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why would it be a bad thing to get rid of fannie mae and freddie mac?is issue? let's remind people that a lot of people who are lower income are able to ggt the mortgages. >> exactly. if they were to go way i would be pretty much catastrophic. trying to get private, you know, industry to come in and take their place would be a pretty big undertaking. let's face facts. right here right now, they have some problems in recent past. now they are amazing. record profits. they have got -- pretty much the only source that most candid bought and sold. devastating. >> and let's be clear about this. fannie and freddie are going nowhere. i don't care what anybody says about this. they are going nowhere. the reason is very simple. they are making money like hand over fist. right now you have timothy geithner, ben bernanke and demarco having bernie back. it's making more money than they have ever made. liz: mad at me if he said he is still around because he is happy to is lead these issues. i know what you're saying. these guys are looking, and you say they take mon
why would it be a bad thing to get rid of fannie mae and freddie mac?is issue? let's remind people that a lot of people who are lower income are able to ggt the mortgages. >> exactly. if they were to go way i would be pretty much catastrophic. trying to get private, you know, industry to come in and take their place would be a pretty big undertaking. let's face facts. right here right now, they have some problems in recent past. now they are amazing. record profits. they have got --...
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Jun 18, 2013
06/13
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FBC
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how to reform fannie mae and freddie mac.ally tackling that issue after kicking the can for years. former fannie mae exec ed pinto will be weighing in on what happens. he will join tracy byrnes and me on the next hour of fox business. stick around. we'll be right back [ male announcer ] the mercedes-benz summer event is here. now t thunmistakable thrill and the incredible rush of the mercedes-benz u' always wanted. ♪ [ tires screech ] but you better getere fast. [ girl ] hey, dad's here. here you go, honey. thank you. [ male announcer ] because a good thi like this won't last forever. mmm. [ male announcer ] see your authoriz dealefor an incredible offe the exhilarating c250 sport sedan. but hurry. offers end soon. folkhave suffered from frequent heartburn bunow, thanks to treating with prilosec otc, we don't have to suffer like they used to. [ell dings ] ♪ [ horswhinnies ] getting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and dot get artburn in the fir place. we've su
how to reform fannie mae and freddie mac.ally tackling that issue after kicking the can for years. former fannie mae exec ed pinto will be weighing in on what happens. he will join tracy byrnes and me on the next hour of fox business. stick around. we'll be right back [ male announcer ] the mercedes-benz summer event is here. now t thunmistakable thrill and the incredible rush of the mercedes-benz u' always wanted. ♪ [ tires screech ] but you better getere fast. [ girl ] hey, dad's here. here...
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Jun 24, 2013
06/13
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CNBC
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we have some details of the reform bill on fannie mae that will be introduced tomorrow.is expected to have three gop and three democratic co-sponsors, for an unusual bipartisan bill. what we understand, maria, is that the bill will call for a 10% private equity first-loss position on new mortgage-backed securities. that's different from the government having that first loss. in this case, they'll call for private equity. it puts the government in a second-loss position, behind private equity. the bill will require the purchase of a government reinsurance wrap and a reinsurance fund will be created that will be similar to the way that the federal deposit insurance corporation works. the bill calls for fannie mae and freddie mac to be wound down within five years and will include a five to ten-basis point fee for every securitized loan for a market access fund, in essence, to subsidize low-income and rental housing for low and middle-income americans. my understanding is this bill, as i understand it, does not hold out a lot of hope for the holders of what remains of the e
we have some details of the reform bill on fannie mae that will be introduced tomorrow.is expected to have three gop and three democratic co-sponsors, for an unusual bipartisan bill. what we understand, maria, is that the bill will call for a 10% private equity first-loss position on new mortgage-backed securities. that's different from the government having that first loss. in this case, they'll call for private equity. it puts the government in a second-loss position, behind private equity....
