Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Freddie funds $548 mln multifamily housing deal
NEW YORK, Sept 17 (Reuters) - Freddie Mac, the second-largest provider of
funding for U.S. mortgages, on Wednesday said it securitized $548 million in
multifamily housing debt as it continues to fill a void left by the global
credit crunch.
Collateral for the the "tax-exempt bond securitization," or TEBS, is
primarily tax-exempt and taxable multifamily housing revenue bonds, Freddie Mac
said in a statement.
The deal is Freddie Mac's second-largest TEBS transaction, and was
completed with Citigroup Inc unit Municipal Mortgage Holdings Inc.
Its completion may help ease concerns that the recent U.S. government
takeover of Freddie Mac and Fannie Mae would force the companies to pull back
from commercial markets where they have been crucial players during the credit
crunch.
"When it comes to running our business, we are not missing a beat," Mike
May, Freddie Mac's senior vice president for multifamily housing, said in the
statement.
Vacancy rates on major sectors of commercial real estate -- including
multifamily -- are expected to rise next year as the economy slows and a lack of
credit curtails activity, the National Association of Realtors said on
Wednesday.
Freddie Mac and Fannie Mae have boosted securitizations and loans for
multifamily housing financing since 2007 as investor aversion to risky
securities froze Wall Street commercial mortgage-backed securities programs.
The federal regulator of Freddie Mac and Fannie Mae on Sept. 7 placed the
companies under conservatorship to ensure they have enough capital to keep money
flowing to the U.S. housing market.
The companies will be allowed to expand their investments by more than
$140 billion through the end of 2009, but then must sharply cut back on the
portfolios, according to the agreement.
A call to a Freddie Mac spokeswoman was not immediately returned.
(Reporting by Al Yoon; editing by Gary Crosse) Keywords: FREDDIEMAC
BONDS/TAXEXEMPT
Please write your own byline and save in your preferences
vj
AGRESSIVE COVER NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HERE WE GO !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
200 Millions in SHORT !!!!! Ready to rebound HARD!!!!
The actions are effective at 12:01 a.m. ET on Thursday, Sept. 18, 2008.
COVER NOW SHORTERS !!!!!!!
SEC Takes Steps To Combat Naked Short Selling
9/17/2008 10:45 AM ET
(RTTNews) - The federal agency that oversees Wall Street said Wednesday that it has taken steps to protect against a practice known as "naked" short selling, which can be used to force a stock's price lower than should otherwise be possible.
The Securities and Exchange Commission adopted three actions meant to tighten and clarify the requirements for people short selling securities, a strategy aimed at making money when a security declines in value.
Under normal circumstances, a short seller will borrow stock and sell it at a certain price, with the understanding that it will buy the security back to return to its owner. The trader hopes the security has lost value by the time it repurchases it, allowing him or her to pocket a profit in the exchange.
However, in the practice of naked short selling, the trader goes through the motions of short selling without actually borrowing the stock. This means the selling pressure on the stock can be greater than what might otherwise be possible, given the actual number of shares outstanding.
One action the SEC took was to require that short sellers and their broker-dealers deliver securities by the close of business on the settlement date, which is three days after the sale transaction date.
This rule, called a "hard T+3 close-out requirement," has been adopted on an interim final basis, the SEC said. The SEC also stated that it will impose penalties for those failing to comply with the rule.
A second action announced by the SEC eliminated an exception to the close-out rule that applied to options market makers. As a result, options market makers will be treated in the same way as all other market participants, the SEC said.
The last action taken by the SEC creates a new rule clarifying that people who lie about their intention or ability to deliver securities in time for settlement are violating the law when they fail to deliver.
Many have blamed naked short selling for causing unnecessary problems for companies, even pushing them into or close to bankruptcy. This can happen as traders take advantage of vulnerable stocks, building profits for themselves but in the process shaking confidence in the company that issued the security.
FRE UP 23% in PREMARKET !!!!!!!
