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I would like a Congressman to ask UST Secretary Lew WHY 100% net profits of privately held, publicly traded Fannie Mae, Freddie Mac should be continued to be swept to the USTreasury in perpetuity? I want Lew's answer!
Ha ha!
That's good to know, thanks!
UST Secretary Lew will be before the House Financial Services subcommittee tomorrow in case anyone wants to email or tweet them a message...
Financial Services Subcommittee Members
Republicans
Ander Crenshaw, Florida, Chairman
Tom Graves, Georgia
Kevin Yoder, Kansas
Steve Womack, Arkansas
Jaime Herrera Beutler, Washington
Mark Amodei, Nevada
Scott Rigell, Virginia
2:00 PM EST
Secretary Jacob J. Lew
Testimony before the House Appropriations Subcommittee on Financial Services and General Government on the President’s Fiscal Year 2016 Treasury Budget Proposal
Rayburn House Office Building
Room 2359
Washington, DC
This hearing is open press.
Democrats
José Serrano, New York, Ranking Member
Mike Quigley, Illinois
Chaka Fattah, Pennsylvania
Sanford Bishop, Georgia
When I first posted the transcript, I kind of chuckled at the "Russian" process, but then assumed that they said rushed or rushing, and that was just a court reporter thing. Is there such a thing as a Russian process? ;)
Next payment goes out March 31st.
Yes, that was a good one by Bove!! He keeps shooting arrows at the administration. They play careful musical chairs, if you haven't noticed! :) Gasp should have ran with it. The stock is going up this month and the next and the next. The rest is entertainment and a little education, ;)
Pick a lane Along 4, pick a lane, that's a car racing term :) You said you wanted a corner room at our toast at the Wynn. :)
Thanks so much for the update, duck dynasty. Ugh! Bove is extremely knowledgeable behind the scenes, but I guess he doesn't quite pull it off in the live interviews. There seem to be inflammatory words on each side. For our side, each time someone mentions "shareholders," the other side dives in ready to bash. This is a privately held company, publicly traded stock!!! This is the USA!! Shareholders are still here for a reason!! Maybe if they keep it to the part about returning capital to the privately held companies, without the word "shareholders," it will go over better!! Geez!
I missed it! How did it go?
oops! I think he introduced him as senator Jack Lew?
I guess they heard you. :) Now it says "The Honorable."
Financial Services & General Goverment Subcommittee Hearing: FY16 Treasury Department Budget
Tuesday, March 03, 2015
Description:
FINANCIAL SERVICES AND GENERAL GOVERNMENT SUBCOMMITTEE (John Boozman, Chairman)
Hearing to review the Fiscal Year 2016 funding request and budget justification for the U.S. Department of the Treasury
2:30 p.m., Room 124, Dirksen Senate Office Building
Webcast: This hearing will be streamed live. The webcast will not be active until the hearing has started and viewers may need to refresh their web browser at that time.
Witnesses:
Panel I
The Honorable Jack Lew
Secretary
U.S. Department of the Treasury
Panel II
John Koskinen
Commissioner
Internal Revenue Service
Panel III
Russell George
Inspector General for Tax Administration
U.S. Department of the Treasury
Subcommittees:
Financial Services and General Government
It's nice that they can speak freely, articulate their position, etc at anytime, at any venue, unlike Fannie, Freddie employees. Sweeney said a year ago, she would like to know when and how this conservatorship ends!
@FHFA: Tomorrow: @FHFA Director Mel Watt will be in #Newark talking about #HARP and #housing programs. 20K+ eligible in NJ! http://t.co/YfK6aw2Pp9
"Affordable housing lending did not get the GSEs into trouble. While Fannie Mae and Freddie Mac purchased some subprime loans, they also made sound affordable housing investments in partnership with HFAs that have performed well and helped address unmet housing needs. The Federal Home Loan Banks’ partnerships with HFAs did not contribute to their financial difficulties. Further, the GSEs’ multifamily lending operations have been an unqualified success, supporting a liquid multifamily financing market and turning a consistent profit, including during the economic crisis."
http://www.ncsha.org/resource/2015-message-housing-finance-reform
Thursday, Stegman is speaking at the "Goldman Sachs" Third Annual Housing Finance Conference.
That was my first thought too!
Thursday, March 5
9:50 AM EST
Counselor to the Treasury Secretary for Housing Finance Policy Dr. Michael Stegman
Remarks at the Goldman Sachs Third Annual Housing Finance Conference
Conrad Hotel
102 North End Avenue
New York, New York
This event is open press. For additional information, please visit https://www.seeuthere.com/ui/18/182354/hsng2015agenda.pdf.
