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Was that a Karl Marx book on Sherrod Brown's bookshelf?
Golly Eddie, I didn't realize HERA instructed you as CONSERVATOR to impose your personal will on the future of the gses by GIVING AWAY ALL THEIR PROFITS INTO PERPETUITY and hoping Congress will somehow fix them! "The GSE Conservatorships: Still a story that needs an ending
More than nine years ago, as Acting Director of the Federal Housing Finance Agency, I
submitted a report to this Committee titled “A Strategic Plan for Enterprise Conservatorships:
The Next Chapter in a Story that Needs an Ending.”9
Here we are, nine years later and more
than a dozen years since the GSEs failed and were placed in conservatorships, and that story still
needs an ending. On behalf of the members of the Housing Policy Council, I make the same plea
today I made all those years ago: the end of the story needs to be written by Congress.
My last testimony before this Committee focused almost entirely on this issue.10
At that time, I
testified on a thoughtful reform outline put forth by then-Chairman Crapo.
Today, I will reiterate a few key points: Ending the conservatorships requires permanent change
to the inherently flawed structures that led to the conservatorships in the first place. While
administrative progress is welcome and can help to set a prudential framework for the GSEs
post-conservatorship, we will not achieve true reform without Congress. Only Congress can
revise the statutory charters of the GSEs, address the need for an explicit federal guarantee on the
mortgage securities issued by the GSEs, and address other problems embedded in the GSEs’
charters.11
Principle"
Maybe the SCOTUS will follow the law let's see!
There is a so called wealth effect that is positively correlated with increases in consumer spending and job creation.
https://www.nber.org/digest/aug19/new-estimates-stock-market-wealth-effect
And while most of the money that hits low and middle income households is spent quickly, wouldn't it be better for the government to encourage wealth creation through lower business and income taxes instead of borrowing against the future and giving money to people to spend immediately once the pandemic subsides?
As of end of last year, the net worth of Americans was $130.2T combined, that's approximately $40,000 for every man, woman and child in the US!
https://finance.yahoo.com/amphtml/news/u-household-net-worth-hits-113411723.html
If BA gave away $1.3B to his Foundation and according to Forbes his net worth is $2.2B, that was a generous gift! Not sure why some in society label these guys, "the evil hedge fund guys"! On the other hand, once a married couple hits $25M, at the death of the surviving spouse, Uncle Sug comes in and takes 50% (I wonder if NY State has an Estate tax, nyc?) so at least Bill and his wife will have some say via https://pershingsquarefoundation.org/ as to how some of their money is spent!
Another smart thing transferring the shares in the "Amazon of S. Korea" does, is that as the shares appreciate it is excluded from Bill and his wifes Gross Estate! Bill is a sharp guy and this is another example.
From today's WSJ: "Millennials, the largest living adult generation, continue to age into their prime homebuying years and plunk down savings for homes. At the same time, the market is critically undersupplied . New-home construction hasn't kept up with household demand , and homeowners are holding on to their houses longer. Buyers are competing fiercely for a limited number of homes."
By the time Hashim (the government lawyer) had been grilled by 8 of the USSCT Justices, when the 9th one, ACB, asked him a question, he was a little testy and sharp (and disrepectful?) talking down to her, by saying, "ALL RIGHT!" :
JUSTICE BARRETT: Well, so who decides
when the Third Amendment -- when this
arrangement should come to an end, if ever?
Because, you know, Treasury viewed it as winding
down the GSEs, winding down their assets,
although, you know, it's been characterized not
as a receivership but as a conservatorship.
Could the confirmed director have
said, okay, listen, now this is no longer
serving to make the GSEs solvent, and so it's
time to shift arrangements? Did the confirmed
director have that authority under the Third
Amendment.
MR. MOOPPAN: So, yes, just like the
Second Amendment and the First Amendment and
everything else that the agency does. That's
why we think that they're entitled to relief
prospectively that the FHFA director should be
removable at will. And then, if the FHFA
director wants to change any of these agreements
and can get Treasury --
JUSTICE BARRETT: But --
MR. MOOPPAN: -- to agree, they can.
JUSTICE BARRETT: -- but -- but let me
just ask you this. If the confirmed director
could have taken that action at some point in
the past, why isn't that an injury?
