tuzedaze
5 hours ago
Found a new strategy Trunk for us to follow to see if we benefit like Tommy does….
BREAKING: Senator Tommy Tuberville has just disclosed nearly 100 trades.
He is buying more semiconductor stocks, as well as selling and buying puts against companies he owns or wants to own, like $QCOM, $LSCC, $CCL, $CLX, $SWKS.
You read that right, he has leveraged positions… pic.twitter.com/TS7YdnBH2F— unusual_whales (@unusual_whales) May 15, 2024
navycmdr
9 hours ago
Freddie’s CRT Issuance Jumps in First Quarter
May 15, 2024 - Dennis Hollier - dhollier@imfpubs.com
Freddie Mac more than doubled its issuance of Structured Agency
Credit Risk notes in the first quarter of 2024.
Combined, Fannie Mae and Freddie cranked out $2.85 billion in
credit risk transfer transactions during the first quarter, up 55.1%
sequentially, according to a new analysis by Inside MBS & ABS.
The share of risk the government-sponsored enterprises are
offering to investors is also on the rise, as the size of the reference
pool for CRT issuance increased at less than half the rate of CRT
issuance compared with the fourth quarter.
In the January-March cycle, Freddie issued $1.28 billion in STACRs
covering two reference pools totaling $42.51 billion. In the prior period,
Freddie’s CRT volume came to just $636 million on mortgages backed
by a $23.07 billion reference pool. Freddie sat out the third quarter of 2023.
Fannie’s CRT activity has been more stable.
Sammy boy
24 hours ago
Agree, I’m seeing prices drop as much as 70K first hand. For sale signs popping up more frequently, open houses with very little traffic.
New construction, builders are buying down rates, offering incentives such as epoxy garage floors, window treatments, washer & dryers, 2 years of HOA’s, golf carts in SWFL.
Car dealers are trying to maintain grosses from years past are slashing pay plans forcing a high percentage of turnover.
The struggle is real folks !
trunkmonk
1 day ago
She actually seems better that Watt and others in the past. I didnt realize Watt hated Ralph Nader, and clashed with Watt in 2004. Nader clashed with members of the caucus over his presidential bid. After the meeting, Nader alleged that Watt twice uttered an "obscene racial epithet" towards him. It was alleged that Watt said: "You're just another arrogant white man — telling us what we can do — it's all about your ego — another fucking arrogant white man." Although Nader (who is of Lebanese descent) wrote a letter to the Caucus and to Watt asking for an apology, none was offered.[26]
Nader was a shareholder, Watt thinks of us a arrogant White men who dare think he will free our GSEs with any kind of justice. He was just an appointed boy of Obama, to watch over the ObamaCare slush fund. I dont know what i would do if i stood in front of Watt this very day???? I know what i would say, then let him respond any way he wants.
navycmdr
1 day ago
SEC Filing | @FannieMae $FNMA
@JarndyceJ read where she’s coming from. https://t.co/MjPxqTbzUO— José E Burgos Lugo, PA (@TheBurgosGrp) May 14, 2024
Appointment of New Director
https://fanniemae.gcs-web.com/node/41856/html
On May 10, 2024, Diane N. Lye was appointed to the Board of Directors of Fannie Mae (formally, the Federal National Mortgage Association), effective as of that date. The Board’s appointment of Dr. Lye is until the earlier of: (1) the next annual election of Board members; or (2) the date on which she resigns or is removed by the Federal Housing Finance Agency, as conservator, while Fannie Mae is in conservatorship. As of the date of this filing, the Board committees on which Dr. Lye will serve have not been determined.
Dr. Lye, age 62, has over 30 years of experience in data science and technology. Most recently, she served as Chief Information Officer at Rivian Automotive, Inc., an electric vehicle manufacturer, from October 2022 to December 2023. Previously, Dr. Lye was at Capital One, National Association, where she served as Executive Vice President and Chief Information Officer for Card Technology, from May 2019 to September 2022, and as Senior Vice President of Enterprise Data, Machine Learning, Risk and Finance Technology, from October 2016 to May 2019. Prior to joining Capital One, Dr. Lye held a variety of technology-centered leadership roles at Amazon, Citigroup, and Bank of America.
Based on its review of the relevant facts and circumstances, Fannie Mae’s Board of Directors determined that Dr. Lye is an independent director.
Director Compensation
Dr. Lye will be paid compensation as a director as described in Fannie Mae’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 15, 2024, under the heading “Executive Compensation—Compensation Tables and Other Information—Director Compensation,” which description is incorporated herein by reference.
Indemnification Agreement
Fannie Mae is entering into an indemnification agreement with Dr. Lye, the form of which was filed as Exhibit 10.3 to Fannie Mae’s annual report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on February 14, 2019.
Director Compensation
Dr. Lye will be paid compensation as a director as described in Fannie Mae’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 15, 2024, under the heading “Executive Compensation—Compensation Tables and Other Information—Director Compensation,” which description is incorporated herein by reference.
https://www.sec.gov/Archives/edgar/data/310522/000031052224000184/fnm-20231231.htm#i99bb51cbd4fd40e29658acb2ee7ed3d9_460
navycmdr
1 day ago
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - February 2024
Published: 5/14/2024 - February 2024 Highlights - Foreclosure Prevention
https://www.fhfa.gov//AboutUs/Reports/Pages/Foreclosure-Prevention-Refinance-and-FPM-Report-February-2024.aspx
?
