the price is the price is the price
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Stegman "Pulls-out" from Fannie meeting tomorrow
Lawyers say he "screwed" the Sweeney case last time he spoke at the Goldman conference.
Big Buying coming this afternoon Beta!
Continuation Pennant Pattern Obvious as Volume Dries Up
Break out soon. Attempt to scare up volume w/100 share buy at $2 failed.
Big buyer is going to have to bid it up to accumulate.
Sometime Thursday or Fri, big break over 3. Watch and wait.
Corker's staff told me personally in January
"We're not trying to throw the baby out with the bath water"
Think, what does that mean for a shareholder that owns rights to a company's operating assets?
Reached my daily limit. Have good weekend.
Govt to concede jurisdiction in Sweeney case?
That is the direction the wind is blowing
Sweeney Sum Judgement reg Jurisdiction?
i can feel it in the air tonight
Stegman's at Goldman conference, giving instructions on what FNM should do
I can't copy the story, but I consider such statements to be great for lawsuits.
He's telling Fannie to sell illiquid assets. Is that his job or Mel Watt's?
Final piece of my work is that Weiss' job at Treasury is to work on the recap. And the froggy short slowly boils to death.
http://www.bloomberg.com/news/articles/2015-02-24/failed-nominee-weiss-morphs-into-key-debt-official-at-treasury
the pimping game to the Obama Admin's slavery over Fannie Mae and Freddie Mac. Thanks, as requested.
HERA apparently spreads the legs of the rule of law and enables the government to ignore the constitution. I'm sending along to Ted, I hope he includes this vocab in the appeal.
Here it goes. Today is vocabulary day.
Glossary of Trafficking Terms
The following list of key terms used in sex trafficking is published in Renting Lacy: A Story of America’s Prostituted Children by Linda Smith. To learn more, order your copy of Renting Lacy today.
Automatic (Mortgage Underwriting Process) — A term denoting the victim’s “automatic” routine when her pimp is out of town, in jail, or otherwise not in direct contact with those he is prostituting. Victims are expected to comply with the rules and often do so out of fear of punishment or because they have been psychologically manipulated into a sense of loyalty or love. All money generated on “automatic” is turned over to the pimp. This money may be used to support his concession/phone account or to pay his bond if he’s in jail.
Bottom (Mel W) — A female appointed by the trafficker/pimp to supervise the others and report rule violations. Operating as his “right hand,” the Bottom may help instruct victims, collect money, book hotel rooms, post ads, or inflict punishments on other girls.
Branding (Share Certificate) — A tattoo or carving on a victim that indicates ownership by a trafficker/pimp/gang.
Brothel (3900 Wisconsin Ave., NW Washington, DC 20016-2892) — These establishments may be apartments, houses, trailers, or any facility where sex is sold on the premises. It could be in a rural area or nice neighborhood. Most brothels have security measures to prevent attacks by other criminals or provide a warning if law enforcement are nearby. The security is two sided–to keep the women and children in, as well as robbers out. The places often are guarded (and open) 24 hours a day, but some have closing times in which the victims are locked in from the outside. Victims may be kept in this location for extended periods of time, or rotated to other locations every few days.
Caught A Case (Bank of America et al fraud cases) — A term that refers to when a pimp or victim has been arrested and charged with a crime.
Choosing Up (Geithner signs the sweep) — The process by which a different pimp takes “ownership” of a victim. Victims are instructed to keep their eyes on the ground at all times. According to traditional pimping rules, when a victim makes eye contact with another pimp (accidentally or on purpose), she is choosing him to be her pimp. If the original pimp wants the victim back, he must pay a fee to the new pimp. When this occurs, he will force the victim to work harder to replace the money lost in transaction. (See Reckless Eyeballing)
Circuit — A series of cities among which prostituted people are moved. One example would be the West Coast circuit of San Diego, Las Vegas, Portland, and the cities between. The term can also refer to a chain of states such as the “Minnesota pipeline” by which victims are moved through a series of locations from Minnesota to markets in New York.
