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self dealing
because as soon as they try to exercise them they'll get sued for wrongful takings as the pretext for which they were granted was demonstrably false.
100% agree. This is the long con. They don't give 2 shits about the warrants imho. This is the TBTF's biggest attempt at a power play in a the last century.
Which journalists did you talk to and why are you so disenchanted?
I think Rosner's work speaks for itself. Twitter didn't used to be the measure of a man.
Anyways if you dig in on it - he's wondering why the woman got paid $200k+ as a gov't employee (that's more than every congressperson makes per year) to consult at FHFA...
wonder what she did to earn all that money...
maybe kept her mouth shut about massive accounting fraud?
here you are again! Not going away...
How does the Dworkin plan address the lawsuits?
lol you can't even get that right. speculators not spectators. JFC can't you get paid to troll some other board?
thanks - I had already read both the Moelis comment and Howard's thoughts on it prior to the Bradford article on it.
I still appreciate Bradford's efforts, but prefer when they focus on dissection of court cases.
It always astounds me that people find golf not boring.
So how likely is it that Mel makes an appearance? If he doesn't, is that grounds (cause) for dismissal?
Are you an economist?
So the definition of a free market is a lack of gov't charter, cool.
I mean words used to matter but I guess they don't anymore.
and I already read it... the free market idea is my least favorite cop out.
I like this thing that doesn't actually exist but since I'm an economist it theoretically exists and by god I got a degree so how dare you question me!!!
https://www.imdb.com/title/tt0387808/
I think I'd rather have an explicit backstop than a gov't charter. Does he address this?
Also are explicit backstops from the gov't indicative of a free market to him?
can you help me define free markets real quick?
You said Mark likes those.
If a bank gets bailed out and their shareholders are made whole based on arbitrary decisions in a 'crisis', does that mean we still have a free market somewhere? What is this free market we're all pretending still exists?
gov't has to cut a check or no one will put more money in. sorry not sorry
what's the dilution?
Pretty sure this is Charlie
but but but maga?!?!?!? lol
sticks and stones hank sticks and stones
https://howardonmortgagefinance.com/2018/03/21/the-state-of-the-debate/#comment-6269
Try to keep up.
those are some great names to promote... bought and paid for bruh.
it's like lobbying by the banks is somehow fine, but if another entity did it, zomg can't have that.
every body lobbies.
what hank did was different.
Why go after Mel now?
yes lots of them around here.
But we skewer the accused in the court of public opinion!
and sure maybe Mel abused his power... it's just what wealthy connected people do.
Where GSE reform went wrong
https://www.americanbanker.com/opinion/where-gse-reform-went-wrong
It was an early Sunday morning on September 7th, 2008. I had just received a call at home from the public relations office of the U.S. Treasury Department that Secretary Hank Paulson and James Lockhart, director of the Federal Housing Finance Agency, wanted to talk with the heads of the major financial trade groups at 2pm that afternoon.
When the time came, Secretary Paulson joined the conference call line and informed us that Fannie Mae and Freddie Mac had been placed in conservatorship the previous evening.
Stunned silence followed — a silence so deep that it was deafening.
As if sensing the shock of the participants, Paulson hastened to say that this move was necessary, but that it was only a “time out” and he expected the conservatorships to last only a couple of years at most. Thus started a now nearly 10-year saga of miscalculations, mistakes and a lack of political will by six Congresses and three administrations.
Placing the two largest government-sponsored enterprises into conservatorship was the first and perhaps most egregious mistake. It marked the triumph of FM Watch — the coalition of Wall Street megabanks that had been working to bring down Fannie and Freddie for more than a decade. Ironically, the realization of that goal was accomplished at the same time that most of those megabank coalition members were crashing and burning themselves.
September 2008 was a chaotic month in American financial history. A kind of hysteria gripped the financial world and much of the general public as well. Our largest financial institutions and our government flailed about desperately trying to staunch the financial bleeding and chaos, and those with very large axes to grind saw their chance to end the two enormous housing GSEs. Would the GSEs have failed outright had Paulson and Lockhart not stepped in on that September weekend? That question is open to considerable debate. Many highly respected financial thought leaders do not believe so. And those on each side of the argument have their facts and figures.
But there is no argument that the GSEs recovered their financial health much more rapidly than anyone dreamed they could. And as they were recovering, the new Obama administration, under Treasury Secretary Timothy Geithner, saw an opportunity to "cut a fat hog" as we used to say in rural Missouri. And cut they did. They seized 100% of the income produced by the GSEs, wiping out private equity holders in the process. In effect, they seized private property for government benefit (and severely crippled hundreds of community banks in the process). By seizing all the profits of the two GSEs, they assured that the government coffers would be handsomely fed and that the GSEs would never emerge from conservatorship unless the Congress dealt with the problem, which it has been loath to do.
In my view, statutes have been ignored or outright violated. Is the duty and obligation of the conservator, the FHFA, to keep those entities under conservatorship in perpetuity? Or is the conservator's responsibility, nay, its duty, to rehabilitate the entities in conservatorship so they may stand on their own again and function as before? If the answer is the former, then the government has been disingenuous and should have forced the GSEs into bankruptcy in the first place.
What about Congress? Well, over the past decade Congress has either come up with plans that I would refer to as the “Wells Fargo Full Employment Act,” or it has created proposals so convoluted and complex as to collapse under their own weight when exposed to critical review.
It has been my experience that the harder the issue with which Congress must deal, the further the can gets kicked down the road. There’s extremely high risk in creating a new, untried multi-trillion dollar mortgage market — what if it doesn’t work? It will take a great deal of political will for such a change to occur. And in the political environment of today, where will that kind of political will and risk-taking come from?
The value of mortgage debt on family residences in the U.S. tops $10 trillion, over half the U.S. GDP. Where does the money come from to replicate the existing GSEs with a new scheme? Private investors are not going to take long-term risk without enormous guarantees and pledges, which will drive the cost of mortgages through the roof for the average homebuyer. And what happens when another 2008 financial crisis comes and our multi trillion-dollar mortgage system is only backed by private capital, which in a 2008-like crisis will melt faster than a snowball on a south Florida beach in July?
We all know who will be forced to step in — taxpayers.
These issues are very complex and very difficult. At this point there are no easy or clean solutions. And neither Congress nor the White House wants to be without a chair when the music stops.
here's another one for you
https://howardonmortgagefinance.com/2018/07/10/some-pre-comment-comments/comment-page-1/#comment-7267
Unnamed woman accuser = Drummed up charges to get Mel out because he was poised to move against the status quo?
Never good w/ the people pushing the travelers agenda are pumping a story.
just because you don't understand something doesn't mean others don't.
right you don't know because you don't know how to value MBS, full stop. I do. It was a fraud. Not only was it a fraud. The court documents prove it was a fraud. So I don't know why you would equivocate if you're actually searching for the truth. It's there.
I wasn't civil.
the only thing his admin might be waiting for is to get past the midterms - if they don't do it after that then it's not happening.
lol!!!
half of his voter base is going to be dead b4 2020 and he lost the first time around. If Biden bids it's game over.
unless... https://www.theroot.com/evidence-shows-hackers-changed-votes-in-the-2016-electi-1827871206