Friday, November 14, 2014

Carney vs Epstein

Richard Epstein – NYU Law School: Richard A. Epstein is the inaugural Laurence A. Tisch Professor of Law at
NYU School of Law. He has served as the Peter and Kirstin Bedford Senior Fellow at the Hoover Institution
since 2000. Epstein is also the James Parker Hall Distinguished Service Professor of Law Emeritus and a senior
lecturer at the University of Chicago. Epstein received an LL.D., h.c. from the University of Ghent, 2003.
Professor Epstein has written numerous articles on a wide range of legal and interdisciplinary subjects and
has taught courses in administrative law, antitrust law, civil procedure, communications, constitutional law,
contracts, corporations, criminal law, employment discrimination law, environmental law, food and drug law
health law and policy, legal history, labor law, property, real estate development and finance, jurisprudence,
labor law; land use planning, patents, individual, estate and corporate taxation, Roman Law; torts, and
workers' compensation.


John Carney – Wall Street Journal: John Carney covers Wall Street for the Wall Street Journal's Heard on the
Street. Prior to joining the Wall Street Journal, Carney worked at CNBC after serving as managing editor of
Business Insider's Wall Street and economics section. Prior to that, he was editor in chief of
His writing has appeared in The Wall Street Journal, The New York Times, The New York Sun, Page Six
Magazine, the New York Post, Fortune, Gawker and New York magazine. Mr. Carney received a law degree
from the University of Pennsylvania and practiced corporate law at firms such as Skadden, Arps, Slate,
Meagher & Flom and Latham & Watkins. He primarily represented banks, hedge funds and private equity firms.


He primarily represented banks, hedge funds and private equity firms.
You all see Johns motivation? BANKS HEDGE FUNDS PE!!!
John graduated Law school and is gonna look stupid against Epstein.
But it would appear John knows this, he is talking Fannie lower for his masters.
Until they tell him to stop, he will continue. I Guess if he stops we will all see the
price of fannie rise from that point as his masters will be in their position.

Thursday, November 13, 2014

Senate Banking panel on Nov. 19.

FHFC: Watt will face many questions on the GSE's future in his first appearance before the Senate Banking panel on Nov. 19.

Wednesday, November 19, 2014
10:00 AM - 12:00 PM
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct an oversight hearing on the “The Federal Housing Finance Agency: Balancing Stability, Growth, and Affordability in the Mortgage Market.” The witness will be The Honorable Melvin L. Watt, Director, Federal Housing Finance Agency.
All hearings are webcast live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date

For more than 75 years, Fannie Mae has funded our nation's housing market. We provide reliable, large-scale access to affordable mortgage credit in communities across the country – helping people to buy or rent a home, or refinance an existing mortgage, even during tough economic times.

We are the leading source of liquidity for housing in America. One of our key priorities is to ensure creditworthy borrowers can access mortgage credit at all times and in all market conditions while maintaining the safety and soundness of the company.

We ensure that the 30-year fixed-rate mortgage – Americans’ preferred mortgage product – is available to homebuyers who want predictable monthly payments and protection from interest rate swings.

We also finance many different types of rental housing, so millions of people in big cities and small towns alike have access to quality, affordable places to call home. During the third quarter of 2014, we financed approximately 124,000 units of rental housing. Families with lower incomes, many of whom were hard hit in recent years, have also benefited from our subsidized affordable lending.

Importantly, we strive to be a responsible source of mortgage credit. Our loan quality and lending standards help to ensure homebuyers can afford their home for the long term.

Fannie Mae and Freddie Mac Sign Agreements to Capitalize and Operate CSS

Fannie Mae and Freddie Mac Sign Agreements to Capitalize and Operate CSS

"CSS is poised to take the next steps in building a future securitization infrastructure," said Andrew Bon Salle, Fannie Mae Executive Vice President, Single-Family Underwriting, Pricing and Capital Markets. "David Applegate is a respected leader in the industry who will bring deep expertise in mortgage finance to CSS.  Fannie Mae looks forward to working with CSS, Freddie Mac and the Federal Housing Finance Agency (FHFA) to lay the foundation for a strong housing finance system for the future."

Common Securitization Solutions, LLC is a jointly owned limited liability company formed between Fannie Mae and Freddie Mac for the purpose of designing, developing, building and operating the CSP. Common Securitization Solutions is equally owned by Fannie Mae and Freddie Mac and represents an important milestone in FHFA’s goal of building a new secondary market infrastructure. The intention of the CSP is to replace certain elements of the Fannie Mae and Freddie Mac proprietary systems for securitizing mortgages and performing associated back-office and administrative functions. The FHFA's 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac includes the goal of developing a single Enterprise mortgage-backed security as part of the efforts to build the CSP.

