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Platinum Freddie Mac.
You have to hold 20 k to qualify. Exception I someone Mt hat contributes to the board info consistently is invited but has less than 20 K. Also yo left out Plantium in your listing levels.
YanksGhost , excellent summary. To add to this mystery , why hasn’t one of these directors and officers step forward to bring some clarity ? Big payoff ? Incrimating accessory ? What about the gag order. Why is it still in exsistances ? And, the books , why are they not available NOW ? Trump has the power to unravel all these mysteries with new AG. Let’s stay focus in these questions instead of giving our investment value away to crooked hedge funds ( John Paulson made $42 billion shorting and wants $42 billion plus long )
How does new Preferred raise capital if the interest rates reflect so poorly ?
Big difference between the mooch and Otting
Otting wasn’t told to shut - up.
On TDA reading site dated Jan 11 2019
A concern for Preferred shares
Libor Could Still Haunt Preferred-Share Investors -- Barrons.com
12:09 pm ET January 11, 2019 (Dow Jones) Print
By Alexandra Scaggs
The global interest-rate benchmark Libor could be going away after a manipulation scandal rocked the big banks. Yet it threatens to cause problems for investors long after it dies.
Take the $18 billion of Citigroup (ticker: C) preferred shares. Unless the bank changes the terms on $11 billion of them, investors could earn far lower yields than they might expect: Think 5.2%, instead of 7.3%.
The reason is that many contracts like these dictate that floating rates be based on Libor, the daily London interbank offered rate. That could cause problems if the rate goes away, which regulators expect after 2021. The companies that issue preferred shares don't yet have a standard way to replace the benchmark, especially for shares they issued years ago. Many contracts say that the last Libor print will determine the rate. So instead of a fixed-to-floating security, investors would end up owning a permanently fixed-rate security.
Citi is an unusual case. Thanks to a quirk in its contracts' language, it could save more than $200 million of investor payouts if interest rates stay near current levels. If interest rates rise, as the Federal Reserve projects, investors will lose out on even more potential yield.
A bank spokesman declined to comment for this article. But in an April 2018 conference call, Citigroup's treasurer. Mike Verdeschi, said the bank recognized that its preferred contracts were a "concern for our investors." And he added, "We really value the relationship with them, and we recognize the need to address that, as we look at the potential of Libor being discontinued. That's something we are still very focused on."
Global regulators are promoting substitutes for the tainted benchmark. But until these alternatives establish themselves in the market, Libor will determine the rates for roughly $200 trillion of financial products: leveraged loans, mortgages, and derivatives, as well as preferred shares.
So far, the transition hasn't been smooth. While Libor isn't the foundation of the financial system, it stretches through the markets like electrical wiring in a house, and touches almost every area. Replacing it promises to be very difficult.
"If people put their minds to it, do their work, and do it in a timely way, it'll be a nonevent," says Anne Beaumont, a partner at the law firm Friedman Kaplan Seiler & Adelman. "If they don't, it's going to be a giant mess."
In the meantime, questions persist about the reliability of Libor, years after traders at the big global banks were found to be manipulating it.
The rate is based on a poll, and only about 30% of submissions for three-month Libor were based on actual transactions in the first quarter of 2018, according to its administrator. The rate is meant to measure the cost of unsecured short-term loans among banks -- and those have been discouraged by regulators since the financial crisis. Because banks are making fewer loans of this type, they have to use market data instead.
With all of this trouble, it is understandable that global regulators want markets to be rid of Libor for good. United Kingdom regulators plan to stop pressing banks to print the benchmark after 2021, giving markets a tentative deadline to find a replacement.
The Federal Reserve--backed Alternative Reference Rates Committee, or ARRC, has spent five years working to push financial markets away from Libor.
The committee has chosen a replacement called the Secured Overnight Financing Rate, or SOFR. This isn't a perfect substitute, however. It measures the cost of secured transactions, but doesn't include the risk of bank default, which means it is lower than Libor.
The Fed's ARRC has several working groups to address that issue and other questions, including how to get issuers of derivatives, loans, and mortgages to make the switch, and whether they should all use the same process to adopt the new benchmark. The ARRC and the International Swaps and Derivatives Association are working on a plan for derivatives -- the largest market linked to Libor.