Banks, lawmaker push SEC to curb illegal shorting
Tuesday September 16, 9:19 pm ET
New rules against abusive short selling within 24 hours, an SEC spokesman said late Tuesday.[/u ]
WASHINGTON (Reuters) - A U.S. banking group is pressing securities regulators to clamp down on illegal short-selling after weeks of heavy selling pressure on shares of financial companies.
The American Bankers Association said many of its members have seen precipitous declines in their stock, high trading volumes and huge spikes in so-called failures to deliver, leading them to conclude that their stock is being manipulated.
The U.S. Securities and Exchange Commission expects to issue new rules against abusive short selling within 24 hours, an SEC spokesman said late Tuesday.
However, the banking association said it feared the steps would not be enough.
"We are concerned that the commission's forthcoming action will not go far enough to protect banks and bank holding companies from these abusive and manipulative practices," the ABA said in a letter to banking regulators.
The ABA letter, dated September 15 and released on Tuesday, was
addressed to the heads of the Federal Deposit Insurance Corp, the Comptroller of the Currency and the Office of Thrift Supervision.
"We would hope that the federal bank regulators would emphasize with SEC Chairman (Christopher) Cox the appropriate redress of this problem as an issue of safety and soundness to the nation's bank system," said the trade group, which represents banks of all sizes.
Christopher Dodd, the chairman of the Senate Banking Committee also said he wanted the SEC to get cracking on the abusive short selling issue.
"One of the things that's bothered me is this naked short selling that's going on. Where is the chairman of the Securities and Exchange Commission?" Dodd told reporters.
"We had Chris Cox before a hearing of the banking committee back more than a month-and-a-half ago when he talked about the naked short selling. Yet I haven't seen any actions being taken by the SEC."
The SEC spokesman said formal rulemaking requires several weeks under laws governing administrative procedures.
In mid July amid similar market turmoil, the SEC issued a temporary emergency rule to curb illegal naked short selling in 19 major finance stocks, including Lehman Brothers (NYSE:LEH - News) and mortgage finance giants Freddie Mac (NYSE:FNM - News) and Fannie Mae (Pacific:FRE - News) .
The rule ended mid-August and the ABA and others have been pressuring the SEC to reinstate and broaden the rule to include all companies. On the flip side, short sellers, hedge funds and the brokerage industry have warned against doing so.
The SEC is not planning on reinstating the temporary rule that required traders to pre-borrow stock in the 19 finance firms before executing a short sale.
The agency is expected to take action on a number of proposals to strengthen its short selling rule, including one that would shorten the time in which traders must buy back stock if they fail to deliver a security by settlement date.
A "naked" short sale occurs when an investor sells stock that has not yet been borrowed.
Broker-dealers will sometimes accidentally fail to deliver stock to investors who have arranged to borrow it. If this is done intentionally, it is illegal.
Lehman Brothers Holdings filed for bankruptcy and the mortgage giants were taken over by the government.
(Reporting by Rachelle Younglai with additional reporting by Kevin Drawbaugh; editing by Carol Bishopric and Tim Dobbyn)
Illegal SHORT left FRE and FNM .....NOW in AIG !!!!!... TIME TO COVER BRUTE!!!!
McCain Just Said Stop Short Selling!
The Supreme Court has held that the federal government and each state has the power of eminent domain—the power to take private property for "public use". The Fifth Amendment limits the power of eminent domain by requiring that "just compensation" be paid if private property is taken for public use
MOSCOW, Sept 16 (Reuters) - Russia currently holds less than $30 billion in the debt of U.S. mortgage agencies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz), news agencies quoted the head of the State Audit Chamber Sergei Stepashin as saying on Tuesday. At the start of the year Russia held $100 billion -- or over one sixth of its gold and forex reserves -- in Fannie Mae, Freddie Mac and Federal Home Loan Banks but, it has since chosen to cut its holdings through not replacing maturing securities. (Reporting by Gleb Bryanski, editing by Toni Vorobyova)
Freddie Mac's bill sales see mixed rates, demand (Federal Home Loan Mo)
NEW YORK, Sept 15 (Reuters) - Freddie Mac's $4 billion three-part bill sale
on Monday drew mixed demand and interest rates compared with the most recent
sales of the same maturities.