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you don't have responsible monetary policy a company with george osborne replicating fannie mae and freddie mac. with this ponzi scheme here with help to buy or china replicating the entire post world war two american experiment with debt as a form of growth if you don't have bankers in jail or responsible monetary policy you end up repeating the same thing but at a much bigger scale so here you have let me say something house price appreciation is not growth especially when for every hundred thousand dollars of house price appreciation you're increasing the shadow banking system by million dollars until such point as it collapses and that's what the illegals are saying they're trying to communicate to us but we're not a village of the universe is rife with intelligent life unfortunately the humans of all the various lifeforms in the universe or with the cognitive abilities were some of the stupidest the stupidest in the universe that's why we didn't want to make friends with us like the stupid kid in class there's a lot of smart and intelligent species around the universe but they don't wa
you don't have responsible monetary policy a company with george osborne replicating fannie mae and freddie mac. with this ponzi scheme here with help to buy or china replicating the entire post world war two american experiment with debt as a form of growth if you don't have bankers in jail or responsible monetary policy you end up repeating the same thing but at a much bigger scale so here you have let me say something house price appreciation is not growth especially when for every hundred...
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with me now, former fannie mae executive. you and i have talked about this a lot over the years, what gives? this was supposed to be the the transparency administration. now we find thisumber, they sure did not share it with us. why? >> they did not share it because it w embarrassing, not consistent with what they were trying to tell congre. they had some bad news as you recall when they said their economic value was negative to the tune of 15 billion. at the same time running a stress test, the same stress test the federal reserve uses for large banks and when they ran the stress test they found they could have a loss as large as $115 billion i think they decided if we give congress two doses of bad news, that could really cree problems for us. gerri: the reality is we get bad news all the time, but we need to have the information shared with us, i know you agree with me on that. to hide it in that way is to take away our decision-making ability. if you don't know the facts, you cannot decide what to do. it is a poll in woul
with me now, former fannie mae executive. you and i have talked about this a lot over the years, what gives? this was supposed to be the the transparency administration. now we find thisumber, they sure did not share it with us. why? >> they did not share it because it w embarrassing, not consistent with what they were trying to tell congre. they had some bad news as you recall when they said their economic value was negative to the tune of 15 billion. at the same time running a stress...
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Jun 18, 2013
06/13
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CSPAN2
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fannie mae received $117 billion and plans to play back $59 billion in june. when you add the 59 to the other dividends in the $50 billion of the bpi, fannie mae will have paid 89% of that billion dollars. i think by the end of the year, they will pay that back and then some. well, remember that when this was crafted in the agreement, the dividend payments don't reduce the 187. so if you pay them back 187, you still owe them 187. if you look at what that has done with some of the politics like the debt ceiling, he keeps pushing them further and further back. honestly it has helped in the budget deficit. and if you look at the testimony recently of the treasury secretary when asked about restructuring the mortgage market, he said that that was number one priority. his number one priority was money market funding. it is interesting how that is no longer the first priority of the white house. it may very well have something to do with that. inertia is a very powerful force and there are many who will question whether the private sector is capable of replacing all
fannie mae received $117 billion and plans to play back $59 billion in june. when you add the 59 to the other dividends in the $50 billion of the bpi, fannie mae will have paid 89% of that billion dollars. i think by the end of the year, they will pay that back and then some. well, remember that when this was crafted in the agreement, the dividend payments don't reduce the 187. so if you pay them back 187, you still owe them 187. if you look at what that has done with some of the politics like...
