Nothing wrong with being a vulture.
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Latest from Epstein - A Tale of Two Bailouts: AIG, Fannie and Freddie and Beyond $FNMA
http://investorsunite.org/discussion/topic/a-tale-of-two-bailouts-aig-fannie-and-freddie-and-beyond/
"It has been some time since my last Forbes column on Fannie and Freddie. After eight weeks in Court, it appears as though the AIG trial, in which former AIG CEO Maurice (“Hank”) Greenberg is mounting a challenge to recover some $40 billion for shareholders from the United States, by attacking all the steps in the multi-billion U.S. bailout, initiated in September 2008, which started at $85 billion, but may have run to as much as $180 billion by May 2009. While separate arguments, there are some instructive elements to contrast the developments in the ongoing AIG dispute with those in connection with the multiple lawsuits brought by the private shareholders (both junior preferreds and common) of Fannie Mae and Freddie Mac against both the Federal Housing Finance Authority (FHFA) and the United States Treasury."
more
http://investorsunite.org/discussion/topic/a-tale-of-two-bailouts-aig-fannie-and-freddie-and-beyond/
MP3 link of Bloomberg segment posted here.
http://investorsunite.org/discussion/topic/william-isaac-former-fdic-chair-on-bloomberg-advantage
$FNMA
I also typed up some brief notes. The segment starts at 6:50 and continues after the commercial break.
FHFA Meeting in Miami Dec. 5th. Investors Unite will be there.
http://investorsunite.org/discussion/topic/fhfa-town-hall-meeting-in-miami-dec-5th/
Please let me know if you have questions about the event. I encourage everyone to attend. I went to the event in Detroit and it was very interesting.
This article really rubs former Obama Admiistration official and current Mortgage Bankers Association official, David Stevens, the wrong way.
https://twitter.com/DavidHStevens/status/537207844022788097?s=01
Who Will Pick up Fed's MBS Buying Slack? $FNMA
http://investorsunite.org/discussion/topic/who-will-pick-up-feds-mbs-buying-slack/
Nov 24 2014, 12:51PM
The Federal Reserve has completed its latest round of Quantitative Easing, the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae are under orders to continue shrinking their investment portfolios and significant constraints exist to keep private investors from purchasing agency mortgage-backed securities (MBS). So who, the Mortgage Bankers Association (MBA) asks, is going to pick up the slack?
NEWS
FHFA Announces that Conforming Loan Limits will remain at $417,000 in 2015
http://investorsunite.org/discussion/topic/fhfa-announces-2015-conforming-loan-limits-unchanged-in-most-of-the-u-s/
I must ask what this means for FNMA because I don't see it.
I recently installed Linux on my machine because it was not working properly. I believe I also got a virus on a site like this.
Interesting bio for that guy.
Henderson is the president and chief executive officer of the Leadership Conference for Human and Civil Rights and counsel to the Leadership Conference Education Fund.
I wish we could go back in time and compare the comments from Wednesday to the tone and discussion from 2010.
Things change quickly. Even if it doesn't feel like it.
Mortgage giants' stance against principal reduction may be softening $FNMA $FMCC
http://bit.ly/1tn7SqB
Jaime Coronel’s pick and shovel sat idle when the recession made landscaping jobs scarce, and the home where he and his wife, Juana, raised four children fell into foreclosure. Mortgage giant Fannie Mae gave permission in 2010 for the Coronels to stay on in the Azusa house as renters.
“That was the best deal that we could get at the time,” said Peter Kuhns, a Los Angeles organizer of an activist group that took up the Coronels’ cause, disrupting banks and invading Fannie Mae’s Pasadena offices, a 20-minute drive from the couple’s working-class neighborhood. Religious and community leaders and state legislators joined in, lobbying on their behalf.
more
http://bit.ly/1tn7SqB
Another Hedge Fund Admits Getting Fannie, Freddie Back Maybe Not The Slam-Dunk It Appeared $FNMA $FMCC
http://bit.ly/1vvHYaH
Another Hedge Fund Admits Getting Fannie, Freddie Back Maybe Not The Slam-Dunk It Appeared
By Jon Shazar,,,,
As previously mentioned, a federal judge is What could go wrong?annoyingly insisting that the federal government probably has a right to take whatever it wants from Fannie Mae and Freddie Mac, what with the whole $187.5 billion bailout and whatnot. As with AbbVie’s cold feet, certain segments of the I-95 corridor between New Haven and Trenton did not see it coming. And even though the debacle is now well over a month old, casualties are still trickling in. The latest: Marathon Asset Management.
http://bit.ly/1vvHYaH
Did FHFA’s Watt open the door to ending Fannie, Freddie conservatorship? $FNMA $FMCC
http://bit.ly/1F88qXG
Civil rights groups join calls to bring GSEs out from nest
Trey Garrison
November 20, 2014 3:33PM
When Federal Housing Finance Agency Director Mel Watt spoke before the Senate Banking Committee on Wednesday he opened the door to the possibility of ending the GSE conservatorship.
