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Was in Mexico today, did you guys cover all this? :)
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11/25/2014 MOTION for Leave to File Amicus Brief Regarding Defendant's Motion to Stay, filed by WASHINGTON FEDERAL, MICHAEL MCCREDY BAKER, CITY OF AUSTIN POLICE RETIREMENT SYSTEM.Response due by 12/12/2014.(Berman, Steve)
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11/25/2014 REPLY to Response to Motion re 103 MOTION to Stay Proceedings Pending Appeal Of District Court Decision , filed by USA. (Hosford, Elizabeth)
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11/25/2014 RESPONSE to 109 MOTION for Leave to File Amicus Brief Regarding Defendant's Motion to Stay , filed by USA.Reply due by 12/5/2014. (Schwind, Gregg)
Yes, this group has a case before Sweeney.
On Friday LOUISE RAFTER, JOSEPHINE RATTIEN, STEPHEN RATTIEN, PERSHING SQUARE (Ackman) CAPITAL MANAGEMENT
Sweeney didn't rule on motion to stay yet. On Friday LOUISE RAFTER, JOSEPHINE RATTIEN, STEPHEN RATTIEN, PERSHING SQUARE (Ackman) CAPITAL MANAGEMENT filed a motion to leave to file an amicus brief opposing the governments's motion to stay. They are an outside party to Fairholme case, and they have their own case before Sweeney. Monday, yesterday, Sweeney granted that request. (to file their amicus brief)
What is HARP?
HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify. Program ends December 31, 2015.
HARP may be an option if:
You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
Your home is your primary residence, 2nd home or investment property.
Your home value has decreased.
You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).
Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookup tool.
Your loan was closed on or before May 31, 2009 (this date can be found using the loan lookup results).
Take the HARP Quiz to see if you may qualify. For more information about HARP eligibility and requirements, go to HARP.gov or visit the Fannie Mae Loan Lookup tool.
Top reasons to refinance with HARP
Lower your monthly payment
Reduce your interest rate
Get a fixed-rate mortgage that won’t change over time
Build equity faster—shorter term options may be available
Save time and money with usually no appraisal required
That's great, more exposure for FnF. Mike needs to buy some shares of Fannie, Freddie too with his $65 million in real estate sales. I bet he loves Fannie, Freddie for his business. Also if you know anyone that qualifies for HARP, let them know, they should take advantage of the opportunity!
Here's the post
December 5th!!! Good day! Miami, get your "release Fannie, Freddie" t-shirts, hats ready, bring some questions for Watt and Mr Lew!
C'mon ihubbers, let's go!!
FHFA Announces Miami HARP Outreach Event Dec. 5
Florida Has Most Homeowners in U.S. Eligible for Refinance Program
FOR IMMEDIATE RELEASE
11/19/2014
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced it will hold its fourth event to reach homeowners who could save as much as $200 per month through the Home Affordable Refinance Program (HARP). FHFA Director Mel Watt will join housing experts and community leaders on December 5 in a town hall-style meeting at Miami Dade College North Campus in Miami, Florida. The event is designed to provide tools to community leaders to encourage the more than 21,000 Miami area residents still eligible to take advantage of HARP.
“We will be working with community leaders and other trusted sources to get the word out that more than 97,000 homeowners in Florida are still eligible for and can save money by refinancing through HARP,” said FHFA Director Watt. “We will also be providing information about the range of assistance available to homeowners in distress other than those who are eligible for HARP.”
Director Watt will kick off the event and Maria Fernandez, Associate Director for the Office of Housing and Regulatory Policy at FHFA, will moderate a panel discussion including representatives from the U.S. Department of the Treasury, Fannie Mae, Freddie Mac, Ditech Mortgage Corporation/Green Tree Servicing, and a representative with Consolidated Credit Solutions in Miami.
According to new data from the FHFA, as of the second quarter, there are more than 722,000 eligible homeowners nationwide who would benefit financially from HARP, with more than 97,000 in Florida alone. This includes more than 21,000 in Miami, 17,000 in Tampa, more than 11,000 in Orlando, and more than 9,000 in Jacksonville. FHFA’s interactive map of the U.S. shows HARP-eligible borrowers by Metropolitan Statistical Area, county, or zip code.
?To be eligible for HARP, homeowners must meet the following criteria:
Their loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
Their mortgage must have been originated on or before May 31, 2009.
Their current loan-to-value ratio must be greater than 80 percent.
They must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.
Borrowers generally benefit from HARP if they meet those criteria and have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their mortgage of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.