Demand for the three- and six-month bills fell from auctions of the same
maturities a week ago. Demand rose for the 12-month bills compared with the most
recent sale of this maturity a month ago, which was prior to the government's
takeover of the company.
Freddie Mac sold $1 billion of three-month bills due Dec. 15, 2008 at a
2.100 percent rate, the same rate for $1 billion of the same maturity bills sold
on Sept. 8.
Freddie Mac sold $2 billion of six-month bills due March 16, 2009 at a
2.350 percent rate, also the same rate as the $1 billion sale of the same
maturity last week.
The $1 billion 12-month bills sold at a 2.650 percent rate, compared with
a 2.940 rate in the 12-month sale in Aug. 18.
Demand for the three-month bills was lower than a week earlier, based on
a bid-to-cover ratio of 2.98 compared with 4.03.
Demand for the six-month bills was also lower than a week earlier, based
on a bid-to-cover ratio of 1.64 compared with 3.70.
Demand for the 12-month bills was higher than in the August sale, based
on a bid-to-cover ratio of 2.16 compared with 1.75.
(Reporting by Rodrigo Campos; Editing by James Dalgleish)
Freddie Mac's bill sales see mixed rates, demand (Federal Home Loan Mo)
NEW YORK, Sept 15 (Reuters) - Freddie Mac's $4 billion three-part bill sale
on Monday drew mixed demand and interest rates compared with the most recent
sales of the same maturities.
Demand for the three- and six-month bills fell from auctions of the same
maturities a week ago. Demand rose for the 12-month bills compared with the most
recent sale of this maturity a month ago, which was prior to the government's
takeover of the company.
Freddie Mac sold $1 billion of three-month bills due Dec. 15, 2008 at a
2.100 percent rate, the same rate for $1 billion of the same maturity bills sold
on Sept. 8.
Freddie Mac sold $2 billion of six-month bills due March 16, 2009 at a
2.350 percent rate, also the same rate as the $1 billion sale of the same
maturity last week.
The $1 billion 12-month bills sold at a 2.650 percent rate, compared with
a 2.940 rate in the 12-month sale in Aug. 18.
Demand for the three-month bills was lower than a week earlier, based on
a bid-to-cover ratio of 2.98 compared with 4.03.
Demand for the six-month bills was also lower than a week earlier, based
on a bid-to-cover ratio of 1.64 compared with 3.70.
Demand for the 12-month bills was higher than in the August sale, based
on a bid-to-cover ratio of 2.16 compared with 1.75.
(Reporting by Rodrigo Campos; Editing by James Dalgleish) Keywords: USA
FREDDIEMAC/BILLS SALE
Please write your own byline and save in your preferences
vj
yes good work !
New York City's mayor on Monday said U.S. regulators must stop short-sellers from "preying on the weakest firms"
http://www.reuters.com/article/etfNews/idUSN1530821320080915
STOP NAKED SHORT NOW !!!!!!! PEOPLE CLAIM !!!!!
New York City's mayor on Monday said U.S. regulators must stop short-sellers from "preying on the weakest firms"
Mon Sep 15, 2008 6:59pm EDT NEW YORK
http://www.reuters.com/article/etfNews/idUSN1530821320080915
(Reuters) - New York City's mayor on Monday said U.S. regulators must stop short-sellers from "preying on the weakest firms" and the state comptroller said that without "rational" reforms, the demise of Lehman Brothers Holdings could cripple financial marts and the economy.
The two politicians were responding to the extraordinary trifecta of Lehman's bankruptcy, Merrill Lynch's hasty acquisition by Bank of America and a capital crunch at American International Group, once the world's largest insurer ranked by market value.
Some of Bloomberg's latest comments were a shift from last year, when a commission he formed urged regulators to relax costly and burdensome rules that help other global capitals, most notably London, attract financial companies.