The trickiest question, however, could be what to do with the $35 trillion of Libor-based contracts that will keep trading after 2021. Those contracts include a subset of the market for preferred shares, which has escaped attention until recently.
Libor is a standard benchmark for preferred securities that initially pay a fixed dividend and then switch to a floating one on a predetermined date. The market for those securities, known as fixed-to-floating-rate preferreds, is relatively small, compared with those for derivatives and loans.
The preferred shares of General Electric (GE) are based on Libor, for example. So are preferreds issued by Morgan Stanley (MS) and PNC Financial (PNC). If Libor is discontinued and the issuers don't revise their contracts, all three will remain fixed-rate securities tied to Libor's final print, instead of switching to a floating rate, according to their prospectuses.
Citigroup's preferred-share contracts take it a step further. For $11 billion of them, if Libor isn't printed after 2021, the shares will pay a fixed rate based on Libor at the time the shares were issued, back when interest rates were close to zero. So if rates stay near their current levels, investors could miss out on about two percentage points of yield.
Broadly, "the preferred market is likely to be dragged along with whatever the solution happens to be," says Eric Chadwick, president of the investment advisor Flaherty & Crumrine. "The market could very well survive no change at all, though that's not our desired outcome."
Even so, preferred-share investors think that the issuers will cooperate and adjust terms as needed. About 80% of preferred securities are issued by banks, which usually want to keep their fund-manager clients happy.
"I don't think treasurers are really looking to put one over on investors, because they have to issue hundreds of billions of dollars of these securities in the future," says William Scapell, head of fixed income and preferred securities at Cohen & Steers.
Still, investors should be mindful of the process. The end of Libor could bring unpleasant surprises if the industry working groups don't arrive at a solution.
The market has nearly three years to deal with the problem, which should be sufficient to come up with a deal. Yet if investors and banks drag their feet, the costs could pile up. "For preferreds, we could see this continue all the way up to the point that Libor disappears," says Chadwick of Flaherty & Crumrine. "I don't think there's a sense of urgency."
Write to Alexandra Scaggs at alexandra.scaggs@barrons.com
(END) Dow Jones Newswires
January 11, 2019 12:09 ET (17:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Removed from NYSE in 2011 to OTC. Able to trade extended time until OTC, Also, traded options until OTC.
Thank you for the blessings. I am 70 and feel fortunate to have survived this long. Heart failure ( fluid build-up) is minor compared to heart attack blockage ( 2 of those in my late thirties ). But, I survived as result of living healthy life style. When you get this age, one starts working the “bucket list”. Those you went to school or associated with when young start passing in numbers per year starts one wondering.
Looking at list makes me feel old. Bought into shares July 2008. Names from that list , I imagine some have passed in last 3 years. I came close with 2 heart failures in 2017 ( nov17 and dec 27 ) .
It‘s ok to fight , just focus on the target .
Gov requested en band for fear of affect of decision on other circuit cases. Gov wants reversed.
First statement regarding cship was a false statement that FnF were in need of $108 billion for liquidity . Until that can be contained what that $108 billion defined in detail not going to win. That is a key detail that is vague without the books. This information has been absent every case. Yes , I know this exclude by the FHFA as having rights to prevent shareholders access. But, how can a case be won without that information ?
“ - Government declares receivership, cancels existing commons, issues new commons and THEN exercises their warrants. The SPSPA only expresses a right to 79.9% of common equity, not today's existing equity. This is the government's nuclear option and I find this extremely unlikely. But it is possible. “
Not a lawyer, but such a move would represent self dealing and takings. Your suggesting gov wipe out others for their ( gov ) benefit. Also, SEC has rules about majority shareholder doing things at the expense of other shareholders at benefit of majority shareholder. Not sure that is a option. But the gov does what the gov does.
Again, until gov exercises warrants , the case is not ripe.
So your saying if both class of shareholders were fked, criminal, remedy only should benefit one and not the other . Please show me the law that states in a criminal action that one harmed party is entitled to remedy and the other harmed party should be further harmed for the benefit of the other harmed party Show the law that favors the criminal the right to choose which is compensated or not compensated ? Was common harmed ? You bet ! Funds were being distributed to affordable housing, unemplyment xtension , etc. instead of paying dividends to shareholders. When you steal someone’s horse, you can expect to be hung.
