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.
it is absurd isn't it. lets not forget that the fed was buying billions of dollars of mbs per month with QE3. so taxpayers interest on their mortgage payments now go to the gov. of course they can turn around and issue treasuries at a lower interest rate and pocket the spread. goverment mREIT. the gov raises g fees...keeps that. drives up demand for mbs buy buying them, which is fine because it is buying them from itself...keeps that. keeps all legal settlements for fraudelent activities comitted by banks that occurred preconservatorship...keeps that. they have created a monopoly and are siphoning off an enormous amount of money from the system in the name of taxpayers, unfortunately it all comes from taxpayers...
i think so too. If johnson crapo gets taken out back and shot it is game time.
well now we have public bispartisan support on the banking comittee against johnson crapo and targeted ads against those who have shown support. J-C gonna die a slow uneventful death soon. put on your parkas, we are heading north...
because it way my legal right as an american citizen according to the rules set forth by the united states government and the securities exchange administtration for an activly trading equity security...
i believe that his initial letter to lew referenced a constituent who "accidentally" misrepresented that he was invested in fannie and freddie. his letter was later amended to remove the reference to that particular example, but his fundamental stance didn't change. toomey did not mix up his gse's, as a member of the senate banking comittee who has had numerous hearings regarding the issue i am sure he is aware of what fannie and freddie do.
Fair enough. This ticker generates so much news though, I would imagine the landscape on 4/28 will not be the same as it is today. I always find it hilarious when people speculate that there are no catalysts on the horizon, there always are. Good or bad I would imagine it will be an interesting month.
The volatility of this stock can make it hard to hold. I think that to do so one has to trust their own convictions and build up a pretty thick skin. Whether those convictions turn out to be denial or clarity remain to be seen.
so sell. we were at 4.10 on friday. we have been at and within 0.30 of your average several times since "the drop". if your thesis has changed you could have gotten out with less than a 10% haircut and chalked it up to a misguided trade. not the end of the world.
those who have been here for more than a few weeks have defended their positions when no one was on their side. now some of the most successful legal and investing minds in the country have come to the same conclusions and their patience has paid off so they are passionate about their positions.
trade according to your own dd, i will do the same...
could be...of course didn't they just release details of a swap agreement which would cause him to loose money in the case that it drops below $3.53? This theory would seem counter intuitive. i guess he could short the hell out of these last $0.30. Not to mention that if they are successful, he will walk away with a controlling position in the secondary mortgage market. There is so much at stake in this, it seems rather myopic to distill is down to a trading scenario that one might find on a pump and dump penny board.
sort of makes my blood boil. liquidity issues were systemic at the time. given the massive fraud that was taking place, the board of the companies had a fiduciary duty to shareholders that was overlooked for nebulous reasons. lockhart is obviously a crony and his position is not surprising. Funny that Paulson's primary concerns were making the regulators and the board understand "the problem". he then convinced congress to give him his "bazooka" which at the time was not intended to be used. wouldn't you love to have been a fly on the wall of that meeting with paulson and fannies board....discovery....
With all due respect, this list contains no facts regarding FNMA. All points are opinions. Why is this stickied?
lockhart was a friend of george w from prep school. what is he gonna say ,"turns out when my friends decided to unilaterally sieze control of f and f, they were mistaken an the firms had tremendous value". base covering and cronyism...
looking good here. put on your safety glasses, i think shes gonna blow....
its kind of a double edged sword. its the special interests and hedge funds that have the resources to fight this. it complicates the issue from a pr standpoint, but without those deep pockets this would be totally swept under the rug. i think it is a positive developement, because it serves to further fracture already disjointed viewpoints.
keep calm carry on...
gonna break out of the handle
the koch brothers!....
richard perry has been a major supporter of the democrats.....
you see how this is going to play out don't you.....
ackman shook that tree at 6 on the news. smart trade...
yep. set and forget it. it has a way of hitting you with surprises. keep calm carry on.....
I agree.
I remember. Was watching you and was glad to see you back in the green on this one after that May, you earned it.
