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.
11am est
Everyone knows it was fake, right?
OK, that was a little heated, but I like each side to stand their ground. C'mon fnma, Fmcc!!
CNBC Rand Paul, ha ha son of doctor, they're grilling him about vaccines. Will he talk about the 5th ammendment?
Hi Obi, wondering what you think of the latest time frame?
01/29/2015 TRANSCRIPT of Proceedings held on January 28, 2015 before Judge Margaret M. Sweeney. Total No. of Pages: 1-38. Procedures Re: Electronic Transcripts and Redactions. To order a copy of the proceeding (click HERE) Notice of Intent to Redact due 2/5/2015. Redacted Transcript Deadline set for 3/2/2015. Release of Transcript Restriction set for 4/30/2015. (ew)
Time to tweet everybody! It's free and about as easy as it gets! :)
You tweet it, we trade it! Send your stock questions to tonight's traders. #askfast
— CNBC's Fast Money (@CNBCFastMoney) February 2, 2015
sounds hot to me
@ToddSullivan: $FAIRX shows Senior WH officials briefed on "proposed changes to SPSA" b4 3rd amendment, Gov't lawyers claiming "executive privilege" $FNMA
This hearing is at 10am tomorrow. Berkowitz is at 11am if you want to catch both!
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
Like I said last spring, keep an eye on the musical chairs. Shaun Donovan is head of OMB now. Remember him giving full support for Johnson/Crapo?
http://www.washingtonpost.com/blogs/in-the-loop/wp/2014/05/19/donovan-to-omb-in-the-works-for-years/
I wanted to see more of that brawl at the end.
@TVMcGee: Breaking: the #Patriots accused of deflating all the toys in #PuppyBowl2015.
West Coast vs East Coast! went to the gym, ready to eat, drink and watch the game!
Here's the link for the call
http://www.fairholmefunds.com/confcall2015
Good question to the right person!
Boston, is this the one you wanted? Sorry, my phone won't let me post the link, but you can Google it with this info.
BERKOWITZ: POWERFUL FINANCIALS?
September 26, 2014
This week we have a rare interview with Bruce Berkowitz of The Fairholme Fund. Launched at the height of the tech bubble in late 1999, The Fairholme Fund has been the top performer in Morningstar’s Large Value category since inception, delivering 13% annualized returns and beating its nearest competitor by a margin of 2.4% points a year. Berkowitz believes in “ignoring the crowd”. He’ll explain why nearly 80% of his portfolio is in four financial stocks shunned by most investors.
Listen to the audio only version here:
Vm P
WEALTHTRACK Episode #1114; Originally Broadcast on September 26, 2014
Explore This Episode
We have compiled additional information and content related to this episode. Select a tab from the box below for more.
Next
Previous
BRUCE BERKOWITZ
Portfolio Manager, ?The Fairholme Fund
Tagged with: episode_1114
Great! Sending focused messages to the right individuals. thank you!
Twitter and social media can be used for great causes, including our own! Unfortunately, there are few out there that will mess with any system. That's OK, our message through Twitter and other means is getting out there. We'll shout it from rooftops if we have to. :) It's good for us to bring up concerns if something doesn't sound right. IMHO
To recover in a libel or slander suit, the plaintiff must show evidence of four elements: that the defendant conveyed a defamatory message; that the material was published, meaning that it was conveyed to someone other than the plaintiff; that the plaintiff could be identified as the person referred to in the defamatory material; and that the plaintiff suffered some injury to his or her reputation as a result of the communication.
I don't think anyone being sued right now would post those tweets, unless they're out at Happy Hour. :)
Navy please add @karenfinerman (part of Fast money crew) Her firm actually owned it last year, (not sure if they still do) but at least she knows the story.
Interesting, thanks!
From an older article
"The two wrote they would like the Justice Department to "begin an investigation into the cause of Fannie and Freddie's conservatorship, into Rahm Emanuel's activities on the board of Freddie Mac (including any violations of his fiduciary duties to shareholders), into the decision-making behind the continued vacancy of Fannie and Freddie's inspector general post, and into potential public corruption by Rahm Emanuel in connection with his time in Congress, in the White House, and on the board of Freddie Mac."
"In their letter to Holder, Hamsher and Norquist wrote that the White House has stonewalled any inquiries into Emanuel's role on the board, noting that the acting inspector general was "stripped of his authority earlier this year by the Justice Department, relying on a loophole in a bill Mr. Emanuel cosponsored and pushed through Congress shortly before he left for the White House."
http://www.foxnews.com/politics/2009/12/24/odd-couple-demands-probe-rahm-emanuel-freddie-fannie-money-rolls/
Incredible!