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Jun 17, 2013
06/13
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later this morning, and gym -- jim lockhart, who oversees fannie mae and freddie mac. cannot keep a job. sarah is the president of the urban institute and has been for the last 18 months. prior to that she helped to found the center for american cannot keep a job. progress and has also been very involved in housing in washington for many years, having served in the clinton administration on the council for economic advisers and at hud, where i think she and nick may have worked together over the years. sarah is a lawyer by training by experience. thank you for joining us. we just heard a stimulating address and i suspect both of you have thoughts about it. we will go in alphabetical order. mark, would you like to comment? >> i think there is certainly a fair amount of agreement at the current system is not only unsustainable but unacceptable. we are admitting a lot of risks in the system and ultimately we will pay a big price, particularly, when interest rates go up. important it is also of thegnize, my back envelope and that is about a fifth of the market is not there
later this morning, and gym -- jim lockhart, who oversees fannie mae and freddie mac. cannot keep a job. sarah is the president of the urban institute and has been for the last 18 months. prior to that she helped to found the center for american cannot keep a job. progress and has also been very involved in housing in washington for many years, having served in the clinton administration on the council for economic advisers and at hud, where i think she and nick may have worked together over...
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Jun 1, 2013
06/13
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CNBC
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mortgage giants fannie mae and freddie mac were seized by the government. on september 14th, merrill lynch was sold in distress, and the next day, 158-year-old lehman brothers failed. you didn't rescue lehman brothers. it set off a worldwide panic when it went bankrupt, and i wonder, looking back, whether you think that was a mistake. >> there were many people who said, "let them fail. you know, it's not a problem. the markets will take care of it." and i think i knew better than that, and lehman proved that you cannot let a large internationally active firm fail in the middle of a financial crisis. now, was it a mistake? it wasn't a mistake for the following reason. we did not have the option. we didn't have the tools. the federal reserve cannot put capital into an institution. all we can do is make loans against collateral. >> the day after lehman, bernanke's fed did something astounding. it loaned $85 billion to a company that wasn't a bank at all, american international group, the global insurance giant that was also involved in backing risky mortgage i
mortgage giants fannie mae and freddie mac were seized by the government. on september 14th, merrill lynch was sold in distress, and the next day, 158-year-old lehman brothers failed. you didn't rescue lehman brothers. it set off a worldwide panic when it went bankrupt, and i wonder, looking back, whether you think that was a mistake. >> there were many people who said, "let them fail. you know, it's not a problem. the markets will take care of it." and i think i knew better...
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Jun 11, 2013
06/13
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. >>> the largest mortgage insurer for fannie mae and freddie mac said delinquent loans fell 3 and a half% from april to may. at the same time, new home insurance as home buying increa increased. >>> home builders stocks got hit today, that's after jpmorgan downgradable, one of the nation's biggest home builders making shares fall more than 3%. becoming one of the biggest losers in the s&p 500 along the way. some other big home builders followed suit, including kb, toll brothers and dr horton. >>> coming up, we'll take you inside the lab of a blue chip company that's inknow vating like mad, and it's not headquartered in silicon valley. a look at how treasuries did today. >>> an embattled hedge fun saw investors pull money out of the firm, in the wake of federal insider trading charges a standard quarterly period showed that nearly $3 billion in investor money was taken out of sac, which was in-line with expectations, as the justice department investigates the fund and its founder. >>> no one seems to be pulling out of mcdonalds these days. the world's biggest hamburger chain reported
. >>> the largest mortgage insurer for fannie mae and freddie mac said delinquent loans fell 3 and a half% from april to may. at the same time, new home insurance as home buying increa increased. >>> home builders stocks got hit today, that's after jpmorgan downgradable, one of the nation's biggest home builders making shares fall more than 3%. becoming one of the biggest losers in the s&p 500 along the way. some other big home builders followed suit, including kb, toll...
