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Will Paulson take the stand?
since he is the former t-sec, it makes sense....
yep. nice
yes. I think this will go there via Ted Olsen. The best possible outcome would be them refusing to taker the appeal after the constitution is upheld. I think most of us think it will go there. Ted won the bush vs. gore and the recent gay rights case(among many others) i think.....
boring is usually good, right? no kiddin' were you investing in oct 2008? man, those were the days......
Anyone can make a tender offer. there are regulatory filings and rules to it.... (that are written before hand) and some individuals/companies do tender offers for a living. they set a price(could be current market price, a little higher or lower or a lot higher/lower). They have a "lock in" period where you can't withdraw(this is where the people doing it make money in the case that a stock is trading for 22 and the tendered shares locked in are @ 20) and then they pick some/any/all shares depending. some companies do "odd lot tenders" and these are almost always below mkt price but the seller(individual investor) doesn't pay a 8 dollar commish to sell 1 share of their 20 dollar stock. bottom line..... they could raise the price of the tender in a new offer or do the same offer at any time. the tender world can get shady, too.....
i have seen it. always beware of the terms anytime you are participating
Interesting to see the gridlock around what to do with these entities. I wonder how long the gridlock will last. Given the goal to eliminate vs. the goal to preserve the 30 year and much of the current system, this is gonna take a while. in the meantime, the suits will wind through court.....
yep. most of this is just signals like someone else said. The pols are basically saying "show me the money, then I'll listen". Election season will be here soon for mid-terms. the coffers need to be full and the weiners need to stay in hiding.....
I didn't see this(but saw it when i clicked your link) Gridlock?
Financial Services Democrats Release Principles on Housing Finance Reform
July 18, 2013
WASHINGTON, D.C. – House Democrats, led by Financial Services Committee Ranking Member Maxine Waters, today released a “set of critical core principles” they believe should be part of legislative efforts to address the future of housing finance reform. Since the beginning of the 113th Congress, Democrats on the Financial Services Committee have held a series of briefings, roundtables, and caucuses on housing finance reform. As a result of this work, Committee Democrats have developed principles to guide their consideration of any housing finance reform proposals.
“Committee Democrats take housing finance reform very seriously,” Ranking Member Waters said. “We are being very methodical in how we approach this immense undertaking to reform a $10 trillion market that makes the dream of homeownership a reality for millions of Americans. These principles are our first step in moving forward on this important issue.”
In the preamble to their principles, Democrats on the House Financial Services Committee write that, “after exploring the issues related to housing finance reform with interested advocates, academics, and industry representatives at a series of working roundtables this year…., (they) have agreed to a set of critical core principles for housing finance reform. We will oppose any legislation that is inconsistent with these principles.”
The principles call for the following:
• Maintain the 30-year fixed rate mortgage.
• Protect taxpayers.
• Provide stability and liquidity.
• Prevent disruptions to the U.S. housing market during a transition to a new finance system.
• Require transparency and standardization.
• Maintain access for all qualified borrowers that can sustain homeownership and serve homeowners of the future.
• Ensure access to affordable rental housing.
The principles are available here and listed below:
Democratic Principles for Housing Finance Reform
________________________________________
After exploring the issues related to housing finance reform with interested advocates, academics, and industry representatives at a series of working roundtables this year, we Democrats on the House Financial Services Committee, have agreed to a set of critical core principles for housing finance reform. We will oppose any legislation that is inconsistent with these principles.
-- Democratic Members, Committee on Financial Services
A robust mortgage market is required for a healthy, growing middle-class and broad economic growth. The secondary market plays a significant role in ensuring the health of the market, and that can best be pursued by incorporating the principles described below into the design of the housing finance system.
• Maintain Access to the 30-Year Fixed Rate Mortgage.
o Protect a stable, well-understood financial product.
• Before the 1930s, mortgages required high down-payments (typically more than 50 percent) and were offered at interest rates much higher than today. Moreover, most products had similar features as the unregulated subprime loans of the 2000s (typically short-term, often interest-only, often carrying variable interest rates, and usually featuring “balloon” payments of principal at term). Because of the creation of FHA, Fannie Mae and Freddie Mac, the 30-year, fixed-rate mortgage became the bedrock of American homeownership until the introduction of exotic products during the subprime bubble.
o The traditional, 30-year, fixed rate mortgage was not the cause of the recent crisis. In fact, there is reason to believe that a primary cause of the recent housing bubble was the introduction and rapid growth of short-duration, resetting mortgages during the subprime boom. The record clearly demonstrates that traditional 30-year, fixed rate mortgages default and go to foreclosure at much lower rates than adjustable rate products.
o The full faith and credit of the United States government is necessary to assure the continuation of the traditional 30-year fixed rate mortgage. Mortgage originators are unlikely to offer long term fixed rate mortgages because they do not want to bear the risk of fluctuating interest rates. A federal backstop is necessary to ensure that traditional 30-year fixed-rate mortgages are available at reasonable interest rates and terms.
o The traditional 30-year, fixed rate mortgage provides certainty to American homebuyers, and concentrates interest rate risk with institutions (who can manage this risk through hedges), rather than borrowers.
• Protect Taxpayers.
o Ensure that a government guarantee must be paid for by the private sector with an explicit, ex ante fee that is priced fairly, but provides adequate revenue to cover the risks.
o Ensure that sufficient private capital is in place to take a first-loss position to protect taxpayers.
o Ensure competition and prevent any one or more entities from presenting a threat to the financial system.
o Ensure a strong regulatory framework to promote proper oversight and accountability.
o Fully recoup the taxpayer’s loan to Fannie Mae and Freddie Mac.
