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gotcha ... nuth'n to see here ... just another school yard set-to
looks like the bully got better'd and batter'd but I bet he'll be back .... they always come back ....
Big-yank .... You've been school'd ....
If yer 1/2 smart as ya think ya are ... you'll ...
Stop .... Look .... Listen .... but mostly shut up and learn ...
But I'm guess'n prolly not that smart ....
"If you don't eat yer meat, you can't have any pudding. How can you have any pudding if you don't eat yer meat?"
We don't need no education
We dont need no thought control
No dark sarcasm in the classroom
Teachers leave them kids alone
Hey! Teachers! Leave them kids alone!
All in all it's just another brick in the wall.
All in all you're just another brick in the wall.
We don't need no education
We dont need no thought control
No dark sarcasm in the classroom
Teachers leave them kids alone
Hey! Teachers! Leave them kids alone!
All in all it's just another brick in the wall.
All in all you're just another brick in the wall.
"Wrong, Do it again!"
"If you don't eat yer meat, you can't have any pudding. How can you
have any pudding if you don't eat yer meat?"
"You! Yes, you behind the bikesheds, stand still laddy!"
Hi Dono ...
There are lots of peeps out there who like to discuss prefs vers comm .... I own both and have for a very long time I plan to hold both and just wish the FHFA and U.S. Treasury would simply do what is right and fair ... and if they can't muster the will to do this their own then I pray that the courts will nudge them in that direction ... the sweep is not fair and I believe should not have been agreed to ...
The article states ....
"Some of this capital, however, was only on paper. In quarter after quarter, the GSEs would find themselves short of the cash needed to pay the mandatory 10 percent dividend, so Treasury would advance them more cash in order to do it, creating a circular cash flow that changed nothing.
Saying it wanted to end the pointless circularity, FHFA and the U.S. Treasury agreed in August 2012 to revise the terms of their agreement. Instead of a 10 percent dividend, the Treasury would receive all net income earned by the two GSEs paid in a quarterly “sweep.”
Not long afterward, Fannie and Freddie’s financial situation changed for the better, and the two entities began to produce substantial profits."
The FHFA and Treasury never needed to "revise the terms of their agreement." to "end the pointless circularity" the GSE's could have
paid dividends in kind which would have prevented the "circular cash flow" there was never a need for the third amendment based on the reasons given by the FHFA and the U.S. Treasury.
Then the article goes on ....
"Not long afterward, Fannie and Freddie’s financial situation changed for the better, and the two entities began to produce substantial profits."
Fannie and Freddie’s financial situation had already changed for the better before the FHFA and U.S. Treasury revised the terms of their agreement and created the sweep.
I recommend listening to Charles J. Cooper's interview with The Federalist Society
Mr Cooper is representing Fairholme Funds INC. in their lawsuit against the the U.S.
http://www.fed-soc.org/audiolib/freddieandfannieshareholderlawsuit-2-21-14.mp3
at 30:37 ....
"At no time has Fannie and Freddie been been required under their contractual agreement
with the Treasury to pay dividends in cash instead they could have paid the dividends in kind
and eliminated the circular payments that were cited by the government as the reason for the 3rd amendment "
and he states ...."That's the central flaw in the governments core defense"
pay divi's in kind .... and no sweep would be needed ..... Imagine that .....
start at 14:10 to hear his thoughts on paying the divi's in kind ....
Joe I'm very sorry to hear of your loss
May the peace of the Lord be with you and your family
Thanks MB ..... Great Stuff!!
That was a good story .... thank you! camaro
More Bill Maloni .... The Birds are Coming, the Birds are…..;
CWJC Hostility, Borscht and Chop Suey;
http://malonigse.blogspot.com/
Jersey ... My 2¢ can't get ya ticket on da moon rocket ... but it might buy ya a postcard in the Lehman museum gift shop ...
I followed the herd here from over at the FNMAS board ... I've only about 40k of N's in a Roth and my cost basis is 15¢ so at the current prices the short answer ... on paper Lehman has been good to me.
I like the fact that the N's were finally up-listed though I still don't understand why this has happened or who was responsible for it ... also am intrigued with the Guarantee ... but with the passing of each distribution I can't help but wonder where we will be this time next year .... I could hazard a guess but the truth is only time will tell.