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Jun 25, 2013
06/13
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KRCB
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. >>> until the housing front a y bipartisan group wanting to shut down fannie mae and freddy mark and replace them with another federal resin you arer to back more private money in the event of another housing crisis. republican senator bob porker is one of the sponsors and says there is an ap title to get this done. >> fanny and freddy, the way they were set up with public gains and private losses was not a fair deal for taxpayers. this is a change that keeps liquidity in the market. hopefully, we'll be successful. i do think there is energy here in congress to take this on, and hopefully, we'll do something that certainly moves us away from the status quo. >> bailing out fanny and freddy cost american taxpayers more than $187 billion. >>> also in washington, the senate is a step closer to a final vote on that comprehensive overhaul of the nation's immigration laws after passing a key hurdle monday evening. a bipartisan majority approved a compromise measure that beeves up border security paving the way for final passage that could come as early as wednesday. john mccain who is votin
. >>> until the housing front a y bipartisan group wanting to shut down fannie mae and freddy mark and replace them with another federal resin you arer to back more private money in the event of another housing crisis. republican senator bob porker is one of the sponsors and says there is an ap title to get this done. >> fanny and freddy, the way they were set up with public gains and private losses was not a fair deal for taxpayers. this is a change that keeps liquidity in the...
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Jun 22, 2013
06/13
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KPIX
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i interviewed the chief economist at fannie mae that they still see a bust and he doesn't see them going back down but i also talked to credit experts who say, yeah, this is going time path housing, anything will, because this is fragile and a substantial rise in rates but then ben bernanke was defending housing saying it could stand on its own because of home price gains because that's enough to gooey the market. >> stories like this, the takeaway is always hard but should we understand the fed easing off is actually a good sign for the economy? >> well, if you think of the dmi as a very sick patient that got sick during the frch chal crisis and the feds came in and offered drugs and life support, ben bernanke coming out and saying we have a plan to wind down life support is a sign that, okay, maybe the economy is ready to stand on its own without it. i think the tumult we saw on the market may not be the case. he said it's heavily dependent on the economic data. it's by no means over yet. >> lauren lis ter, thank you very much. >> thank you. >>> it would double the number of federal ag
i interviewed the chief economist at fannie mae that they still see a bust and he doesn't see them going back down but i also talked to credit experts who say, yeah, this is going time path housing, anything will, because this is fragile and a substantial rise in rates but then ben bernanke was defending housing saying it could stand on its own because of home price gains because that's enough to gooey the market. >> stories like this, the takeaway is always hard but should we understand...
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Jun 8, 2013
06/13
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CNNW
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fannie mae's chief economist doug duncan says it's unlikely rates will ever be that low again. buyers and sellers taking notice. the housing and stock markets have been the bright spots. is the lustre starting to fade? jeff kleintop and stephen moore, nice to see both of you. >> hi christine. >> stephen, are these bad signs of the economy or dproeg pains of a slow and steady recovery? >> a little bit of both actually. it is true as the economy picks up everyone expected, i've said it on the show as the economy picks up and people start to borrow more money and there's more demand for credit that interest rates would rise. of course the conundrum, christine, is as those interest rates rise they kind of cause some economic problems. the mortgage rate rises and when that interest rate rises don't forget who the biggest loser is, the federal government because the united states is the biggest debtor in the world. >> that's true. you know, jeff, let me bring in jeff, i want to know what wall street wants. here's the frustration for me. when you have signs of economic strength, sudde
fannie mae's chief economist doug duncan says it's unlikely rates will ever be that low again. buyers and sellers taking notice. the housing and stock markets have been the bright spots. is the lustre starting to fade? jeff kleintop and stephen moore, nice to see both of you. >> hi christine. >> stephen, are these bad signs of the economy or dproeg pains of a slow and steady recovery? >> a little bit of both actually. it is true as the economy picks up everyone expected, i've...