Wall Street is the tap root for both the city and state economies. The total compensation paid to financial workers accounts for 35 percent of the city's wage base and pays one of every five state tax dollars.
Democratic Gov. David Paterson, who on Monday helped state-regulated AIG buy time by clearing the way for it to legally give itself a $20 billion bridge loan from its subsidiaries, also spoke out about financial regulation.
Paterson pinned the current financial crisis on the lack of transparency, saying: "Nobody really understood what was going on ... Innovation has really come back to bite us.
"What I would encourage is that as much information be shared with the public as possible so that we can really get our arms around how large this crisis actually is," he added.
State Comptroller Thomas DiNapoli called on the Federal Reserve to follow the governor's lead in aiding AIG, saying: "The first goal of both New York and the federal regulators is to restore confidence and stabilize the markets." Continued...
RAw good work !!!!!
Hedge fund manager Kass cuts back on positions 09/15 01:26 PM
BOSTON, Sept 15 (Reuters) - Hedge fund manager Douglas Kass, who won big by betting against ailing mortgage finance companies Fannie Mae (FNM:$0.6299,$-0.1101,-14.88%) and Freddie Mac (FRE:$0.4090,$-0.0510,-11.09%) in recent months, said he has cut back on his positions.
"It is a dangerous time for the longs and for the shorts," said Kass, who heads hedge fund Seabreeze Partners Management.
"This is a time to watch and not a time to play," he told Reuters just hours after Wall Street's landscape was dramatically reshaped as Lehman Brothers Holdings Inc (LEH:$0.2227,$-3.4273,-93.90%) filed for bankruptcy and Merrill Lynch & Co Inc (MER:$19.58,00$2.53,0014.84%) agreed to a takeover by Bank of America (BAC:$27.13,00$-6.61,00-19.59%) .
Kass said he has cut back positions throughout his portfolio, declining to be more specific. A week ago he said he was still short Fannie and Freddie.
"It is time to move into cash," said Kass, one of just a handful of hedge fund managers who speak about short positions.
Kass, who makes money for his investors by betting against the future of certain companies through short selling, would not discuss his fund's performance, but someone familiar with returns said Kass was up roughly 25 percent at the start of last week.
That stands in sharp contrast to the average hedge fund, which has lost about 5 percent this year, according to data from Hedge Fund Research.
Financial shares are off 32 percent this year, as measured by the 66-share Standard & Poor's Financial Index <.GSPF>.
Thanks to his savvy call on Fannie and Freddie, Kass is being called an industry icon whose name is linked with a company's downfall the way hedge fund manager Jim Chanos is linked with Enron, for example. (Reporting by Svea Herbst-Bayliss; editing by John Wallace)
BUY ALL YOU CAN AND WAIT 6 MONTHS...... BIG REWARD !!!!
Old news , reprint news
Last MINUTE SEC plans measures against short-selling
Monday September 15, 5:16 pm ET
By Marcy Gordon, AP Business Writer
SEC planning measures to rein in aggressive short-selling partly blamed for Lehman's demise
http://biz.yahoo.com/ap/080915/sec_short_selling.html?.v=6
WASHINGTON (AP) -- With Wall Street engulfed in crisis, the Securities and Exchange Commission is planning measures to rein in aggressive forms of short-selling that were blamed in part for the demise of Lehman Brothers and which some fear could be turned against other vulnerable companies.
ADVERTISEMENT
During emergency meetings between federal officials and investment bank executives over the weekend, SEC Chairman Christopher Cox indicated to the bankers that the agency plans in a few days to impose new permanent protections against abusive "naked" short-selling, a person familiar with the matter said Monday.
Unlike the SEC's temporary emergency ban this summer covering naked short-selling in 19 stocks, the new measures would apply to trading in the broader market. The person spoke on condition of anonymity because the SEC actions haven't yet been officially announced.
A critic of the agency said the action comes too late to stem a tide of short-selling attacks that have been felling huge companies.
The SEC measures likely would include removing an exception for market makers in options on stocks from rules restricting naked short-selling, and a tightening of anti-fraud rules related to that activity, according to the person familiar with the matter.
