positiveonstocks101
1時間前
The FAQ on FHFA website state this:
What happens upon appointment of a Conservator????A:?Once an "Order Appointing a Conservator" is signed by the Director of FHFA, the Conservator immediately succeeds to the (1) rights, titles, powers, and privileges of the Company, and any stockholder, officer, or director of such the Company with respect to the Company and its assets, and (2) title to all books, records and assets of the Company held by any other custodian or third-party. The Conservator is then charged with the duty to operate the Company.
navycmdr
4時間前
Recapitalizing the GSEs through Administrative Action: Economics and Budgetary Implications
Link to Register: https://events.urban.org/RecapitalizingtheGSEs
register for this virtual event
Date & Time
Tuesday, January 14, 2025
11:00 a.m. - 12:15 p.m. EST
https://events.urban.org/RecapitalizingtheGSEs
Body
Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that play a major role in the US housing finance system,
have been in conservatorship since 2008. Many market participants anticipate that the incoming Trump
administration hopes to recapitalize these entities and release them from conservatorship.
Join the Housing Finance Policy Center for a series of virtual seminars providing data and evidence to explain the potential implications
of restructuring the GSEs. The first seminar of this series will explore the potential economic and budgetary effects of a recapitalization.
Congressional Budget Office (CBO) staff members will present the findings of a new CBO report updating prior projections of scenarios
for recapitalization, quantifying the value of the GSEs to investors, and discussing the potential implications for the US Treasury
Department’s holdings. The potential impacts on the federal budget will also be addressed. Afterward, a panel of experts will discuss
which of the scenarios are the most reasonable and highlight potential impacts to markets and consumers if the Trump administration
pursues recapitalization.
Opening Remarks:
Janneke Ratcliffe, Vice President, Metropolitan Housing and Communities Policy, Urban Institute
Presentation:
-- Justin Humphrey, Chief, Finance Housing & Ed Cost Estimates, Budget Analysis Div, CBO
-- Mitchell Remy, Senior Analyst, CBO
Panel Discussion:
-- Laura Arce, Senior Vice President, Economic Initiatives, Unidos US
-- Laurie Goodman, Institute Fellow, Housing Finance Policy Center, Urban Institute
-- Jeb Mason, Partner, Mindset
-- Bonnie Sinnock, Capital Markets Editor, National Mortgage News (moderator)
NEXT10: The Future of Home
The Housing Finance Policy Center’s 10th Anniversary Series
The Urban Institute’s Housing Finance Policy Center (HFPC) was founded a decade ago with a mission to educate policymakers, system actors, and the public about how the housing finance system could better serve families, households, and communities, particularly those historically disadvantaged by that very system. Today’s challenges demand even more from HFPC’s unique capacities, and HFPC is pleased to announce the launch of NEXT10: The Future of Home, a series of high-priority initiatives and events aimed at solving today’s critical issues.
HFPC’s NEXT10 series will bring together leaders and collaborators from a wide array of sectors to explore promising ideas and bold solutions for the US housing finance system, to build important partnerships, and to inspire transformative action. These events will help inform the framework for the NEXT10 research agenda, comprising new research on today’s urgent challenges, alongside the foundational work needed to develop an evidence base for future work on emerging issues that have the potential to dominate the US housing finance system in the years to come.
We strive to host inclusive, accessible events that enable all individuals to engage fully. Please email events@urban.org if you require any accommodations or have any questions about this event.
register for this virtual event
Date & Time
Tuesday, January 14, 2025
11:00 a.m. - 12:15 p.m. EST
trunkmonk
4時間前
Mr. Calabria understood and understands Federal Statutes, the man helped write HERA. As FHFA Director Mr. Calabria knew he did not need Treasury’s permission to pay down the Senior Preferred Stock. He knew about the illegal commitment fee attached to the SPS. He wrote about it. Apparently he didn’t have the strength to stand up for Congressional Law. He failed but he did enlighten shareholders to Federal Statute before he became FHFA Director. Read the Cato writing
correct
The Conservatorships of Fannie
Mae and Freddie Mac: Actions
Violate HERA and Established
Insolvency Principles
By Michael Krimminger and Mark A. Calabria February 9, 2015
Mr. Calabria said, “stripping all net value from Fannie Mae and Freddie Mac long after Treasury has been repaid when HERA, and precedent, limit this recovery to the funding actually provided.” Page 4 link below.