The Enterprises' Foreclosure Prevention Actions:
--- The Enterprises completed 17,993 foreclosure prevention actions in February, bringing the total to 6,941,211 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
--- There were 5,293 permanent loan modifications in February, bringing the total to 2,692,612 since the conservatorships began in September 2008.
--- Approximately 79 percent of loan modifications in February involved extend term only. Modifications with principal forbearance accounted for 20 percent of all loan modifications during the month.
--- The number of borrowers who received payment deferrals after completing a forbearance plan decreased slightly from 8,628 in January to 8,584 in February.
--- Initiated forbearance plans decreased 7 percent from 7,490 in January to 6,943 in February. The total number of loans in forbearance also decreased from 38,872 at the end of January to 36,837 at the end of February, representing approximately 0.12 percent of the total loans serviced and 7 percent of the total delinquent loans.
The Enterprises' Mortgage Performance:
--- The 30-59 days delinquency rate increased to 0.96 percent while the serious delinquency rate decreased to 0.53 percent at the end of February.
The Enterprises' Foreclosures:
Third-party and foreclosure sales decreased 15 percent to 965 while foreclosure starts declined 13 percent to 5,927 in February.
February 2024 Highlights - Refinance Activities
--- Total refinance volume increased in February 2024 as mortgage rates remained below the elevated levels observed in late 2023.
Mortgage rates rose in February: the average interest rate on a 30-year fixed rate mortgage increased to 6.78 percent.
--- The percentage of cash-out refinances continued at 69 percent in February after rising as high as 82 percent over the last two years. Higher mortgage rates have reduced the opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.
trunkmonk
1 day ago
Mongo very sad, GSEs should be $30, Radio Shack no more, Red Slobster going away, InFFFections everywhere, Dollar Tree no more near me, only place to eat or hang out is at Costco Hot Dog stand. What next KTCarneyCorkerPeeBladder have comedy show?...
I miss Sears, give me back my Craftsman Club membership please...
Mongo
navycmdr
2 days ago
Meredith Whitney Advisory Group CEO: Proposed mortgage reform
is a ‘massive game changer’
https://www.cnbc.com/video/2024/05/13/meredith-whitney-advisory-group-ceo-proposed-mortgage-reform-is-a-massive-game-changer.html?__source=sharebar|twitter&par=sharebar
You could make case that there is a cohort below prime HELOC borrowers that are not served well and have low rate 1st liens, need 2nds. Trouble is, banks cannot hold this paper under Basel III. So who takes it? Especially with a home price reset ahead....— Richard Christopher Whalen (@rcwhalen) May 13, 2024
What are the typos.
She wants the subprime borrowers to take on debt before they couldn't qualify anymore for a loan, so retail sales and GDP will stay elevated until November.
Meredith implies that agencies will fund the loans.— David Levenson (@levenson_david) May 13, 2024
navycmdr
2 days ago
Freddie Mac Announces 2024 Home Possible RISE Award® Winners for Helping Very Low- to Low-Income Homebuyers
9:00 AM ET, 05/13/2024 - GlobeNewswire
MCLEAN, Va., May 13, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced the winners of its Home Possible RISE Awards®. The annual program, RISE (Recognizing Individuals for Sustained Excellence), salutes top Sellers across multiple categories for excellence with Freddie Mac’s Home Possible® and HFA Advantage® mortgages – the company’s affordable lending solutions for very low- to low-income homebuyers.
“We are proud to honor these Sellers and their work to tackle affordability challenges head-on and help borrowers achieve sustainable homeownership using our Home Possible and HFA Advantage mortgages,” said Danny Gardner, Freddie Mac Single-Family Senior Vice President, Mission and Community Engagement.
This year’s award winners represent national to local lending companies, recognized for their standout loan originations, who are committed to making responsible homeownership a reality for borrowers nationwide.
Freddie Mac purchased over 96,000 Home Possible and HFA Advantage loans in 2023. Of the Home Possible mortgages purchased, 75% supported first-time homebuyers. Freddie Mac has made homeownership possible for more than 850,000 families through $171 billion in Home Possible and HFA Advantage mortgages since 2015.
Eligible organizations must be active Freddie Mac Sellers. Freddie Mac reviewed 2023 data and awarded the top organizations among several categories.
About Freddie MacFreddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube
MEDIA CONTACT: Chad Wandler703-903-2446Chad_Wandler@FreddieMac.com
Source: Freddie Mac
Disclosures
Data source identification
Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 1-800-435-4000. Please read the prospectus carefully before investing.
*Schwab Equity Rating based on data as of 05/10/2024 market close.
As your agreement for the receipt and use of market data provides, the securities markets (1) reserve all rights to the market data that they make available; (2) do not guarantee that data; and (3) shall not be liable for any loss due either to their negligence or to any cause beyond their reasonable control.