Maybe. Conversely, what happens if it doesn't? Big pop? I don't see this as craps, more like poker. I like my hand overall based on fundamentals, gonna stock with it. If and when it pops or drops play it by ear based on the state of the other moving pieces at the time. Still not convinced that drop wasn't based more on a trading calculation initially than fear….
and frankly every major news outlet is crapping all over them right now….
this is the funniest thing ever. :)
me either.
who was it that posted the crayon drawn chart with the rocketship over the summer? anyone remember that. too funny. if it does that chart needs to be stickied.
the forbes was pretty good too. tide turning...
if...dare i say when it breaks out of this handle this will become the textbook case for the pattern.
No, private capital is great! Look, Penny Mac (interesting name choice) is standing by waiting to fix everything….people should go to jail….but they don't...
Stanford Kurland Countrywide/Penny Mac
PennyMac IR
PennyMac Financial Services, Inc. (NYSE: PFSI) is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. residential mortgage loans and the management of investments related to the U.S. residential mortgage market.
PennyMac was established in 2008 in partnership with BlackRock and Highfields. Today, PennyMac is the largest non-bank correspondent lender in the country and a leading investor in distressed mortgage loans. We also have a large and rapidly growing mortgage servicing portfolio and retail mortgage lending platform.
PennyMac manages private investment funds and PennyMac Mortgage Investment Trust (NYSE: PMT), a publicly-traded mortgage REIT. PMT is a tax-efficient vehicle for investing in mortgage-related assets and has a successful track record of raising and deploying cost-effective capital in mortgage-related investments.
Since our founding, we have demonstrated our ability to apply our residential mortgage expertise and operating capabilities to multiple business opportunities. As a non-bank mortgage company, we believe we are well positioned to capitalize on future changes in the mortgage industry.
Perry does for sure. I don't know if Ackman has litigation. I am sure someone here can confirm.
I sometime feel like following FNMA feels like I am watching Rudy or Rocky. They keep knocking her down, but she just gets right back up…...
I don't know about Ackman, but Perry and Berkowitz are in the middle of legal action. They aren't going anywhere. I don't think they have come this far to wilt away over more nonsense from the gov. Truth is, once all these jokers are tossed out of office those big money guys will still rule the world.
used to own property in astoria. when this pops to $300/share you can sell me a building ;)
no bashers, interesting...
was expecting a least a post or 2 in all caps for emphasis
i wrote to sen sen schumer and gillibrand from after crapo johnson. essentially just politely expressing my concerns with regards to constitutionality, many of hank paulsons statements regarding cship and shareholder treatment, etc. i recieved form response, but i do think that they are aware of the legal issues. the more their aids or whoever does at least read and determine what to respond to will at least have the issue more firmly on their radar from constituents. schumer is on the senate banking com.
Agreed. 100 different "ideas" simply illustrates that they don't have a unified one that really makes any sense. After 5.5 years….and net positive….and multiple lawsuits….and countless hearings….
it is becoming laughable
battle lines are drawn. im not scared. more noise. lots will buy more if they take it down.
anthony weiner
they have got more bills than buffalo...
The House is utterly ridiculous. A circus with far more clowns than donkeys or elephants. I watched a lot of the hearings for Hensarling's PATH act. He and Waters were visibly at odds. It is a partisan stance, which is fine.
At approx. 1 billion shares, MarketWatch lists fnma's market cap at $3.69 billion. Just illustrating that a payment of this size exceeds the current value of where the stock is trading. Given that this is just one bank of many who are admitting, without admitting, that they defrauded the companies the current value of fnma common stock shows how F and F shareholders were essentially thrown under the bus for actions which were not entirely or even predominantly the fault of the companies. The boards of F and F had a fiduciary responsibility to shareholders before C-ship was enacted which was overlooked (arguably) for the stability of the economy. Hank Paulson describes needing to put F and F into C-ship due to possible "capital deficiencies." If these capital deficiencies were due to systemic fraudulent activities, shareholders have every right to expect compensation.
settlement from 1 bank for defrauding shareholders at the time bigger than the current market cap....
try the JW blue label…nom nom
I agree completely. I have seen that as the best and most logical path forward, for some time. It is nice that now many other "experts" and market participants are speaking out saying this as well. Ultimately, other secondary market participants will have access to FMIC (or some other explicit backing) and thereby increase competition for market share. There is no point in dismantling F and F completely, they functionally are the secondary market. Also, as many have testified before congress to a large degree they work now and did perform their function during the crisis. The rest is just ideological BS to bide time until the gov is forced to act. The anti shareholder posture that many seem to take is beyond me, but looking at the facts as I know them I have faith in the courts...