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We'll get through this. Here are some gifs to help. We must endure the harsh winter for spring to arrive :)
http://www.clickhole.com/article/14-sufficiently-somber-gifs-share-during-dark-time-802
Thanks, yes the children thought the evil was too far-fetched and mentioned that they only see this type of thing on Phineas and Ferb and shows like that.
Lemonade stand: Got retweeted by HousingWire Trey
pic.twitter.com/fbYWb7TcLj
Feel free to retweet it if you like or bash if you think its lame. Im cool either way.
Nick didn't want to get his hands dirty with this crap, so they had the new pledge do it.
Here was my reply to this story on twitter:
Thanks for the link to the excellent post!
Bill did a great job of summarizing all the key reasons to keep Fannie and Freddie around. Hopefully they openly and genuinely soaked up some information they can use in their future efforts.
Would be really nice to recognize existing, successful platforms that should not go to waste,
This could easily be a Fannie Mae Commercial
#YourTimeHasCome
Where is the Congress Slidedeck and Business Plan for That Matter?
When does the congress slide deck come out on this? You know, the one ensuring America that they will not lead them astray? I assume with something so important. it may just have been an oversight and is set to come out any day now...
Honestly how can they vote on a bill that does not have the same type of thought put into it that Ackman's slides do? I cannot respect anyone in congress that would vote for something with this big of a magnitude without seeing some kind of thoughtful presentation on it.
I would expect this presentation to have numbers to combat Ackman's. I would also expect to see a list of institutions and how much capital they have each pledged towards this type of startup business.
Even the lamest startups in the world all have a solid business plan and thoughtful presentation. Why can't they demand this before voting on something so big?
It's Muerto Mierto
Dear Taxpayer,
Remember when the crisis hit and your house went underwater and you could no longer afford to make payments on your home? Somebody was there for you with a 4% interest rate amortized over 40 years and allowed you to renegotiate payments. They did not ask for warrants on your house and when the economy improved, they only asked that you stick to your agreement and continue to pay the 4%. They did not take over your house and suggest that you will never get it back...
Well now it's time to return the favor. All we ask is you allow us to pay a 10% rate on our loan over only a 5 year period, plus only take less than 100% of our house away from us, like say maybe only take away 80% of the house? Sound like a deal?
Signed,
Fannie Mae, Freddie Mac and millions of affected Taxpayers
Yep I'm just getting the run around. I tried calling 911 and filing a police report here in California. They said they can't help and handed me Feinstein's business card.
Feinstein Reply Smacks of an Invalid Congress Meme
Bingo, that's the news I've been looking for with this run-up going on.
I don't have the book handy, but here's what I remember from the GSE Choose Your Own Adventure book...
Page 19 - If you choose to bankrupt Fannie and Freddie, turn to page 20. If you decide to conserve their resources until you are able to return them to health, turn to page 61. Be careful! Once you have chosen your path you cannot turn back!
I'm pretty sure the Conservatorship path does not go like this...
Page 61 - Wise choice, you have now stolen all profits away from the evil FnF twins. You may now go to Page 20 and bankrupt them as everyone knows they were basically bankrupt anyways at that point.
Yep, if you asked me 4 years ago, I would have said this result was what I was dreaming about; the achievement of the end game and a completion of a successful speculative investment. Many things could have hindered net zero from happening, but they didn't and we got here. I didn't anticipate that I would have to worry about the overtaking by unorganized crime. I guess it's something you never really add to your models. If this doesn't work out, I'll probably look for some good Ponzi schemes to invest in, at least those are a little more fair on initial investors.
Found This: Judge Margaret Sweeney issued an order...
http://www.restorefanniemae.us/calendar
Judge Margaret Sweeney issued an order to deny the government’s motion for stay pending the resolution of related actions in the U.S. District Court for the District of Columbia (re: APA actions).
There was no mention of defendants request for a 91-day enlargement of time to December 9, 2013 to respond to the complaint. As a reminder, Fairholme has requested that the government be required to respond to the complaint by no later than November 7th
Also see below for another shareholder derivative lawsuit filed on September 12, 2013 by an individual, derivatively on behalf of Fannie Mae vs. the United States of America and Fannie Mae (as nominal defendant) in the U.S. Court of Federal Claims. See attached for the complaint.
Washington Federal et al. vs. USA (Shareholders suing Government for Fannie and Freddie
Case Number: 1:13-cv-00385
Jurisdiction: US Court of Federal Claims
09/18/2013
22
ORDER denying 12 defedant's Motion to Stay after full briefing and careful consideration, for the reasons set forth in plaintiffs' response in opposition. Signed by Judge Margaret M. Sweeney. (lp1) Copy to parties. (Entered: 09/18/2013)
Fairholme Funds vs. USA
Case Number: 1:13-cv-00465
US Court of Federal Claims
09/18/2013
12
ORDER denying 7 defendant's Motion to Stay after full briefing and careful consideration, and for the reasons set forth in plaintiffs' response in opposition. Signed by Judge Margaret M. Sweeney. (lp1) Copy to parties. (Entered: 09/18/2013)
No apologies needed. It certainly wasn't something that deserved to be called retarded, that act in itself is retarded.
SA, I think we may have found our new PR spokesman against needless GSE reform.
http://www.liveleak.com/view?i=2b8_1377830622
I'm pretty sure the interviewer was asking the man's opinion on Hensarling and the PATH act.
I think I'm with you on the lawsuit. I haven't seen Bronte, Gator Capital, or Michael Kao jump on one yet. I believe most other hedgies are letting Perry and Fairholme take the reins on this one.
Some Already Realized This, But It Just Came to me.