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Jun 11, 2013
06/13
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MSNBCW
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fannie mae says a rise in confidence could lead to more sellers and eventually a further rise in home prices, which jumped 12% in april. >>> and finally this morning, a government watchdog agency is targeting banks on overdraft fees. a report by the consumer financial protection bureau says that consumers who opt for overdraft protection on their checking accounts pay higher fees and are more likely to have their accounts closed. mara, back to you. >> all right, jackie. thanks so much. >>> some good news on the hiring front. a new survey from manpower group shows that more employers plan to hire new workers over the next three months than in any other period since late 2008. >>> and apple has unveiled a new streaming music service called itunes radio while also showing off the biggest redesign of their operating system since the iphone was introduced six years ago. >>> coming up, tim tebow teams up with tom brady, while mark cuban plans to spend $100,000 on flopping. >>> plus, a veritable field of dreams in the thick fog of chicago's wrigley field if you've got it, you know how hard i
fannie mae says a rise in confidence could lead to more sellers and eventually a further rise in home prices, which jumped 12% in april. >>> and finally this morning, a government watchdog agency is targeting banks on overdraft fees. a report by the consumer financial protection bureau says that consumers who opt for overdraft protection on their checking accounts pay higher fees and are more likely to have their accounts closed. mara, back to you. >> all right, jackie. thanks so...
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-man are the fannie mae freddie mac. of the student loan market and they're bankrupt as well they're seeking a massive bail out everything goes back out of the central bank's balance sheet weathers the bank of england's balance sheet went from eight hundred billion pound losses to over three trillion under mervyn king the federal reserve bank in the united states has inherited now something upwards of five trillion dollars worth of new debt in the last i think what twenty five you know twenty four months or so so this all comes back to the same kind of accounting fraud that we're see endemic throughout the world now. what's the current default rate on the forty billion pounds of student loans and what's the state of this what's the default rate because that's the one way that will judge a loan book well this is why the different loans you can actually default on them because they're income contingent you pain it's like a tax you pay nine thousand over an earnings threshold in repayments then them dischargeable in bankrup
-man are the fannie mae freddie mac. of the student loan market and they're bankrupt as well they're seeking a massive bail out everything goes back out of the central bank's balance sheet weathers the bank of england's balance sheet went from eight hundred billion pound losses to over three trillion under mervyn king the federal reserve bank in the united states has inherited now something upwards of five trillion dollars worth of new debt in the last i think what twenty five you know twenty...
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guaranteeing the mortgage is up to twenty percent of the mortgage in the say and a repeat of the fannie mae freddie back that in america which guarantee mortgage. rates are the subprime crisis and the crisis of two thousand and seven two thousand and eight as i understand it back to mark carney one i still don't understand why they want to support house prices i can understand wanting to encourage more people to own homes but we've already got the price of a typical suburban set me in london costing in real terms ten times the price it did in the one nine hundred thirty s. something is going very very badly wrong and why when we deal with a possible taters go up is that a bad thing but somehow it's great if your house price goes up you can export their house. it's not it's not a problem is generating wealth ok that's a good question because i think it speaks to the british character because here in britain people ascribe huge value to their home you know man's castle as home they everyone wants to be a frickin want to be a wrist a crack with their big plan you know their big downton abbey h
guaranteeing the mortgage is up to twenty percent of the mortgage in the say and a repeat of the fannie mae freddie back that in america which guarantee mortgage. rates are the subprime crisis and the crisis of two thousand and seven two thousand and eight as i understand it back to mark carney one i still don't understand why they want to support house prices i can understand wanting to encourage more people to own homes but we've already got the price of a typical suburban set me in london...
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Jun 18, 2013
06/13
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FBC
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like fannie mae and freddie mac. if you look at the longer term of the next 10 years, and economic forecast you are getting trillions of dollars of deficits on top of what we have. neil: do you estimate it is going to go higher? >> dramatically over forecasting the economy. fourteen years, the last one ended and there's never been 14 years like that. we are going to have wage growth of 5.3% a year. so if you adjust real world super economics, you're looking at this. neil: sometimes you cannot not so sober and surprises. like 14 years ago you could have argued this. you could have pleasant surprises. neil: what you think about this? only bring you an internet boom? >> well, edge was a technological development and a great thing. neil: we are not always sold by3 this. >> the fed clearly is. we have a decade packed with zero interest rates and we are not always intervening in this way. >> well, they ought to stop right now. but the market is totally hooked on this monetary heroism. then they will begin to taper back or
like fannie mae and freddie mac. if you look at the longer term of the next 10 years, and economic forecast you are getting trillions of dollars of deficits on top of what we have. neil: do you estimate it is going to go higher? >> dramatically over forecasting the economy. fourteen years, the last one ended and there's never been 14 years like that. we are going to have wage growth of 5.3% a year. so if you adjust real world super economics, you're looking at this. neil: sometimes you...
