Yes. Not much interest in anything Richard X. Bove or the VW staff have to say, especially when there is flagrant and misleading spinning, pumping or hitting.
For example, Ginnie Mae and the GSEs do very different businesses. Ginnie Mae does not buy mortgages and does not make or issue MBSs. Ginnie Mae is not competing with GSEs and is not substitutable. Ginnie Mae's market is strictly tied in the main to guaranteeing loans (100% payment principal and interest) in specific mortgage loan markets, namely, the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), Department of Agriculture's Rural Development (RD) and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH).
The NWS is savaging Freddie Mac's capital in a planned manner and has little or nothing to do with 10 year Treasuries performance.
Ginnie Mae generates 1 billion in profit annually, all of which is happily given to the US Government since it is wholly owned government agency.
There really is no one to one comparison of these businesses or profits. The fact that Bove and the VW staff have published this indicates their level of accuracy in reporting.
Caveat Emptor.
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