four-week period during the financial crisis in 2009.

Ironically, the MBA had urged the Fed to come in strongly to help the mortgage market. “We understand that when the Fed came into the market, they couldn’t come in surgically. They didn’t have a scalpel. They only have a sledgehammer,” MBA chief economist Micheal Frantantoni told CNBC.

The New York Fed appears to have adjusted its purchases in response to the industry outcry. It purchased $40 billion of mortgages Friday, $10 billion less than it planned to buy, and it plans to do another $40 billion Monday but could end up doing less.

“We are expecting the Fed to modulate their purchases,” Frantantoni said.

But Habib said the Fed needs to go further than just modulate.

“This is a collapse of the system,” Habib said. “It’s as simple as the Fed stops buying for a period of time.”

While CNBC has learned that the MBA has made its concerns known to the Fed and other regulators, the specific request in the MBA letter went to the Financial Industry Regulatory Authority and the Securities and Exchange Commission. The MBA asked for regulatory relief for the broker-dealers who provide the hedges. Regulators have recommended a best practices guideline to collect margin on any variation above $250,000.

The MBA asked FINRA and the SEC to issue guidance urging lenders not to escalate the margin calls to “destabilizing levels.”

https://www.cnbc.com/2020/03/29/mortgage-bankers-warn-fed-purchases-of-mortgages-unbalanced-market-forcing-margin-calls.html

AZCowboy,

Nice work as always.

thanks,
ND9

U.S. banks to score accounting, capital relief in $2 trillion rescue package

Pete Schroeder
PUBLISHED: 12:45 EDT, 26 March 2020 | UPDATED: 12:45 EDT, 26 March 2020

WASHINGTON (Reuters) - The U.S. banking industry is set to get relief from a new global accounting rules standard, a small-bank leverage charge and other lending rules with the expected passage of a record $2 trillion congressional stimulus package in coming days.

The financial services industry, including big banks, community lenders, credit unions, and payday and auto financing lenders, joined a frenzy of lobbying on Capitol Hill in recent days as lawmakers rushed to craft the record package to prop up the economy amid chaos wrought by the novel coronavirus.

While many of the industry wins in the legislation, which awaits approval by the U.S. House of Representatives, are temporary, lobbyists hope the measures will pave the way for longer-term relief on a number of regulations they have long opposed.

“Although banks will face a number of market headwinds, there are a handful of notable victories in this package for depositories,” said Isaac Boltansky, director of policy research at Washington-based Compass Point Research & Trading.

In particular, the bill allows banks to delay complying with a new accounting standard which the industry has been trying to kill for years, saying its requirement that lenders estimate potential future losses on loans could exacerbate liquidity stresses.

Community banks also scored a win with a temporary lowering of their leverage ratio from 9% to 8%, the level the industry had been pushing for when the rule was finalized last year.

In addition, the bill reprises a measure from the 2008 financial crisis by allowing the Federal Deposit Insurance Corporation (FDIC) to temporarily guarantee debt issued by banks it oversees, as well as guaranteeing all deposits in non-interest bearing bank accounts.

That is on top of the interest-bearing accounts with up to $250,000 in deposits that the agency already insures.

The bill would also temporarily direct the Office of the Comptroller of the Currency to scrap limits on how much banks can lend to a single client, and cements regulatory guidance issued last week temporarily waiving higher capital charges when banks restructure distressed debt.

The legislative relief follows a flurry of measures from banking and markets regulators to ease up on lenders so they can continue to dole out credit amid a sharpening economic slump. While the measures are temporary, analysts, lobbyists and consumer groups believe some may ultimately stick.

In a statement on Thursday, government watchdog Public Citizen said that while flexibility was warranted amid the coronavirus outbreak, it was “concerned about exemptions that can create systemic risks.”

Reporting by Pete Schroeder in Washington; Editing by Michelle Price and Matthew Lewis

Our Standards:The Thomson Reuters Trust Principles.

By REUTERS

PUBLISHED: 12:45 EDT, 26 March 2020 | UPDATED: 12:45 EDT, 26 March 2020

https://www.reuters.com/article/us-health-coronavirus-congress-banks/u-s-banks-to-score-accounting-capital-relief-in-2-trillion-rescue-package-idUSKBN21D2VU

Thanks Ron_66271.

Ron_66271, I see the $20B (preferred $7.4B, Common $13.0B).. However, what about the next two line items? They have listed, -$20B retained earnings, which makes the total shareholders equity - $828M?

