Nothing wrong with being a vulture.
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People make mistakes in SEC filings all the time. Once upon a time, I was an auditor. One of my jobs right out of college at KPMG was to go through an SEC filing and highlight every number, circle it, and tie the number out to a supporting schedule. The purpose of this was to avoid having our client report a mistake. We did find them.
These SEC filings probably don't get that level of scrutiny.
Shelby: Restoring Money to Housing ‘Slush Funds’ Hurts Taxpayers
http://investorsunite.org/discussion/topic/shelby-restoring-money-to-housing-slush-funds-hurts-taxpayers/
$FNMA $FMCC
Funding the affordable housing trusts created strategic alignment with shareholders
http://investorsunite.org/discussion/topic/no-sense-in-keeping-the-gses-undercapitalized/#post-3277
Before these payments were funded, they had less reason to lobby for capital retention. Now, capital retention will be there primary focus.
Our interests are aligned. $FNMA $FMCC
Impac Mortgage nearing purchase of mortgage originator
Dec 12 2014, 07:37 ET | About: Impac Mortgage Holdings,... (IMH) | By: Stephen Alpher, SA News Editor Contact this editor with comments or a news tip
Impac (NYSEMKT:IMH) discloses it's in negotiations for a purchase, but no agreement has yet been reached. The company says the acquisition - if completed - would position it to continue to roll out its new ALT QM loan programs to consumers directly.SEC Form 8-K
http://seekingalpha.com/news/2175025-impac-mortgage-nearing-purchase-of-mortgage-originator?uide=18181642
----------------------------
Seems like they have found cash flow to scale up and boost that top line. 2015 could be the year of the DTA for Impac.
Today 8K filing
Other Events.
Impac Mortgage Holdings, Inc. (the “Company”) is currently in negotiations to acquire the mortgage origination business of a leading mortgage originator, which the Company believes will complement its current origination business model and position the Company to continue the roll out its new ALT QM loan programs to consumers directly. While negotiations are continuing to proceed, the Company has not yet entered into any definitive agreements related thereto. Although the Company intends to pursue the acquisition, the Company can make no assurances that the acquireree will continue to negotiate until favorable terms can be reached, nor is there any assurance that such an agreement can or will ever be achieved. Furthermore, assuming the parties enter into a definitive agreement, the consummation of such acquisition will be subject to certain conditions, including regulatory approvals, transfer of licensing, and approval of each company’s Board of Directors.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
I'm one of these people that don't qualify for a loan program anymore. I tried to refi through HARP and I don't have enough documented income for the program. My six figure gains in stocks don't count for the QM programs.
Alternative lenders rising to serve 'overlooked' self-employed borrowers
The California-based online lender Privlo Inc. specializes in lending to borrowers who “have fallen through the cracks” of qualified mortgage (QM) guidelines. On its website, the lender offers the tale of Isaiah, the archetypal self-employed borrower: He earns a good living as a contract copywriter and has a strong credit score, but has “hit a wall when it comes to securing a loan.”
“People like Isaiah are changing the professional landscape,” reads the website. “With his income he’s in a great position to qualify for a $200,000 7/1 [adjustable-rate mortgage].”
A new report this week from Zillow demonstrates that most lenders are overlooking self-employed borrowers, but some non-QM lenders are racing to offer products to people like Isaiah. Zillow estimated that self-employed borrowers receive 40 percent fewer loan quotes from traditional lenders than other borrowers, but that they often have higher incomes and buy more expensive homes than non-self-employed borrowers.
The group of lenders willing to offer products tailored to the self-employed has grown. Well-qualified borrowers like Isaiah may lack typical income documentation, but can prove their assets with alternative types of documentation, like bank statements or showing a portfolio of other assets.
Some of the non-QM lenders are overlooking low credit scores or a recent foreclosure if the borrower has enough assets or a sizable downpayment.
“Low credit scores coupled with a mountain of paperwork lenders must complete specifically for self-employed borrowers, make them unattractive,” said Zillow Vice President of Mortgages Erin Lantz. “Despite self-employed borrowers with high incomes appearing on paper to be better situated to repay their loan, they’re often overlooked by lenders.”
Zillow found that 47 percent of potential self-employed borrowers have credit scores below 720, but that they have an average income of $145,000. The median value of homes self-employed borrowers buy is $352,000, $37,000 higher than the median among non-self-employed borrowers.
Impac Mortgage Corp., one of several non-QM lenders — or alt-QM, as Impac calls it — offers a self-employed specific loan with a credit score as low as 680 and loan amounts up to $2 million. Impac President Bill Ashmore told Scotsman Guide News that despite the product name, borrowers still have to meet ability-to-repay guidelines, and that some of these loans could end up meeting QM guidelines.