MR. MOOPPAN: Again, it's not -- it's
just not a problem with the Third Amendment any
different than everything else, all right? That
-- that is essentially a challenge to agency
inaction, the failure to amend the contract.
"Year over year, the number of mortgages in negative equity fell by 21%."
“Compared with a year earlier, home prices in December 2020 were up sharply – 9.2 percent, according to the CoreLogic Home Price Index – boosting the amount of home equity for the average homeowner with a mortgage to more than $200,000,” says Frank Nothaft, chief economist for CoreLogic, in a statement. “This equity growth has enabled many families to finance home remodeling, such as adding an office or study, further contributing to last year’s record level in home improvement spending.”
“Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership,” adds Frank Martell, president and CEO of CoreLogic. “This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.”
David Kamin, Deputy Director of the National Economic Council wrote this paper...https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3452274
That's the problem, some of the politicians (all?) believe that their generous programs to the voters are "free", but they never are!
Chief Justice Roberts: "It seems to me that your client was thrown a lifeline?"
David Thompson: "It was a concrete life preserver, a double digit loan that could never be paid back!"
You are so lucky! The entry point is still pretty low today given the governments precarious position in the legal proceedings. We'll see what happens.
I wish we could figure out a way to sue for emotional distress! Here we were in July 2012, the housing market is coming back strong, the fundamentals look great and Jim Parrot and his coconspirators decide to "salt the earth with their carcasses!". I watched my Investment in the twins dwindle to nothing as they stomped their carcasses into the ground! And to think
Jim Parrot could be advising JB on housing is disturbing!
The UST writing a check for $308,000,000,000.00 payable to the twins would be zero problem today!
Is this where the stolen nws funds are?
https://www.politico.com/amp/news/2021/03/14/covid-relief-package-federal-debt-475622
I think we would have seen a significant upward move if he bought 100,000,000 more shares.
Fun stuff, just reread Seila Law v CFPB (5-4), Justice Kagan's dissent focused on the US Constitution as a "Living Document" that flexes with the times, that the POTUS has other ways to influence how federal agencies operate, and that there is no Separation of Powers per se written in the US Constitution and that the founders apparently left it totally to the legislature on how to structure federal agencies and since the POTUS has to sign off on the Bill it's okay.
Not the majority view though and Constitutional textualists agree to disagree with the US Constitution as a "changing with da times document". Kagan and the minority think it's better to "spread the power" (consistent with their spread the wealth philosophy on wealth redistribution in society?) of Federal Agencies between POTUS and the Congress' ability to freely set their structure!
Listened to the oral arguments in Collins again and Hashim in addition to his reiteration that the nws was simply a "renegotiation of a contract" he mentioned the (largely discredited) death spiral argument and that since the nws was signed by the UST and a Acting Director that there is POTUS control.
It was fun listening to Hashim over the years in oral arguments, when his voice gets excited and he says,"The 3rd Amendment was simply a renegoatiation of a business contract involving BILLIONS AND BILLIONS of money owed to the UST"!
He's really fooled a lot of Judges with the now discredited "Death Spiral" argument!
I don't think the fact that the Acting Director (here DeMarco) removes the insulated unconstitutional director taint BECAUSE:
(1) The Federal Vacancies Reform Act was unavailable as it had been greater than 210 days when DeMarco signed the nws.
(2) It would mean that an independent agency toggles back and forth from being a dependent to independent agency.
(3) As Judge Jones said in the 5th Circuit Enbanc Obama was getting pressure to fire DeMarco but said he couldn't because it is an independent agency.
I know you guys are going to miss Hashim, but look at the bright side, if they overrule Humphreys Executor, Hashim might join Cooper & Kirk!
https://www.tampabay.com/news/business/2021/03/12/new-stimulus-includes-mortgage-rent-help-but-no-eviction-moratorium-extension/?outputType=amp
This is a great interview about the humble beginnings of Justice Thomas:
https://www.cleveland.com/opinion/2021/03/why-did-amazon-stop-streaming-the-clarence-thomas-movie.html?outputType=amp
su·preme
/so?o'prem/
adjective
(of authority or an office, or someone holding it) superior to all others.
"a unified force with a supreme commander"
Okay, I appreciate your previous comments! We are all in this government imposed financial prison, just hope the warden comes by sooner than later with the keys!
