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Howard reaffirms his view that CRTs are bullshit
https://howardonmortgagefinance.com/2018/09/12/comment-on-fhfa-capital-proposal/comment-page-1/#comment-7727
lol
Did he also “veer into” a long career as a shameless, ball-gargling prostitute for Wall Street? As Jeff Cohen eloquently pointed out on HuffPo, isn’t Sorkin the guy who’s always bragging about how close he is to top bankers and parroting their views on things? This is a man who admitted, in print, that he only went down to Zucotti Park after a bank C.E.O. asked him, “Is this Occupy thing a big deal?”
https://www.rollingstone.com/politics/politics-news/hey-msm-all-journalism-is-advocacy-journalism-78133/
lol - yes judge - the private sector is not going to line up to get back in here because of the 'conservitor's' actions.
They don't have capital because Treasury took all the fucking money - how are they getting away with this in front of these judges?
not enough interest in this case for a video huh?
I'd suggest diversifying your news sources to include things outside of Rupert's web.
No Judge, they did not.
Jeb! You're a liar and a con.
https://www.cnbc.com/video/2018/09/06/rep-hensarling-why-ginnie-mae-is-better-than-fannie-and-freddie.html
1. They don't have comparable rates of homeownership - they have nations of well heeled renters.
2. What a moron!
3. Oh Ed Demarco and Ed Pinto! They're the real experts!
4. Compromise plan! Ginnie Mae babbbby! Wooo
5. Private capital is fake.
6. CSP is just a platform to steal all the biz from FnF to GSE.
7. Jeb is still lying about FnF.
8. Bring in market competition! Yes! what a good idea! The banks would love that market.
9. Tighter credit standard than the 740s average FICOs going thru now?
10. You have 1 bot n paid for Dem on your side - good job!
11. I can't wait for his lame duck legislation to shit the bed. http://thehill.com/policy/finance/358040-gop-rep-jeb-hensarling-to-retire-after-end-of-current-term-report
12. Risk of doing nothing would be less if the gov't hadn't been stealing all the fucking money for a decade Jeb you cockheaded moron.
13. Just go Jeb.
Judges for sale get ya judges here!
welp, a crazy story just got crazier.
— Bill Donahue (@Bill__Donahue) September 4, 2018
on the day a trial was set to start, State Farm has agreed to pay $250M to settle a lawsuit claiming it effectively installed its own justice on the Illinois Supreme Court:https://t.co/gBtMqVd6Hp
why are they all of a sudden leaving in droves?
Treasury, FHFA Chiefs Preparing for Freddie CEO’s Exit
https://www.bloomberg.com/news/articles/2018-09-05/treasury-fhfa-chiefs-are-said-preparing-for-freddie-ceo-s-exit
yes - this is from June.
The devil remains in the details.
When the courts cannot get their heads out of their collective asses and rule against those that would appoint them to higher benches, I have little faith that a new hashtag will have any impact.
This is a banana republic. The state is failing all around us. They've bankrupted themselves thru years of largess that their progeny will pay dearly for, one way or another.
May god have mercy on their souls, should he or she actually exist.
I have my doubts.
Nationalization implies that the actions were at least quasi legal. The actions here have not been.
what if he's not serious and this entire administration is a joke?
if the reverted back to never have taken the $ they didn't need - what would that look like?
the only way to make this right is to cut a check, that means reversal of all the ill begotten cashflows to the UST, which would be a major capital raise w/o new issuance or dilution.
Away from that - good luck.
Pop quiz: when was the last time $FNMA was not a penny stock? #fanniegate
— Charles Gasparino (@CGasparino) August 31, 2018
it's just that these politicians running the show seem to think that it's their way of the highway..
that's not how the markets work..
So it'll be fun to watch their hubris sink their continued shitty self servicing schemes for another decade while the taxpayers and original shareholders rot and die. It's a disgrace.
good luck raising bunches of $ after fucking over the last group of shareholders with impunity and apparent legality! Hilarious that they think that people will line up to the get fucked again!
ppfffffffffffffffffffffffffffffffffffffffffffft
let's not go crazy
needlessly punitive given their underwriting track record and historic realized losses.
The only reason to shift away from the current structures is to pay a 3rd party too much for the insurance on the lowest part of the capital structure in each securitization. Basically privatized CRTs, which we already know are terrible products for the issuer and the FHFA is mandating them for a no good reason.
My thoughts on the reasons? So they can obfuscate their true purpose, which is to make the GSE equity (either the private shareholders or taxpayers) get less and thereby further exacerbate the failed biz model BS. Or maybe so they can give away money to the bookrunners and investors... who, shockingly enough, happen to be the biggest banks and insurance companies who stand to directly benefit from a deal (securitization) level guarantee because they already do that away from the resi and CRE spaces on more esoteric structured products. IE equipment leases and aviation securitization deals.
feel free to disagree but that's based on Howard's view of the situation as well. If you disagree that's fine, but if you do so without having read his book on the subject. People will likely find your views suspect. If you have a better, public, voice on the subject feel free to put them forth, but I've been in this industry a decade and have looked. Maybe I'm missing someone but I very much doubt it.
All nat u ral
what's he waiting for?
nov 6th announcement?
has there ever been a case involving so much $ before any court?
I honestly am curious.
https://money.cnn.com/2018/08/27/media/bloomberg-news-wells-fargo-ceo/index.html
let's see if we can all figure out why this is relevant to the GSEs.
I wonder if Bob went long? Everyone knows he was short... and is short generally.
lol https://twitter.com/carney/status/1033011614356840450
Who is the mystery author describing #fanniegate and Perry Capital's argument? None other than Mr. John Carney in 2013. cc: @carney #hiswifeworksforericholder $fnma $fmcc https://t.co/0Kam5GnPo0 pic.twitter.com/sVIoXVGxBx
— Hooded Pepe (@ckc12_rb) August 24, 2018
IDK much about how this all works.
http://www.fidererongses.com/ no longer works
but you can find it with the internet wayback machine - people need to remember that the internet is forever.
https://web.archive.org/web/20170628095334/http://www.fidererongses.com/params/post/1120535/perry-v-mnuchin-a-case-study-in-disingenuity
yes the courts are operating perfectly normally in these cases wherein $200billion in theft is at issue.
oh wait maybe they're not.
https://web.archive.org/web/20170628095334/http://www.fidererongses.com/params/post/1120535/perry-v-mnuchin-a-case-study-in-disingenuity
yes the fundamentals have been in play in this name for a decade now... so wise
eh hem.. what's the news today?