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the conservatorship scorecard mandated contractions of 10% for single and multifamily lines of business and a 5% reduction in the retained portfolios. as well as defunding the csp initiative.
that would be good.
i dont expect him to do a 180 from where the "gov" has positioned itself, but if he suspends the proposed contraction of the entities and moves away from supporting the csp and that nonsense, it would indicate that the wind down momentum and rhetoric is changing at least from the fhfa. i think watt is going to tow the line with what the admin wants, so any substantial policy change would be a significant indication of moving back towards the reasonable solution to recap and reg. f and f.
he also said he was definitely selling by the 29th. hmm...still here.
this is crazy. glad they are in charge of things over there at the old fhfa.
i wouldn't wish any harm on eddie, but you have to admit that having junior shareholders give him a wedgie would be pretty satisfying. not atomic of course, would want to preserve and conserve his assets. would wager my shares that it wouldn't be his first.
if we continue to hold above 4 berko and the ack attack will start beating the uplisting drum again. methinks we will.
Dear Sec. Lew,
You have to be f'n kidding me. Please stop trying to feed me sh*t and tell me it is chocolate cake. So the third amendment was a "good deed" intended to save the gse's in August 2012, who then magically swung to massive profitability a few short months later? I am sure know one in the government would have had information which would have led one to believe that this could occur. Secretary Lew...Do I look like a b*tch? I repeat, do I look like a b*tch? Then why are you trying to f*ck me like a b*itch? Good day sir."
Sincerely,
Theodore Olsen
Haha, wouldn't it be a great headline. "Ackman and Icahn bury the hatchet, and team up against the government's theft of Fannie and Freddie" Wait for it...
I am still really intrigued by the Watt rumors. If he suspends the contraction of the companies as his first major action, that would signify a substantial governmental policy shift in my mind. I do not think that Watt would act outside of the scope of what the administration wanted. Coupled with the dimming prospects for JC could be some interesting days ahead. Ackman doesn't hurt though. Icahn's name is next I have a hunch, probably been scooping up boring cheap shares for the last month and then dumps a little volume on us to get peoples attention again. Then off to the races on his announcement.
if that is true, about watt "pausing contraction" it is significant. veering away from that wind down course.
well, you have to give him some points for persistence and tanacity.
"A foolish consistency is the hobgoblin of little minds"
-emerson
ah. sorry, wasn't following the board very closely today. saw the email, but didnt know if it had been posted..
what is a tax return?
the gov apparently enacted a 3rd amendment to our pspa this year where the sweep all of my profits to the treasury..
here it is.....
What We’re Hearing: Yes, FHFA Can End the GSE Conservatorships / Are ‘Liar’ Loans Staging a Comeback Thanks to a CFPB Loophole? / Ellie Mae’s Explanation on Tech Snafu Lacking / At Least Ellie is Hiring / FHFA Approves MSR Deal After IMFnews Publishes Story
By Paul Muolo
pmuolo@imfpubs.com
In case you’re wondering, the Federal Housing Finance Agency does indeed have the power to end the conservatorships of Fannie Mae and Freddie Mac. According to information published by the agency in 2008, the FHFA has the power to issue “an order terminating the conservatorship.” FHFA notes that while in conservatorship the powers of stockholders are suspended “until the conservatorship is terminated.” This declaration of powers was published by the agency on September 7, 2008, on its website. Here’s the link: http://www.fhfa.gov/Media/PublicAffairs/Pages/Fact-Sheet-Questions-and-Answers-on-Conservatorship.aspx. We assume that new FHFA director Mel Watt is well aware of this…
inside mortgage finance reported today that fhfa had the power to release. on my phone so i can't post the link.
icahn is still loading, cant break 4 till he announces ;)
i love it how bove echoes the sentiments from this board. that guy is on point
i dont see this as wholly negative. this comes from the agency charged with overseeing the companies. it really illustrates the complete mismanagement of the "conservatorship". there is no logical reason not to allow them to recapitalize given the findings.
so the taxpayers are at risk for bailing out f and f because the taxpayers are siphoning off all profits and not allowing the companies to recapitalize and carry the appropriate reserves. dumb.
would love that headline
exactly. any perceived momo jc had is dead now. going no where before summer recess then elections afterwards. court cases will keep on trucking in the meantime. the window of opportunity for this bs just closed.
smells like blood in the water....
its the day of the show y'all
could be. i guess the real question is if rising rates are coupled with increased underwriting standards will the inability for people to be qualified to buy offset the rush to jump in before rates rise. hard to say especially on a longer timeline like 5-10 years given other exonomic variables. that is the real problem with j-c and dismantling f and f, they don't know either. if they go down this road, then pandoras box is already open if things go wrong. private capital will go where it can make the most $. with the interest rates where they are currently, the US housing market isn't it.
