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Hi stockprofitter. Thank you for your kind reply! Good luck tomorrow!
GoooooooFNF!!
Best Article of the month (great summary) except for Ackman. A lot of money in short time...great support for us!
Obama has only been repeating old familiar songs. Even before that, George H.W. Bush sang them, that's why I said everything was coldly calculated
In 1992, President George H.W. Bush signed the Housing and Community Development Act. The Act amended the charter of Fannie Mae and Freddie Mac to reflect the Democratic Congress' view that the GSEs "... have an affirmative obligation to facilitate the financing of affordable housing for low- and moderate-income families in a manner consistent with their overall public purposes, while maintaining a strong financial condition and a reasonable economic return;"For the first time, the GSEs were required to meet "affordable housing goals" set annually by the Department of Housing and Urban Development (HUD) and approved by Congress.
In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the Community Reinvestment Act (CRA) of 1977. Additionally, institutions in the primary mortgage market pressed Fannie Mae to ease credit requirements on the mortgages it was willing to purchase, enabling them to make loans to subprime borrowers at interest rates higher than conventional loans. The New York Times reported that with the corporation's move towards the subprime market "Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s."
Obama is not talking about anything new (as you can see above) for those to blame of him. Some name to recall: Countrywide, AIG, Banks
Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth. GL
GoooFnF!
Yes, they want milk the cow for a while and have the legal tools to do it. The Sweep Amendment was an agreement between the Govt and the Govt. and the term safe and solvent is supposedly up to the director of the FHFA. I have not always time to respond, that's why the delay. glty stockprofitter
The Federal Housing Finance Agency (FHFA) is an "independent" (means US Treasury imo and others too) federal agency created as the successor regulatory agency resulting from the statutory merger of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the U.S. Department of Housing and Urban Development, (btw in November 2007 – HUD initiates program providing seller concessions to buyers of HUD homes, allowing them to use a down payment of $100, also In June 1993, HUD Secretary Henry Cisneros admitted that "HUD has in many cases exacerbated the declining quality of life in America." In 1996, Vice President Al Gore, referring to public housing projects, declared that, "These crime-infested monuments to a failed policy are killing the neighborhoods around them." According to libertarian critic James Bovard, "The more aggressive HUD becomes, the fewer free speech rights Americans have. Many words and phrases are now effectively forbidden in real estate ads. ... Apparently, there are two separate versions of the Bill of Rights -- one for private citizens and the other for federal bureaucrats and politicians -- since the word 'balance' does not appear in copies that normal citizens have access to." This was Bovard's response to HUD Assistant Secretary for Fair Housing Roberta Achtenberg who declared that "...HUD walks a tightrope between free speech and fair housing. We are ever mindful of the need to maintain the proper balance between these rights."In 2006, The Village Voice called HUD "New York City's worst landlord" and "the #1 worst in the United States." The criticism is based upon decrepit conditions of buildings and questionable eviction practices, but well this out of topic, right? ) government-sponsored enterprise mission team,[2] absorbing the powers and regulatory authority of both entities, with expanded legal and regulatory authority, including the ability to place government sponsored enterprises (GSEs) into receivership or conservatorship.[3][4][5]
The enabling law establishing the FHFA is the Federal Housing Finance Regulatory Reform Act of 2008, which is Division A of the larger Housing and Economic Recovery Act of 2008.
On September 7, 2008, FHFA director Lockhart announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA.[5][10] The action is "one of the most sweeping government interventions in private financial markets in decades".[11] U.S. Treasury Secretary Henry M. Paulson, appearing at the same press conference, stated that placing the two GSEs into conservatorship was a decision he fully supported, and said that he advised "that conservatorship was the only form in which I would commit taxpayer money to the GSEs." He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction."
