Credit Writedowns » Fannie Mae

More on Banks Making Shed Loads But Fannie And Freddie “Losing Money as a Matter of Policy”

Edward Harrison — Wed, 01 Feb 2012 20:30:01 +0000

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

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[PREMIUM] The Fed’s Rate easing and Obama’s Mortgage refi plan are bullish

Edward Harrison — Thu, 26 Jan 2012 19:30:41 +0000

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

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Time to Demand Transparency and Accountability of Our Public Stewards

Randall Wray — Thu, 01 Dec 2011 01:26:12 +0000

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

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The FHFA Complaints and Control Fraud

William Black — Wed, 07 Sep 2011 19:30:41 +0000

The FHFA complaints lose explanatory power and persuasiveness because they ignore compensation and accounting. It pays to understand accounting control fraud

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FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac 2 Sep 2011

FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac

Edward Harrison — Sat, 03 Sep 2011 02:28:20 +0000

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

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Shiller: Austerity Negative for Housing

Edward Harrison — Thu, 28 Jul 2011 15:22:10 +0000

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

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No Crisis Here

William Black — Tue, 19 Jul 2011 14:26:45 +0000

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

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Wallison in His Own Words on Causes of Crisis

William Black — Tue, 08 Feb 2011 13:10:00 +0000

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

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How the US Congress is Sowing the Seeds of the Next Crisis 20 Dec 2010

Wednesday Washington Watch

Annaly Salvos — Wed, 29 Sep 2010 16:21:52 +0000

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,

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Letter from a Washington Conference Room

Annaly Salvos — Fri, 20 Aug 2010 19:00:08 +0000

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

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Gross Urges ‘Full Nationalization’ of Housing Finance

Edward Harrison — Wed, 18 Aug 2010 12:00:29 +0000

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

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Data Triangulation

Annaly Salvos — Sat, 07 Aug 2010 19:27:30 +0000

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

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On Liquidating Fannie and Freddie and Other Links

Edward Harrison — Fri, 23 Jul 2010 15:00:00 +0000

Topic of the Day: Fannie Mae and Freddie Mac Fannie Mae and Freddie Mac: Unfinished business | The Economist America’s housing market: Unnecessary evils | The Economist Why We Have Freddie and Fannie, Arnold Kling | EconLog | Library of Economics and Liberty Topic #2: Prisons and America Rough justice in America: Too many laws,

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Robert Byrd and Housing

Annaly Salvos — Tue, 29 Jun 2010 22:35:39 +0000

A post by Annaly Capital Management The death of Senator Robert Byrd (“an institution within an institution” is what President Obama called him) may be the butterfly wings that alter the financial landscape of the United States. Without him, it is not entirely clear whether there are 60 votes to pass the financial regulatory reform

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Nationalizing The US Mortgage Problem With Fannie and Freddie And Other Links

Edward Harrison — Sun, 20 Jun 2010 15:23:53 +0000

Fannie and Freddie Cost of Fannie And Freddie Keeps Rising – NYTimes.com Related Posts May 2010: Banks Making Shed Loads But Fannie And Freddie May Be “Losing Money as a Matter of Policy” Jan 2010: Manipulating mortgages Sep 2008: The nationalization of America’s mortgage problem Sep 2008: Fannie and Freddie: The politics of finance The

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Mark Thoma on the GSEs and the Zero Bound and Other Links

Edward Harrison — Sat, 05 Jun 2010 19:00:00 +0000

Must Reads: Mark Thoma Economist’s View: Things are Different at the Zero Bound Economist’s View: It Wasn’t Fannie, Freddie, or the CRA Bank Failures FDIC: Press Releases – Great Western Bank, Sioux Falls, South Dakota, Assumes All of the Deposits of TierOne Bank, Lincoln, Nebraska FDIC: Press Releases – FDIC Approves the Payout of the

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Banks Making Shed Loads But Fannie And Freddie May Be “Losing Money as a Matter of Policy”