Those two measures could be put in place administratively by quick approval of the SEC commissioners. Another change, reducing from 13 to five the number of days that short-sellers would have to deliver stocks after an initial failure to do so, would require a public meeting and formal vote to propose it as a new rule.
Short sellers bet that a stock's price will fall so that they can profit from it. They borrow shares of the stock and sell them. If the price drops, they buy cheaper actual shares to cover the borrowed ones, pocketing the difference.
Naked short-selling occurs when sellers don't even borrow the shares before selling them, and then look to cover positions immediately after the sale.
Jim Hardesty, president and market strategist at Hardesty Capital Management in Baltimore, called the possible reduction of delivery time "a tepid little measure." He endorsed a ban on all naked short-selling similar to the one that the SEC instituted this summer on an emergency basis covering stocks of 19 major financial companies.
"We need to restore confidence in this system," Hardesty said. Hedge funds and other aggressive short sellers "are ganging up on one company after another. A company the scale of Merrill Lynch got into the clutches of those people."
Investors like Hardesty contend that naked short-selling, if left unchecked, would have given hedge funds and other aggressive short sellers an unfair advantage to attack other victims after Lehman Brothers Holdings Inc. Merrill Lynch & Co. -- being bought by Bank of America Corp. in a $50 billion shotgun deal -- or giant insurer American International Group Inc., which reportedly appealed to the Federal Reserve for emergency funding, were said to be among the likely targets.
Travis Larson, a spokesman for the Securities Industry and Financial Markets Association, Wall Street's biggest lobbying organization, declined to comment Monday. Spokesmen for the Managed Funds Association, a group representing hedge funds, didn't immediately return a call seeking comment.
But Steve Thel, a business law professor at Fordham University who was an attorney at the SEC, said the agency's actions are a way to limit abuses in short-selling in an orderly way without "making it hard for people to express negative opinion" about companies.
The purpose of market regulations is "not to protect incumbent management from the market's understanding of bad news," Thel said.
Investors have clamored for the SEC to institute another emergency order similar to its ban from mid-July to mid-August against naked short-selling of the stocks of mortgage finance companies Fannie Mae and Freddie Mac, and 17 large investment banks -- including Lehman and Merrill.
The SEC's temporary order required short sellers to actually borrow shares before selling them. By law, it could not be extended beyond Aug. 12.
Cox has said the order helped prevent potential "distort and short" manipulation of stocks, which occurs when rumors and misinformation are used to drive down the price of a stock that has been sold short.
New York Gov. David Paterson said Monday that AIG will be allowed to use $20 billion in assets held by its subsidiaries to provide cash needed for the company to stay in business. Paterson asked state insurance regulators to essentially allow AIG to provide a bridge loan to itself.
0.41 After hours !
0.43 $ AFTER HOURS !!!!!!
huge news out! SEC stops short selling on FRE!
Banks seen unveiling plan to restore confidence in financial system
NEW YORK (AP) -- As the outlook for Lehman Brothers' future appeared to dim Sunday, U.S. and foreign banks joined forces to create a plan aimed at inoculating the global financial system against the investment bank's possible failure, a top investment banking official said
Banks are in tense talks to create a pool of money worth up to $50 billion to lend troubled financial companies, the official said on condition of anonymity because the discussions were ongoing. And officials at the U.S. Treasury and the Federal Reserve are expected to say they are prepared to be more generous in the Fed's emergency lending program for commercial and investment banks .
The plan comes as top government officials and Wall Street executives hold marathon meetings to save Lehman Brothers. The meetings have failed to find a buyer for the troubled 158-year-old investment bank, raising worries that its likely collapse would disrupt global financial markets.
The official also said the U.S. Treasury Department and the Federal Reserve are pushing Bank of America Corp. to buy Merrill Lynch & Co., though talks are still preliminary.
Expectations that Lehman would survive as a company dimmed Sunday afternoon after Barclays PLC withdrew its bid to buy the investment bank.