Plan of action for the conservatorship:
9-here will be financing and investing relationship with the U.S. Treasury via three different financing facilities, to provide critically needed support to Freddie Mac and Fannie Mae and the liquidity of the mortgage market. One the three facilities is a secured liquidity facility which will be not only for Fannie Mae and Freddie Mac, and also for the 12 Federal Home Loan Banks that FHFA also regulates.
http://en.wikipedia.org/wiki/Federal_Housing_Finance_Agency
The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous privately owned U.S. member banks and various advisory councils.[13][14][15] The FOMC is the committee responsible for setting monetary policy and consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time (the president of the New York Fed and four others who rotate through one-year terms). The Federal Reserve System has both private and public components, and was designed to serve the interests of both the general public and private bankers. The result is a structure that is considered unique among central banks. It is also unusual in that an entity outside of the central bank, namely the United States Department of the Treasury, creates the currency used.[16] According to the Board of Governors, the Federal Reserve System "is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms."[17]
The authority of the Federal Reserve System is derived from statutes enacted by the U.S. Congress and the System is subject to congressional oversight. The members of the Board of Governors, including its chairman and vice-chairman, are chosen by the President and confirmed by the Senate. The federal government sets the salaries of the Board's seven governors. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region; this entitles them to elect some of the members of the board of the regional Federal Reserve Bank. Thus the Federal Reserve system has both public and private aspects.[18][19][20][21] The U.S. Government receives all of the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained. In 2010, the Federal Reserve made a profit of $82 billion and transferred $79 billion to the U.S. Treasury.[22] This was followed at the end of 2011 with a transfer of $77 billion in profits to the U.S. Treasury Department.
http://en.wikipedia.org/wiki/Federal_Reserve_System
GL
And Treasury too
GoooooFnF!
Finally a politician showing some attributes of ethic and decency. Although no one telling the whole truth, is something eh?
GooooFnF!
For our sake I hope not..gl
Live to see, man of good faith...glty
Safe and solvent is as ambiguous as winding down and everything else....
Another opinion? $$$ talks..
http://www.reuters.com/article/video/idUSBRE9AE14R20131116?videoId=274544280
And did you see this other too?
http://www.reuters.com/article/video/idUSBRE9AE14R20131116?videoId=274544280
Agree .. from the good and the bad one must draw his own conclusions, that isn't an exact science. This is a very risky and manipulated stock, ppl seem to forget this. Nobody wants to hear bad news. GLTA
"True wisdom comes to each of us when we realize how little we understand about life, ourselves, and the world around us".
Socrates
i like it!
As risky as the other weekends...for those that arrived late to the party and bought high.
GoooooooFnF!
YES
YES
Our deam is close to becoming reality...at this time we're not playing with impossibles...If anyone deserves this success are you...(of course me too, ehhh!!). Persistance is the key of the success, a rewarded or your effort. Hope you are in good shape.....glty
Gooooo FnF!!
I have the while day! I havent heard that!
BS. why you do that? That isn't necessary. FnF are sufficient by themselves....Did you saw the Berkowitz interview?
GoooooooFnF!
MUCH MORE THAN THAT !!
GLTY....GOOOOOOOOO FnF !!!
OHH YEAH! LETS GOOOOOOOOO!! JEEEERRRRKKYYYYY POOOWEEEEER!!
ANOTHER GAP UP FOR TOMORROW. THE SKY IS GETTING CLOSER.
GOOOOOOO FnF!! &/)?))JgMw8-
Someone sees NITE around?
Freshhhhh like a Lettuce...TIME TO JEEEEERRRRRKKYYYYY
GOOOOOOOOO FnF!!!
Buying in large blocks...Hard punches of the heavyweight guys..This is not child's play
GOOOOOOO FnF!!
Thanks. GLTY
You heard any announcement of this interview navycmdr?
Clearly...just MBS
GooooFnF!
Fairholme Capital Management offers to spearhead a move by a consortium of investors aimed at "purchasing, recapitalizing, and operating the mortgage-guarantee businesses" of Fannie Mae (FNMA) and Freddie Mac (FMCC)
Capito? GooooooFnF!
Fairholme Capital Management offers to spearhead a move by a consortium of investors aimed at "purchasing, recapitalizing, and operating the mortgage-guarantee businesses" of Fannie Mae (FNMA) and Freddie Mac (FMCC)
GoooooFnF!
Fairholme proposes $52B recap for GSEs: WSJ
Fairholme Capital Management offers to spearhead a move by a consortium of investors aimed at "purchasing, recapitalizing, and operating the mortgage-guarantee businesses" of Fannie Mae (FNMA) and Freddie Mac (FMCC) as state-regulated bond insurers, WSJ says.The offer was reportedly outlined by Bruce Berkowitz in a letter sent Wednesday evening to federal regulators.Earlier: Hedge funds pitch takeover of Frannie
It was USUUMMMM!
