Replies to post #2077 on Fannie Mae Preferred S (FNMAS)

[skibrian]

Fannie, Freddie to sell delinquent loans?

http://www.bloomberg.com/news/2012-12-18/blackstone-ranieri-betting-on-bad-fha-loans-mortgages.html?cmpid=yhoo

The nonperforming loan market may grow to as much as $30 billion next year if Fannie Mae (FNMA) and Freddie Mac, the government- sponsored mortgage enterprises, carry out plans to sell delinquent loans, said Amaya of National Asset Direct.

The two taxpayer-owned companies are under a mandate from their federal regulator to dispose of nonperforming assets. Fannie Mae, which has nonperforming loans with a total unpaid principal balance of about $233 billion, is planning to begin qualifying potential bidders for some of those mortgages as early as the first quarter of next year.

Castle Peak Capital Advisors LLC, founded by a group of former GMAC managers, paid 39.5 cents on the dollar for 1,392 loans with an unpaid balance of $239.4 million in the FHA auction. Most of the $1.5 billion in nonperforming loans Castle Peak has acquired since 2008 came from private sources, such as banks, said John Lynch, a managing partner at the Minneapolis- based firm.

[betahighlander]

found this on the yahoo board- from Mfaais i think.-
that makes them a 7% owner of fmcc if i read this correctly
46M shares northern with 650M shares outstanding= 7%?

Maybe Joe Stocks should be recruiting theses guys- and the unsafe at any speed guy- they will have way more clout than a couple of poster board guys.


Google 21,200,000 shares
State Street Corp 22,000,000 shares
General Electric 29,350,000 shares
Pfizer 17,000,000 shares
Bank of Nova Scotia 17,000,000 shares
Freddie Mac 46,500,000 shares
Fannie Mae 65,500,000 shares
Toyota Motor Corp 18,750,000

source: mffais