FHFA is not on gov patroll.
If FHFA paid Friday, would of been posted today , last day of month w/T by 4:00 pm.
If FHFA paid to day it would show on FHFA today and posted Wednesday with T.
We know FHFA may not distribute today. If T does not post Wednesday 4:00 pm, increase possibility that swept stopped.
Otting + Cabrinia + Mulvaney all said NWS was illegal. Why would any associate themselfs with any payment ?
We will see Wednesday. Explanation / announcement may come next Monday.
A wipeout of current shareholders replaced by greedy new shareholders experienced by a corporation may be acceptable.
Although, when a gov does this through criminal behavior , this creates a sever trust factor. So you are correct to say some find this acceptable but you have to look at demographics of the type of investor you want. For instance, prior to c-ship, the type of investor in FnF were those looking for safety with good return. Fact is most of these investors felt FnF were safer investment than UST , creating a problem for UST Wild West debt spree to sell bonds.
A high risk short term investor is what remains for FnF if current shareholders are wipeout. That higher risk leaves a very volatile share price , higher capital reserves requirement , etc.. like a tech stock. FnF want long term mom and pop and retirement investors, not short term gunslingers.
So a gov shareholder wipeout would make it difficult to impossible to achieve FnF “mission” because of lack of trust , higher risk , the expense of higher risk. FnF could not hold 30 year mortgage or make market cause of the cost of doing business is comparable to banks . Note, FnF do not have the diversification that banks do. Makes it even more difficult to survive. Perception is very important in terms of public confidence. Very true for FnF . The gov has the power to destroy or enhance that perception / confidence
McGuire , you’re correct.
He is a bond holder.
Paulson made $42 billion taking FnF short , wants x that as a holder. It is Pacino to destroy families . No hero, additction.
“ Eve of Destruction “ Bob Dylan or
“ Staying Alive “. BeeGees
Dow 30 broke through 23 000. Not good.
this current price is a reflection of tons of uncertainty
the market likes Google and Amazon and .... and piles on growth on growth due to what the call "clear visibility " - so growth plus clear visibility results in super high PPS
the market hates fog and lack of visibility - it punishes stock prices where the visibility is weak . Here the visibility is 10x weaker than weak so the PPS gets beat up and then beat up some more
Lumpina, agree. Nothing new! Whoops... he did mention a hope for timely Senate approval of the next FAHA director Was that reason for his pump ? It followed the article in The Hill , relevant ?
Each trade represents a buyer and seller. So divide trading volume by 2 for actual trade volume to avoid counting the same share twice.
Yep , everyone heading Preferred....
Like common , Preferred has a constant number of shares issued , not infinite number of shares. There are more common shares in each enterprise than Preferred Shares ? Why are the Preferred not going through the roof. Not enough demand ? If Preferred were in such demand , why do the eggheads have to bash commons and pump Preferred ? If the deal for Preferred is so great , why do Preferred need to pump at all ? Some of the pumpers have been here too long for it to be a good deal. You PREFERRED PUMPERS ARE TRYING TO HARD TO BE BELIEVABLE.
Q3 conference , Andy protected 2019 Revenue $225 million . Not = $60 million per quarter ($240 million) but adjustment will be made cause plug will beat. But break even not going to happen in 2018 if he has to have $240 million for breaking even. Uk go into your message history, you were stating most recent break even at $50 million per quarter. That is $200 million per year. If plug beats the adjusted high $190 million is beat, it is possible. But now looking at $240 million. Details and clarity missing on plugs part ?
Everyone seems to forgot CSP was built with shareholders profits and intellect properties. CSP belongs to us shareholders.
Warrants can be argued legal or illegal , but the Statue O Limitation does not begin count down until claim is RIPE ( the actual damage occurs ) . A claim. Is not Ripe (damages occurred ) for takings until Warrants are Exercised ( the Gov actually takes the common shares , which they have till 2028 to exercise the option ) . So the gov has not exercised those warrants as of yet. Whether they will exercise warrants is pure speculative, When warrants exercise is when damage occurs and claim illegal or legal will be decided in the courts . Until then , it is pure speculative.
