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Message
Fannie Mae Reports Massive Q3 Loss, Asks For Another $15 Bil
Posted on 11/5/09 at 5:27 pm
Posted on 11/5/09 at 5:27 pm
Posted on 11/5/09 at 5:44 pm to kfizzle85
Just more return for us taxpayers on those great government investments.
Posted on 11/5/09 at 6:14 pm to kfizzle85
I guess that is what happens when so many borrowers start believing it's acceptable to walk away from a loan obligation simply because they think it's in their best interest.
It's a shame our society has devolved to that.
It's a shame our society has devolved to that.
Posted on 11/5/09 at 7:35 pm to LSURussian
Doesn't this go back to the government pushing for loans to those with riskier profiles?
Posted on 11/5/09 at 7:52 pm to kfizzle85
What is the stat? Fannie, Freddie and FHA now account for like a 1/3 of US mortgage funds? Yeah, this will end well.
Posted on 11/5/09 at 8:59 pm to sneakytiger
I think its much higher than that if you're talking about the GSEs+ GNM. I'm about to read through the Q.
Posted on 11/5/09 at 9:14 pm to kfizzle85
quote:
I think its much higher than that if you're talking about the GSEs+ GNM. I'm about to read through the Q.
You're going to read the entire Q?? God bless ya, dude.
Posted on 11/5/09 at 9:18 pm to Reauxhan
It's only 228 pages. I'll probably read it until ~11:30, then go watch SAS/UTAH, and finish the rest tomorrow.
Posted on 11/5/09 at 9:25 pm to kfizzle85
FWIW:
From teh Q.
quote:
, Fannie Mae MBS held by third parties and other credit enhancements that we provide on mortgage assets, was $3.2 trillion as of June 30, 2009, or approximately 26.9% of total U.S. residential mortgage debt outstanding.
From teh Q.
Posted on 11/5/09 at 9:29 pm to kfizzle85
If Armageddon lies in those pages, do us a favor and give us a little heads up, eh? I haven't bought any ammo yet, just gold.
Posted on 11/5/09 at 9:30 pm to kfizzle85
quote:
FWIW:
quote:
, Fannie Mae MBS held by third parties and other credit enhancements that we provide on mortgage assets, was $3.2 trillion as of June 30, 2009, or approximately 26.9% of total U.S. residential mortgage debt outstanding.
From teh Q.
I'm guessing the number you're thinking of that's much higher than that is the % of mortgage originations they comprise now?
Posted on 11/5/09 at 9:35 pm to Reauxhan
No, just that number that compromises FNM FRE and GNM.
ETA: GSE's don't orginate any mortgages. Again, per the Q:
ETA: GSE's don't orginate any mortgages. Again, per the Q:
quote:
Under our charter, we may not lend money directly to consumers in the primary mortgage market.
This post was edited on 11/5/09 at 9:37 pm
Posted on 11/5/09 at 9:48 pm to kfizzle85
Here you go:
So yeah, 90%.
[LINK]
quote:
The mortgage market is still dependent on government- affiliated programs, with private banks providing just 10 percent of loan liquidity, down from about 60 percent in 2006, Williams said in September. Fannie Mae and Freddie Mac are responsible for about 70 percent of all new mortggages this year, while the Federal Housing Administration accounts for about 20 percent, Williams said.
So yeah, 90%.
[LINK]
Posted on 11/5/09 at 9:51 pm to kfizzle85
Oh duh, I knew that. Thx
Edit: wrote that before I saw you posted the 90% number, meant regarding their not being originators. Thanks for digging up the stat. I did not know that number.
Edit: wrote that before I saw you posted the 90% number, meant regarding their not being originators. Thanks for digging up the stat. I did not know that number.
This post was edited on 11/5/09 at 10:37 pm
Posted on 11/5/09 at 9:55 pm to LSURussian
in case you haven't noticed, the unemployment rate is near ten percent, higher if you use other categories. you can't blame the majority of this on people walking away but a bad economy and people simply can't afford their homes when they don't have jobs. Two things take it badly in such an economy: Housing sales and car sales. Now people are out of work and Fannie is going to take a major hit.
Not to mention all the 100% my community mortgages it gave to people with 570 credit scores or 10 investment properties it financed at90% LTV for stated income/verified assets borrowers.
Not to mention all the 100% my community mortgages it gave to people with 570 credit scores or 10 investment properties it financed at90% LTV for stated income/verified assets borrowers.
Posted on 11/5/09 at 10:05 pm to Reauxhan
quote:
Upon receipt of those funds from Treasury, the aggregate liquidation preference of our senior preferred stock, including the initial liquidation preference of $1.0 billion, will equal $60.9 billion and the annualized dividend on the senior preferred stock will be $6.1 billion, based on the 10% dividend rate. This dividend obligation exceeds our reported annual net income for five of the past seven years and will contribute to increasingly negative cash flows in future periods if we continue to pay the dividends on a quarterly basis. If we do not pay the dividend quarterly and in cash, the dividend rate would increase to 12% annually, and the unpaid dividend would accrue and be added to the liquidation preference of the senior preferred stock, further increasing the amount of the annual dividends.
....................................HA.
This post was edited on 11/5/09 at 10:07 pm
Posted on 11/5/09 at 10:25 pm to prplhze2000
quote:
in case you haven't noticed, the unemployment rate is near ten percent, higher if you use other categories. you can't blame the majority of this on people walking away but a bad economy and people simply can't afford their homes when they don't have jobs. Two things take it badly in such an economy: Housing sales and car sales. Now people are out of work and Fannie is going to take a major hit.
Oh, he's noticed. He just thinks he's clever making pathetic, totally off-base jabs at me.
Posted on 11/5/09 at 10:31 pm to Tiger JJ
Just cause I love amsterdam so much:
quote:
Our April 1, 2009 adoption of the FASB’s guidance on determining fair value when the volume and level of activity for the asset or liability have significantly decreased did not result in a change in our valuation techniques for estimating fair value.
Posted on 11/5/09 at 10:36 pm to Tiger JJ
Let him spew JT... dude is part of the Oligarchy
Posted on 11/6/09 at 6:24 am to kfizzle85
quote:
So yeah, 90%.
yeah this unwind is going to be a blast!
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