GooooFnF!!
Hope this stock reacts to this good news
From your mouth to God's ears!
GooooFnF!!
Quit as the grave..plotting behind the closed doors?
GoooooFnF!
Agree!
JEEEERRKYYYYY POWEEERR!
GooooFnF!
The banking system that "has been working for centuries", is not the same anymore, leaving the monetary power in the hands of only a few banks, so new regulations are needed .. more power = more abuse. Why if not were enacted the anti-trust laws?
GoooFnF!
Judge criticizes lack of prosecution against Wall Street executives for fraud
(Reuters) - The federal judge who oversaw the recent civil fraud trial against Bank of America Corp criticized the U.S. Department of Justice on Tuesday for failing to prosecute high-level executives over the financial crisis.
U.S. District Judge Jed Rakoff of Manhattan said while companies have been prosecuted for causing the 2007-2009 financial meltdown, Wall Street executives have escaped justice.
"The failure of the government to bring to justice those responsible for such a massive fraud speaks greatly to weaknesses in our prosecutorial system that need to be addressed," Rakoff said.
Rakoff, who was appointed by President Bill Clinton in 1996, blamed the lack of criminal cases on a shortage of investigatory resources coupled with an over-emphasis on bringing cases against companies rather than individuals.
Rakoff's critique drew a quick reaction from the Justice Department, where a spokeswoman said top prosecutors are "aggressively working" on several ongoing investigations.
"No individual or institution is above the law and we will continue to follow the evidence where it leads to hold the appropriate people and institutions accountable," Adora Andy Jenkins, a department spokeswoman, said in an email.
The Justice Department this year brought two civil fraud cases against Bank of America in connection with the sale of mortgage securities.
In another case, a federal jury in Rakoff's court last month found Bank of America and a mid-level executive liable for fraud over defective loans Countrywide Financial Corp sold to Fannie Mae and Freddie Mac. The Justice Department on Friday asked Rakoff to penalize the company $863.6 million.
The department also has been engaged in talks with JPMorgan Chase & Co about a potential $13 billion settlement resolving mortgage securities probes.
'BRING THE CASES YOU CAN'
Nevertheless, federal authorities remain on the defensive for not successfully bringing criminal cases against top executives at the banks that cobbled together the complex mortgage products at the heart of the crisis.
U.S. Attorney Preet Bharara, asked at another conference in New York on Tuesday why prosecutors had not brought charges against executives at Lehman Brothers Holdings Inc after the bank collapsed in 2008, responded: "You bring the cases you can based on the evidence you have."
Rakoff has previously tended to direct his criticisms at the U.S. Securities and Exchange Commission rather than the Justice Department. In 2011, he rejected a $285 million settlement between the SEC and Citigroup Inc for being too lenient.
In his speech Tuesday, Rakoff cited remarks in March by Attorney General Eric Holder, who said he was concerned that prosecuting some banks "will have a negative impact on the national economy, perhaps even the world economy
"I have to say," Rakoff said, "to federal judges who take an oath to apply the law equally to the rich and the poor, this excuse, sometimes labeled the 'too big to jail excuse,' is mindboggling in what it says about the department's disregard of fundamental legal principles."
Rakoff said the question of whether banks are "too big to jail" is "entirely irrelevant" to whether individual executives should be charged.
Rakoff also questioned whether the government's own role in the events leading up to the financial crisis was a factor. He cited the federal government's encouragement of lending to people who previously couldn't qualify for mortgages.
"This could give a prudent prosecutor pause in deciding whether to indict a CEO who might, with some justice, claim he was only doing what he fairly believed the government wanted him to do," Rakoff said.
Rakoff saved some of his strongest criticism for the policy of pursuing cases not against executives but against the companies themselves, often through deferred prosecution agreements.
"From a moral standpoint, punishing a company and usually or mostly innocent employees and shareholders for the crime of a few unprosecuted individuals seems contrary to the elementary notions of moral responsibility," Rakoff said.
GoooFnF!