Daddy (Uncle O) — The term a pimp will often require his victim to call him.
Date (every mortgage payment date) — The exchange when prostitution takes place, or the activity of prostitution. A victim is said to be “with a date” or “dating.”
Escort Service (non-bank mortgage underwriters) — An organization, operating chiefly via cell phone and the internet, which sends a victim to a buyer’s location (an “outcall”) or arranges for the buyer to come to a house or apartment (an “in-call”); this may be the workplace of a single woman or a small brothel. Some escort services are networked with others and can assemble large numbers of women for parties and conventions.
Exit Fee (All earnings plus a capital buffer to zero forever) — The money a pimp will demand from a victim who is thinking about trying to leave. It will be an exorbitant sum, to discourage her from leaving. Most pimps never let their victims leave freely.
Family/Folks (fellow shareholders) — The term used to describe the other individuals under the control of the same pimp. He plays the role of father (or “Daddy”) while the group fulfills the need for a “family.”
Finesse Pimp/Romeo Pimp (Timmy G) — One who prides himself on controlling others primarily through psychological manipulation. Although he may shower his victims with affection and gifts (especially during the recruitment phase), the threat of violence is always present.
Gorilla (or Guerilla) Pimp (Eddie D) — A pimp who controls his victims almost entirely through physical violence and force.
“John” (a/k/a Buyer or “Trick”) (Mortgagees) — An individual who pays for or trades something of value for sexual acts.
Kiddie Stroll (First-time homebuyers and minorities) – An area known for prostitution that features younger victims.
Lot Lizard (illegal immigrants) — Derogatory term for a person who is being prostituted at truck stops.
Madam (Mary Miller) — An older woman who manages a brothel, escort service or other prostitution establishment. She may work alone or in collaboration with other traffickers.
Out of Pocket (Private Label MBS) — The phrase describing when a victim is not under control of a pimp but working on a pimp-controlled track, leaving her vulnerable to threats, harassment, and violence in order to make her “choose” a pimp. This may also refer to a victim who is disobeying the pimp’s rules.
Pimp Circle (Treasury, HUD, the FED) — When several pimps encircle a victim to intimidate through verbal and physical threats in order to discipline the victim or force her to choose up.
Quota (Guarantee Fee) — A set amount of money that a trafficking victim must make each night before she can come “home.” Quotas are often set between $300 and $2000. If the victim returns without meeting the quota, she is typically beaten and sent back out on the street to earn the rest. Quotas vary according to geographic region, local events, etc.
Reckless Eyeballing (Investors Unite Campaign) — A term which refers to the act of looking around instead of keeping your eyes on the ground. Eyeballing is against the rules and could lead an untrained victim to “choose up” by mistake.
Renegade (Banks holding mortgages on their balance sheets) — A person involved in prostitution without a pimp.
Seasoning (3rd Amendment) — A combination of psychological manipulation, intimidation, gang rape, sodomy, beatings, deprivation of food or sleep, isolation from friends or family and other sources of support, and threatening or holding hostage of a victim’s children. Seasoning is designed to break down a victim’s resistance and ensure compliance.
Squaring Up (Exiting Conservatorship) — Attempting to escape or exit prostitution.
Stable (Fannie and Freddie Shareholders) — A group of victims who are under the control of a single pimp.
The Game/The Life (Long-term Shareholders) — The subculture of prostitution, complete with rules, a hierarchy of authority, and language. Referring to the act of pimping as ‘the game’ gives the illusion that it can be a fun and easy way to make money, when the reality is much harsher. Women and girls will say they’ve been “in the life” if they’ve been involved in prostitution for a while.
Track (a/k/a Stroll or Blade) (The entire United States of America, Territories and Protectorates) — An area of town known for prostitution activity. This can be the area around a group of strip clubs and pornography stores, or a particular stretch of street.
