Post Tagged with: "Fannie Mae"
More on Banks Making Shed Loads But Fannie And Freddie “Losing Money as a Matter of Policy”
Fannie and Freddie have already been nationalized and the government is already on the hook for hundreds of billions of dollars of losses as a result. Clearly, this makes it a lot easier to use the GSEs as vehicles to pump money into the economy because any incremental loss is completely obscured by the existing gargantuan losses. Fannie and Freddie can essentially become a giant stimulus slush fund for the Obama Administration as we head into the 2012 election
[PREMIUM] The Fed’s Rate easing and Obama’s Mortgage refi plan are bullish
Investors must still be worried about the fallout from the European meltdown. However, the situation in the US is looking much better than it did last week because of this aggressive policy response
Time to Demand Transparency and Accountability of Our Public Stewards
When will we begin to reign-in the Fed and hold it accountable? And will we let the Fed bail-out Wall Street without Congressional approval of funding the next time it crashes? We need to answer these questions soon, because it is beginning to look like the next crash is on its way
The FHFA Complaints and Control Fraud
The FHFA complaints lose explanatory power and persuasiveness because they ignore compensation and accounting. It pays to understand accounting control fraud
FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac
The complaints seek damages and civil penalties under the Securities Act of 1933, similar in content to the complaint FHFA filed against UBS Americas, Inc. on July 27, 2011. In addition, each complaint seeks compensatory damages for negligent misrepresentation
Shiller: Austerity Negative for Housing
Economist Robert Shiller spoke with Carol Massar and Matt Miller on Bloomberg Television’s “Street Smart” on Tuesday. Shiller sees the likely austerity that the US will see as a result of the debt ceiling debate as negative for housing demand and expects this to impact prices. Video embedded in post
No Crisis Here
I decided to look at what President Bush’s Council of Economic Advisors (CEA) were saying in their annual reports for 2005-2007 about the massive real estate bubble, epidemic of accounting control fraud and mortgage fraud, the resultant rapidly developing financial crisis, and the great increase in economic inequality. Here’s what I found on these topics
Wallison in His Own Words on Causes of Crisis
By William K. Black (Cross-posted from Benzinga) The big news in U.S. regulation last week was the release of the Financial Crisis Inquiry Commission reports. (There’s a major article in the New York Times about Kabul Bank that supports warnings made in my earlier column on that scandal.) The Commission report and the two dissents
Wednesday Washington Watch
by Annaly Capital Management Today Mike Farrell appeared as a panel participant at a House Financial Services Committee entitled The Future of Housing Finance – A Review of Proposals to Address Market Structure and Transition. The comments of each panel participant are available on the committee’s website. We post Mr. Farrell’s comments below. Chairman Frank,
Letter from a Washington Conference Room
By Michael Farrell, Annaly Capital Management My fellow mortgage market participants, On Tuesday, I attended the “Conference on the Future of Housing Finance” hosted by Treasury Secretary Tim Geithner and Housing and Urban Development Secretary Shaun Donovan in the Cash Room at Treasury. I believe Annaly was invited because we have been actively engaged in
Gross Urges ‘Full Nationalization’ of Housing Finance
From Bloomberg: Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said the U.S. should consider “full nationalization” of the mortgage- finance system as the Obama administration plots the revival of a market that was at the center of the 2008 credit crisis. “To suggest that there’s a large place
Data Triangulation
A post by Annaly Capital Management from last night. Connecting two data events from the last 24 hours serves as a reminder to policy makers that if they really want to improve the housing finance system in the United States they should first work on improving the jobs picture. First, Fannie Mae released its quarterly