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What is a bulge bracket?
Never heard of that term.
Never mind...
https://en.wikipedia.org/wiki/Bulge_bracket
Okay, one would think that after a few years on the job, they'd be ready to go.
This offer actually happened.
Nobody asked me.
How do you know?
Ask GM stock and bondholders what the govt. can and can't do.
Sure seemed like they could do whatever they wanted.
The AIG lawsuit and then, ours (having gone no where) point to this conclusion, as well.
Of course, Mnuchin would have ran it through legal dept. I think he was ready to pull the trigger.
As the JPS hit multiyear lows, maybe he's calming the waters with clients
Ackman at least states it may be years, but he's got time and a small portion of total portfolio sitting in limbo.
Debt ceiling has to be in rear-view and then, maybe. At some point he (we) will be right.
Mainly JPS, some common we all win with any R&R
GB is here to 'help'
All I know is there is lamentation when something happens and you were thisclose to being right.
Like betting to place (a safer bet) at the track and your horse comes in 3rd and pays out to show.
Like a bet on a team and they fail to cover but do win the game.
Like not moving when interest rates soar and your house is lower in value, but you could buy with a higher mortgage rate (and lower price) later.
Like taking social security at 62 thinking you'd never live until 80.
Life is full of shoulda-woulda-coulda.
Bradford is correct, IMO, because whatever type of gambler you are 20x in (fill-in-the-blank) is better than $1,000, $500, $100, $20, $5, $0.10 after the government figures out the what/how they can screw over commons like GM bond-holders.
If there is anything we all should have learned over the past 15 years... the govt. WILL screw you over and whatever CBS says, the JPS have a rock-solid claim and will get par or near-that.
The commons? Like betting to win on a 30-1 shot. I'll take my 20-1 shot which is almost sure to pay-out when the R&R occurs.
GL to all - common and JPS. No ill will to common.
Good points Guido as AIG had paid back zero
I seem to recall the govt. "lost" the case, but since they were worthless, the damages was zero.
Not the case here.
Coverdell is a self-directed account for people under 18
You can't open for someone over 18.
Most brokerages do offer them. A fee to setup and sometimes a fee to withdrawal, but basically same as 529... but you get to pick the stocks.
Etrade >
https://content.etrade.com/etrade/estation/pdf/Education_IRA_App4.pdf
$25 (or $50) REDEMPTION value LuLu is correct.
Par (like .00001 for a common) is the book / accounting value.
As Lulu said, the JPS can be redeemed when interest rates go down.
Now, the buyer is guaranteed that the rug won't get pulled out, b/c redemption date is usually 10 years into the future.
Look at any corporate PS, and you will see same conditions.
(Yeah, JPS would take 25 or 50. It looked like they would all be called when interest rates were low and R&R was nigh, but maybe not now)
Coverdell allow purchase of GSE stock
Have some for a long time. Fortunately, used some when PPS was MUCH higher. Still a little left for the grandkids.
Explicit guarantee is reinsurance. Like CRT. It would not impact the govt. balance sheet.
FDIC insured accounts are not on the govt. balance sheet.
We should be espousing an explicit guarantee as it stops the 'free' support argument of the GSEs.
Also, espouse some true transparency in these fees - if it is a gift/handout for affordable housing do not mask it.
Leadership commitment > Framework > Admin Plan is "open"
Good stuff. GAO looked at progress, and one arm is "leadership commitment" and they point to their framework. In the framework, they call for the administration to have a "housing reform plan". Umm. Haven't seen or heard that.
Reminds me of the I'm with stupid t-shirt. Congress looking for advice, Admin not doing anything, FHFA asking for Congress to act.
It is often said that Congress doesn't act until there is a crisis. And, we all know there is no crisis.
====
https://files.gao.gov/reports/GAO-23-106203/index.html#appendix9
Zero predictions rate
Yeah, there's a lot of them, aren't there!
Esp. the ones with "I hear". Unless you know Q-tip, I wouldn't trust any other "source", but these folks are only really hearing ghosts or their split personality.
Ah June 2020 Readying for Release
https://www.wealthmanagement.com/multifamily/fhfa-continues-lay-groundwork-gses-exits-conservatorship
In the midst of pandemic and housing questions around recession
A beautiful summer!
Too bad Yellen and Thompson aren't on the same page
Hoolihan Lokey Feb. 2020, Morgan Stanley June 2020
https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Hires-Financial-Advisor.aspx
Well, they might be done with the project, but JP Morgan and Morgan Stanley came in June 2020
https://www.fanniemae.com/newsroom/fannie-mae-news/fannie-mae-hires-financial-advisor
Always thought common gets better everyday with RE
You got it.
JPS waits for a divvy. Those unpaid dividends accrue to the common, along with all the profits building capital.
However:
Congress tone is changed, at least on one side of the aisle.
Biden may look for some win for affordable housing and surprise
JPS might get a payday from Lamberth, while common gets a few pennies
Fear of a cram-down does rest with commons. Who knows how the govt. handles the SPS and if they convert in a super-dilution, it won't matter. JPS is safe there.
As Glen says, I don't and won't care if you win, too. I also believe JPS is a better LT (sure if fun to trade commons occasionally, as there are often times to get in for a trade!)
Lost 9-0 Lawyers are mercenaries,hired-guns,or,whores
You pick.
He got paid to make these claims... doesn't mean he believed them
Who is Sherman?
Not Brad Sherman ain't broke, but we broke?