Trade Up/Trade Down (Day Trading and Market Making) — To move a victim like merchandise between pimps. A pimp may trade one girl for another or trade with some exchange of money.
Trick (Mortgage Underwriting Process) — Committing an act of prostitution (verb), or the person buying it (noun). A victim is said to be “turning a trick” or “with a trick.”
Turn Out (Conservatorship) — To be forced into prostitution (verb) or a person newly involved in prostitution (noun).
Wifeys/Wife-in-Law/Sister Wife (That's what I call each of you, Lil Wayne, Neo, LD, Kylie, Camaro, Ski, etc) — What women and girls under the control of the same pimp call each other. (See Family/Folks and Stable.)
My Final Valuation and Goodbye to Message Board W's
I give you my quick and dirty valuation.
I'm going to discount the crud out of everything and give you a current valuation of $9 to $18 per common share. I'm discounting everything so much that even if I make a mistake somewhere, I know that I'll be fine.
Assumptions:
Economic - no change in g-fees, no growth business, no international expansion
Normalized Earnings - ends net worth sweep, eliminates 1-time charges, and tax rate of 34%, no settlements, no credit gains/losses
2014 4th quarter pre-tax income
FNM: $4.8B
FMC: $3.6B
Total Annualized After-Tax (Multiply x 4) * (1 - 34% tax rate)
$22.6 Billion
Less Jr. Pref Dividend of $2 Billion
Net Income Available to Common Shareholders: $20.6 Billion
FNM Shares Outstanding: 5.762 Billion
FMC Shares Outstanding: 3.236 Billion
Yes, this includes the Warrants! This multiplies current shares outstanding x 5
Total Shares Outstanding: 9 Billion
Annualized EPS Per Common Share: $2.29
I am now going to give you the valuation in 5 years for the following PE multiples. I push this out 5 years because I am assuming that it takes 5 years for the companies to build enough capital through retained earnings so that they can pay both a preferred and a common dividend. I then discount the valuation in 5 years by an annualized 20% interest rate to give you today's valuation.
Today's!
Discounted at 20% Upside from
PE Price in 5 years Compounded Rate Current Price
10 22.90 9.20 337%
15 34.35 13.80 506%
20 45.80 18.41 674%
So, I hope everyone is happy. Yea, preferred's, in 5 years, you'll get a dividend, and then you will have a full Redemption Value, so please shut the fuggup. Common's, your sh should really be trading between $9 and $18 today, you freaks! The market is not efficient and as Ackman says, this is the best risk reward in the market right now.
The Rest of Most Post is Edited for Vulgarity!
My Final Valuation and Goodbye to Message Board W's
I give you my quick and dirty valuation.
I'm going to discount the crud out of everything and give you a current valuation of $9 to $18 per common share. I'm discounting everything so much that even if I make a mistake somewhere, I know that I'll be fine.
Assumptions:
Economic - no change in g-fees, no growth business, no international expansion
Normalized Earnings - ends net worth sweep, eliminates 1-time charges, and tax rate of 34%, no settlements, no credit gains/losses
2014 4th quarter pre-tax income
FNM: $4.8B
FMC: $3.6B
Total Annualized After-Tax (Multiply x 4) * (1 - 34% tax rate)
$22.6 Billion
Less Jr. Pref Dividend of $2 Billion
Net Income Available to Common Shareholders: $20.6 Billion
FNM Shares Outstanding: 5.762 Billion
FMC Shares Outstanding: 3.236 Billion
Yes, this includes the Warrants! This multiplies current shares outstanding x 5
Total Shares Outstanding: 9 Billion
Annualized EPS Per Common Share: $2.29
I am now going to give you the valuation in 5 years for the following PE multiples. I push this out 5 years because I am assuming that it takes 5 years for the companies to build enough capital through retained earnings so that they can pay both a preferred and a common dividend. I then discount the valuation in 5 years by an annualized 20% interest rate to give you today's valuation.
Today's!