There are some very cool people here, I enjoy reading the chatter and am always learning .... I try to stay below the surface because as you can see by now I don't have much to add to the conversation ..... and certainly don't want to add to the confusion .... with that I'll say ... Thanks! for ask'n and thanks to one and all for let'n me babel on!
And if ya can't get me on the moon rocket ...then put me on the bus and I'll say .....
ON THE GREYHOUND!!!! TO PEORIA !!! WITH FEELING!!!!!!! WEEEEEEEE!!!
hey I'm not proud .... I'll take a free trip anywhere ......
"watered down booze made from rubbing alcohol and food dye" ....
Oh! The good stuff! ..... The story gets better and better! ... lol
letgo ... thank you for sharing your story ...
Cool ...
I hope I didn't throw a wet blanket on the chatter with my little exchange with joe yesterday ....
I apologize if it some how caused a hole in the vortex .... Please excuse and lemme say thank you to all of you guy's who post regularly
I enjoy reading and have learned a lot from you .... tis time well spent!
They're Here!
Friends of Fannie and Freddie Flex Their Muscles
Groups Battle Against Bill to Overhaul Mortgage Giants
By NICK TIMIRAOS CONNECT
April 8, 2014 7:17 p.m. ET
Investors in Fannie Mae FNMA +3.57% and Freddie Mac FMCC +3.56% appear to be building a more sophisticated lobbying apparatus in Washington weeks ahead of a key Senate vote on a bill that would replace the companies.
A new tax-exempt group calling itself the Coalition for Mortgage Security launched on Monday to campaign for legislation that would protect the rights of investors in the bailed-out mortgage-finance giants. The group echoed the position of many hedge funds and other investors that are suing the government over its oversight of the companies, arguing that changes to their government-bailout agreements violated property rights.
Separately, a conservative senior group, the 60 Plus Association, last week said it had bought $1.6 million in television and radio advertising targeting lawmakers in seven states that have signaled support for the housing-finance overhaul, which they said would harm "ordinary investors" in the companies.
Both groups are registered as tax-exempt organizations that under federal rules don't have to disclose donors and can spend large sums on political advocacy as long as they promote social welfare. Both declined to say where the money for their pro-shareholder advocacy is coming from.
But former government officials and political analysts suspect that some of deep-pocketed investors who have scooped up shares of Fannie and Freddie at discounts over the past few years are behind the campaigns.
"There isn't a single person who doesn't believe it's one or more of the funds. Who else has the money or interest to put together an operation this quickly?" said Isaac Boltansky, a policy analyst at Washington-based Compass Point Research & Trading, a dealer-broker for institutional clients.
On Monday, 16 industry and consumer groups that include the Mortgage Bankers Association and Habitat for Humanity International issued a statement criticizing the attack ads launched last week.
"The 60 Plus Association, along with hedge funds and other third party groups who have shown little other interest in housing, is offering misleading information" to derail a bipartisan overhaul "that has been years in the making," the groups said in a statement.
Supporters of current plans to overhaul the mortgage-finance companies say they hope the lack of transparency around the new interest groups leads them to be dismissed. "If the political system has a healthy bone left in its body, folks will see through the disingenuous rhetoric and the various fronts," said Jim Parrott, a former housing adviser in the White House.
The Coalition for Mortgage Security uses language on its website that largely echoes the rhetoric used by the Obama administration and Senate lawmakers who are advancing the bipartisan legislation. The group says it wants a bill that "responsibly winds down Fannie Mae and Freddie Mac."
But that language obscures a fundamental disagreement: The group doesn't support the Senate bill, offered last month by Sens. Tim Johnson (D., S.D.) and Mike Crapo (R., Idaho), in part because it would enshrine the Obama administration's 2012 policy to prevent the firms from recapitalizing themselves.
The administration began requiring the firms to send all of their profits to the Treasury as dividend payments last year. Investors say the changes amounted to illegal self-dealing between the Treasury and the firms' federal regulator. The Treasury is fighting more than a dozen lawsuits. If those dividend changes are upheld by a court, investors would need to convince Congress to rewrite the firms' bailout terms with the government.
Shares of Fannie and Freddie are up more than 350% in the past year, while shares of certain classes of so-called "preferred" shares that would be paid off first in a liquidation of Fannie and Freddie have more than doubled.