Barclays' and Bank of America Corp. were considered front-runners to buy Lehman.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) -- The outlook for Lehman Brothers' future seemed dim Sunday after Barclays PLC withdrew its bid to buy the beleaguered investment bank and government officials and Wall Street bankers remained at an impasse about a rescue plan.
The withdrawal of Barclays, which along with Bank of America Corp. was considered a front-runner to buy Lehman, demonstrated how complicated negotiations over Lehman's fate had become. And, Sunday afternoon, The Wall Street Journal reported that Bank of America and Merrill Lynch & Co. were involved in merger talks -- which would knock Bank of America out of contention as well.
The Lehman talks were aimed at selling the investment bank in whole or in part. The sticking point was the potential buyers' insistence that the Bush administration offer the kind of help it did in brokering the buyout of Bear Stearns Cos. last March, when the government agreed to a $29 billion loan to buyer JPMorgan Chase & Co. from the Federal Reserve. But Treasury Secretary Henry Paulson said the government will not help close a Lehman deal.
Lehman declined to comment on the talks.
If no deal were reached, it raised the specter of a bankruptcy and liquidation of the 158-year old investment bank. Bankers and investment banking officials briefed on the talks described them as being both complicated and fluid, and that there was still hope that an agreement can be brokered or that new bidders might emerge. They spoke on condition of anonymity because talks were ongoing.
There were signs that Lehman Brothers Holdings Inc. might be edging closer to a bankruptcy filing, with several reports that it has hired Weil, Gotshal & Manges, the law firm that handled the collapse of investment firm Drexel Burnham Lambert in 1990.
Moreover, there was also an emergency trading session being held at the International Swaps and Derviatives Association to "reduce risk associated with a potential Lehman Brothers Holdings Inc. bankruptcy." The ISDA, which arranges trades for derivatives, said it was allowing customers to make trades and unwind positions linked to Lehman -- but that those trades would be voided if no filing occurs before midnight.
Barclays, Britain's third-largest bank, backed out of talks on Sunday after emerging during the morning as a front-runner to take over Lehman's assets, according to a person inside the U.K. bank who spoke on condition of anonymity, in keeping with company policy. The person, who had knowledge of the talks, said the decision was "very unlikely" to change. He said Lehman was attractive but did not meet what he described as Barclay's stringent requirements.
The Journal said on its Web site that after Bank of America was unable to reach a deal for Lehamn, it turned instead to a possible combination with Merrill, considered a better fit for the bank.
Several private-equity firms were also believed to be interested in Lehman's assets. Bankers and officials with direct knowledge of the discussions described the talks as complicated Sunday morning. Top officials from the Federal Reserve and the Treasury Department and executives from several Wall Street banks were huddled at the New York Fed's downtown Manhattan headquarters for a third day seeking a solution to Lehman's financial crisis. Failure could prompt skittish investors to unload shares of financial companies, a contagion that might affect stock markets around the world when they reopen Monday. Asian markets will begin trading Sunday night Eastern time.
Paulson, Timothy Geithner, president of the New York Fed, and Securities and Exchange Commission Chairman Christopher Cox were among those taking part in the meetings. Federal Reserve Chairman Ben Bernanke is actively engaged in the deliberations but wasn't in attendance.
Paulson went into the weekend discussions insisting that government money should not be used to resolve Lehman's problems, arguing that the current situation is different from the sale of Bear Stearns to JP Morgan Chase six months ago in which the Fed put up $29 billion in loans.
In Lehman's case, Paulson believed that financial markets have been aware of Lehman's problems for a much longer period and have had time to prepare and investment banks also now have the ability to obtain emergency loans directly from the Fed, a crucial support that they did not have back in March when Bear Stearns was rescued.
A person familiar with Paulson's thinking said on Friday that Paulson was "adamant that there be no government money in the resolution of this situation." This person, who spoke on condition of anonymity because of the sensitivity of the negotiations, said on Sunday that Paulson had not changed his views during the three days of talks.