Discounted at 20% Upside from
PE Price in 5 years Compounded Rate Current Price
10 22.90 9.20 337%
15 34.35 13.80 506%
20 45.80 18.41 674%
So, I hope everyone is happy. Yea, preferred's, in 5 years, you'll get a dividend, and then you will have a full Redemption Value, so please shut the fuggup. Common's, your sh should really be trading between $9 and $18 today, you freaks! The market is not efficient and as Ackman says, this is the best risk reward in the market right now.
The Rest of Most Post is Edited for Vulgarity!
My Final Valuation and Goodbye to Message Board W's
I give you my quick and dirty valuation.
I'm going to discount the crud out of everything and give you a current valuation of $9 to $18 per common share. I'm discounting everything so much that even if I make a mistake somewhere, I know that I'll be fine.
Assumptions:
Economic - no change in g-fees, no growth business, no international expansion
Normalized Earnings - ends net worth sweep, eliminates 1-time charges, and tax rate of 34%, no settlements, no credit gains/losses
2014 4th quarter pre-tax income
FNM: $4.8B
FMC: $3.6B
Total Annualized After-Tax (Multiply x 4) * (1 - 34% tax rate)
$22.6 Billion
Less Jr. Pref Dividend of $2 Billion
Net Income Available to Common Shareholders: $20.6 Billion
FNM Shares Outstanding: 5.762 Billion
FMC Shares Outstanding: 3.236 Billion
Yes, this includes the Warrants! This multiplies current shares outstanding x 5
Total Shares Outstanding: 9 Billion
Annualized EPS Per Common Share: $2.29
I am now going to give you the valuation in 5 years for the following PE multiples. I push this out 5 years because I am assuming that it takes 5 years for the companies to build enough capital through retained earnings so that they can pay both a preferred and a common dividend. I then discount the valuation in 5 years by an annualized 20% interest rate to give you today's valuation.
Today's!
Discounted at 20% Upside from
PE Price in 5 years Compounded Rate Current Price
10 22.90 9.20 337%
15 34.35 13.80 506%
20 45.80 18.41 674%
So, I hope everyone is happy. Yea, preferred's, in 5 years, you'll get a dividend, and then you will have a full Redemption Value, so please shut the fuggup. Common's, your sh should really be trading between $9 and $18 today, you freaks! The market is not efficient and as Ackman says, this is the best risk reward in the market right now.
The Rest of Most Post is Edited for Vulgarity!
Ackman's Message to All the Naysayers from Last Week - There's Only One Solution
A message to all the politicians and journalists who are naysayers - that is all you are, a wet blanket - you offer no solution - so your words are meaningless.
Lost in the words of Ackman from last week that not everyone caught....there are really only two paths forward to capitalize the critical housing finance system
1. Have the US government write a check for $400 billion and inject into the companies (not gonna happen AGAIN). The private sector is not going to write that new check.
or
2. Allow the current shareholder and taxpayer owned companies to retain earnings. After several years, the companies can become well-capitalized and everyone wins.
No matter what happens in the court cases or quarter to quarter, option number 2 has to happen at some point. You find me another solution, and I'll listen to you, otherwise you're blowing smoke. The only "solutions" that have been given have been conjectures, and that is not going to work for 20% of the economy and 100% of the average American's net worth.
Getting sick of this shit. I want to punch somebody.
Russia and China want to take down the US financial system
and kill Fannie Mae and Freddie Mac. They are probably the biggest backers of Corker Warner, and Hensarling
http://video.cnbc.com/gallery/?video=3000352602&play=1
Alright there was a delay. Going in now.
What I hear is that Mel Watt is going to re-communicate how important Fannie and Freddie are and that they need to be an important part of the housing market going forward.
Whatever that means.
Peace out.
YumYum Gobblin It Up
I'm going into surgery, if I don't make it home tonight
Obama's communications advisors Wound Down
http://www.cnn.com/2015/02/04/politics/white-house-pfeiffer/index.html
Time to Change
Barry's going through puberty! Changing GSE Strategy.
