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Watt has seemed a little nervous before congress, and he used to be on the other side of interrogations? Lew doesn't seem nervous at all? They are both defendants in these lawsuits?
Short trading week, next week, Good Friday, markets closed.
Volume always seems low when the Fed is about to speak?
March 27 Speech - Chair Janet L. Yellen
Monetary Policy
At the Federal Reserve Bank of San Francisco Conference: The New Normal for Monetary Policy, San Francisco, Calif.
3:45 p.m. ET
UPDATE #4 1:01 PM EDT 3/27:
Quote:
Dear Customer,
Following a review of the proposed temporary repair to the damaged fibre trunk it has been decided that the site construction company could not guarantee that once the cable was repaired it would not be damaged again during the course of construction works. It has therefore been decided that this poses too much risk to your services and we will instead effect a permanent repair by re-routing away from the entire construction site.
Our 3rd party provider have been given permission to undertaken emergency traffic management which allows them to build a permanent route, unfortunately this does mean that the Estimated Time of Recovery is now expected to be 28.03.2015 at around 03:00 GMT.
We will update you with any new developments. Please contact us should you have any further questions at this time.
Best Regards,
euNetworks Customer Care
It will be March 31st.
The Federal Reserve Has Their Own Motives On Fannie And Freddie $FNMA
http://www.seekingalpha.com/article/3031016
UPDATE #3: Latest report is that the cable cut occurred in the middle of a large construction site and Health and Safety restrictions (a/k/a red tape) are delaying access and repair. No ETA has been provided, but I am not hopeful for a resolution any time soon, perhaps not today at all.
Thanks Navy. Looks like this is the latest update. UPDATE #3: Latest report is that the cable cut occurred in the middle of a large construction site and Health and Safety restrictions (a/k/a red tape) are delaying access and repair. No ETA has been provided, but I am not hopeful for a resolution any time soon, perhaps not today at all.
Oh good! Thinking about that next payment again on the 31st, I was just about to say, I am personally willing to hold that in escrow :) until you all figure everything out!!!
exactly
Sounds really great!!! Is there a link for the text to the legislation?
If his 3% is of the $18 billion that's what 540 million? That's still a lot. He got his over 10% exposure and they keep repeating that they are in it for the long run. Next month should be interesting, Pershing Square shareholders' meeting, then the Sohn conference May 4th.
A lot is before Judge Sweeney, but there is the Perry Capital appeals case, Greenberg before Judge Wheeler, etc
I'm curious to see if the Fhfa's final rule today on trust fund allocations is going to add some activity.
U.S. housing regulator issue final rule on trust fund allocations
Reuters
30 minutes ago
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U.S. housing regulator issue final rule on trust fund allocations Reuters 31 mins ago
Watt Pursues Fannie-Freddie Overhaul Blocked by Senator Bloomberg q 10 hrs ago
More
WASHINGTON, March 26 (Reuters) - The regulator for the nation's two biggest housing finance firms issued a final rule on Thursday keeping in place restrictions on how the firms deal with the costs of their contributions to a national housing trust fund.
The Federal Housing Finance Agency made final the rule that bans Fannie Mae and Freddie Mac from passing the costs of trust fund allocations onto mortgage originators.
For details see the following release: https://www.fhfa.gov/SupervisionRegulation/Rules/Pages/Housing-Trust-Fund-Final-Rule.aspx (Reporting by Jason Lange)
http://finance.yahoo.com/news/u-housing-regulator-issue-final-165155610.html?.tsrc=applewf
If this can turn around, I think we'll have a nice ride into April 15th. Hopefully Reyprimero is right and this was some end of quarter selling.
Thanks Ospreyeye
Thanks Jarenawer!
Lew is just as stubborn with the SIFI designations as he is with not ending Fannie, Freddie sweep and conservatorship. He either avoids an answer or tells the senators, no. FSOC with Lew as chairman, Yellen and Watt as voting members has way too much power, IMO. Who is overseeing them?
Treasury Secretary Tells How to Lose the 'Systemically Important' Label
By Dow Jones Business News, March 25, 2015, 05:44:00 PM EDT
By Victoria McGrane And Ryan Tracy
WASHINGTON--Lawmakers from both parties grilled Treasury Secretary Jacob Lew on Wednesday over whether financial companies singled out by federal regulators for tougher oversight can ever escape the penalty box.
Several lawmakers raised concerns that firms designated as systemically important financial institutions don't have clear guidance from the Financial Stability Oversight Council on what changes they should make to shed the label, which brings with it tougher rules and Federal Reserve oversight.
"There was no intent to create a 'Hotel California' provision," Sen. Mark Warner (D., Va.) told Mr. Lew during a Senate Banking hearing, referencing the Eagles song about being able to "check out any time you like, but you can never leave."