Wednesday, November 12, 2014

Is Fannie Mae Really a $50 Stock?

Is Fannie Mae Really a $50 Stock?

The answer is YES, more like $130 without the takings of the US govt.

Remember in 2014 fannie will make in profit of 14 BILLION dollars.

Billion. there are only 1.2 billion shares out. This makes it about $11 per share in earning per year.

P/E of 12 is fair on most stocks. THATS $132 a share and that is no lie.

But we all know the govt says Fannie has paid nothing back even though we all know they paid 135 billion for the 117 that they received. Dont forget the 117 is with 10% interest in that total. Its not added to it.
117 billion is principal with interest. Principal is around 85 billion.
Either way the govt has made over 50 billion on their investment in last 5 years.
And is raking in over 5 billion every 3 months in TAKINGs.

These numbers are not Freddie Mac. ONLY FANNIE.

Bank of America Corp says put 10% down or rent your home.

NEW YORK (TheStreet) -- Shares of Bank of America Corp. (BAC)  are down 0.81% to $17.18 after CEO Brian Moynihan said the bank will avoid easing mortgage standards even as regulators seek to expand lending, according to Bloomberg.
"You won't see us start to expand our criteria much past what we've done today," Moynihan said at a New York investor conference sponsored by Bank of America, Bloomberg reports.
"I don't think there's a big incentive for us to start to try to create more mortgage availability where the customers are susceptible to default," Moynihan said, adding that a customer without the means to make a down payment of at least 10% should consider renting rather than trying to buy a home.

Why is BOA not making loans? Because the FHFA will make them buy them back if the borrower defaults.  It was different before when BOA sent loans to fannie in 2007, they did not care if the loan went bad. Fannie would be stuck with it or PLS (bear stearns) but in todays world BOA would have to take back its crap loan and would be stuck with the loss. WHY? THE FHFA who stole fannie mae from private investors will have the DOJ sue the bank for the loss if they dont take it back. This is why Private money will never enter housing. FHFA and Banks will not be on same page. FHFA wants to not be taken to cleaners by banks, and banks want to not be taken to cleaners by FHFA. 
Its like two mob gangs talking to each other. Both ready for the shoot out at any time. 
Fannie needs to be released so the FHFA will quit suing banks, Banks will deal with private fannie mae, not with conservatorship FHFA!! FHFA is not the banks friend. BOA makes it clear.

November 12: Banks Fined More Than $3 Billion For Role In Forex Manipulation

November 12: Banks Fined More Than $3 Billion For Role In Forex Manipulation

These banks are CORKER WARNER JOHNSON CRAPO future of housing? WTF!!!

On Wednesday, a Federal probe into the role big banks played in a forex manipulation scheme resulted in huge fines for UBS AG (NYSE: UBS), HSBC Holdings plc (NYSE: HSBC), the Royal Bank of Scotland Group PLC (NYSE: RBS), JPMorgan Chase & Co. (NYSE: JPM) andCitigroup Inc (NYSE: C).
The banks will pay penalties totaling more than $3 billion because their traders worked together to manipulate foreign exchange rates. Using chat rooms and code names, traders from each bank shared confidential information detailing client orders through October 2013.
While CNBC and Reuters are reporting that the fines total $3.4 billion, The Wall Street Journalreported the number at $3.3 billion and USA Today is saying it's $3.2 billion. 

Monday, November 10, 2014

Carney’s latest garbage from the WSJ …

Carney’s latest garbage from the WSJ …
  • WOW, that guy is something special. He thinks that Fannie should go back to paying 10% on money it already paid back. What bizzaro world does he live in?
    The treasury gave up the 10% when it enacted the sweep. eliminating the sweep does not revert back to 10%.
    10% of what? the 24 billion extra it got over the money it borrowed plus interest.
    never forget the 117 number borrowed is not the real number borrowed. It is the number borrowed with 10% interest. Last check the treasury has taken 24 plus billion more than the money borrowed plus the interest.
    imagine you are in charge of the FHFA and you decide to give to Your cousin all of Fannies profit because you are the conservator of fannie. Does this sound like something that is legal?
    In private life you could be the conservator of your moms money and property, you decide to give it all to your brothers girlfriend? does that sound legal to you. could you do that and not be held liable and not be charged with a crime while leaving your mom without a penny to survive?
    No you could not, you would go to jail.
    does this sound like what the FHFA has done?
  • YES!!!!