Obama signals change in GSE Strategy, Fires Pfeiffer
http://www.politico.com/story/2014/12/obama-libre-113663.html
Hard to believe that HUD with 40 billion budget
wouldn't have any Tony Soprano action going on
This is real estate baby, enforced by aluminum bats and broken kneecaps
Fannie Short Loses 25x His Money
Jumps in front of a Streetcar Named Dumbass
http://www.valuewalk.com/2015/02/graham-doddsville-winter-2015-ackman-corsair-lyrical/
Troll Wallison on Youtube
FSCOC is Tarded. Any notable people going to talk today?
If so, what time?
Thanks.
Great example of "private capital" that they are begging for
Hedge funds that lever up and buy mortgages. So, instead of a bank holding mortgages on their balance sheets, the idea is to have the banks lend to funds that are levered 10 to 1. The funds then go out and buy mortgages with 10% equity. In the end, banks end up holding loans with 1% equity. The banks are levered 10 to 1, so effective equity is 0.1%. No problems here. Love it.
American Banker
New Hedge Fund Scouts for Non-QM Jumbo Mortgages
by Matt Scully
JAN 28, 2015 6:29pm ET
New Oak Capital's asset management unit has quietly launched a private fund to buy a particular kind of high-yielding mortgage — the kind NewOak's advisory arm is encouraging lenders to originate.
The fund, named Super Jumbo Mortgage Acceptance Corp., will specialize in buying newly originated, nonqualified residential mortgages with slightly weaker credit than a traditional prime jumbo loan, according to a person with direct knowledge of the matter.
SJMAC, which the person described as a hedge fund, launched with a "significant amount of capital" to purchase non-QM loans, but it is also seeking a leverage provider, possibly a bank or insurance company, according to the person.
Ray Jahaly, a managing partner at the New York firm, is a chief contact person for SJMAC, the person also said. Jahaly did not respond to multiple messages requesting comment. According to Finra records, Jahaly first registered with NewOak in 2012, and has previously worked on capital markets teams at BrookView Capital, Credit Suisse and Lehman Brothers.
"It is our policy not to make any comments about the private funds managed by NewOak Asset Management," NewOak chief executive officer and cofounder Ron D'Vari said when reached by email.
Investment firms have zeroed in on the mortgage industry's regulatory woes and they hope to take advantage of the credit voids that banks created when they withdrew after the crisis. NewOak president and cofounder James Frischling wrote in an op-ed in American Banker last week that the government needs to rethink its dominance of the mortgage market.
Investors, struggling with persistently low rates thanks to the Federal Reserve, are seeking out riskier and higher-yielding securities, like the ones SJMAC wants to buy. Demand has so far outstripped supply.
No firm has successfully securitized a mortgage-backed security made up of entirely non-QM collateral because originations have been slow. Lenders aren't sure if they can make a product that is high-yielding enough so that it attracts investors, but cheap enough so that borrowers will take it. Most of these costs are due to legal risks that could stem from mistakes in underwriting.
A different NewOak subsidiary, which provides advisory and credit services, is encouraging lenders to originate more nonqualified residential mortgages.
Current clients consist of smaller banks and independent mortgage bankers that are serving borrowers with strong credit, but nontraditional income sources, to make loans ranging from $1 million to $3 million, some of which have debt-to-income ratios touching 49%, according to the person.
The credit services unit is also selling a "Mortgage Defense Package," with services intended to "help mortgage originators and investors address increased regulatory and enforceability risks," according to a press release.
When Fannie and Freddie MBS Buyers Riot
that is when you will see an immediate end to the net worth sweep and a retention of capital. It will be interesting as QE winds down, and there is not a floor buyer of MBS anymore, will investment cmte's begin to question the safety and soundness of Fannie and Freddie? Will they riot and make MBS and mortgage yields jump? It is definitely within the realm of probabilities. Why buy this shitty MBS paper with prepayment and interest rate risk when there are so many other places to invest?
