is…loving life
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I wish the tax paying non shareholders were informed enough and cared about the fight! Berk & IU are holding preferred shares. Ackman is fighting for commons but could settle - I do feel like individual (non-hedge fund) shareholders need a larger and more specific voice! Twitter has many families identifying themselves under #notahedgefund may be a good place to round up interest?
He is pushing for Moelis plan and for preferred shareholders not commons. With this plan and warrants commons will see maybe 8-10 a share.
I agree with you! I have no relevant experience with litigation. I know a great firm in CO... but it seems like we have some experts on the board who maybe know more about where to start. Obi may know of great firm that specializes in class action law suits.
Crooks! Kills me to read this stuff.... blood boiling anger... they knew GSE's would be profitable and to set up a 100% profit sweep... jail time.... I hope there is justice in the very near future!
Is this from December 2011?
Agree Whipstick... late to the news today, (crazy work day). Sounds promising! I hope the tide is continuing to change in our favor! I have been in too long to get my hopes too high. But they are higher today than yesterday !
Where is the like button????
So true
Sent, but maybe portioned off and earmarked for recap?
Ya... I have seen/read him speak several times over the years about FnF. I could be wrong about him not investing, at this point in the process. However, the stocks perimeters certainly don't meet his normal requirements.
Lol, good assessment!
Buffett won't go near GSE's while under government control (especially republican ran gov), OTC and NWS.... he isn't that kind of investor at all!!!
Side note - Not a fan of the man. Respect his successes.... just not who he is and what he represents.
No FnF talk so far
Back on
On hold for technical issues
Yes - here she is
Thanks
No rope... anticipated a decade a decade ago... so nope!
Investors Unite - Reinventing the Wheel on Fannie and Freddie Won’t Mean a Smooth Ride
June 28, 2017-
As the Senate Banking Committee prepares to take up the fate of Fannie Mae and Freddie Mac, professionals who truly understand home finance say they do not want lawmakers to jettison the Fannie and Freddie model.
A new poll conducted and reported on today by Inside Mortgage Finance and IMF News has nearly 60 percent of mortgage professionals saying they want to keep the government sponsored enterprises with their current functions and operations intact, and forgo drastic change. Conversely, a mere 18 percent of respondents voiced opposition to keeping the GSEs in their current form.
Sens. Bob Corker, R-TN, and Mark Warner, D-VA, should take note. Bloomberg reports today that the two are again working on a way to break up the GSEs. Their latest idea is reportedly to separate the GSEs’ single family home activities from those connected to apartment building finance and affordable housing. Warner told a meeting of mortgage bankers last week that the goal is to bring more competition into the mortgage lending market.
While housing finance reform is still needed, Corker’s and Warner’s continued insistence that dismantling the GSEs is the appropriate path forward remains a theory that elicits serious, fundamental questions: Is there a big enough pool of capital in the private marketplace to supplant Fannie and Freddie’s function? Will interest rate hikes make homeownership impossible for more and more Americans as private-sector players supplant Fannie and Freddie in mortgage securitization? Will taxpayers be vulnerable to another bailout if Fannie and Freddie are weakened and not required to maintain adequate levels of reserve capital?
To that end, during Thursday’s Senate Banking hearing, Mortgage Bankers Association President Dave Stevens can be expected to tout a proposal the MBA laid out at the beginning of the year. The MBA has migrated to an acknowledgement that Fannie and Freddie are useful and need capital buffers but its GSE reform plan still proposes ideas that could create more risk and uncertainty.
For example, it envisions the creation of a new kind of mortgage backed security (MBS) backed by a well-defined pool of mortgages but which would receive an explicit government guarantee. This new MBS would be funded by insurance premiums, thereby theoretically encouraging the flow of global capital adequate to preserve liquidity during times of stress.
