Items Tagged with 'Third Amendment Sweep'

ARTICLES

Community groups, lenders call for Fannie, Freddie to stop paying dividend to Treasury

Will Trump administration have a different answer?
Fannie Mae and Freddie Mac are scheduled to send their latest dividend payment to the Department of the Treasury later this month, but if a consortium of community groups and lenders has their way, that money will stay with the government-sponsored enterprises to help rebuild their dwindling capital base.
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Court rejects hedge funds claims in Fannie, Freddie profit sweep

But all is not lost
Fresh off handing down a significant ruling in the battle over the constitutionality of the Consumer Financial Protection Bureau, the U.S. Court of Appeals for the District of Columbia Circuit just dealt a sizable body blow to the investors who claimed that the government’s decision to sweep all the profits from Fannie Mae and Freddie Mac into the government’s coffers was not only unnecessary, but illegal as well.
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Trump Treasury pick: Fannie Mae and Freddie Mac will be privatized

Steve Mnuchin tells Fox Business: "We’ll get it done reasonably fast"
Making the media rounds after being selected to serve as Treasury secretary by President-elect Donald Trump, Steve Mnuchin dropped a bombshell about the future of Fannie Mae and Freddie Mac. Rather than be wound down, as some advocate for, Mnuchin said the government-sponsored enterprises will be taken out of “government ownership,” restructured, and privatized.
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Federal court tosses #Fanniegate suit seeking to inspect Freddie Mac's records

Tim Pagliara, leader of Investors Unite, wanted a look at Freddie's books
In what is already being called a "blow to shareholders," a federal court in Virginia ruled Tuesday that a Freddie Mac shareholder does not have the right to inspect the government-sponsored enterprise's financial records, thanks to the conservatorship agreements that went into effect when the government took over Freddie Mac and Fannie Mae.
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Dick Bove: Where will the mortgage money come from?

Equity analyst not sure there's an answer
In light of Rafferty Capital Markets equity analyst Dick Bove's obvious bias, there's no denying he has a valid point: the primary source of mortgage financing in this nation is under threat. That threat is not only inaction but political wrong-headedness.
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Matt Taibbi: Government secretly plans Wall Street takeover of Fannie, Freddie

Rolling Stone's Wall Street hatchet-man on the hidden truth of #FannieGate
If Rolling Stone's Matt Taibbi is to be believed, yes, there absolutely was a government conspiracy behind the Fannie Mae and Freddie Mac bailout. And now, the government is fighting tooth and nail to keep the evidence of that conspiracy a secret, all while plotting something far more insidious. But is he saying something we don't already know?
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Unsealed government documents may reveal truth about Fannie, Freddie fate

Did the government really need to bail out the GSEs?
In the years since the government modified its agreement with Fannie Mae and Freddie Mac to sweep all the profits from the GSEs into the government’s coffers, many observers questioned whether the so-called "Third Amendment sweep" was even necessary. Now, a series of unsealed depositions show that not only were Fannie and Freddie on track to be profitable for at least 10 years, the government allegedly knew that fact, and more, before choosing to sweep away the GSEs' profits.
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The fuzzy math of mortgage bankers

A response to MBA CEO David Stevens
In a recent HousingWire article published on Feb. 22, entitled "The Math Behind the Need for GSE Reform," Mortgage Bankers Association CEO David Stevens articulates several points relating to the conservatorships of Fannie Mae and Freddie Mac, which merit close scrutiny against the facts.
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