• Provide Stability and Liquidity.
o Rein in excessive risk-taking and provide for adequate capital levels.
o Promote products that produce sustainable homeownership.
o Ensure the availability of capital at times when the credit markets are constricting.
o Rein in loose credit periods that can lead to bubbles.
o Ensure the continued, smooth operation of the “To-Be-Announced” (TBA) market through any transition and after, so that market participants do not lose the ability to lock in a price for securities before loans are sold.
• Prevent Disruptions to the U.S. Housing Market During a Transition to a New Finance System.
o Maintain the full faith and credit guarantee of the US for outstanding agency securities.
o Provide for sufficient time for all market participants to adjust to the new system.
• Require Transparency and Standardization.
o Provide for transparency in underwriting and securitization standards so that borrowers, investors and regulators can accurately evaluate products and price risk. The pricing mechanism must be insulated from political pressure to the greatest extent practical.
o Promote a standardized system, which can ensure that community banks, credit unions and community development financial institutions, including women- and minority-owned institutions, are able to equally access the secondary market.
o Provide clear mortgage servicing standards that protect borrowers, and make the rights of investors clear.
• Maintain Access for All Qualified Borrowers that Can Sustain Homeownership and Serve Homeowners of the Future.
o Ensure that down payment requirements and credit score criteria do not unfairly cut-out underserved borrowers that could sustainably own homes, including low- and middle-income families and minority households.
o Provide that the secondary mortgage market has the tools and incentives to ensure that all creditworthy borrowers are served regardless of geography, housing type, and racial/ethnic background.
o Provide that any new entity with a government-backstop follows all laws regarding fair housing and fair lending.
• Ensure Access to Affordable Rental Housing.
o Ensure a stable and liquid secondary mortgage market for loans secured by multi-family residential properties.
o Support affordable housing by funding the National Housing Trust Fund and the Capital Magnet Fund, and ensure that funding is appropriately targeted to very-low and extremely-low income families.
###
der goobers know that you have a carefree, cool personality on da board. They say imitation is the sincerest form of flattery. Go figure. zoom-zip-bang to da mooner sooner!!!!
all da goobers are going to drink der coca-cola....
No. It can't be done. They would have to pay pref. dividends first/concurrently.
I don't remember ever seeing you on the board. thanks for the post. I will read it.
no drama for me... Forgot about you. You are pretty cool, too. I am sure I forgot about many other old timers out here....
I wasn't trying to get you or butt kiss. this is a good board with good people. entertaining, too.
You have a reputation of sending emails privately. Like I said, I have been on this board for years. I specifically recall someone saying they regretted giving you their private email and you harassed them. Not dirty laundry. A fact. I will not private message or email anyone. I will say it right on the board, hoss.
I have a decent memory for my age, too.
Yes, I shouldn't have forgotten about you I will buy you a drink in vegas as long as you are playing blackjack!!!
You are a classy dude, too. I am sure I forgot about other characters out here
you have a very sharp mind. You are not afraid to look like you don't know something. You seem really cool to me. always inquisitive and not afraid to say something like "I don't know" with a thought.
that is why you are so sharp. the best employees where I am aren't ever afraid to say "not sure about this". it helps with collaboration and can bring an aha moment to the group. You are carefree, too.
If there is one person to trust, it is david sims. hopefully you will do another article again at some poit on seeking alpha
I don't (and won't) ignore anyone(except maybe Joe Stocks, occasionally!!)
I feel like I know all of you guys from over the years. T-Fud is who he is. I will give him a pass, too.
Da-Devil- Giddy and goofy but super smart. probably the sharpest investor on the board.
Camaro- analyzes things and likes to post socially, too
4-cent- coolest guy on the board
t-fud- Nice and get get torked and start private messaging some rough stuff. a stubborn rascal, but a nice guy once you know him
Beta- fair minded and slow to anger
Feral/blue/JS- all fairly green in investing but throw out good points.
Rosen/DPsim/frobron/5bagger/stockanalyze/wayne/mhill- all super nice guys
Ebano- Insane and the only guy I would never want to hang with from yahoo
Bottom line- You guys are all cool by me. I felt an apology for misunderstanding was warranted. I called no one a bigot, racist or anything other than "old". Hopefully, I will get the opportunity to get "old". I don't post because I love investing so much that I would eventually say something against FINRA's rules.
Everyone here is exceptionally intelligent and understand the dynamics, here. I will be in vegas hanging with you guys if I am invited. I wasn't trying to stir it up but being called an "idiot" isn't cool, either. Since I have been here for years, to have beta say that hurts. We read the same thing. Whatever, though. I am a big boy. I can handle it. By the way, I am NOT a big shot, either. Just won't talk about stocks on here. 99% of the time I watch the discussion and ideas. Nothing more, nothing less
I live in San Antonio. Almost all of my friends here are hispanic and are good people. the stereotype is wrong, insensitive and just not cool. I don't personally take offense to your comments because I know how old you are and understand that many of our elderly folks are/have stereotypical beliefs about race. Many of my buddies would not have the same view. Funny thing is, I am white from a family of 9. Mom is from a family of 11. You do owe an apology irrespective of your age, though.
just my thoughts cause I like you, t-fud. Don't want to see you leave. I will have a coke in celebration of your apology and look forward to meeting you and the " da devil" in Vegas.
one more observation before I go dark and just watch you guys talk back and forth again. Where is Joe Stocks. I thought he would have some jovial things to say tonight?????
I don't post very often but I thought you guys missed it or the board was shut down. Of course we all know if they resume divvies, it will be announced on a sun night. That is why I check every sunday.....
should have said for all da goobers watching keeping score. been watching this since 2009.
of course that is a shout out to da devil and his ice cold coca cola.
I will be in vegas, too..... never been there, before!
I am testing this because I haven't seen zero posts here for two days since this was started.....