That innovation might sound appealing but Senators eager to tear down Fannie and Freddie should keep in mind that big banks were rushed into the securitization business only to abandon it as soon as the housing market began showing signs of trouble. In other words, where Fannie and Freddie were created to perform a counter-cyclical role in housing finance, the banks exacerbated a downward cycle heading into the 2008 crisis. Accordingly, Senators should ask tough questions about the level of government backing for the MBS in the MBA plan. What would trigger taxpayer support and would that support be unlimited? The MBA’s plan lacks analytical detail on this matter.
GSE reform needs to be completed. With Fannie and Freddie more streamlined and profitable, the nine-year-old temporary conservatorship and the illegal Net Worth Sweep must end. No doubt, Administration officials and Members of Congress want to get this huge leftover from the Obama years off their plates. And respondents to the poll clearly grasp that disruptive experimentation and additional years of fruitless legislative wrangling will not help lenders, borrowers, or taxpayers. (This will certainly not help shareholders).
GSE reform might be as simple as enabling the GSEs to perform their narrow mission of providing countercyclical liquidity in the home lending market but with more guidelines to protect taxpayers and average Americans. Will this happen? The poll indicated 23 percent of respondents said they don’t expect to see any type of GSE reform in their lifetime. Congress seems determined to prove them right.
Lol, just saying... it does sound harsh. One women's opinion. Have a good night
This seems harsh Rek
"I say let them jump. A large portion of them bought after the NWS and I have no pity for them. As long as Perry is still in the game, that's all I care about."
Companies were illegally forced in NWS and many jumped in because of the blatant miscarriage of justice and the belief in right/honest winning out over corruption.
Lol! Sounds good!
Nothing from Rick on twitter, FB or here....
Great hearing Obi is good!
Nice!
HAPPY FRIDAY to all the FnF's out there! Have a safe and amazing weekend!!!
Great to know! Thank you CH
Just retweeted - not that I have much of a following (relatively new to actually using twitter)! Hopefully it gets picked up!
Interesting... I was unaware of that benefit... thanks
Another numb day at the home of Fannie... good thing it is beautiful outside and I can go distract myself. Have a good one ZZ
Me too with my dad! Bottom middle
It has gotten worse - take it from a Colorado small business owner who knows a lot of CO small business owners! It is a disaster - spoiled youth (not all) who now have unlimited access to pot... wth were people thinking... for medical use - yes! Great! For individual recreational use.. ugh...
While recently in the Caribbean (for work) I was speaking with a very interesting older British man. It was clear he was well traveled, experienced, educated and wealthy... he wanted to share his opinion on the current state of the US as it compared to all former world powers. He said it's clear the US reign was coming to an end... all great powers eventually back themselves into a corner and he believes America is just that... cornered. He said, when a nation reaches a level where it's citizens no longer want the modest jobs and immigrants have been working them only to decide they no longer want those roles as well, you are transitioning into a "welfare state", like all those previous world powers who came before you. Your citizens begin realizing you actually have a corrupt government (W/Fannie and Freddie we have seen a dark side), non-reported unemployment out of control & immigration issues... you then begin to have a growing population of socialists.... ugh! It was an interesting and yet an unsettling conversation... good thing the boat ride to St. John was only 20 minutes... I don't think I could have handled more !
FNF Longs Twitter time - please, if you have it use it - there is a small movement of people trying to make a point that we are not all hedge-funds. Show your support and let them know your here!
Use handle:
@MBAMortgage #NotAHedgeFund
Thanks Navy!
Lol... very true!
That would be amazing and life changing! $20 would be too !
Thank you! Well let's pray/hope they find and extract the most pertinent info to help our case ! Have a great evening Rek!
So we will not have access to them at all? Sorry, may be a redundant question!
Thank you! I needed another good read.... was hoping for something lighter, but this will be far more interesting! Once I get my hands on them Hopefully there are some clear "smoking guns" that cannot be ignored!
Although if they do a purchase or even a merge it would indicate significant positive changes happening, correct? I would hope this would signal good things for both companies - since they are both undervalued as is.
I own closer to equal amounts of both...