excellent point
Mr. Calabria referenced HERA and precedent. Federal Statutes do not allow the Treasury to attach a commitment fee onto the Senior Preferred Stock. THEREFORE, by reason of Federal Statute, the Treasury owes the companies the overage payment on $191.4 billion total draws from Treasury, plus compounded interest; (recommended interest payment at a compounded rate of return 10%, in conjunction with the amount the FHFA recommended to the Treasury).
https://www.cato.org/sites/cato.org/files/pubs/pdf/working-paper-26_1.pdf
Federal Statute
It’s bad faith and unfair dealing when the Regulator is authorized to pay down the Senior Preferred Stock and sent the Net Worth without the pay down option. The FHFA Director doesn’t need the Treasury approval to pay down the Senior Preferred Stock the Director has the authority from Congress written in HERA:
HOUSING AND ECONOMIC RECOVERY ACT OF 2008
RESTRICTION ON CAPITAL DISTRIBUTIONS.— page 2731
‘‘(1) IN GENERAL.—A regulated entity shall make no capital distribution if, after making the distribution, the regulated entity would be undercapitalized. The exception.
BAH BOOOOM
EXCEPTION.—Notwithstanding paragraph (1), the Director may permit a regulated entity, to the extent appropriate or applicable, to repurchase, redeem, retire, or otherwise acquire shares or ownership interests if the repurchase, redemption, retirement, or other acquisition— ‘‘(A) is made in connection with the issuance of additional shares or obligations of the regulated entity in at least an equivalent amount; and ‘‘(B) will reduce the financial obligations of the regulated entity or otherwise improve the financial condition of the entity.’’.
excellent point
In essence allows the trustees of Fannie and Freddie to go to the market at any time to raise new capital, including new capital with lower dividend coupons, to buy back the Treasury’s senior preferred. Any loyal conservator of Fannie and Freddie would take advantage of this refinancing option to end the bailout arrangement, by paying off the senior preferred in full. The Treasury did not take a Perpetual Equity Investment in the enterprises, the Treasury stated a temporary investment period!
25 in 2025....period, its gonna be YYYUUUUGAA
Rodney5
4時間前
Mr. Calabria understood and understands Federal Statutes, the man helped write HERA. As FHFA Director Mr. Calabria knew he did not need Treasury’s permission to pay down the Senior Preferred Stock. He knew about the illegal commitment fee attached to the SPS. He wrote about it. Apparently he didn’t have the strength to stand up for Congressional Law. He failed but he did enlighten shareholders to Federal Statute before he became FHFA Director. Read the Cato writing.
NOTICE: Funding commitment actually provided, this committee is without Fees charged by the United States.
The Conservatorships of Fannie
Mae and Freddie Mac: Actions
Violate HERA and Established
Insolvency Principles
By Michael Krimminger and Mark A. Calabria February 9, 2015
Mr. Calabria said, “stripping all net value from Fannie Mae and Freddie Mac long after Treasury has been repaid when HERA, and precedent, limit this recovery to the funding actually provided.” Page 4 link below.
NOTE: limit this recovery to the funding actually provided.