Large investors that have invested in the companies' common and preferred shares include Pershing Square Capital Management LP, Fairholme Capital Management LLC, Claren Road Asset Management LLC and Perry Capital LLC. Hedge-fund managerWilliam Ackman of Pershing Square said at an investment conference earlier this year that the companies' common stock could increase tenfold over several years, according to people who heard his remarks.
"The cost of mobilizing a public-relations campaign pales in comparison to the potential gains that would be unlocked" if Fannie and Freddie are permitted to rebuild capital, said Mr. Boltansky.
At the same time, hedge funds could face difficulty lobbying directly because their policy proposals might be more quickly dismissed as naked self-interest, which is why tax-exempt nonprofits have become popular.
The Coalition for Mortgage Security has hired at least two high-profile Washington public-relations firms, and it named as a director Ken Blackwell, a Republican politician who served as Ohio's state treasurer and secretary of state. In an interview, Mr. Blackwell wouldn't discuss the group's members, including potential support from large investors in Fannie and Freddie. "I've never been known to carry anybody's water but the water of home buyers and responsible players who understand the importance of homeownership in our country," he said.
Mr. Blackwell said the group didn't support the Johnson-Crapo bill, which the Senate Banking Committee is set to vote on as soon as April 29. "We have an obligation to work with members of Congress to come up with an alternative," he said.
Two other groups have sprung forward to defend shareholders. One is led by Ralph Nader, a longtime critic and investor in the companies, and is called Shareholder Respect. A separate group, called Investors Unite, is being led by Tim Pagliara, chief executive officer of CapWealth Advisors, a wealth-management firm that has invested in Fannie and Freddie shares since their collapse. Those groups are organizing meetings on Capitol Hill this week between individual shareholders and lawmakers.
Fannie and Freddie, which don't make loans but instead buy them from lenders, were taken over by the U.S. during the 2008 financial crisis as losses soared. As the housing market has rebounded and reversed losses, the firms have become very profitable. The companies have sent nearly $203 billion to the Treasury as dividend payments after requiring $188 billion in infusions. Those payments don't reduce the $188 billion that the government is owed.
I'll ask around Wyane ... maybe someone will remember how he .. "explained to some early on why FnF could not be put into r-ship, and instead was put in c-ship" ....
No big deal ... if he says it is true I'm sure it's true .... ya know what they say .... if it's on the internet it must be true ......
ok joe .... sorry if they picked on ya .... thanks for all say you do ... would still like to see ... how you ....
"explained to some early on why FnF could not be put into r-ship, and instead was put in c-ship" ... well ok ... thanks again ....
Oh! did I say thank you! ...
OK then thanks joe ....
I bet your right .... thanks Wayne ...
Sweet! thanks Joe ... didn't see which post ....
"explained to some early on why FnF could not be put into r-ship, and instead was put in c-ship"
I would have liked to read that one .... sounds fascinating ....
What did you say early on joe .... just curious ....
wow 44 .... nice catch .... that's called keeping an eye on the ball ... Thanks!
latest Bill Maloni .... Fiderer: Now, Class, Class…?
http://malonigse.blogspot.com/2014/03/fiderer-now-class-class.html
Thanks for the link Lego ....
New Bill Maloni ...
http://malonigse.blogspot.com/
Don't quit Lego ... wait tomorrow ya can buy the whole company ... and fire the people ya don't like ....
Whooooo! .... Hoooooo! ....
"spare Marijuana seeds" .... Now there's an oxymoron .....
hehe .... that's funny .... (lips pursed) ssssshs ...... (insert lil cough here) ....
ya wanna hit some'a this? ....
One from the other side ....
Chris Roberts aka chrisanja
9:31 AM (52 minutes ago)
Mythical post-game interviews - "Annnh, as the horn sounds"
Booth: "They never got replacement past half-court, even. Pretty disappointing for the New York Killers, but the Washington Homesteaders rallied the conestogas and staged an amazing comeback. Unbelievable"
Over to you, Peter Wallison for post-game coverage with Coach Jeb Hensarling.
Jeb: "Uh, yeah, me and my staff were a workin' reel hard on a game plaan, that would forever keeeep the Awmerican people from such a horribull and trahgic thang frum ehver occurrin agin".