FHFA and the Treasury Department introduced HARP in early 2009 as part of the Making Home Affordable program. As of August 2014, more than 3.2 million homeowners have refinanced through HARP. HARP is one of the few refinance programs that allows borrowers with little or no equity to take advantage of low interest rates and other refinancing benefits.
FHFA launched a nationwide public awareness campaign and the website HARP.gov and HARP.gov/espanol? to reach borrowers who are eligible to participate in HARP. FHFA has held HARP outreach events in Chicago, Atlanta, and Detroit, the cities with the highest number of eligible borrowers. Follow @FHFA on Twitter for information on the Miami event.
?Link to HARP Toolkit?
###
?The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.
Contacts:
?Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032?
http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Miami-HARP-Outreach-Event-Dec-5.aspx
I don't know if you can keep up with us Travel5. ;) $fnma,fmcc$ You never answered your post about Miami on December 5th?
Amen means "the truth" in case anyone didn't know! :) $fnma,fmcc$
Historical case, amazing. Again it's up to the shareholders to hold anybody accountable. Defend our rights! or they will slip away. C'mon Fannie, Freddie!
Pikes Peak was also the inspiration for the song "America the Beautiful." We should all have a few or a lot of beers and sing. Here are the words, so you can start practicing. Go Fannie, Freddie!!
Words by Katharine Lee Bates,
Melody by Samuel Ward
O beautiful for spacious skies,
For amber waves of grain,
For purple mountain majesties
Above the fruited plain!
America! America!
God shed his grace on thee
And crown thy good with brotherhood
From sea to shining sea!
O beautiful for pilgrim feet
Whose stern impassioned stress
A thoroughfare of freedom beat
Across the wilderness!
America! America!
God mend thine every flaw,
Confirm thy soul in self-control,
Thy liberty in law!
O beautiful for heroes proved
In liberating strife.
Who more than self their country loved
And mercy more than life!
America! America!
May God thy gold refine
Till all success be nobleness
And every gain divine!
O beautiful for patriot dream
That sees beyond the years
Thine alabaster cities gleam
Undimmed by human tears!
America! America!
God shed his grace on thee
And crown thy good with brotherhood
From sea to shining sea!
O beautiful for halcyon skies,
For amber waves of grain,
For purple mountain majesties
Above the enameled plain!
America! America!
God shed his grace on thee
Till souls wax fair as earth and air
And music-hearted sea!
O beautiful for pilgrims feet,
Whose stem impassioned stress
A thoroughfare for freedom beat
Across the wilderness!
America! America!
God shed his grace on thee
Till paths be wrought through
wilds of thought
By pilgrim foot and knee!
O beautiful for glory-tale
Of liberating strife
When once and twice,
for man's avail
Men lavished precious life!
America! America!
God shed his grace on thee
Till selfish gain no longer stain
The banner of the free!
O beautiful for patriot dream
That sees beyond the years
Thine alabaster cities gleam
Undimmed by human tears!
America! America!
God shed his grace on thee
Till nobler men keep once again
Thy whiter jubilee!
The excitement is the parties involved and the importance of this case and for all efforts to be made to make sure that discovery continues. IMO
I was responding to Hotpick saying we ski worry free next year. Hoping the next year part is January 2015. We will have significant developments by then. IMO End the sweep! Ski in Chile?
Ha! That's true, I fell asleep reading it when I first saw it. :) It's all there.
I wouldn't be surprised if Pershing Square files the brief tomorrow!
That response was quick too! One business day! I liiike it! Fnma
Wow!! Awesome!! Get 'em Ackman! Go Fannie!!!
Alaska...Anchorage, Humpty's, fresh fish, good beer and some music!
Incredible!! I could do a retirement excursion there. Wow! Keep that Fannie in shape!
We can just jump up and down in the bar/restaurant. Navy can jump with his hang glider. A few Colorado Fat Tire beers and you'll be fine :) C'mon Fannie!
OK, we'll drive up Trail Ridge Road, highest continuous overpass in the nation. Navy can hang glide and we'll jump and scream til we run out of oxygen. (12000ft) altitude. Go Fannie!!
Next year, like January '15, right? :) $fnma$
Lots of snow and a dip at Pagosa Springs! Beautiful!! Go Fnma, Fmcc!!
Anywhere! I feel like going to Breckenridge next. :)
Thank you! I'll look out for that too. The last I had seen were the entries on November 7th.
Cool, I'll have to do that. Then you should come skiing in Colorado!
I think I'm going to retire Dec 30th also Lumpi! :) Go Fnma!!