Edward Harrison — Thu, 20 May 2010 19:25:59 +0000

The FDIC is out with its Quarterly Banking Profile for Q1 2010. And despite a rise in the FDIC’s ‘Problem List of Banks’ to 775 in Q1 from 702 at the end of 2009 and 552 in Q3 2009, banks earned a ton of money – more than $18 billion in the quarter. Big banks

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Pitchforks, Vampire Squids, and Simon Johnson’s Robespierre Moment

Edward Harrison — Mon, 19 Apr 2010 16:25:55 +0000

This morning I attended a breakfast on financial reform hosted by the Agenda Project’s Erica Payne. The purpose was to crystallize the issues most pertinent to the financial reform debate in these crucial weeks leading up to full Senate consideration and a likely Republican filibuster. The Robespierre Moment Leading the charge were Raj Date, Bob

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Economics Are Behind Brown Massachusetts Senate Win; Does It Matter For November?

Edward Harrison — Wed, 14 Apr 2010 19:19:58 +0000

Embedded is a report by Thomas Ferguson and Jie Chen of the Roosevelt Institute which sought to determine the likely cause of the epic Scott brown victory in Massachusetts Senate Race. Their analysis points to economics as the overriding factor. This is the abstract: Passage of the health care reform bill has convinced some analysts

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What is Up with Fed Funds?

Marc Chandler — Fri, 05 Mar 2010 14:57:27 +0000

The Fed funds rate has been creeping up in recent days. At first, many dismissed it as a technical quirk. In early February, the effective Fed funds rate firmed to 14 bp as it did in early March. However it did not stop there and yesterday was at 16 bp. Dealers report a tight market

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Sheila Bair blames the Fed for the credit crisis

Edward Harrison — Thu, 14 Jan 2010 20:26:34 +0000

Sheila Bair is a straight shooter. And as such, she laid it on the line today in her prepared remarks before Congress. Her remarks were on the money on several counts. I will highlight just a few with commentary followed by the relevant quotes. A link to the testimony is provided at the end. Notice

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On kleptocracy and the sense that we have a one-party system

Edward Harrison — Tue, 05 Jan 2010 22:08:24 +0000

As a writer, Matt Taibbi is a lot more vitriolic than I am. He curses, makes some pretty over-the-top personal attacks, and divines a policymaker’s intent where I don’t think he can. But, this goes mostly to style. Substantively speaking, he has a lot to say and we should take notice. I wanted to highlight

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Manipulating mortgages

Edward Harrison — Fri, 01 Jan 2010 19:35:08 +0000

The dust has settled a bit on the Treasury’s recent decision to give Fannie Mae and Freddie Mac a green light to nationalize our mortgage problem. Calculated Risk says the move was not necessarily done on Christmas Eve to escape notice. And it was not done to socialize future losses via Fannie and Freddie. It

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The year in review at Credit Writedowns – Crony Capitalism

Edward Harrison — Mon, 28 Dec 2009 04:58:45 +0000

Before the Christmas break, I wrote a post to tie together my thoughts on why I have found the Obama economic program so unsatisfying despite some obvious success in stabilizing the economy. This first part framed the status quo as an unequal division of spoils that has become more and more unequal due to kleptocracy

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Fannie reports $171 billion in non-performing loans

Edward Harrison — Fri, 07 Aug 2009 00:13:19 +0000

Fannie Mae has the luxury of marking its accounts more accurately because they have no fear of being nationalized or going bust since they already have hit the wall. So, when we read the latest quarterly results from Fannie Mae, we are not just seeing a glimpse of Fannie’s reckless financing, but of the American

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Is the new affordable FHFA loan program predatory lending?

Edward Harrison — Thu, 02 Jul 2009 20:06:50 +0000

Let’s say you’re an American named Maria living in Southern California. The year is 2006. You make $45,000 and your husband David makes another $40,000. You have two children aged six and four and your two-bedroom apartment is getting too small. So you decide to consider buying a house. Eventually, you and your husband find

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Can I borrow the full amount and an extra 25% too?