Peter: "Yes, and I went to Congress on so many occasions, and said the same exact thing. You know, me and Ed Pinto were there 20 times or so, sometimes, we even tag-teamed on the same panel. With two out of four, we thought we had the numbers and we certainly had some of you Republicans chanting "Kill them, kill them" and it really felt good to have that support! But, alas, those American people didn't want to pay more for mortgages and more profits for the banks (of course, that's where the extra money was going to go)"
Jeb: "Sure as shootin', I even said in mye thar webosite that payin' a lil mor fur a mortgage, I mean, is that a baad thang? When y'all consider how harmfull and shaimeful those Fannie and Freddie folk have acted over these here past 80 yairs... takin money and makin money and not lettin the banks see any of that extra money thay could be a makin'. Shameful.
Peter: "Back to you in the booth, Jim"
Jim Millstein: "Sorry guys, I know you had a tough 5.5 years, planning, plotting and working up those bills. In the end, though, it was the business model of Fannie and Freddie, where they offer a fixed-30-year mortgage that no one else in the world offers that doomed you. Once housing stabilized and left the free-fall, their methodical and slow and steady gameplan shows that housing in America is, has, and will always be a stable investment for rih, poor and the middle class. Now, over to an elated Mel Watt who is joined by our analyst Richard Epstein"
Epstein: "Exciting win there Mel. You look like you just won the lottery! Wow, that was quite a comeback, and now, they're talking 'dynasty', already"
Watt: "First, the credit goes to the team, and not to me - I came in here late, mid-season, and the entire staff at Fannie and Freddie, the FHFA and Ed DeMarco stayed out of their way, and just let them play their game. The system FDR put in place 80 years ago works fine, and our players and staff keep to the basics, we are quite a force"
Epstein: "How much did the crowd here in Washington play a factor"
Watt: (Cheers in the background, Watt turns and smiles, then back to answer) "Yes, the NAR was behind us all the way, homebuilders, affordable housing advocates, everybody really raised their voices, especially when things were looking bad there in 2009 and 2010"
Epstein: "But the New York Killers brought some of their fans along, too"
Watt: (Raises eyebrows, smiles) "Oh sure, they are pretty vocal, too. You've got those Wall Street guys and the MBA chanting "You've got to go, we want your dough" and it kind of gets in our heads, you know, maybe their right. Maybe this system is a little worn and tired. Maybe the game has moved on, and maybe people want ARMs and don't mind getting foreclosed and other stuff the banks bring to the game"
Epstein: "Right, but like football, you need a defense to win, and it looks like people are really scared of what the New Yorkers would do in another downturn"
Watt: "That's absolutely right. We just kept to our plan, providing 30-year mortgages, helping people out, and letting the game come to us - nothing fancy."
Epstein: "Before we talk 'dynasty', we have to be realistic, though. Other sports have salary caps, and you might have to open your pocketbook to keep this team in place."
Watt: "Right, Richard. I know you're aware that there are some on the team that have been pretty vocal about getting paid more in the next year, but as Bob Corker said, we'll sit down and negotiate - this isn't rocket-science - as long as we keep to our plan, we can keep everybody happy - the owners, players, coaches should all share in the success. Listen, I don't want to talk about this - we've got to go celebrate, and I think by next year, maybe even in the next quarter we'll have this worked out"
Epstein: "Way to go, Mel. And,good luck keeping this team together. You certainly look good out there. Okay, I just got to say this, even though I promised my wife I wouldn't - 'USA, USA, USA'"
So you wanna go all ornithological on'em ..... The horror ... the horror .....
I pray I never find myself in the cold steel cross hairs of yer watch'n glasses lego .....
Please Sign Nader's petition for GSE shareholders. .... if there was ever a time to add pressure .... now's the time .... please sign if ya haven't ... or if ya have .... please ask someone ya know to sign ....
http://www.shareholderrespect.org/take-action/
Oh! ... Argus .... you've got it all wrong!!
I'm really lego's dyslexic cousin ....
ye shall forever know me as .....
fannie-letgo-my ..... joe's an original ... me .... not so much ...
Is this really true joe .....
"I ran into the same mindset as here at the FNMAS board. Once I started challenging some outlandish claims made by others like I see here I some started calling me a "basher". "
Joe sounds like they are picking on you .... why is that ... why would they pick on you .... makes no sense ....
what outlandish claims were those guy's making anyway ....