Obama already knows that the laws surrounding equity and ownership will result in a new amendment from the FHFA to allow the GSE's to pay off their dividends and allow the preferred's to get paid out. That is really out of his control. He knows there is nothing to gain to admit to this, back this, or show any affiliation with this decision.
Instead, it is much easier for him to denounce the GSEs and show he has nothing to do with this. He appeals to the masses by saying they must be wound down.
In actuality, he's smarter than this. He knows he can publicly cry for the wind-down, but when it comes to the exact details that the public doesn't give a crud about, he will control the wind-down exactly how he wants. He will make darn sure that liquidity and home loan affordability are not affected with the wind-down. This most likely means no drastic changes for a long time to come and we are money good.
That's just my take. I just don't see Obama being in the dark about this and willingly wanting to screw housing finance up beyond repair. There's just too much to risk with his presidential legacy at stake.
I just really don't get it. The government is suing another big bank. Every single one of them has committed mass RMBS fraud of epic proportions. Yet these are the organizations that housing finance will fall upon once Obama completes his vision of abolishing the TWO companies that they are NOT suing. Is he and everyone else just that dense?
Can we just skip the charades with the "privatization" and just send the business over to the US Penitentiary? They can go ahead and just securitize mortgages in lieu of stamping out license plates. The Penitentiary Accounting and Trading for Homeowners (PATH) act actually sounds like a better bill than what they are currently proposing. From what I hear, they have a better track record of reforming fraudsters.
Good Freddie Mac Q2 Summary by Calculated Risk
Freddie Mac on Q2: $5.0 Billion Net Income, No Treasury Draw, REO Declines
U.S. regulator announces $885 million settlement with UBS
U.S. regulator announces $885 million settlement with UBS
This is FHFA's announcement of the settlement. Interesting they are finally disclosing real numbers.
I don't know if we can get enough support on it. It seems like no one wants to be associated with helping a tarnished company and it's shareholders.
My guess is the lawsuits help the treasury do the right thing. They can now say that they had no intention of letting the shareholders share in the GSE profits, but that they were legally backed into a corner and had no other legal option but to settle.
Scott is a Republican who opposes government entities wherever possible, but he sees the value here and makes a lot of sense. Other than that Capital One baby that doesn't like 50% more cash, I don't see any sensible, agendaless person that should disagree.
Don't forget Bronte Capital, the original fund that started it all. They are still holding.
that is one seemingly selfless guy that really deserves fair treatment on this
David Fiderer says:
Yep, the bully is never satisfied with just stealing your sack lunch. He also wants the backup lunch money you've got in your pocket too.
wow, guess I'm not as funny as I thought I was
Thanks for Bringing the Heavies to the Table Letgo. I had a lot of faith you could do it. Tell them to band together and do me a solid and create a website of their own to put the final stamp on this thing.
I'm saying that the market as of at least yesterday does not seem to take Corker seriously. As of yesterday, we were at about 18% RV. His comments have been out for a while now and it hasn't seemed to affect the price.
This American Banker article came out 20 minutes before the market closed today:
GSE Reform Bill Quietly in Works Under Sen. Corker
This article may be totally unrelated to the price movement today. SA just made a really good point on why it may not be related. Many still think that there's no way he can get consensus on a bill. I honestly have no idea now what caused the price movement up.
It's not just me. With the juniors at 20% RV, the market is not taking Corker's comments very seriously... We'll see how it reacts to this news on Tuesday and we'll know for sure what it thinks. My fool's guess is someone knew this article was coming out after hours.
He has to say that to avoid backlash with all the haters. His proposal is focused on what's right for housing finance, not shareholders. If it turns out that all taxpayer debts are paid and they are legally obligated to compensate equity, then that's a necessary evil.
Corker Quietly Crafting Bipartisan GSE Reform Bill
Corker Quietly Crafting Bipartisan GSE Reform Bill
Looks like this might be what the action is about...
exactly, thanks for the stale advice. may as well tell me to hurry up and put the little caesars leftovers that were left out last night into the fridge.
The "helping the middle class tenet" ship has sailed. The GSE's are never going to win any more popularity contests with anyone. At this point Demarco is all about the taxpayer. The faster they are made whole, the faster we will be too.
As a side benefit to all this, most all the GSE employees will keep their jobs one way or another if they want them. Their skill-sets are just too valuable to housing finance. I'm more confident about that than getting my RV.
I don't get it. Aren't they the ones that asked for higher g-fees so that they can compete? Now that they got what they wanted, they've decided they don't like how it turned out? What gives?
If they just want profit sharing more than risk sharing they should just come out and say so.
ps. One of the reasons the spread had lowered is that the conforming limit is now lower. Loans that were once conforming are now jumbo and this has shifted the metric a bit.
Let's see
1. GSEs had razor thin margin with G-fees
2. Banks load up and make tons of money originating crap loans and sell to GSEs
3. GSEs lose billions. They are blamed that they can't price risk correctly and should be abolished
4. GSEs fight their way out of whole, now charge a competitive G-fee and are now making money that accounts adequately for risk.
5. Banks now say this competitive G-fee is making too much money for the taxpayer and GSEs. Buyer is now being harmed by GSEs making sure they don't get burned again.
6. Banks being left out in the lurch with GSEs soaking up too much of the middle-man money. This just isn't working for us... Please put us back at forefront so we can be the pristine stewards of housing finance we're known for.
Did I get this right? And if so, do they take everyone but them for idiots?
This refresher is in order on such a CRITICAL SPECULATIVE INVESTMENT LIKE THIS:
HTTP://EN.WIKIPEDIA.ORG/WIKI/PREFERRED_STOCK
From my understanding GAAP is more controlling about proving you can produce sustaining profitability. Less controlling about rushing you to make the decision.