Edward Harrison — Wed, 01 Jul 2009 21:08:46 +0000

Apparently the answer to this question is yes. CNBC is reporting that home ‘owners’ who refinance their mortgages through loans backed by Fannie and Freddie will be able to borrow up to 125% of their homes’ value (hat tip Marshall Auerback). That’s not a typo: we’re talking no-money down and 25% cash back. Sign me

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Fannie Mae: a bottomless pit for U.S. taxpayers

Edward Harrison — Fri, 08 May 2009 18:11:37 +0000

Bloomberg has the goods on Fannie and they’re not good. Fannie’s regulator wants $19 billion from the U.S. government because the firm has negative capital. Fannie Mae had $23.2 billion in losses last quarter alone. And it says losses in 2009 will be worse than 2008. Nice. Here’s the money quote: “Fannie says it does

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Bad behavior in financial services

Edward Harrison — Tue, 27 Jan 2009 19:36:38 +0000

In case you missed it, Freddie Mac and Fannie Mae have cost taxpayers tens of billions to date. The bill is still rising, however, as the two companies are looking for $50 billion more to avoid technical insolvency. Then there is Citigroup who has had their hands out for $45 billion. They have also written down over $80 billion in bad assets. Yet, they are still splurging on corporate jets. The video below reports on these events, on John Thain's million-dollar office makeover and more. Needless to say, we have a clear case of banks behaving badly

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A quick note on corporate bankruptcy and bailouts

Edward Harrison — Fri, 02 Jan 2009 18:57:58 +0000

Bankruptcy is a necessary part of a free market. I certainly believe this to be so. Rick Newman, who writes the blog "Flow Chart" over at U.S. News, is putting forward the provocative idea that failure is exactly what we needed more of in 2008 and what we should want in

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Treasury Considers Plan to Halt Home Price Slide

Edward Harrison — Fri, 05 Dec 2008 01:12:06 +0000

Marshall here. Slowly but surely, the Treasury is beginning to move more aggressively on providing help to homeowners, as opposed to bankers. This makes sense: A financial meltdown and housing deflation cannot be cured simply by pumping money into the banking system. You also have to consider a program which provides mortgage relief to homeowners as well

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Treasury to Consider Further Measures to Halt Housing Slide

Marshall Auerback — Thu, 04 Dec 2008 03:51:09 +0000

The Treasury Department is considering a plan to halt the slide in home prices that would lower mortgage rates using Fannie Mae and Freddie Mac. The plan could reduce rates for newly issued loans to as low as 4.5%. Slowly, but surely, the government is moving in the right direction. It is beginning to dawn on Treasury (albeit, belatedly) that a prerequisite for economic recovery is not just the stabilisation of the banking system, but some sort of program which provides mortgage relief for home owners. This plan is a small start. I have a problem with this though. It is “trickle down”

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More on Fannie and Freddie – Signs of life in the Refi Market?

Marshall Auerback — Wed, 03 Dec 2008 19:34:48 +0000

Below is a chart of variable rate loan applications as per cent of total. This can be looked at from a contrary opinion point of view, that is people are afraid of variable rate loans after they got burned on the upside in the last several years and thus they are moving to fix rate

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Why not use Fannie and Freddie?

Marshall Auerback — Tue, 02 Dec 2008 20:00:19 +0000

I don’t understand the lack of imagination in DC. All the politicians have to do is tell the banks to lower their variable rate mortgage loans on the books to 4% right now, today or else and it is like $600-$750 billion of stimulus. With short rates as zero it’s the least the banks can do. That probably offends the free market sensibilities of many of our readers, so here's an alternative approach: Why not Fannie and Freddie, which are now de facto arms of the US government

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Gateway Bank sold, hurt by Frannie preferreds

Edward Harrison — Thu, 25 Sep 2008 19:48:00 +0000

When Fannie Mae and Freddie Mac went bust, a number of major players were stung as the value of Fannie and Freddie preferred shares plummeted. Principal amongst these players was Gateway Bank, which had a huge percentage of bank capital tied up in the preferreds. Now Gateway has arranged a takeover by a rival smaller

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