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Best wishes!! What's up with all these delays today, different sites, different stocks, solar flares? :)
At today's hearing, I believe it was Senator Cardin, when addressing Lew said that everyone knows that the community banks were not the cause of the 2008 financial crisis. The banks in his area of Maryland would like to buy back the preferred shares from the Treasury. Lew said that they could look into that. Where's someone asking the questions for Fannie, Freddie? Lew was just before the House ways and means this week talking about the budget, today before the senate finance committee, talking about the budget. Have the GSE's not been part of the budget?
Hearing entitled “The Future of Housing in America: Oversight of the Federal Housing Administration”
Wednesday, February 11, 2015 10:00 AM in HVC-210 of the House Visitors’ Center
Full Committee
Walter Isaacson on cnbc
not sure about his current salary, but he also has lifetime benefits from having been a US Representative.
I'd like to add a few things to the agenda while they're all on the phone together today!
On Wednesday, February 4, Secretary Lew will preside over an executive session of the Financial Stability Oversight Council (Council) via telephone. The preliminary agenda consists of administrative business of the Council,* including a discussion regarding the Council’s outstanding notice seeking public comment on asset management products and activities, which was issued in December, and a continuation of the Council’s discussion regarding its process for considering nonbank financial companies for designation.
MB had a good post about that today on here earlier.
any logical statements to support your thesis?
but it's on the record.
He opined this, "The court shares in Judge Lamberth's observation that it is understandable for the Third Ammendment, which sweeps nearly all GSE profits to Treasury, to raise eyebrows, or even endanger a feeling of discomfort."
The point whether FHFA and Treasury are working together, hello! Even Sweeney has made some comments, asked questions. They're both on the FSOC, Lew chairman, Watt one of the ten voting members. They're supposed to discuss and vote on things such as big bank's SIFI status, etc? Oh no colluding, etc there! Geez!
He was pretty passionate for the percentage they hold in comparison to total holdings. Same with Ackman, they're prepared for the fight. IMO
Good luck!!! Hard to figure out!
Finerman responded that they are not in it. I hub posted here, before, that last year I noticed that the disclosure said, that her firm owned some. She also talked a bit about them last year on FastMoney, and that she didn't think they were going away, etc. That someone sent back a link to her to Berkowitz cc this morning. Good to keep all hedgies in the loop! IMO
Berkowitz said clearly today that he's here to stay, last media updates only talk about him adding, Ackman said Jan 29, 2015 presentation, here to stay, last media updates are only about him adding. Yesterday's docket in Sweeney court is great news, IMO. Depositions start soon!
You can watch it here tomorrow, Mr Duffy, chairman of Oversight and Investigations, subcommittee
Hearing entitled “Exploring Alleged Ethical and Legal Violations at the U.S. Department of Housing and Urban Development”
Wednesday, February 4, 2015 10:00 AM in 2167 Rayburn HOB
Oversight and Investigations
Click here for the Committee Memorandum.
Witness List
The Honorable David Montoya, Inspector General, Office of the Inspector General, U.S. Department of Housing and Urban Development
Ms. Edda Emmanuelli Perez, Managing Associate General Counsel, Office of General Counsel, Government Accountability Office
"The court shares in Judge Lamberth's observation that it is understandable for the Third Ammendment, which sweeps nearly all GSE profits to Treasury, to raise eyebrows, or even endanger a feeling of discomfort."
Thank you for the update!
while driving and eating an egg biscuit from Chick-Fil-a :) Hopefully, they have a transcript available!
House investigating allegations of legal, ethical wrongdoing at HUD
Senior housing officials accused of hiring, lobbying violations
Trey Garrison
February 3, 2015
The Department of Housing & Urban Development will be in the barrel on Capitol Hill on Wednesday, when a committee will convene to investigate allegations that senior HUD officials violated federal law and obstructed investigators’ efforts to uncover potential wrongdoing.
The Oversight and Investigations Subcommittee will hold a hearing titled “Exploring Alleged Ethical and Legal Violations at the U.S. Department of Housing and Urban Development.”
The witnesses will be David Montoya, Inspector General of HUD, and Edda Emmanuelli Perez, Managing Associate General Counsel for Appropriations Law, Budget Issues and Financial Management and Assurance Teams in the Office of General Counsel at the Government Accountability Office.
Both the HUD-OIG and the GAO have recently investigated and reported on potential ethical and legal violations by senior HUD officials.
The most recent of these investigations relates to improper hiring and conflicts of interest, which were subjects of a HUD-OIG report dated August 20, 2014.
The second investigation relates to prohibited lobbying activities, which was the subject of a HUD-OIG report dated February 18, 2014, a subsequent Oversight and Investigations Subcommittee hearing dated February 26, 2014, and a legal memorandum from GAO dated September 9, 2014.
http://www.housingwire.com/articles/32810-house-investigating-allegations-of-legal-ethical-wrongdoing-at-hud?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=housingwire
Thank you, thank you Sims!
I don't believe so. He covered the status of the cases, said they have reviewed 400,000 documents, said he would like all of us owners to be able to see everything so far, but because the government says this is protected material, only the attorneys have seen the documents. He said depositions will continue soon. He said as often is the case, the coverup can be worse than the crime. He said, (basically that it doesn't make sense), that Watt says he can't end conservatorship of his own conservatorship, when he is the conservator. He questions that it would be first time in history that a conservator couldn't end their own conservatorship. He made other references to Treasury, revolving door of some individuals. He gave an analogy to the terms of Treasury 3rd amendment to that of a farmer, and the part where they take 100% profits in perpetuity. There's more. I thought it was interesting, worth listening to. I'll see if I can find a transcript!
I was driving, so I had to just call in and listen. He covered Fannie, Freddie. He's now talking about Sears.
Yes, he's talking about Bank of America now.
What is?
Just finished speaking about Fannie, Freddie
massive? I thought you just said it was low volume? :)
Maybe we should tweet a link to the media for Berkowitz cc?
Thanks Obi, sorry about that. I see now I didn't exactly include my question in that post. :) I was going to ask if you thought the developments in Sweeney court last Wednesday would be a pivot point for this stock, a turn around for the better, and if Sweeney's comments about the timeline for discovery, having to give the government a bit longer would affect much. That was before seeing yesterday's news on Pacer. I'm feeling pretty good now!
Agreed! I wanted to see that phrase posted. Looks good!
You too!! Should be a good day for us all here! Let's go Fannie, Freddie! Vamos! :)
Paula, I sent a note to FHFA asking if that Mel Watt Twitter account was real. This was their response.
"FHFA's official twitter account is @FHFA. Thanks for inquiring."
That should give us a little boost tomorrow. Many were waiting to see more on Pacer. That should help. IMO Thanks Bradford!
Yes, there will be a lot of shouting!
"We remain convinced that Treasury’ s net worth sweep will ultimately be reversed and the GSEs’ future share prices will be a large multiple of their current prices"
Pershing Square Holdings Annual Update Presentation Jan 29, 2015
the Rand Paul one?
I think Ackman's swaps with UBS are up in April too?
I agree Ada. Polio and measles are one thing, but so many others, you can just follow the money trail!