12/12/2018
Seeking Alpha
Mortgage lender profit outlook falls for nine straight quarters: Fannie Mae
Dec. 12, 2018 10:36 AM ET|About: Bank of America Corporation (BAC)|By: Liz Kiesche, SA News Editor
Profit outlook for mortgage lenders fell for nine straight quarters in Q4 2018 as demand for loans to buy homes and to refinance existing mortgages declined, according to Fannie Mae's (OTCQB:FNMA -2.1%) Q4 2018 Mortgage Lender Sentiment Survey.
Outlook for profit among lenders in Q4 reached and all-time survey low across all loan types -- GSE-eligible, non-GSE-eligible, and government.
Competition from other lenders was cited by survey participants as the top reason for their pessimism for the eighth consecutive quarter, while consumer demand was cited as the second most important reason.
For purchase mortgage demand, across all loan types the net shares of lenders reporting growth for the prior quarter reached the lowest reading for any Q4 in the survey's history.
For refinance mortgages, the net share of lenders reporting demand growth over the prior three months declined to the second-lowest level in the survey history for GSE-eligible and to the lowest level in the survey history for non-GSE-eligible loans.
Lenders' net profit margin outlook remained negative for the ninth consecutive quarter and reached a new survey low.
Related tickers: OTCQB:FMCC, WFC, JPM, BAC, USB, ORI, FAF, NRZ, OCN, DHI, KBH, PHM, TOL, LEN, NVR
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“Czar” ???
Thinking:
If retain earnings is $15 billion year
(5%) $180 billion recap takes 10 years with no dividend distribution .
If retain earnings is $15 billion year
(8%) $400 billion recap takes 20 years with no dividend distribution .
If decrease in earnings caused by decreased market share , then less capital necessary dividend distribution will shrink on x shares ?
If with earnings after recap are $15 billion , a dividend could be paid on undiluted common and preferred .
If shares are diluted to 15 billion shares, and preferred interest , is $15 billion enough earnings to attract investors ?
What dividend investor would want to wait 10 or 20 years to earn a diluted dividend ?
A class action suite occurred by Freddie Mac shareholder immediately after cship . They were rewarded pennies on the dollar. What does that mean in your scenario as for timely and award ?
This is on Fox News.com. I have to say I agree with Tucker. I will say he needs to deal with FnF , or I will say he turns out to be the biggest Flake.
“ (Fox News host Tucker Carlson said President Donald Trump has not kept his campaign promises.
“His chief promises were that he would build the wall, defund Planned Parenthood, and repeal Obamacare, and he hasn't done any of those things,” he said. “…I've come to believe that Trump's role is not as a conventional president who promises to get certain things achieved to the Congress and then does.
“I don't think he's capable. I don't think he's capable of sustained focus. I don't think he understands the system. I don't think the Congress is on his side. I don't think his own agencies support him. He's not going to do that.
Read Newsmax: Fox News' Tucker Carlson Hits Trump: Hasn't Kept Key Promises | Newsmax.com
Urgent: Do you approve of Pres. Trump? Vote Here in Poll
Carlson’s comments came during an interviewer with Switzerland’s leading German language opinion weekly, Die Weltwoche
Pressed by the interviewer on whether Trump had achieved anything during his term in office, Carlson said: “Not much. Not much. Much less than he should have. I've come to believe he's not capable of it.”
Carlson also said he hated Trump’s boasts.
“I hate that… it's not my culture,” he said. “I didn't grow up like that.” ) “ “
Related Stories:
* Poll: Tucker Carlson Most-Liked Host Among Republicans
* Fox Execs Blast Mob That Targeted Tucker Carlson's Home
© 2018 Newsmax. All rights reserved.
Read Newsmax: Fox News' Tucker Carlson Hits Trump: Hasn't Kept Key Promises | Newsmax.com
Urgent: Do you approve of Pres. Trump? Vote Here in Poll
Lol...... human nature.
The statement was “recap and release”. Having lost the House, it makes it easier to justify to thank FnF and return the funds.
You are correct ,Good listing.
lMAO!!1!! Can we have a “ HEAR, HEAR “
lumpina, being your profession as a paralegal, how do you read what the statement says ?
Is he holding , decreasing ?