Mr. Calabria referenced HERA and precedent. Federal Statutes do not allow the Treasury to attach a commitment fee onto the Senior Preferred Stock. THEREFORE, by reason of Federal Statute, the Treasury owes the companies the overage payment on $191.4 billion total draws from Treasury, plus compounded interest; (recommended interest payment at a compounded rate of return 10%, in conjunction with the amount the FHFA recommended to the Treasury).
https://www.cato.org/sites/cato.org/files/pubs/pdf/working-paper-26_1.pdf
Federal Statute
It’s bad faith and unfair dealing when the Regulator is authorized to pay down the Senior Preferred Stock and sent the Net Worth without the pay down option. The FHFA Director doesn’t need the Treasury approval to pay down the Senior Preferred Stock the Director has the authority from Congress written in HERA:
HOUSING AND ECONOMIC RECOVERY ACT OF 2008
RESTRICTION ON CAPITAL DISTRIBUTIONS.— page 2731
‘‘(1) IN GENERAL.—A regulated entity shall make no capital distribution if, after making the distribution, the regulated entity would be undercapitalized. The exception.
Quote: “Page 2732
EXCEPTION.—Notwithstanding paragraph (1), the Director may permit a regulated entity, to the extent appropriate or applicable, to repurchase, redeem, retire, or otherwise acquire shares or ownership interests if the repurchase, redemption, retirement, or other acquisition— ‘‘(A) is made in connection with the issuance of additional shares or obligations of the regulated entity in at least an equivalent amount; and ‘‘(B) will reduce the financial obligations of the regulated entity or otherwise improve the financial condition of the entity.’’.
NOTE: REPURCHASE, REDEEM, RETIRE...
WILL REDUCE THE FINANCIAL OBLIGATIONS OF THE REGULATED ENTITY.
Link: https://www.congress.gov/110/plaws/publ289/PLAW-110publ289.pdf
In essence allows the trustees of Fannie and Freddie to go to the market at any time to raise new capital, including new capital with lower dividend coupons, to buy back the Treasury’s senior preferred. Any loyal conservator of Fannie and Freddie would take advantage of this refinancing option to end the bailout arrangement, by paying off the senior preferred in full. The Treasury did not take a Perpetual Equity Investment in the enterprises, the Treasury stated a temporary investment period!
Rodney5
4時間前
Sir, I do not have an X account but certainly would like to ask Mr Ackman concerning Federal Statutes governing Fannie and Freddie specifically entitled ‘Fee Limitation’ of the United States. Are we not a nation of laws? Well, if we are undue the conservatorship returning the ill gotten gains to the shareholders.
Federal Statute prohibits Treasury charging a commitment fee on a $200 billion dollar line of credit. It’s not what Congress approved written in the newly passed HERA Legislation.
SEC. 304. SECONDARY MARKET OPERATION
Fee Limitation
Quote: “(f) PROHIBITION ON ASSESSMENT OR COLLECTION OF FEE OR CHARGE BY UNITED STATES.—Except for fees paid pursuant to section 309(g) of this Act and assessments pursuant to section 1316 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, no fee or charge may be assessed or collected by the United States (including any executive department, agency, or independent establishment of the United States) on or with regard to the purchase, acquisition, sale, pledge, issuance, guarantee, or redemption of any mortgage, asset, obligation, trust certificate of beneficial interest, or other security by the corporation. No provision of this subsection shall affect the purchase of any obligation by the Secretary of the Treasury pursuant to subsection (c) of this section.” End of Quote. Page 16
Only Federal Reserve Banks are authorized to be reimbursed of fees, (section 309).
SEC. 309. GENERAL POWERS OF GOVERNMENT NATIONAL MORTGAGE ASSOCIATION AND FEDERAL NATIONAL MORTGAGE ASSOCIATION
Federal Reserve Banks to Act as Fiscal Agents (Fannie Mae and GNMA)
Quote: “(g) DEPOSITARIES, CUSTODIANS, AND FISCAL AGENTS.—The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for each of the bodies corporate named in section 302(a)(2), for its own account or as fiduciary, and such banks shall be reimbursed for such services in such manner as may be agreed upon; and each of such bodies corporate may itself act in such capacities, for its own account or as fiduciary, and for the account of others.” End of Quote. Page 29
Link:
FEDERAL NATIONAL MORTGAGE ASSOCIATION CHARTER ACT
As amended through July 25, 2019
link: https://www.fanniemae.com/sites/g/files/koqyhd191/files/migrated-files/resources/file/aboutus/pdf/fm-amended-charter.pdf
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