“The QM monster will get you if you’ve originated loans that are not fully vetted under an [ability-to-repay] type of review,” Ashmore said. “We’re doing this in a way where we would want to securitize the product, and you’re not going to securitize if you don’t comply with the law.”
Ashmore called non-QM programs “sorely needed” because of a vast self-employed market.
“It’s a huge underserved market that will eventually be billions in size,” he said.
http://www.scotsmanguide.com/News/2014/12/Alternative-lenders-rising-to-serve--overlooked--self-employed-borrowers/
Do I believe that... I don't know.
Did he need Treasury's permission? I don't think so. He has the authority under HERA.
Remember Watt doesn't report to Treasury. Treasury's leverage over Watt exists due to the SPSPA.
American Banker - No Sense in Keeping the GSEs Undercapitalized
http://investorsunite.org/discussion/topic/no-sense-in-keeping-the-gses-undercapitalized/
Director Watt's Letter
Cool.
4th Q should be a good Q to judge the initial impact of the Macquarie deal. We are a few weeks away now. Then we wait.
Warrant language in 10Q
I was just preparing a possible post for Seeking Alpha or Tumblr on this stock and thought I would share this.
The company recorded a very small amount of "other revenue."
http://i1372.photobucket.com/albums/ag328/SimsOnFinance/a523618d-ac75-4c74-9ae7-eba2a4544f1a_zpsc5885646.png
This appears to be related to a warrant agreement with a third party.
http://i1372.photobucket.com/albums/ag328/SimsOnFinance/dd630cba-1a41-4c80-a235-8af0e0fffc25_zpsaed15ef6.png
This is the same period they entered into the Macquarie agreement.
Something is up.
You are correct. There are no voting rights. I was thinking of the fact that they trade OTC.
I am holding a few of these. How about you?
Thanks for the plug, CBS...
Accounting for Deferred Income Taxes and Equity Valuations $IMH $FNMA
You might not be able to imagine a more bland topic to write about, until you see the impact that Deferred Income Tax accounting can have on a company’s income statement.
In the first quarter of 2013, Fannie Mae (FNMA) reported a surprise profit greater than $50.6 billion when they released their valuation allowance on their deferred tax asset. This created a tremendous boost to the earnings per share for the year.
As you can see from Note 10, in the Fannie Mae 2013 10-K filing, the valuation allowance changed from ($58.851) Billion to ($525) Million over the course of 2013. The valuation allowance is an accrual that offsets the value of an asset like the deferred tax asset. When this accrual is removed, the asset value is fully or partially recorded as a profit.
image
After the valuation allowance is removed, the Deferred Tax Asset sits on the balance sheet of the company until it is used to offset the tax liability. This could be for a period as long as 20 years, due to the tax code.
Another DTA Valuation Allowance
Impac Mortgage (IMH) recently reported in their 2013 10-K filing that they carried a full valuation allowance against their deferred tax asset. In the corresponding note of the financial statements, you can see the gross value of the DTA is fully offset. The DTA is not included in the consolidated balance sheet.image
At some point in the future, the company may return to profitability and this DTA may be recognized. This explains why a company insider is buying shares up to and above $10 per share.
Disclosures: Author holds $FNMA, $FMCC, $IMPHO
http://simsonfinance.tumblr.com/post/104704754959/accounting-for-deferred-income-taxes-and-equity
Does anyone know whether Pickup would be required to disclose a position in the preferred? I think he is not required.
Hey Jimmy,
How did you hear about this?
I am passing along the message from others. I have no opinion.
AEI Event Friday Federal Housing Administration from 1934 to 1938: Lessons for wealth building
http://investorsunite.org/discussion/topic/the-federal-housing-administration-from-1934-to-1938-lessons-for-wealth-buildin/
$FNMA $FMCC
Discussion on housing policy from Ed Pinto, Alex Pollack, and David Stevens.
Video link.
http://investorsunite.org/discussion/topic/epstein-and-pagliara-wednesday-december-10-1100-a-m/#post-3253
Again, I am just reporting the whispers that I am hearing. The Lamberth ruling came fast and also was unexpected.
An early ruling would be an indication that closing arguments aren't needed. I'm just saying what I have been told.
The government will be given every opportunity to defend their position. So, if Greenberg is going to win, the case will go all the way through the process to April. If we get an early ruling, most likely he loses.
AIG ruling could come any day now.
If Greenberg loses, this could cause some pain for us. This is the reason for the call. Epstein is pointing out the differences between the cases.
Please join the Investors Unite call with Dr. Epstein
http://investorsunite.org/investors-unite-is-joined-by-attorney-richard-epstein-to-discuss-a-tale-of-two-bailouts-aig-v-fannie-freddie/
I may be forgetful. Whats happening on the 19th?