Mr. Lew heads the oversight council, a group of U.S. financial regulators created by the 2010 Dodd Frank law to help prevent a repeat of the 2008 financial crisis. The FSOC has designated four nonbank firms as being systemically important over concerns their failure could damage the financial system. Those designated include the finance unit of General Electric Co. and insurers Prudential Financial Inc., American International Group Inc. and MetLife Inc.
Mr. Lew said the council provides firms with plenty of detail on the risks in their business models and activities that led to the designation. The council provides each firm with an annual review of its designation, during which FSOC could decide to remove the label if a firm has made significant changes that remove those risks, Mr. Lew said.
That review process is "serious and gives rise to the possibility of removing a designation," Mr. Lew said. " Obviously, a firm would have to change the character of the risk it presents in order for that change to be made."
He suggested it is too early in FSOC's life cycle for lawmakers or others to make judgments about whether the council is serious about letting firms out of the designation. "The test will come over time as firms think through what the supervisory process means and make the business judgments as to whether or not they want to change their business to have the annual review reach the conclusion that they should be de-designated," he said. "It was never meant to be a process that only could go one way."
Several lawmakers, including the Senate Banking Chairman Richard Shelby (R., Ala.) and Sen. Elizabeth Warren (D., Mass.), indicated they believe a key part of FSOC's process should be providing incentives to firms to make changes so they're no longer considered systemically important.
Mr. Shelby asked Mr. Lew if he would support adding language to Dodd-Frank to provide a process under which a firm could work with FSOC before a final designation to figure out how to lower risk enough to escape the label. Mr. Lew said no.
The debate is crucial to those firms, including asset managers and other large financial firms that might someday come into regulators' cross hairs.
So far, only MetLife has publicly challenged the regulators' decision, arguing in a January lawsuit that the council "denied MetLife the opportunity to modify its activities to avoid designation."
The other firms that have received the label haven't yet aggressively pushed to have it removed, according to people familiar with the matter.
But The Wall Street Journal reported earlier this month that GE has undergone a change of heart about GE Capital, and that the banking business' commercial lending arm, which at the end of last year accounted for just under half of its $237 billion in loans outstanding, could be next on the block. The company has made no decision about whether or how to dispose of the business, and any move could come in stages.
The company's move has been driven primarily by two factors. One is the fact that the unit's returns are falling, in part because of restrictions that have led it to hold on to more capital and reduce the amount of profits it can share with the parent company.
And secondly, some GE investors remain hungry for a more pronounced shift away from financial services and toward the company's industrial businesses, which could finally lift the company's share price out of recent doldrums.
One person familiar with the matter said that GE's recent discussions about GE Capital haven't centered on its status of systemic importance. The issue could become relevant in the future if the company makes larger changes to the business, this person said.
Ted Mann contributed to this article.
Write to Victoria McGrane at victoria.mcgrane@wsj.com and Ryan Tracy at ryan.tracy@wsj.com
http://www.nasdaq.com/article/treasury-secretary-tells-how-to-lose-the-systemically-important-label-20150325-00917
? What's up with this?
Get your chair and popcorn, ready for then :)
JOINT STATUS REPORT REGARDING MARCH 25 STATUS CONFERENCE
In accordance with this Court’s Order of August 13, 2014 (Doc. 85), the parties hereby notify the Court that they believe that it should hold a status conference to discuss Plaintiffs’ de- cision to move forward with depositions of Government witnesses before the Government has completed its production of documents. Plaintiffs’ counsel have scheduling conflicts and are un- available on March 25. Accordingly, the parties propose that a status conference be held, subject to the Court’s availability, during the afternoon of Thursday, March 26, or at 10am or at 2pm or later on Friday, March 27. The parties are also available for a status conference on Tuesday, March 31, but the Government would prefer that the status conference be held this week if the Court is available.
Will be discussed at status conference in Sweeney court, March 31st.
If this one is allowed to stick around...
So just sell Fannie, buy back in Freddie?
Not very responsible, IMO!!
Funny!!
If I were Berkowitz, I'd be waiting until the courts got the deposition before I responded to a letter. But if I was an average Joe like me :) I'd want to know now!!
Watch the court developments! You can still be in a little :) When we are released, every shareholder has a vote!
Which one? :)
I wonder what Berkowitz thinks? They own a ton of AIG and the FSOC conveniently has the SIFI status on them. He really has to deal with Lew a lot! :)
Reminds me of mini-conservatorship. I see why Met-Life isn't too happy at the moment.
He doesn't seem too bad here? :) I wonder how much he checks Fnma ihub board!
http://video.cnbc.com/gallery/?video=3000198369
Thanks, Zeph! It figures that it's Corker (ironic) that asks the question I have had. Would they at any point give the GSE's sifi designation? Sifi designation means they get extra scrutiny by this fairly new committee (FSOC) that Lew is chairman, and Yellen and Watt are also voting members.
Important points, thanks 955.
Good points!
Yes, I got interrupted. :). Has anyone else mentioned GSE's besides Corky?
questioning Lew now!!!!!!!!
Thanks Myogenix! Your link is better!