One thing is for certain, and that is that the Fed's QE policy is manipulating the credit spread between Fannie MBS and Treasuries. As the spread widens, investment cmtes will sell MBS to front run the Fed.
So, if Rest of World - ie Europe and Commodity Countries are going towards recession, they have less excess cash and less need to artificially weaken their currencies through USD purchases, they purchase less MBS, and yields widen.
So, my thesis this morning is that a bond market / MBS riot is positive for an end to the Net Worth Sweep. As always, my thesis is that these potential disaster scenarios are what keep Fannie and Freddie in business as GSE's forever.
Blackstone advised Geithner to be concerned about pesky holdout shareholders
That's you, you, and you.
looking for some very positive press here. Watt says that he/FHFA have done 2 big things.
"put entities in sound and solvent condition"
"preserve and conserve assets"
Similar to Charles Cooper arguments in Iowa...what does this mean in regards to net-worth sweep?
Accelerated pay-back?
Absolutely zero evidence of a wind-up of activities?
Saying and doing two different things?
If I say I didn't kill that man while holding a bloody knife with his blood on it and there are 300 million witnesses, am I guilty?
The Truth is Getting Very Embarrassing for Treasury
That's why they hired Weiss to restructure.
http://www.politico.com/story/2015/01/antonio-weiss-lizabeth-warren-treasury-114539_Page2.html
Antonio Weiss Just Arrived to Work at Treasury
His first day of work, and the recap begins.
Stay tuned. New rhetoric coming soon.
"Wind down the Conservatorship".
"Recap Fannie Mae and Freddie Mac and get them off the taxpayers' backs"
7 Months Since Treasury Attempted to "Jump-Start" PLS and They've Gotten Nowhere
http://www.treasury.gov/connect/blog/Pages/Five-Questions-with-Dr.-Michael-Stegman-on-PLS-Market.aspx
They have to recap and allow g-fees to increase. That's the only path forward.
Recap Expert Antonio Weiss Starts on Monday
First order of business, recap Fannie and Freddie.
The point is that now the talk is turning the page on Obama.
Alright, think I'm done playing in the sandbox with the little children. Amateur hour is over for me.
Obama once said, "We're going to turn the page on Fannie Mae and Freddie Mac"
http://townhall.com/tipsheet/conncarroll/2015/01/22/democrats-turn-the-page-on-obama-presidency-n1946618
Obama Rumored to Promote New Type of Muni Bond on Tuesday
It seems the public / private partnershps are back in vogue?? Fannie and Freddie?? Who dat??
http://www.bloomberg.com/news/2015-01-16/obama-proposes-new-muni-bonds-for-public-private-infrastructure.html
Nasdaq to Provide Trading Platform for Japan’s Biggest Derivatives Exchange
Thinking about how the proposed CSP could provide worldwide licensing revenue for FnF. NDAQ trades at 15x earnings. Big money in providing the backbone on a worldwide basis. The US is only 5% of the world's population!
http://www.wsj.com/articles/nasdaq-to-provide-trading-platform-for-japans-biggest-derivatives-exchange-1421593442?mod=WSJ_hp_LEFTWhatsNewsCollection
TOKYO—Nasdaq, the world’s largest exchange company, will provide a new trading platform for Japan’s largest derivatives bourse, in a significant deal for a foreign financial technology operator and a step toward internationalizing Japan’s financial markets.
Nasdaq said it has signed an agreement with Japan Exchange GroupInc. to provide a new trading platform, real-time market surveillance and pretrade risk-management technology for the group’s derivatives bourse, the Osaka Exchange. The system will be operational sometime after 2015, according to people familiar with the discussions.
The decision comes as Japan’s exchange operators try to bolster Japan’s position as a global financial center by attracting more foreign investors and integrating existing exchanges.