I'm not an accountant but how do you explain that and how can your preferred and common line items be distributions when the overall total shareholders equity is negative?

ND9

David Tepper says he’s buying some tech stocks, but market may have 10% to 15% more to fall

PUBLISHED MON, MAR 23 2020
12:14 PM EDT UPDATED MOMENTS AGO
Fred Imbert
@FOIMBERT

“I’m nibbling right now, for what it’s worth,” Tepper, the founder of Appaloosa Management, told CNBC’s Scott Wapner.

Tepper noted he is adding to his positions in tech giants such as Amazon, Google-parent Alphabet and Alibaba as well as chipmaker Micron Technology.

To be sure, Tepper added the broader market could fall another 10% to 15% as investors grapple with the coronavirus pandemic and its economic blow.

“If you’re levered, I wouldn’t be levered,” Tepper said.

Billionaire investor David Tepper said he is cautiously buying some stocks, particularly in the tech sector, as the broader market tumbles amid the coronavirus outbreak. However, he noted the relentless selling may have further to go.

“I’m nibbling right now, for what it’s worth,” Tepper, the founder of Appaloosa Management, told CNBC’s Scott Wapner on “Halftime Report.” Tepper noted he is adding to his positions in tech giants such as Amazon, Google-parent Alphabet and Alibaba as well as chipmaker Micron Technology. Tepper also said he’s buying some health care stocks. “Things look really interesting for the long term.”

To be sure, Tepper added the broader market could fall another 10% to 15% as investors grapple with the coronavirus pandemic and its economic blow.

“If you’re levered, I wouldn’t be levered,” Tepper said. “The market could go down more. On the other hand, we could be near a bottom once they [Congress] get this package done.”

Tepper’s comments come as Wall Street awaited for a fiscal stimulus plan from U.S. lawmakers. A bill aimed at stimulating the U.S. economy amid the outbreak failed to clear a procedural hurdle in the Senate on Sunday. However, Senate Minority Leader Chuck Schumer, D-NY, said Monday that an agreement was close.

The major averages trimmed some of Monday’s decline after Schumer’s comments. Still, the Dow Jones Industrial Average and S&P 500 were off more than 3%. Both averages were also more than 30% below record highs set just last month.

More than 350,000 coronavirus cases have been confirmed worldwide, according to data from Johns Hopkins University. In the U.S. alone, more than 35,000 people have been infected while over 59,000 cases have been confirmed.

Tepper said that — for stocks to reach a bottom — he needs to see the number of new cases in Italy “peaking or flattening” in the next few days. He also said “it would be interesting” if cases in New York City peaked in the next few weeks.

“I’d like to see the ventilators rolling out of the assembly lines, I’d like to see the masks being given ... You have to have a plan,” he said. Tepper added. “The key is to get out of this lockdown and into a distancing mode.”

Tepper was among the first major investors to raise concern over the coronavirus and its impact on the market. On Feb. 3, he told CNBC’s Jim Cramer the virus could be a “game changer.”

Tepper’s hedge fund, Appaloosa Managment, has more than $10 billion in assets under management.


https://www.cnbc.com/2020/03/23/david-tepper-says-hes-buying-some-some-tech-stocks-but-market-may-have-10percent-to-15percent-more-to-fall.html

nhtrader, yeah, here we are in the middle of a financial crisis and Fed govt trying to pour money into economy, and Judge denies appeal... Interesting indeed...

JMHO
ND9

nhtrader, yeah, here we are in the middle of a financial crisis and Fed govt trying to pour money into economy, and Judge denies appeal... Interesting indeed...

JMHO
ND9

Energy Giant Total Cuts Shareholder Returns, Spending After Oil Collapse

The company’s share price has halved since the start of the year, in line with other major oil companies

By Sarah McFarlane
March 22, 2020 12:08 pm ET

h energy giant Total SA will immediately cut expenditures, trim returns to shareholders and freeze recruitment as the company combats the ravages of an oil-price rout and a demand-sapping coronavirus pandemic, Chief Executive Patrick Pouyanne told staffers last week in a video message seen by The Wall Street Journal.

********** continued ************

https://www.wsj.com/articles/energy-giant-total-cuts-shareholder-returns-spending-after-oil-collapse-11584893321

Especially with GALP and KOSMOS now having financial difficulties.. STP EEZ Block 6 drilling could easily be delayed...