FHFA announces new financial rules for nonbanks
Proposed rules include capital reserve requirement
Brena Swanson
January 30, 2015
Email
The Federal Housing Finance Agency announced the proposal of new minimum financial requirements for nonbank mortgage sellers and servicers that do business with the enterprises as part of an effort to reduce risk for the GSEs.
Under the FHFA’s new proposal, nonbank lenders are required to have a minimum net worth base of $2.5 million plus 25 basis points of the total unpaid principal balance for the loans each nonbank services.
Additionally, the FHFA is also proposing that nonbanks must maintain a minimum capital ratio of tangible net worth equal to 6% the nonbank’s total assets.
The FHFA is also proposing additional minimum liquidity requirements for nonbanks, including: 3.5 basis points of total agency servicing (Fannie Mae, Freddie Mac, and Ginnie Mae) and incremental 200 basis points of total nonperforming agency servicing in excess of 6% of the total Agency servicing unpaid principal balance.
The rules would have a direct impact on top nonbank servicers like Ocwen Financial (OCN), which frequents the news lately, with Ocwen just finishing up a settlement with California over servicing-related questions, only to be slammed with a lawsuit by its investors, who accused Ocwen of mortgage payment negligence.
“The proposed minimum financial requirements ensure the safe and sound operation of the Enterprises and further FHFA’s goal of fostering liquid, efficient, competitive and resilient national housing finance markets,” the FHFA said in the release.
“FHFA is releasing the proposed criteria to provide greater transparency, clarity and consistency to industry participants and other stakeholders,” the FHFA continued.
The FHFA also states that depository institutions should continue to comply with previously announced regulatory standards.
The FHFA said that the announcement of the new rules continue the FHFA’s efforts to increase transparency, as laid out by FHFA Director Mel Watt in his first public speech as director.
The FHFA’s plan may not affect Ocwen for long though, given that the company announced recently that it plans to exit agency servicing altogether.
“We are going to focus our servicing business primarily on non-agency servicing,” Ocwen CEO Ron Faris told investors recently.
Faris said that Ocwen plans to sell off its entire portfolio of agency servicing. “We estimate the difference between our $1.1 billion book value and fair value of our agency MSRs is between $400 and $500 million dollars,” Faris said.
“In addition to potentially realizing these gains, we have the potential to free up $200 to $300 million currently allocated to fund agency advances,” Faris added. “This strategy has the potential to free up over $1.7 billion of capital to invest in new businesses, to reduce leverage, or to return to shareholders over time.”
If Ocwen does indeed sell off all of its agency servicing, its level of capital wouldn’t be within the FHFA’s purview any longer.
Unless, of course, Ocwen plans to sell any of the loans it originates to Fannie or Freddie. Faris also told Ocwen’s investors that the company plans to increase its mortgage origination operations and become a “more profitable” originator moving forward.
The FHFA added that it is currently taking industry and stakeholder feedback on the proposal and anticipating requirements will be finalized in the second quarter of 2015. The rules will then go into effect six months after they are finalized.
Click here for the FHFA’s “frequently asked questions” about the new rules.
U.S. Rep. Maxine Waters, D-CA, ranking member of the House Financial Services Committee, issued a statement Friday, commending the FHFA for taking "positive steps toward establishing protections to prevent American homeowners and taxpayers from falling victim to fraud and abuse."
Waters added, "I commend Director Watt and the FHFA for proposing robust standards for non-bank servicers. After the explosive growth of nonbank servicing following the crisis, not to mention the litany of consumer complaints against them, strong requirements are important to ensure that taxpayers are being protected and that our nation’s homeowners are no longer falling victim to harm.”
http://www.housingwire.com/articles/32789-fhfa-announces-new-financial-rules-for-nonbanks?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=housingwire
Thank you!
Ya, I'll google him and get back to you, geez!
Really, he owns Freddie too? Are you sure?....:)
So if he sold everything today and withdrew lawsuit that wouldn't matter?
He has over 10%, but you don't think that matters?
So before you were saying Ackman has no influence, now you think he does?
Your point?
Should be better next week! We all had our chances to lock and load. Need to go prep for Super Bowl party!
No, I was asking if that payment was included in his decision for the record.
Most readers on this board have been here for quite a while.....and many parties benefit from Sweeney's decision to allow discovery to continue.
The hedgies try to time everything pretty well, which brings me back to Lamberth. His ruling was September 30th. 2nd Quarters payment to Treasury was due the same day. Lamberth waits all that time and, then rules Sept 30th. As far as the records go, does his decision on"ripeness" include that payment?
Getting paid for avoiding producing documents at all costs. :)
Charlie's view "down-payment matching payments targeted to low-income first-time home buyers would be stabilizing, effective, with desirable consequences for less distortions of leverage and home prices."