Foreign market quotes and charts, with the exception of Canadian securities, contained herein are obtained by Schwab from Thomson Reuters ®. While Schwab believes such third party information is reliable, we do not guarantee its accuracy, timeliness, or completeness. All foreign market quotes, with the exception of Canadian securities, are delayed at least 20 minutes.
Quotes on Canadian securities are provided by the Toronto Stock Exchange. Trade executions are through third parties who may execute trades on a principal basis and may include additional fees, a mark-up or mark-down as appropriate. Investing in securities involves additional risks related to currency exchange calculations and fluctuations, economic and political differences and differences in accounting standards.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and S&P Global. GICS is a service mark of MSCI and S&P Global and has been licensed for use by Schwab.
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(0310-1918, 0310-2017)
navycmdr
4 days ago
Statement of Director Sandra L. Thompson on the FSOC Nonbank Mortgage Servicing Report
FOR IMMEDIATE RELEASE - 5/10/2024
I commend the Financial Stability Oversight Council (FSOC) for the publication of its report on nonbank mortgage servicing. This report advances the work of federal and state agencies with oversight responsibility of the mortgage market, identifies vulnerabilities specific to nonbank mortgage servicing business models, and presents robust recommendations to foster financial stability. The Federal Housing Finance Agency (FHFA) is regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises), and nonbank mortgage servicers are important counterparties to the Enterprises.
The growth of nonbank mortgage servicers over the past decade has shifted market dynamics and highlighted the need for increased collaboration and coordination among regulators. The FSOC report calls attention to the strengths of nonbank mortgage servicers, including their commitment to the mortgage market and to supporting sustainable homeownership for historically underserved populations, along with several structural vulnerabilities. These vulnerabilities include liquidity risk, leverage, asset concentration, and operational risk, each of which could amplify and transmit mortgage market shocks to other financial market participants and to consumers.
To address these vulnerabilities, the FSOC report includes several recommendations that would enhance its member agencies' oversight authorities, enable better information sharing, and provide for improved liquidity risk management by industry participants. Taken together, I believe these recommendations will reduce the risk of consumer harm or financial market contagion in the event of material financial stress at one or more nonbank mortgage servicers.
I am particularly encouraged that the FSOC recommends Congress consider providing FHFA with additional authority to establish appropriate safety and soundness standards for nonbank mortgage servicing and to directly examine for compliance with these standards. Such authority would give FHFA greater ability to manage the risks identified in the FSOC report and support broader financial stability.
FHFA is committed to ensuring the safety and soundness of, and responsible market conduct by, our regulated entities. FHFA will continue these efforts as we fulfill our statutory responsibilities and carry out the recommendations in the FSOC report to the greatest extent possible. I welcome FSOC's focus on the growth of the nonbank mortgage servicing sector and encourage Congress to consider those recommendations in the report which require legislation to fully implement.?
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.4 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube, Facebook, and LinkedIn.
Contacts: MediaInquiries@fhfa.gov
trunkmonk
4 days ago
yes they were, but u wont get anyone to politically remove them in any way, maybe after release, but never before, and they bring oversight that buffers the GSEs, instead of politicians in congress. get the right people into its Admin, it would work for the better.
The lobbying that happened before brought the completely unjustified wrath onto themselves but it ain’t going back to that. Nor do I want it too.
navycmdr
5 days ago
PRESS RELEASES - Treasury Announces Plan to Sell Airline Warrants
May 10, 2024
https://home.treasury.gov/news/press-releases/jy2332
WASHINGTON – The U.S. Department of the Treasury announced today its intention to conduct a series of auctions to sell its warrants to purchase the common stock of certain publicly traded airlines to qualified institutional buyers, institutional accredited investors, or the issuing airlines. The proceeds of these sales will provide additional returns to the American taxpayer from the financial assistance and liquidity that Treasury provided to these airlines during the pandemic.
Treasury provided financial assistance and loans to U.S. airlines and certain other types of businesses in 2020 and 2021 under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); the Consolidated Appropriations Act, 2021; and the American Rescue Plan Act of 2021. Information about these programs, the warrants being sold, and the auction procedures is available here.
Treasury will be supported by its financial agents, Houlihan Lokey Capital, Inc. and Loop Financial Consulting Services, LLC, to help coordinate and conduct the auctions. Prospective bidders interested in participating in an auction must deliver a complete Bid Package (as defined in the auction procedures) by 5:00 p.m. Eastern Time on May 24, 2024. The auctions are expected to commence the week of June 3, 2024.
The auction transactions will be exempt from the Securities Act of 1933, as amended (the Act). The warrants that will be sold in the auctions have not been, and will not be, sold pursuant a registration statement under the Act, and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Act and applicable state securities law.
The warrants will be offered only to (1) “qualified institutional buyers” as defined in Rule 144A under the Act, (2) certain institutional “accredited investors” as defined in Rule 501(a) under the Act, and (3) the issuers of the relevant warrants. Neither this press release nor the information regarding the auction on Treasury’s website constitute an offer to sell or the solicitation of an offer to buy the warrants or any other securities (including the underlying shares of common stock), and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation, or sale would be unlawful.
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QueenVic
1 day ago
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