that was a different time though. it is a speculation that may hold water. the median us income adjusted for inflation has dropped since the late nineties. an increasingly difficult job market, pressure from growth of emerging markets, a student debt bubble prolonging the ability of very many to be able to afford a starter home, etc etc all are having a negative impact on demand with interest rates still near historical lows. rising rates would be an additional catalyst in an already fragile economy.
i don't see it as conspiracy theory. it is the way the world works. in the end obama doesn't run things. the $ does. the money behind the opposition is the "private capital" the gov. blathers on about. when you add it up it is substantial. there is no political ideology to this. democrats and republicans golf at the same country club.
oh i agree. it just goes to show that $ makes the law. if major hedge funds, mutual funds, conservative groups, ralph nader, PIMCO, etc etc says no, which way is the "law" going to swing?
he did. of course he was mike f'n bloomberg. he overreached at times, but he was a pretty effective and popular mayor. he certainly knew how to manage a large enterprise like nyc. i dont think obama has the support necessary.
this crapo won't pass. if it does we will all tell our grandchildren about the "golden age" when people were able to "buy houses" an banks "paid interest" on savings accounts and securities laws "applied" to our equities markets...
i think the thing to remember about buffet is that he played an integral role in the decisions made by the gov. during the financial crisis. he was on cnbc as recently as 6 months ago with hank paulson saying that tarp was his idea. he then scooped up large stakes in "troubled"institutions in the wake. if he was advising paulson at the time, it seems unlikely that he would publically switch teams at this point given that the primary thesis in favor of shareholders was that the actions of the government were inappropriate. could his name be brought up in the process of discovery? he has more money than anyone, and is in his twilight years. no activist trade is worth damaging his legacy now.
i agree. i think a lot of people got spooked by the pullback and volatility, and are waiting to see how the bill plays out. should get clarity on that soon...
patience...
interesting that the article supports the danish system, which was already discussed as an alternative and seemingly rejected prior to even corker warner or path act being put forward. apparently it was not the bipartisan solution...
maybe. house is far more radical though. PATH was always just an ideological exercise. looking back i think JC will just be another wave in the ocean
I mean...not to work blue or pander to the Philestines, but the bill literally has Crap in the title...
haha. not so sure, expecting a possible gap down to .83 premarket based on my calculations ;)
the day is coming very soon. are you in, or are you out? i'm in....
this is really unbelievable. they try to place all the culpability of the financial crisis on shareholders of f and f, while the individuals responsible are paid to rig the new system...
there was a document submitted to congress i believe as a part of testimony during one of the hearings of the house or senate that had that comparison. its not much help without the source right now, but fannie and freddies losses were significantly lower than plmbs or even fha. i tried to look quickly, but couldn't find the link. obit or someone else may also remember seeing this and have that info. maybe in zandis testimony? anyway, i'll post the link when i can locate it.
Pretty sure this transcript will come out during discovery:
Walter Sobchak: Over the line!
Jack "Smokey" Lew: Huh?
Walter Sobchak: I'm sorry, Smokey. You were over the line, that's a foul.
Jack "Smokey" Lew: Bullshit. Mark it $188b, Dude.
Walter Sobchak: Uh, excuse me. Mark it NetZero. Next frame.
Jack "Smokey" Lew: Bullshit, Walter. Mark it $188b, Dude.
Walter Sobchak: Smokey, this is not 'Nam. This is securities fraud. There are rules.
Barrack "The Dude" Obama: Walter, ya know, it's Smokey. So his PSPA amendment slipped over the line a little, big deal. It's just a game, man.
Walter Sobchak: Dude, this is a constitutional right, this determines how our secondary mortgage market runs and the stability of our equities markets. Am I wrong? Am I wrong?
Jack "Smokey" Lew: Yeah, but I wasn't over. Gimme the marker Dude, I'm marking it $188b.
Walter Sobchak: [pulls out a letter from Ted Olsen] Smokey, my friend, you are entering a world of pain.
Barrack "The Dude" Obama: Walter …
Walter Sobchak: You mark that frame $188b, and you're entering a world of pain.
Jack "Smokey" Lew: I'm not …
Walter Sobchak: A world of pain.
Smokey: Dude, he's your partner …
Walter Sobchak: [shouting] Has the whole world gone crazy?! Am I the only one around here who gives a shit about the rules?! Mark it netzero!
Barrack "The Dude" Obama: They're calling the cops, put the 3rd Amendment to the PSPSA away.
Walter Sobchak: Mark it net zero!
[points the constitution in Smokey's face]
Barrack "The Dude" Obama: Walter …
Walter Sobchak: [shouting] You think I'm fucking around here? Mark it netzero!
Jack "Smokey" Lew: All right, it's fucking netzero. Are you happy, you crazy fuck?
Walter Sobchak: It's a league game, Smokey.
So our policy is based on the perceived "feelings" of the imaginary taxpayers in the hypothetical poll in his mind……seems legit.
it ALL goes back to 1 place. poor taxpayers :( they have made a substantial profit covering their own a**es and stabilizing a system whose turmoil was partly caused by themselves...