It's in writing (illegal, but still). Sweep is between Treasury and Fhfa, so let's march on their doorsteps. What were the t-shirts you said we should wear? :)
Sweep is an agreement (illegal, but an agreement) between the Treasury and Fhfa. We need to target them for sweep issues. We could go march on the steps of Fhfa and Treasury! But yes, you're right, include it all in the email, and keep absolute pressure on congress and all of them to end the conservatorship!
Email blast all congressmen to buy up now. The words were public, Watt needs to talk with Treasury to end conservatorship. They were not meant to be in conservatorship forever. Volume could come from congress, their staffers, friends, family. I know we're not all friends with all of them, but they do have some purchasing power.
London (AFP) - The Bank of England has opened a formal investigation into the possible manipulation of money-market auctions held at the start of the financial crisis and whether its officials were involved, the Financial Times reported on Saturday.
The months-old probe is being conducted by the lawyer who led the Bank's investigation into the rigging of forex markets, Anthony Grabiner, and he has so far interviewed about ten Bank staff, the business daily said.
The Bank said it would not provide a "running commentary" into any investigations but confirmed no action had been taken or was being considered against any of its employees.
"If the bank were conducting an investigation or review of any of its activities, as it does from time to time, it would be wholly inappropriate to provide a running commentary via the press," a spokesman told AFP.
"I can tell you that no actions have been taken or are currently being contemplated against any employee of the Bank."
When the financial crisis hit in 2007 and 2008, concerns that major banks could not fund their debts damaged confidence in the interbank lending system, where commercial banks lend to each other.
Banks were left struggling to obtain the money required to meet their day-to-day operating needs.
So the Bank intervened, auctioning off billions of pounds (euros, dollars) of what were effectively short-term loans at low interest rates.
The third party is LOUISE RAFTER, JOSEPHINE RATTIEN, STEPHEN RATTIEN, PERSHING SQUARE (Ackman) CAPITAL MANAGEMENT, T. They have a case before Sweeney. Fairholme has a case before Sweeney. In Fairholme case, gov filed a motion for stay. Now the outside party, LOUISE RAFTER, JOSEPHINE RATTIEN, STEPHEN RATTIEN, PERSHING SQUARE CAPITAL MANAGEMENT, would like to file their brief, telling why they oppose the motion to stay in the Fairholme case even though they are an outside party. They are telling Sweeney that discovery needs to continue, because the parts that the gov are saying support their argument for stay in Fairholme, don't apply to them. Plus, the same discovery topics need to be covered in both cases and they are alteady 7 months into Fairholme , so it would be a waste of time and resources to stop discovery.
Shareholders are the only ones to hold anyone accountable for anything. No wonder they want to get rid of us!
Fannie, Freddie should not have been placed under conservatorship. Now, even by their definition of conservatorship, Fannie, Freddie should have been released. Being under the umbrella of conservatorship deters new investors, creates material weaknesses and risks as outlined in the quarterly reports. Every minute they continue to hold Fannie, Freddie under conservatorship, it hurts the stock's financial worth, and there is no reason to keep them held. They owe the shareholders for every minute that they continue to do so.
"Stockholders will continue to retain all rights in the stock’s financial worth; as such worth is determined by the market."
positioning the pawns for whatever might happen. Can anyone just step up and do the right thing?
I like how they're keeping it before the court. Pershing requests to file their brief in opposition to the motion to stay in Fairholme case. Look how many common shares Ackman has, look how easily he raised money at the Amsterdam IPO, look how many hedgie friends of his have jumped in. This is all bringing much needed awareness to Fannie, Freddie stock, IMO. They keep building interest, awareness and keep it in front of the court.
Pershing Square is all over it. This response is due by Dec 8th. How long does Sweeney have to respond to Fairholme?
Here's a simple one I posted after I sent that Friday.
Pershing (Ackman) is requesting to file their brief opposing gov motion for stay in Fairholme case. Pershing says that the reasons the gov gives concerning Fairholme do not apply to Pershing. Pershing requires same discovery, so it's not beneficial to stop it indefinitely as gov is requesting.
spokesman needs a name and we need stay on their butts, Treasury and Watt
Thanks hvpatel! Good points!
Release by conservatorship is only Watt, court or act of congress. Treasury made some illegal, binding agreements (3rd amendment, etc) that some say hold up release. Treasury and Watt can get together and mutually agree to end those from what I understand. If not the court wiill eventually declare what Treasury did to be illegal, IMO. just make sure we're yelling about the right thing to the right people. Otherwise the reporters have a hay day exaggerating things, taking them out of context, preying on our fears.
they're an outside party in that Fairholme case. They have their own case before sweeney too.