“Our technology is used in every part of the world, which makes it easier for international trading firms to connect and feel comfortable with the market,” said Lars Ottersgard, executive vice president and head of market technology at Nasdaq. More than 100 marketplaces around the world use Nasdaq’s exchange technology.
Japan’s exchanges have slipped in global rankings in recent years.
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Japan Exchange Group, also called JPX, ranked 14th globally in derivatives trading volume with more than 366 million contracts in 2013, according to the latest figures from the Futures Industry Association. That is only about one-tenth of trading on the world’s largest exchange, CME Group, and trails behind other Asian exchanges such as the Korea Exchange and the Shanghai Futures Exchange.
JPX officials didn’t immediately respond to requests for comment on the Nasdaq deal. In an interview with The Wall Street Journal in 2014, Osaka Exchange’s chief executive, Hiromi Yamaji, said JPX wasaiming to become Asia’s “most chosen” exchange.
The Japan Exchange Group is the product of a 2013 merger between the Tokyo Stock Exchange Group and the Osaka Securities Exchange, and the Osaka Exchange is JPX’s new entity for derivatives operations.
As the world’s third-largest economy, Japan “remains attractive for foreign investors. I think it is on the right path,” said Nasdaq’s Mr. Ottersgard. “I think the whole ambition that is shown from both with the consolidation of the different asset classes under the one umbrella of JPX and the collaboration with regulators to set up the market for an even stronger international position is very encouraging.”
He added that Nasdaq’s technology could help lower barriers to entry by foreign firms by lowering the costs because they wouldn't have to work with completely different technology in Japan.
Confirmed Need for Fannie and Freddie to Retain Capital with Bob Corker's Banking Team
Currently Bob Corker's big fight is with increasing a the gas tax so that the Highway Trust Fund has a capital buffer. In meeting with his Banking team, I compared the profit sweep on Fannie and Freddie which results in zero capital held at the companies to be as irresponsible as retaining zero capital in the Highway Trust. They confirmed that they agreed and that Fannie and Freddie should retain capital in case of adverse scenarios.
Confirmed the Definition of a "Failed Duopoly" with Bob Corker's Banking Team
In meeting with Bob Corker's staff, they referred to Fannie and Freddie as a failed duopoly. This catch phrase has also been used by Obama recently, and I expect it to become a big catch all with the wind down talk. I conferred with them that typically the government confronts duopolies that engage in price gauging, while in this case we have two companies whose prices are being held artifiically down by their regulator, the FHFA. Additionally, the companies are not a duopoly because there are competitors including houses paid in cash, family member loans, mortgages held by banks, private mortgage insurers and private label securities. They confirmed that my comments were in fact true and that guaranty fees should be increased. In the absence of all any other way to reform and bring in more private capital, ask yourself as shareholder what increase guaranty fees mean?
Higher earnings and higher value per share.
"Private Capital", FXCM, Alpari fail due to Swiss Franc Move
Just another great example of how a system with no circuit breakers fails in times of great volatility.
Imagine if there were no big banks with diversified business lines able to take capital hits.
As a shareholder, you should love these mini crises in currencies and oil because they show how important FNF are to the mortgage market.
Private Capital, aka, predatory lending
Continues to get good press
http://www.wsj.com/articles/credit-counselor-has-ties-to-high-interest-lenders-1421119983?mod=WSJ_hp_LEFTTopStories&autologin=y
Credit Counselor Has Ties to High-Interest Lenders
Consumer-Debt Adviser Howard Dvorkin Has Financial Links to Firms Such as Payday Lenders That Often Drive People Deeper into Debt
By JASON ZWEIG and RACHEL LOUISE ENSIGN
One of the most prominent advocates for consumer debt relief has ties to firms that can leave people deeper in debt.
How Citibank’s Culture Allowed Corruption to Thrive
Details on fraudulent sales to FNMA
http://insight.kellogg.northwestern.edu/article/how-citibanks-culture-allowed-corruption-to-thrive?utm-source=alumni&utm-medium=email&utm-campaign=mailer012015