Paulson's tough bargaining stance received support from outside observers Sunday, who argued that the government had no choice but to draw a line in the sand.
"If Treasury put money into the Lehman deal, then going forward no deal would get done without Treasury help," said Mark Zandi, chief economist at Moody's Economy.com. "Every potential buyer would wait until Treasury stepped in and that would mean Treasury would be on the hook for a lot more bailouts."
In the Lehman talks, bankers and government officials were also trying to tackle a broader agenda that includes problems at American International Group Inc. and Washington Mutual Inc., said the investment bank officials, who were briefed on the talks.
AIG, the world's largest insurer, and WaMu, the nation's biggest savings bank, have taken steep losses during the past year from risky investments. Investors, worried they do not have enough cash on their balance sheets to withstand further hits, unloaded their shares on Friday.
Lehman put itself on the block earlier last week. Bad bets on real-estate holdings -- which have factored into bank failures and caused other financial companies to founder -- have thrust the firm in peril. It has been dogged by growing doubts about whether other financial institutions would continue to do business with it.
Richard S. Fuld, Lehman's longtime CEO, pitched a plan to shareholders Wednesday that would spin off Lehman's soured real estate holdings into a separately traded company. He would then raise cash by selling a majority stake in the company's unit that manages money for people and institutions. That division includes asset manager Neuberger Berman.
laser buy in parts , but accumulate with this amazing prices !
FNMFRE Shareholders Bulletin # 2 Part 2
6. We Need a Clean Chronology of Events: We will need someone to create and maintain a definitive set of news items, so we have a clean record of everything said by all the accomplices in this crime (Paulson, Congress, Bill Gross, etc.).
7. We Need To Write Down Our Position: We need someone to put together our position on why this was wrong, illegal, immoral, un-American and uncivilized…. This person needs to write this with a cool, detached head, using facts.
8. We Need Someone to Volunteer a Conference Call Number We Can Use: it would be helpful of the volunteers have another means to communicate. We need someone to take one for the team and volunteer the use of their conference calling facility.
9. We Need a PR Person: we need a PR person to volunteer, to get us in the media ASAP. Ladies and Gentlemen this one is big – we need HELP here and we need it now !
10. We Need to Show Them the Damage They Have Done: our PR person is going to need stories to share with the media to show them the actual effect this seizure has had on ordinary people; this is also urgently needed so we can put this outrageous and deliberate positioning of us all as evel speculators to bed. We need someone to own getting these stories written down, with photos of the people. Imagery is everything – remember the ole saying “one picture is worth a thousand words.”
11. We need a board of directors to guide us who are extremely knowledgeable and who can give us guidance as we proceed in our undertaking. I suggest the board consist of twelve members – twelve is a nice number. Ladies and Gentlemen get involved here – make suggestions
I will update this bulletin as we progress. As for myself I will do all I can to help us receive fair and equitable treatment by the government – I have no hidden agenda other than what I stated. Ladies and gentlemen get onboard and let’s work diligently towards resolving this issue. No one has stepped forward to assist the shareholders in righting this wrong. We are on our own and if we do nothing nothing will get done.
FNMFRE Shareholders Bulletin # 2 Part 1 Fellow shareholders at present we are unorganized and going in a zillion directions. Posters on FNM/FRE have posted a ton of good information; unfortunately one must sort through hundreds of useless message to find the real gems. We need to centralize all this material at one location and build on it.
Note. We need to work together to resolve this by pressuring our Congressmen/Congresswomen – Our side of the story needs to be told – over and over. Are you a PR person –if so HELP!
Please do not post your email address on fnm/fre saying I’m in. Send your email address to either of the email addresses below. Also, if you want to help tell us your qualification and what you can do.
There are many things we need to accomplish in order to organize.
1. Obtain Shareholder Contact Lists: Please send your name address and your current or past shareholding in FNM/FRE to fnmfreshareholders@yahoo.com or fnmfreshareholder@yahoo.com Neither FNM/FRE will bring the shareholders together, this we must do our self and we are at present working to make it happen! Please note: in order to compile a list of shareholders there has to be a degree of trust. I can fully understand anyone’s reluctance to share this information, but without this data we carry little impact.