Tuesday, March 3
2:30 PM EST
Secretary Jacob J. Lew
Testimony before the Senate Appropriations Subcommittee on Financial Services and General Government on the President’s Fiscal Year 2016 Treasury Budget Proposal
Dirksen Senate Office Building
Room 124
Washington, DC
This hearing is open press.
Stegman remarks
"Authorized by Congress in 2008 in the Housing and Economic Recovery Act, the Capital Magnet Fund was created to be another source of funding for Treasury’s Community Development Financial Institutions Fund to finance affordable housing and related economic development activities and community service facilities. It would do so through competitive grants to CDFIs and qualified nonprofit housing organizations. When its funding through an assessment on new GSE business was not forthcoming, in FY 2010 Congress funded the Capital Magnet Fund with a one-time $80 million appropriation.
This inaugural round of funding resulted in awards to 23 organizations in 34 states, the District of Columbia and Puerto Rico, resulting in, among other development activities, the creation of more than 8,000 affordable rental units and more than 900 owner-occupied homes and related economic development.
While the Capital Magnet Fund’s lone appropriation is now exhausted and few state and local housing finance agencies were involved in these initial awards, the reason I bring this to your attention is that in December 2014, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to begin setting aside and allocating funds to HUD’s Housing Trust Fund and Treasury’s Capital Magnet beginning January 2015. Resumption of funding is budgeted to generate more than $1.2 billion in additional affordable housing and community development resources over the next five years beginning in 2016, including more than $400 million for the Capital Magnet Fund."
http://www.treasury.gov/press-center/press-releases/Pages/jl9984.aspx
Your close friends are here for you!
I'm so, so sorry, Hvpatel, how terribly shocking. I'm praying for you, your friend and the whole family.
I'm still going to try and tune in tomorrow and catch Bove, and the other guy. :) Bove brokered a deal years ago for someone I know that turned out to be quite lucrative. That person said that Bove was extremely knowledgeable, honest and fair. Unless he's gone astray in recent years, he's probably still that way. :) I still will analyze and pick apart anything he says about Fannie, Freddie. I think he covers it too broadly in interviews, and I would like to see him get more specific with the issues we talk about. It is all noise though! The good thing is that Fannie, Freddie are going up from here. Expecting a good week, good month, good next month, and a good year!
You're right Hvpatel. I wasn't going to post his tweets or anything, but then I saw that he said Bove will be on with him tomorrow, and I gave in! :)
Gasparino's biggest thrill is to act like he has the "inside" scoop, and he's known to be brash if he feels like it. He's actually covered Fannie, Freddie at least a few times over the last few years, although with his piece a few weeks ago, he acted like he was relearning it all. Someone got through to him on the Bulls side to get Bove on tomorrow. Someone also asked him to do some digging around, see what the White House is hiding, and he said he would. We'll see!!!
@CGasparino: @Fanniegate101 i have no dog in this fight i just like inciting the trolls
http://video.foxbusiness.com/v/2857114412001/gasparino-nader-to-try-to-stop-the-dismantling-of-fannie-freddie/?#sp=show-clips
@CGasparino: for u $FNMA trolls (i mean longs) dick bove on tomorrow presents bull case for stk while i discuss "the greenberg trade" 323pm @FoxBusiness
2:00 p.m. - 2:45 p.m.
The Latest from the Administration
The HUD Secretary lays out the Administration’s housing plans and priorities and comments on the Washington environment.
Speaker:
The Honorable Julián Castro, Secretary, U.S. Department of Housing and Urban Development
@SecretaryCastro
Monday, March 2
2:45 PM EST
Counselor to the Treasury Secretary for Housing Finance Policy Dr. Michael Stegman
Remarks at the National Council of State Housing Agencies Legislative Conference
Hyatt Regency
400 New Jersey Avenue, NW
Washington, DC
The event is open press. For additional information, please visit http://www.ncsha.org/event/2015-legislative-conference.
It was Demarco, aargh!
http://mobile.reuters.com/article/idUKTRE65F3GR20100616?irpc=932
Our tweets must be working. :) In disclosures it said CNBC Fast Money Steve Grasso's partners and firm are long fnma. (Just kidding about it being a result of tweets.)
not while In conservatorship
What is who smoking mrfence?
He should always think about the GSE's. He made $3 billion when he sold his almost 9% stake in Freddie in 2000.
Maybe we should request a copy, let them know we're concerned. :)
955, are the minutes from the meetings of the Board of Directors of Fannie, Freddie available to the public?
My point was stockholders may submit recommendations. This was updated July 2014.
Pressure is on, a lot happens in April, in March responses are due with AIG case, attorneys meet again at end of March to discuss "privileges" in Fairholme case. People need to really be planning if they are in or out. IMO
Looks like there is going to be some media action this week. They don't usually even respond. $$$Fnma,Fmcc