I ALWAYS USE PVC BOARD FOR ALL MY EXTERIOR TRIM AS IT NEVER ROTS, UNLIKE WOOD OUTSIDE!
Seems like a May or June decision, I wonder if they will overrule Humphreys Executor, who knows? But I think some buzz will be generated each time the SCOTUS announces upcoming decisions, I am going to tune in when their opinions are released!
Hard to be patient isn't it? Remember, they've got these mind numbing issues on their table, possibly ruling the ACA Unconstitutional (doesn't sound like that will happen), Google v Oracle, Ford motor company has a case, can a church prohibit gay couples from adopting their foster children, it just goes on and on and on... can't we all just get along? NO!
Hey at least you're not in actual jail (yet?), just financial prison, waiting for them to decide your "special issues".
I've been following (and stuck) in this drama for over 12.5 years, but for what it is worth, I can't recall any oral arguments where the Judges used the word, "Nationalization" over 20 times, I think they get it, let's see if this remedy is better than just hanging on a wall, and we get the RETROSPECTIVE REMEDY WE SEEK!
A week from today, the SCOTUS will hold their conference and afterwards will likely announce the issue dates of opinions, if any for the next week.
https://www.supremecourt.gov/
"JUSTICE KAGAN: Does that mean,
Mr. Thompson, that we have to do a great deal
more than invalidate the -- the -- the Third
Amendment and everything that follows from it?
I mean, why shouldn't we go back to the -- the
-- the -- the -- the First or the Second?
MR. THOMPSON: Well, Your Honor, we
focused on the Third Amendment because that's
the -- the feature of this that rearranged the
capital structure, but, as we made clear to the
Fifth Circuit Court of Appeals, we are perfectly
content with all of these arrangements, which,
as we say in the complaint, were a concrete
life-preserver. It's like getting a credit card
with a double-digit interest rate that you can't
repay the debt on. It's not debt, but you can't
pay the money back, and so --
JUSTICE KAGAN: Thank you,
Mr. Thompson.
MR. THOMPSON: -- we would be
perfectly content with it being thrown out."
I understand your points we will always be held hostage to some extent by a out of control Legislative and/or Executive branch of government (in addition to the possibility of zero relief from the Judicial Branch-hence the buck or two share price)! Although it's NOT the third rail of politics, most Americans net worth is highly correlated to the equity in their American Dream, their homes. This reluctance of politicians to start tinkering with Americans homes probably helps explain to some extent the failure of the Legislative Branch to complete Mortgage Finance overhaul Legislation as well as the Executive branch from implementing huge ideological changes. But I do appreciate your skepticism (somewhat) as I firmly believe (just like they do in the courts!) that vigorous debate by taking sides on issues results in furtherance of the truth! Good luck to you and I hope you are lucky in the end!
Since Skeptic7 won't sell, I bought some more today, who would sell given the Collins case and the governments precarious position going forward?
Bill, any idea whether or not the MBA, NAR, NHBA, or Affordable/Low Income Housing groups are lobbying the Biden Administration to replace MC, or do you think this is a low priority?
https://www.cnbc.com/2021/03/12/more-than-45-billion-in-rental-assistance-is-now-available.html
BEEP...BEEP...BEEEP, that's the sound of Uncle Sug backing up the truck to dump another $1.9T in cash into the GDP!
GDP = Consumer Spending + Business Investment + Government Spending + (eXports - Imports)
Does anyone know what the annual GDP in the US is? Anyone, Anyone, Buellar.....
We'll I didn't write it, so what is your definition of a win in Collins? A ruling that under the APA, the nws shall be set aside with a remand to the 5th for damages? This is my 15th post for the day, so I will have to get back to you tomorrow if necessary.
Wrong YET AGAIN! You're wrong so many times, that I've STOPPED COUNTING! So you say that I inserted the win word? Now don't be afraid to apologize after you read the following (btw it costs nothing to apologize!):
"Editorial Reviews
From the Back Cover
THE AMERICAN DREAM HAS A ROOF
In Another Big Lie, author Tim Pagliara details the decade-long fight over the government’s role in regulating a safe and sound mortgage market, and how a select group of investors in government-sponsored entities exposed the government’s theft of billions of dollars from the American dream of homeownership.
This was the largest and most brazen expropriation of private property in the nation’s history.