2. Build Website: We have our own website but need to get it set up. Contact Dennis at either of the email addresses above if you assist. Vince has bought the following domains save-my-fannie-and-freddie.com, org, net. Is anyone on the list a web developer that will volunteer?
3. Consolidate any other organizations focusing on this issue: Do you know of other websites, forums, groups, etc. that have been set up – let come together and work toward our common goal.
4. Make a Group Decision About Membership: We need to decide as a group if we are only going to limit our site to folks that own or owned the stock – the reason we might want to do this is to ensure we can cut down on the chatter, keep the discussions tight and focused on getting our share vales restored. We need someone to frame this decision and then put it to the group for moderated discussion and the decision.
5. Need to List the Lawsuits Underway: We will need someone to create and maintain a definitive list of suits that are out there
SEC reinstates Naked Short rules !!!! INSAEN NAKED SHORT DESTROY YOUR COUNTRY!!!!!!!!!!
SEC reinstates Naked Short rules !!!! INSANE NAKED SHORT destroy your country !!!!!!!!!!
for me NAKED SHORT is illegal and infamous people like this who lie lie and lie try to destroy your country.
Im in at 0.75$ and wait for news !!!
S&P RAISES RECOMMENDATION ON SHARES OF FANNIE MAE TO HOLD FROM SELL (FNM; 0.75):
While we expect any future capital injections by the Treasury Department will be highly dilutive to current shareholders, we do not see the Treasury needing to inject additional capital into FNM through the rest of 2008, and we believe this lack of action could be viewed positively by investors. As of the end of the second quarter, FNM had $47.0 billion in core capital. Also, we think the shares could appreciate from historically low levels if we see any stabilization in the housing market. We are raising our target price from $0.50 to $1, or less than 0.1 times book value. -K. Cole-CFA
Brute COVER its time to COVER !!!!
2.45 yahoo target !!!!!
Deutsche Bank CEO Josef Ackermann argued that "we are in a period of stabilization in credit markets and in stock markets, although they still remain nervous." Ackermann added: "We believe that what we see is the beginning of the end of the crisis."
The common American has been provided a lot of misinformation about a ‘bailout’. Some call it a seizure, which is obviously more accurate.
America Has Just Unlawfully Nationalized 2 Fortune 500 Companies
Henry Paulson overrules the Constitution and Laws of this country and Nationalizes a company which sees it’s shares drop 90% in one day, while the stock market applauds. Two companies were sacrificed for the common good. But wait, “nor shall private property be taken for public use, without just compensation” is in the Constitution, the 5th Amendment.
Most Americans do not realize these points:
Did you know the recent events with mortgage giants Fannie Mae and Freddie Mac were not ‘bailouts’, but ‘nationalization without recompense’? The action did not follow the recent law Housing Bill passed in July (Text of H.R. 3221: Housing and Economic Recovery Act of 2008) nor the Constitution (5th Amendment).
Approximately $8 B seized, as 79.1% (for simplicity, 80%) of companies are confiscated
A staggering $5.5 Billion dollars was taken from the existing shareholders in Fannie Mae alone, $2.5 Billion from the smaller Freddie Mac, in an unprecedented event on 9/8/08. In this surprise move, Henry Paulson has unconstitutionally nationalized Fannie Mae by making these stipulations in a bold takeover (not a bailout and not a buyout - read on)
How did he take it
The US received approximately 4 Billion warrants to "buy" shares sometime in the future at a price of 1/10000th of a penny. That's $40,000 for what will amount to roughly 80% of the company. The day before the take-over, the value of these warrants would have cost more than $7 each and thus, the total amount which should been paid was a staggering $28 billion. But, since he did not add any funds or convert any warrants, the current shareholders have surrendered 80% or $5.5 Billion dollars in value. Note: a warrant is an option to buy shares with a long-term until expiration; in this case, twenty years