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Jun 22, 2013
06/13
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FBC
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the fed has lowered interest rates and on the housing side have fannie mae, freddie mac, fha, almost00% domination of the housing market through the government. what do we get? bubbles burst, bubbles burst. gerri: that is what i am worried about. i remember the last time we got into a housing bubbl i started looking athose little pieces of evidence something was awry and i found something about that in this market today. we look at the searches on the web for homes, everybody buys homes this way now. in places like palm springs, sacramento, california. we have web search is going on from 4:00 a.m. to 10:00 a.m. in astonishing nmbers. i find that to be a sign somehow the market might be ahead of itself. what do you think? >> everybody is saying the pshology bubble, the housing prices shooting up there i want to get on the bandwagon. i thought i saw this in 2004, and we are seeing inventory come back on the market, so i had to get into the housing market now. zero down payment if posble. we are repeating the same cycle. gerri: i agree. we will watch this very carefully and i am sure yo
the fed has lowered interest rates and on the housing side have fannie mae, freddie mac, fha, almost00% domination of the housing market through the government. what do we get? bubbles burst, bubbles burst. gerri: that is what i am worried about. i remember the last time we got into a housing bubbl i started looking athose little pieces of evidence something was awry and i found something about that in this market today. we look at the searches on the web for homes, everybody buys homes this...
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Jun 11, 2013
06/13
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KTVU
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and offers may be one reason many americans think now is a good time to sell a home a survey by fanny mae shows 40% of those think it is better to sell now. that's from up april. it could mean more homes are on the market which decrease the small inventory in many markets. that could slow the pace of the rising prices. >>> and sal, you fixed everything on the east shore? >> we're trying to. it is okay heading out to the maze with no problems. however, it is getting crowded. as you can see when you get to the bridge toll plaza. you will see a crowd as we look at the live picture. there is some slow traffic here on 880 coming in. you from driving on the peninsula, it looks good. and they have not contributed but we're checking for you. let's go to steve. >> a good morning. and partly cloudy. low clouds. a higher humidity factor. mostly sunny. they will be a few there. and 60 for some. i don't expect them to dip. and days are getting longer. activity is calm. and there is a band that stretches back to us from about san jose to monterey. a quiet. we'll bump it up. and you can see how. >> and
and offers may be one reason many americans think now is a good time to sell a home a survey by fanny mae shows 40% of those think it is better to sell now. that's from up april. it could mean more homes are on the market which decrease the small inventory in many markets. that could slow the pace of the rising prices. >>> and sal, you fixed everything on the east shore? >> we're trying to. it is okay heading out to the maze with no problems. however, it is getting crowded. as...
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Jun 11, 2013
06/13
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KGO
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. >> remember the massive housing bailout of fannie mae and freddie mac? get this, shareholders are now suing the government for that claiming that the 2008 takeover of the mortgage finance company was illegal and cost investors billions. at the new york stock exchange for bloomberg business report. >> scientists released video showing a rare sea animal in the gulf of mexico. he has a thin body with a glowing blue. the giant fish is the long of the bony fish in the world reaching according to some reports, up to 56' from tip to tail so you now know why the sailers in history would report seeing sea monsters, at 56'! >> it has a zen beauty to it, like the jelly fish. >> the real final frontier. >> it is ugly. >> nothing ugly about our forecast, today, right, with a lot of sunshine? >> this afternoon, a lot of sunshine. get everyone, you do not need the umbrella or cameras to capture the lightning and we that you for sending those in. it was nice to share those. we will pull a couple more up if you missed them. there were nice shots. live doppler 7 hd shows
. >> remember the massive housing bailout of fannie mae and freddie mac? get this, shareholders are now suing the government for that claiming that the 2008 takeover of the mortgage finance company was illegal and cost investors billions. at the new york stock exchange for bloomberg business report. >> scientists released video showing a rare sea animal in the gulf of mexico. he has a thin body with a glowing blue. the giant fish is the long of the bony fish in the world reaching...