-David Thompson, Managing Partner, Cooper & Kirk
This isn’t just a story about what happened a decade ago. It’s a story about what’s happening today and what’s going to happen twenty years from now. The villains of this story are the big banks and their cronies inside the government, the media, and the intelligentsia who behaved as if the bankers could do no wrong.
But this iron truth endures: Even the most well-intentioned bureaucrats, no less than presidents, legislators, and judges, are bound by constitutional principles.
-Patrick J. Collins, Marcus J. Liotta, William M. Hitchcock v. Steven T. Mnuchin, Secretary, US Department of Treasury; Department of the Treasury; Federal Housing Finance Agency; Mark A. Calabria, Director of the Federal Housing Finance Agency (S.D. Tex., 2019)
This is the story of how individual Americans stepped up, took on the system?and won.
About the Author
TIM PAGLIARA is the founder, chairman, and chief investment officer of CapWealth, an independent, SEC-registered investment advisory firm based near Nashville, Tennessee. For more than a decade now, Tim has been fighting for the rights of Fannie Mae and Freddie Mac shareholders after the US Treasury Department placed the government-sponsored entities into conservatorship, sweeping their profits right out of investors’ hands and into the pockets of the government.
In 2014, Tim founded Investors Unite, the organization representing investors and seeking full restitution of the dividends seized. Tim wants to expose the story the government doesn’t want told?the story of how the government stole billions of dollars from the American dream of homeownership, and got caught."
Source: https://www.amazon.com/Another-Big-Lie-Government-Ownership/dp/1950863298/ref=sr_1_1?dchild=1&keywords=another+big+lie&qid=1615384939&sr=8-1
Not a personal attack, just stating the endless posture of your attacks! Tim P. made those statements and it was readily apparent from the original post so why don't you ask Tim P.? This largest theft by the government of private property in the history of the United States has made its way already to be decided on some of the more salient issues to the highest forum in the Legislative Branch of our 3 Branches of government. The Collins Plaintiffs survived a Government Motion to Dismiss in the 5th Circuit EnBanc Panel. Now, the Collins Plaintiffs are cutting off the possibility of the government filing a Writ of Certerrori on the Succession and Anti Injunction Clauses as well as the insulated Unconstitutional Director Issue and the backward looking remedy of elimination of the nws. Sounds like a win to me! What is your definition of a win?
https://amp.cnn.com/cnn/2021/03/11/business/taxes-corporate-trump-sherrod-brown/index.html
"Our nation has often faced the temptation to abandon our commitment to individual rights in the face of crisis. Yet these rights mean nothing if we allow our leaders to treat them as mere privileges, revocable whenever the storm clouds roll in.
As the Supreme Court recently stressed, even in an emergency, “the Constitution cannot be put away and forgotten.”
https://pacificlegal.org/lawsuits-show-eviction-bans-unjust-unconstitutional/
“This decision makes clear that federal agencies can’t exercise power Congress has not given them,” Steve Simpson, a senior attorney at the Pacific Legal Foundation, which represented the landlords, said in a statement. “Now our clients no longer have to provide housing for free.”
Once the courts rule that the position of the government is untenable and that a conservator cannot keep its wards in conservatorship for perpetuity, will you be able to buy these financial juggernauts for a buck or two?
In Another Big Lie, author Tim Pagliara details the decade-long fight over the government’s role in regulating a safe and sound mortgage market, and how a select group of investors in government-sponsored entities exposed the government’s theft of billions of dollars from the American dream of homeownership.
This was the largest and most brazen expropriation of private property in the nation’s history.
-David Thompson, Managing Partner, Cooper & Kirk
This isn’t just a story about what happened a decade ago. It’s a story about what’s happening today and what’s going to happen twenty years from now. The villains of this story are the big banks and their cronies inside the government, the media, and the intelligentsia who behaved as if the bankers could do no wrong.
But this iron truth endures: Even the most well-intentioned bureaucrats, no less than presidents, legislators, and judges, are bound by constitutional principles.
-Patrick J. Collins, Marcus J. Liotta, William M. Hitchcock v. Steven T. Mnuchin, Secretary, US Department of Treasury; Department of the Treasury; Federal Housing Finance Agency; Mark A. Calabria, Director of the Federal Housing Finance Agency (S.D. Tex., 2019)
This is the story of how individual Americans stepped up, took on the system?and won.