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stevevri

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Everything posted by stevevri

  1. https://letsencrypt.org/ is free for a SSL certificate. No need to pay.
  2. I would be cautious as to what to expect from this plan. We know a plan is coming. We also know that the FHFA & Treasury have to negotiate to end the net sweep, and we know there has to be IPOs. Calabria has said that could be up to the companies. All of these things could happen down the line from each other. The first plan could rather generally lay out principles including suggestions and direct the FHFA & Treasury to negotiate for the NWS. The FHFA & Treasury could then negotiate end the sweep and then like Calabria said it could then be up to the companies to raise capital.
  3. That is just a summary. Here is the actual document. Document.pdf
  4. The idiot that got the quote could also be wrong and he could have meant FHA and not FHFA and then it'd make sense.
  5. I would also caution, there was a Judge that RE: Saxton, that helped out the government lawyers and said "Was a zero before, is a zero now" or something to that effect, it was the same Judge that thought Cedarminn was their best argument and not the other guy that kept asking about nationalization.
  6. A slump or recession may not be good, that could incur more losses and make this situation more muddy. If they need to raise more private capital from the markets, the government would want market conditions to support those things easily.
  7. He also said he has a strong preference to working with Congress on this issue. Did anybody catch the quote for the 75 day thing? Corker said something about 75 days... I think he was trying to talk about when the next sweep payment was due?
  8. The dividend comment was definitely negative. He said he talked to Watt and said they expect the dividend and hope to receive it. However that was after saying he was committed to working with congress and he again wouldn't rule out acting alone (more explicitly then in his confirmation hearing). For the most part he is trying to punt as much as he can and say he is focused on tax reform and that this is a 2nd half of the year thing. A lot of questions aren't related.
  9. The exchanges between Corker and Watt are classic. Corker is trying to tell him it's not a big deal to draw and even suggests he draws $10 billion just because he can. Watt tells him this is on him and if a problem happens it's on him not Corker and he can't take the risk.
  10. There's also the Endnote 27 which is pretty negative. Lawsuits challenging the terms or actions of conservatorship have struggled, giving less incentive for Congress to grant rights or remuneration for equity or preferred equity in a legislative solution. See John Carney, The Wall Street Journal, In A Blow to Fannie and Freddie Shareholders, Court Tosses Out Another Lawsuit (Aug. 23, 2016), available at https://blogs.wsj.com/moneybeat/2016/08/23/in-a-blow-to-fannie-and-freddie-shareholders-court-tosses-out-another-lawsuit/.
  11. H. Res. 280: H.R. 1694 - Fannie and Freddie Open Records Act of 2017 passes US House (Rule vote) by 226-192. That was a rules vote (confused me earlier too... weird congress procedures). The actual vote passed 425-0. See: https://pbs.twimg.com/media/C-cdFzQUMAAUVUD.jpg:large
  12. Requires you to sign up and I've used my trial so I can't read but this explains the liquidation thing: https://www.americanbanker.com/news/mnuchin-targets-fdic-powers-volcker-as-top-reg-priorities From the little bit available, It doesn't appear to be related.
  13. One big reason is the GSE Jumpstart. Although there may be ways around of it, the legislation prohibits getting rid of the Senior Preferred until after this year. That alone is enough of a reason for a new guy to want to play nice as he is building relationships and getting the lay of the land.
  14. Republican Jason Chaffetz Head of the House Oversight and Government Reform Committed posted the following bill: https://oversight.house.gov/wp-content/uploads/2017/03/HR-__-the-Fannie-and-Freddie-Open-Records-Act-of-2017.pdf John Berlau of CEI testified in front of the House Oversight and Government Reform Committee today. Berlau testified about the Obama Administration claiming executive privileged regarding the 3rd amendment and how the taxpayer deserves sunshine on the issue as long as Fannie Mae and Freddie Mac remain under conservatorship.
  15. http://www.glenbradford.com/wp-content/uploads/2017/02/14-5243-1662092.pdf Does anyone know what this one means? Is the court considering an en banc review?
  16. Senate votes to proceed to executive session to consider Steven Mnuchin as Treasury Secretary. 51-48. Now McConnell will call for cloture to end the debate and they'll vote again next week to finish this off.
  17. The warrants just totally going away seems very fantasy land. Selling the warrants in the open market is what will give Trump a headline price. The money swept basically just accounts for what was owed for the Government's preferred under the original deal.