Events happening this week:
Senate Banking Committee - Tuesday, December 9, 2014
http://investorsunite.org/discussion/topic/inequality-opportunity-and-the-housing-market/
A Tale of Two Bailouts: AIG v. Fannie & Freddie - Wednesday, December 10, 2014
http://investorsunite.org/investors-unite-is-joined-by-attorney-richard-epstein-to-discuss-a-tale-of-two-bailouts-aig-v-fannie-freddie/
The Federal Housing Administration from 1934 to 1938: Lessons for wealth building - Friday, December 12, 2014
https://www.politicopro.com/financialservices/calendar/?dt=12/12/2014#cal45780
Fannie narrows HQ search to two locations
http://investorsunite.org/discussion/topic/fannie-mae-narrows-hq-search-down-to-two-d-c-locations/
Have a great weekend!
Op Ed by Tim Pagliara
Conservatorship hurts the American housing market
http://investorsunite.org/discussion/topic/conservatorship-hurts-the-american-housing-market/
FHFA Director Can Expect to Hear from Fannie and Freddie Investors in Miami
http://investorsunite.org/discussion/topic/fhfa-director-can-expect-to-hear-from-fannie-and-freddie-investors-in-miami/
Shareholders are in Miami today representing us.
I'm hearing that this event will not be webcast, however some Fannie and Freddie shareholders will be attending.
That's interesting. Topical content is appreciated. I do remember you and recognize your posts when I see them.
I've gotten a few other suggestions. Some of them technical in nature. So, hopefully the next video is up tomorrow and not in 6 months.
Side Note
Both Seeking Alpha and TheStreet.com passed on that story, which is why I set up the tumblr account.
TTYL
Two links to share this morning!
Jim Millstein on Bloomberg Dec. 3rd
http://investorsunite.org/discussion/topic/jim-millstein-on-bloomberg/
Will The Starr Suit Impact Fannie And Freddie?
http://simsonfinance.tumblr.com/
"How I Learned to Stop Worrying and Love Taking Pain
When you're considering playing an OTC bounce, you want that sucker to go down as much as possible. The panic should be as turbulent and violent and frightening -- as if it's headed towards a number below zero, if that's even theoretically possible. The better the panic, the cleaner the pattern. "
Life imitates art.
I've met a lot of retail buyers that would never trade the stock. Every time the stock plummets 40%, I get frantic emails. If you hold long enough, it usually moves back up.
I saw this on twitter yesterday.
http://ptotrading.blogspot.com/2014/11/the-day-i-lost-sht-ton-of-money-part-i.html
Its a very interesting blog post. Not sure if it is true. My feeling is that this is a perfect explanation for why the stock should not trade on OTC.
This post is hilarious.
I've been trying to get Fannie employees to talk about the stock for years now. None of them will say a thing.
If this story were true, you would be liable for insider trading. I'll mark this post in case I need to send you a subpoena.
Odd. I noticed my followers were dropping off. Thanks for letting me know.
Investors Unite Capitol Hill Summit in Washington, D.C.
http://investorsunite.org/investors-unite-capitol-hill-summit-in-washington-d-c/
DO NOT FORGET to fill out the many forms on the site. Become a member. Join the message board. And sign up for the January event.
Bill Ackman and Bill Isaac should hold a press conference together. That would be interesting.
Investors Unite Capitol Hill Summit in Washington, D.C.
November 26, 2014
Good Afternoon, Investors!
It’s once again the time of year that we stop to appreciate all that we have to be thankful for. I hope that each and every one of you will have the opportunity to spend time with family, friends, and loved ones as you celebrate Thanksgiving.
In the spirit of the season, I wanted to take a moment to thank you, our nearly 1,300 members, for making this year so special and exciting. We are diverse group, from a wide range of backgrounds and experiences, spread all across the country. That we have been able to come together in such a short time to form a united front for shareholder rights is truly remarkable, and a testament to the passion and drive of our membership. Your commitment to the cause continues to astound.
That is why I wanted to extend a special invitation to our committed members to attend our upcoming Investors Unite Capitol Hill Summit, which will take place on Tuesday, January 13th – Wednesday, January 14th in Washington, D.C. This will be an excellent opportunity for our members to come together in person, and take our message directly to Congress through organized events and meetings with legislators. Efforts like these are the best way to drive home to lawmakers that their constituents expect and demand the restoration of their rights.
For those interested in attending, please complete this short form so that we can determine who will be able to make time to attend the summit. Once you complete the survey, we will be in touch with further details in the coming days.
Again, I’d like to thank you all again for making Investors Unite what it is today and paving the way for what will grow to be. Together we can ensure that shareholders rights are respected.
Happy Thanksgiving!
Tim Pagliara
http://investorsunite.org/investors-unite-capitol-hill-summit-in-washington-d-c/
Please speak with your relatives and ask them to attend with you.
http://investorsunite.org/investors-unite-capitol-hill-summit-in-washington-d-c/