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Jun 10, 2013
06/13
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fannie mae jumped about 75 basis points the last week and a half. homebuilders are not reacting well to that whatsoever. the other things the financials have in their favor just a good chance the treasury continues to cut down on a lot of auctions because our deficit is getting better. one of the reasons why s&p upgraded us. what is the effect of that? they tend to do that on the short end of the curve. that force as lot of bond players to tell their longer dated instruments and move towards a short dated instruments because of a scarcity effect. the impact there? the yield curve goes vertical. you know what? the financials love a steepening yield curve. >> stand by for a moment. we're getting breaking news to bring to our viewers. we're getting headlines on lululemon. they announced first quarter fiscal 2013 results. more importantly they announced a ceo transition plan at luiz inacio lula da silva lemon. this is one. rock star stocks over last three years. there is the bid and ask right now. not a lot of difference on bid and ask. first quarter sh
fannie mae jumped about 75 basis points the last week and a half. homebuilders are not reacting well to that whatsoever. the other things the financials have in their favor just a good chance the treasury continues to cut down on a lot of auctions because our deficit is getting better. one of the reasons why s&p upgraded us. what is the effect of that? they tend to do that on the short end of the curve. that force as lot of bond players to tell their longer dated instruments and move...
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Jun 18, 2013
06/13
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freddie mac just released along with fannie mae their data going back to 1999 which shows that fully documented 30-year fixed-rate loans performed horribly when you had those attributes. what is your reaction to what you're hearing? >> you know, unfortunately at the grim going to be back in a process certainly with my lifetime we -- this sense is that housing prices come up again and never will need to get into the market today. somebody comes in the door with a 600 or 7f5a0, the conversation would be of help to fix your credit, not how we help get you in a loan today. think that is generally, that prayer repairs should be the first question. that becomes very difficult to do. people think that housing prices will go up by double-digit rates may be to get in now. so i do think it is important to tell homeowners, and it's interesting, you go back and look. had a couple of years ago better part of some housing counselors. i will do our respective for my friends in the mortgage and real estate industry. the vast majority of housing simply set of glasses for real letters and mortgage bro
freddie mac just released along with fannie mae their data going back to 1999 which shows that fully documented 30-year fixed-rate loans performed horribly when you had those attributes. what is your reaction to what you're hearing? >> you know, unfortunately at the grim going to be back in a process certainly with my lifetime we -- this sense is that housing prices come up again and never will need to get into the market today. somebody comes in the door with a 600 or 7f5a0, the...
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Jun 23, 2013
06/13
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CSPAN
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fannie mae holds those in portfolio. as they received a mandate from congress to begin reducing assets, they backed away from the reverse mortgage business. there was a hecm put in place, which offered fixed rates, which seniors, by and large, seem to want to get. people who remember the 1980's my mortgage was 16.8%. people may be afraid of variable rates, although it may be more advantageous for the borrower. here is the catch. to get a fixed rate, the borrower has to agree to take down all the funds upfront.
fannie mae holds those in portfolio. as they received a mandate from congress to begin reducing assets, they backed away from the reverse mortgage business. there was a hecm put in place, which offered fixed rates, which seniors, by and large, seem to want to get. people who remember the 1980's my mortgage was 16.8%. people may be afraid of variable rates, although it may be more advantageous for the borrower. here is the catch. to get a fixed rate, the borrower has to agree to take down all...