  18. Yup, the goal of today is confirmation and he also doesn't want to box himself into a corner.
  19. Same disclaimer very rough. Warner: I appreciate very much your earlier comments to me and Senator Crapo and me about GSE reform. I wanted to clear up one thing. As you’re aware There have been a number of hedge funds that at the absolute demise of those Fannie and Freddie in the public market they went in and bought them cheap. That’s what hedge funds do. And they have then launched a remarkable both public and private campaign, and in certain ways character assassination of certain senators, certainly is unprecedented. The President Elect and you invested in one of those funds, the President elect says he has divested himself, I imagine you will divest yourself as well, but again in light of your firm commitment earlier to not go with a recap and release scheme that would greatly enhance those hedge funds profits I believe and then potentially leave tax payers holding the bag if another housing crisis took place. I just thought you’d just want to comment and reaffirm that commitment you are looking out for interests of the taxpayers and not some of the folks you’ve might of invested in, in the past. Mnuchin: First of all, let me just comment I have divested my interest in that fund as well, already. And as I’ve said my job is to look out what’s for the best interest for the taxpayers balancing on this issue the need for housing reform and making sure that we maintain housing liquidity with making sure that the taxpayers are not on the hook for that um and whatever the legal issues are associated with uh.. Again As it relates to the entities I have tremendous expertise on the entities, as it relates to the legal case of various holders and different securities. I haven’t studied that at all. Warner: [couldn’t hear] Those of us who’ve been apart of the reform, We realize the legal proceedings will continue.
  20. Very rough transcript again. Senator Crapo: Mr. Mnuchin I want to try to cover 3 quick maybe not so quick questions. The first one is to return back to the discussion you were having with Senator Warner about Fannie Mae Freddie Mac and GSE reform housing policy. I’m sure you’re aware that Senator Warner and I and a number of other Senators on the banking committee have dealt with legislation to try to deal with this circumstance. We currently have a situation in which they are currently in receivership. The Federal Government is basically running them. The concern that Warner was referencing is a concern that this administration is having, not because we’re afraid of anything, but because we’re asking.. trying to find out, is that the administration may either believe it’s okay to keep them in receivership just continue to run as is and the status quo, or that it’s okay to recapitalize them and put them back into the housing market back without any reforms. And uhh.. I just wanted to ask you if you would and I realize you can’t comment on a specific plan yet but if you would comment on the fact as do you believe we need to have reform in our housing finance policy that would go further then reforming or simply keeping them in receivership. Mnuchin: Again thank you for that I would comment that unlike medicare where I acknowledge I am not an expert, I am expert, I’ve been around these for 30 years, I understand these very well and thats why it would be one of my priorities to work with you. What I am focused on is We need housing reform and a solution. So I start with the standpoint that the status quo is not acceptable of just leaving them there. I think as you know there are two extremes on this and it’s something that I look forward to sitting down and talking to you with you and I believe whatever the outcome is one we don’t put the tax payers at risk, and two we don’t eliminate capital for the housing markets. I’ve very concerned that middle income people and moderate income who need mortgage loans and access to this capital in the mortgage market don’t lose it. [brief interruption by Crapo] I’m optimistic we can work together and hopefully figure out a bipartisan solution
  21. I think he realized he shouldn't have said anything before being confirmed and now you had a very guarded answer instead, with the idea of confirmation, but who knows.
  22. Here's my quick transcript. This is not 100% percent correct and may have some typos or errors, or unintentional omissions. SENATOR WARNER: one area that I’ve had a huge amount of concern and interest in and Senator Crapo and a number of us on this panel is on Fannie and Freddie. I know there are some people that potentially interpreted some of your comments as recap and release, which would in essence say even though the american tax payer was paid 188 billion dollar back that was invested in those failing institution, both of us would say with our business experience say that it was high risk capital and we ought to get a better return, those that would say let’s refloat these two entities and ignore some of those challenges. Do you support that position of recap and release that some have advocated? MNUCHIN: Let me first be clear. I did make some comments about this my comments were never that there should be recap and release. What My comments were… and first of all I’ve been around the mortgage industry for 30 years. I’ve seen this for a long period of time so This is an area i do believe i have expertise in. For very long periods of time I think that Fannie and Freddie have been well run without creating risk to the government as well as they’ve play an important role —interrupted for discussion about time that part cut— I believe these are very important entities to provide the necessary liquidity for housing finance. And what I’ve committed to is that I’ll work with both the democrat and republicans. What I’ve said and I believe We need housing reform. So We should not just leave Fannie and Freddie as is for the next 4 years under government control without a fix. I believe that we can find a bipartisan ..uh.. fix for these, so that on the one hand we don’t end up with a giant bailout on the other hand we don’t the risk of completely limiting housing finance. WARNER: I appreciate those comments I look forward to working with you. I have two quick questions. In light of those comments do you commit not to support any kind of administrative effort that would bypass the congress. In terms of efforts to recap and release MNUCHIN: I don’t want to make any commitments legislative or not, what I will commit to, it is my responsibility in the Treasury as ..uhh ya know.. it relates to fannie and freddie, it is my objective to find a bipartisan solution to it and I would welcome the opportunity to sit down with you.
  23. I thought he was very shrewd with his comments and purposefully murky. Warner tried to get him to pledge not to go with administrative action. He didn't bite but said he wants bipartisan support and seemed to express that the current system doesn't work.
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