OT ... thanks for the shout out ... my fellow fannie follower ....
totally understand yer thoughts and thanks for sharing .... still stop in and say hello sometime when ya can ...
I know there are many other fellow fannie followers who would love to hear from you ... and remember ... all work and no play can not knock one off the scent of a good fannie ... and everyone knows that following the scent of a good fannie can only lead one to a life of all play and no work .... and a life of sleezer'ee (that's a good thing is'nt it)...
see ya in that life and till then ... keep yer tubes fresh and yer strings clean ......
Makes sense to me ... I also remember those days when large blocks would pass thru as many of their members went belly up ... would like to know how many shares changed hands .... very dark days indeed ...
US Bank Failures
26 in 2008
140 in 2009
157 in 2010
92 in 2011
51 in 2012
24 last year
http://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008%E2%80%93present)
of course with your deep pockets I'm sure you picked up most of those .... 36cents .... :)
I sure wish I would have bought more ......
Ah-chew!! ... sorry .. bout that ... hope ya didn't get any on ya ...
"So where is the ICBA in all of this? Still quietly padding those back halls? Did they make a deal with the devils?"
What can I say here lego .... cept .... maybe
"Politics makes strange bedfellows." ??
Secret question ....
Why no goggle group fer U ....
lifted these from the comments section .....
"Tim Pagliara
2/6/2014 1:52 PM EST
I was mis-quoted. I acknowledged that Corker had imbedded taxes of 5-10 basis points on every mortgage originated by their new federal agency. This is a cost of $20-40 per month on a $500,000 mortgage. My comment was that this was billions of dollars over time with no clear policy goals for the investment or distribution of the funds for affordable housing."
"rickstersherpa
10:20 AM EST
It would be nice if you actually looked at the Corker-Warner Bill, also known as the "Goldman Sachs and J.P. Morgan Guarantee to Make More Billions at Taxpayer Expense Act."
"...The Corker-Warner bill touted in the piece makes the financial deregulation of the 1990s looks like a model of cautious reform by comparison. Instead of having Fannie Mae and Freddie Mac, which are now essentially government-run companies, guaranteeing mortgage backed securities (MBS), it would allow private financial institutions to issue MBS with a government guarantee. The only protection is that the investors would have to eat the first 10 percent of the losses..."http://www.cepr.net/index.php/blogs/beat-the-press..."
Nice .... to see more ...take a look at ....
http://www.cepr.net/index.php/blogs/beat-the-press/why-is-jeff-bezos-paper-using-ageist-tripe-to-push-wall-street-takeover-of-fannie-mae-and-freddie-mac
and even more here ....
http://www.cepr.net/documents/publications/GSEs-2013-10.pdf
"Conclusion
The country has experienced an economic disaster as a result of a housing bubble fueled by
irresponsible and fraudulent loans. The current system, in which Fannie Mae and Freddie
Mac are effectively publicly controlled, provides an efficient and relatively safe way to
support the secondary mortgage market. However, the system of government-guaranteed
MBS laid out in many housing reform plans, including S.1217, would likely lead to the same
sort of abuses that were seen in the private-issue market in the housing bubble years.
However, this time the issuers would have the additional benefit of a government guarantee.
The most efficient solution would be to leave the current system of publicly run GSEs intact
to sustain the secondary market. Given the enormous risks involved, and the limited
potential savings to homeowners, the country would be much better served by simply taking
the government out of the secondary market, rather than going the route of having the
government guarantee privately issued mortgage-backed securities. "
New piece from dpsimswm .....
GSE Shareholders Demand Respect
http://seekingalpha.com/article/2003071-gse-shareholders-demand-respect?source=yahoo
thanks ... I'll be here and ready to cash those dividend checks ... once they start roll'n in :)
Hi all ... Don't have much to add here but wanted to say thanks for the info provided ... I will be watching here and will add any info I might find which might be of use here ...
Thanks again ....
Thanks lego I've passed it on to .... the .. others .....
150 x .40 = $60 ... Is Buffett in the room .... to the moon'a soon'a .... well ...um ... how about ..... Please keep your hands and arms inside the bus .... we will be arriving in Pittsburgh shortly ..... weeee!!
thanks guster0 ....