Watt acknowledged that the process would have to begin with the Treasury Department because of the sweep established under the third amendment to the Senior Preferred Stock Purchase Agreements, which prevents Fannie Mae and Freddie Mac from building capital.
http://bit.ly/1F88qXG
Claren Road Hit With $1.9 Billion In Redemptions $FNMA
http://bit.ly/1zH3RCI
Letter to FHFA on Future Role of GSEs in Promoting a Fair and Affordable Housing Market $FNMA $FMCC
http://bit.ly/1AmQkmO
Advocacy Letter - 11/19/14 from civilrights.org
Hensarling, Waters Reelected to Lead House Banking Panel $FNMA $FMCC
http://bit.ly/1HpMqLV
Regulators Urged to Set Fannie-Freddie Free From U.S. $FNMA $FMCC
http://bit.ly/1yWDVSA
That helps them sell Treasuries, but completely screws things up in our domestic economy. Hundreds of banks failed because Treasury could not admit fault.
I don't believe that FHFA needs to get Treasury's buy-in to end the Sweep. They have the authority under HERA to do what is necessary to preserve and conserve, without judicial review. Watt knows that he needs buy-in to make it a lasting change, that is all.
This is interesting because it shows how Treasury over played their hand. Under HERA, FHFA reports to a governing board that includes SEC, HUD, Treasury, and FHFA. This board doesn't appear to have ever met. Did the PSPA overrule the law passed by Congress?
I screwed up the URL. Try again.
Here's the original video.
How many have seen this video of Geithner squirming in Congress?
http://investorsunite.org/discussion/topic/march-25-2010-don-manzullo-questions-tim-geithner/
Six months after I recorded this video, Geithner announced the net worth sweep amendment.
It's been a long hard fight to get this far.
Despite New Hope on Fannie $FNMA and Freddie $FMCC, Compass Point's Boltansky Not Convinced Watt Will Take GSEs Out of Conservatorship
http://investorsunite.org/discussion/topic/despite-new-hope-on-fannie-fnma-and-freddie-fmcc-compass-points-boltansky/
IMF: Senate Banking Chair Urges Watt and Treasury to End GSE Conservatorships
$FNMA $FMCC
http://investorsunite.org/discussion/topic/senate-banking-chair-urges-watt-and-treasury-to-end-gse-conservatorships/
Johnson asked Watt to engage with Treasury to end Conservatorship
http://investorsunite.org/discussion/topic/fhfa-at-senate-banking-committee-november-19th
Warren's argument for principal reduction, that it would make Fannie and Freddie money, doesn't make sense. It's easy for Watt to defend his position.
There might be another meeting in DC next year. That's why I am pushing hard for new IU members.
Senator Calls For FHFA to End Fannie, Freddie Conservatorship $FNMA $FMCC http://investorsunite.org/discussion/topic/senator-calls-for-fhfa-to-end-fannie-freddie-conservatorship/
Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships $FNMA
http://investorsunite.org/discussion/topic/fannie-freddie-overseer-urged-to-seek-exit-from-conservatorships-2/
Democratic senators call on Fannie, Freddie regulator to boost home lending
http://investorsunite.org/discussion/topic/democratic-senators-call-on-fannie-freddie-regulator-to-boost-home-lending/
I called him an arrogant twerp just a day or so ago. Did that help anything?
Tomorrow I will live blog my notes of the hearing.
http://investorsunite.org/discussion/topic/fhfa-at-senate-banking-committee-november-19th/
Please join me.
Every time one of you mentions his name, he collects a little bit of money. His infamous nature is good for page views.
Stop talking about him. Stop sharing his work.
These are screenshots out of a Freddie Mac presentation. I just took the ones that looked interesting.
Here's some interesting charts and graphs for you.
http://investorsunite.org/discussion/topic/charts-and-graphs-from-freddie-mac/
Here's Doug Duncan on the housing market.
http://investorsunite.org/discussion/topic/youtube-doug-duncan/
Please leave the author a note thanking him for his story.
Excellent article in National Mortgage News on the $187 billion 'Bailout'
http://investorsunite.org/discussion/topic/how-the-187-billion-gse-bailout-went-awry/
FMCCP 6 billion percent return to $406,542 per $50 preferred share.
Mysterious fat finger quotes across multiple GSE Preferred (This is a $50 face value) $FMCCP $FNMA $FMCC pic.twitter.com/27fJ8CBj6I
— AccoFi (@AccoFi_com) November 18, 2014
FNMAS and FMCKJ trading at $40,000 premiums to face value too. We need to be listed on a major exchange.