Form T looks like AH
https://www.investopedia.com/terms/f/formt.asp
"What Is Form T: Equity Trade Reporting Form?
Form T is an electronic form that FINRA requires brokers to use for reporting equity trades executed outside of normal market hours. Form T trades occur during extended hours, before the market opens and after it closes."
Some deal between large parties?
Fund bailing?
Fund accumulating?
Always a buyer and a seller - just depends on the price - and the intentions.
Price was below market, so does look like a 'bail'
2025 is not 'soon'
So, we're back to Congress passing something?!
That is so 2015
Congress will only be able to provide a blessing to the R&R, perhaps with some executive type order. "Protect Americans from something or other" where they re-proclaim the mission and goals of a GSE.
Rick - "I believe she will be gone soon"
Based on?!
Agree on Congress but whoever bought Corker Bush Paulson to make them place GSEs in c-ship and use them for the recovery for 2008 (see backdoor bailouts) now has Republicans asking for release from status quo.
On the other side, the Dems seem to like status quo (as voiced yesterday), with the $ and ability to use GSEs for social projects. Maybe each side just likes being contrary and Reps are trying to make Dems look bad - and nothing material will happen.
At least, there seems to be a shot with getting Republicans to move.
Did you hear McHenry open with Britney Spears comment? 15 years... longer than Britney Spears.
Everyone in the room knows/knew that this has gone on long enough.
Whoever thinks this is going to drag until 2028, then you probably will be pleasantly surprised in '23, '24. Hard to see it going until '25 when this is the prevailing attitude.
We need to get the Republicans to come up with a new plan. Then, see if it gets through.
Start with McHenry. Anyone in his district? They don't take calls from outsiders.
Do you have 'damage model' for each JPS?
Would be interested if you can share.
My back of envelope is $1 for the $25s and $2 for the $50s
TIA
Also like that this on heels of Calabria stating it is time to end c-ship
Love the hearings... been way too quiet.
Well, I defer to Congress!
Where's the chicken? Oh, no chicken?
Love that it say last hearing was July 2022. Prior to that 2 years.
WTF
Hindes' prediction April to October 2023
(12-18 months from April 2022)
That's the problem with predicting far-out into the future.
Does it look like it is coming in May 2023? (I'd say not)
April & May are gone.
June, July, August, September & October.
Early November are elections, so I'd think it would happen before then... if it does!
Calabria & Mnuchin also paid lip service to defer to Congress... but they moved down the administrative path (pretty far... so far that they were thisclose to signing off).
Correct. ST can move them out any time administratively. However, Janet Yellen drives the bus here.
Too bad Yellen ain't ready to go with a recap
Has to wait for RFI in August.
Sure could use the money now!
And yes, ST is not going to be a thought leader (in fairness, DeMarco and Watt weren't, while Calabria at-least executed something - crappy move - but did execute)
Panel for hearing looks pro-utility to me
Ed DeMarco - Will talk about his great job and non-political stance. He will bash ST and insinuate something needs to be done.
Kenny Parcell - NAR which has future as re-charter as utilities
https://www.nar.realtor/fannie-mae-freddie-mac-gses/housing-finance-reform-talking-points
Clifford Rossi - Make Fannie & Freddie a single utility
https://www.newswise.com/articles/make-fannie-freddie-a-single-entity-maryland-smith-expert
Janneke Ratcliffe Urban Institute ... a little bit of a wild-card. Jim Parrott, Michael Stegman, Laurie Goodman are other names. All about "racial equity" and duty-to-serve, but they had a panel 5 years ago to open up GSE business to competition.
https://www.urban.org/sites/default/files/publication/96936/a_conversation_about_housing_finance_reform.pdf
Move your account Ace
Not $6 at Fidelity ($0) - limited list of stocks... basically not 'cheapie' 50s, but many are free
With big account, might be free at ETrade - for all series (but must negotiate to get free)
Vanguard - can't trade
Ally - can trade but will always be buy at Ask and sell at Bid. Bad deal (i.e. clearing is bad)
Cheapies yes. Looks like a powder keg.
Volume coming in on FNMAS.
Holding below .48 commons... shhh... looking for 'the move' in next 48 hours.
Gaining traction, I'd say
Almost like there is good news expected (or leaked).
Plebes won't know until they do announce, but leaks are rampant in DC and WS.
Sure would be nice if someone listened to ICBA
Unfortunately, they've been vocal to release GSEs for at least 10 years.
If you look at their statements, these are all the same. Urge. Sure.
If it was Mike Calhoun being confirmed for FHFA, now that would be exciting.
Bernstein hasn't said anything about GSEs.
Maybe he will tomorrow?
HBW if you have the inside scoop & not good, I would say you should
I'll stick around for a bit to confirm, though.
Further, May will be June will be July and want to see the Lamberth Show!
Neerah Tanden CAP - nothing in article about who or how to pay for disequity in housing
Maybe she is a proponent for siphoning off money, but heck, aren't they all?
Show me something about JPS or warrant conversion or R&R. Thanks.
If so beautiful, why 2023 and not 2021 or 2022?
Waiting for the list of good things happening
Aside from Twitter postings by the Fanniegate faithful which are complaining about the days, weeks, months, years of servitude / slavery.
Can't even get ST to say a word.
Yellen doesn't know we exist.
Biden of course not a peep.
Trump gave executive order. Mnuchin and Calabria claimed to be working on it.
So, if you've got 'good things happening', I wonder where you see or hear this.
List one... just one!