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104
Jun 27, 2013
06/13
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MSNBCW
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fast and furious, wikileaks, benghazi, solyndra, fannie mae. it goes on.e there's a pattern he sort of makes an outlandish suggestion that this goes right into the white house or the president's going after his political enemies. he couches it with some sort of a weasel word and then nothing comes of it. congressman cummings should be delighted because chairman issa sacrificed his credibility. people in the press when they hear these allegations have to discount that even though we love a good scandal. >> you've been pushing him to put all he's got, show your cards in a poker game. show us the transcripts. is he going to do it? >> i don't know what he's going to do. but i can say one thing, chris. you asked how did this get out of hand with all these other people repeating what the chairman has said. i think they thought, they just assumed when he said things like political enemies and whatever, that the president was involved, they assumed that he had evidence. people like chairman rogers and others and kemp and senator cruz. they assumed that had he some
fast and furious, wikileaks, benghazi, solyndra, fannie mae. it goes on.e there's a pattern he sort of makes an outlandish suggestion that this goes right into the white house or the president's going after his political enemies. he couches it with some sort of a weasel word and then nothing comes of it. congressman cummings should be delighted because chairman issa sacrificed his credibility. people in the press when they hear these allegations have to discount that even though we love a good...
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145
Jun 5, 2013
06/13
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CNBC
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first the fha pulling back, a lot of talk about fannie mae and freddie mac and whether the governmenting to restrict them or phase them out. in that latter case, isn't that radian's gigantic opportunity? >> under certain scenarios there has been this corker proposal on the news. and that's a great scenario for us. basically, what that means is that the government wants to guarantee a catastrophic level from an entity which will be a successor to fannie and freddie, will play a utility type role and the government will guarantee catastrophic risk, leaving more room for private capital players like us, and very specifically, the mortgage insurance players will have more room to play and a larger market to play in. >> okay, now, if you took a look at your book of business say next year at this time, how much of it would be -- let's just call it the bad stuff, and what percentage would be the good stuff? >> we are already down to 50/50. and at the rate at which we are writing, not only are we the largest mortgage insurance player in terms of market share today, but if these trends prevail
first the fha pulling back, a lot of talk about fannie mae and freddie mac and whether the governmenting to restrict them or phase them out. in that latter case, isn't that radian's gigantic opportunity? >> under certain scenarios there has been this corker proposal on the news. and that's a great scenario for us. basically, what that means is that the government wants to guarantee a catastrophic level from an entity which will be a successor to fannie and freddie, will play a utility...
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156
Jun 17, 2013
06/13
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CNBC
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the government may be about to break up the bailed out mart giants fannie mae and freddie mac, maybe. a bipartisan bill in the works to replace fannie and freddie with a new government agency. let's go to larry mcdonald, head of global strategy at new edge and ron who knows a thing or two about fannie and freddie is going to stay with me. all right, larry mcdonald, what are they going to do to attract private capital that will ultimately get the government and the taxpayers the hell out of the mortgage finance market? >> well, larry, it's an absolute outrage that almost five years after lehman we still haven't addressed the most important part of the financial crisis. that's our housing system and fannie and freddie. the current bill, the corker bill, can be massively improved. the corker bill was kind of floated a couple weeks ago. the first key is do no harm. make sure we do no harm to the existing mortgage market in the united states. in other words, we don't want to create a peeviece of legislatio that increases mortgage rates because it wasn't thought through. we want to max shiz
the government may be about to break up the bailed out mart giants fannie mae and freddie mac, maybe. a bipartisan bill in the works to replace fannie and freddie with a new government agency. let's go to larry mcdonald, head of global strategy at new edge and ron who knows a thing or two about fannie and freddie is going to stay with me. all right, larry mcdonald, what are they going to do to attract private capital that will ultimately get the government and the taxpayers the hell out of the...