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  #1  
Old 06-15-2007, 01:28 PM
Steve Owen's Avatar
Steve Owen Steve Owen is offline
 
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Default Here comes that sucking sound.

Bounce...

http://www.freddiemac.com/news/archi...07/2006er.html

Quote:
McLean, VA Freddie Mac (NYSE:FRE) today reported net income of $2.2 billion for 2006, up 4 percent compared to $2.1 billion in 2005. The company also reported an increase in the fair value of net assets attributable to common stockholders, before capital transactions, of approximately $2.5 billion for 2006, compared to an increase of $1.0 billion in 2005.
Bounce...

http://www.marketwatch.com/news/stor...%7D&siteid=rss

Quote:
About four years ago, Freddie Mac said it misstated earnings by about $5 billion for 2000 through 2002. The company's been striving to catch up with regular financial reporting ever since
Thump! Thump! Thump!

http://www.inman.com/hstory.aspx?ID=63543

Quote:
Mortgage repurchaser Freddie Mac reported a first-quarter loss of $211 million Thursday, which the company attributed primarily to losses on derivate investments it uses to hedge against changing interest rates.
What do you want to bet they manage to find a way to make appraisers take most of the blame?
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  #2  
Old 06-15-2007, 01:43 PM
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Lawrence R. Lawrence R. is offline
 
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Default

Quote:
Originally Posted by Steve Owen View Post


What do you want to bet they manage to find a way to make appraisers take most of the blame?
How much do you want to be we deserve some of it?
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  #3  
Old 06-15-2007, 02:34 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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Default

Quote:
which the company attributed primarily to losses on derivate investments it uses to hedge against changing interest rates.
look fer a lot more. For months, the stock market has been betting that the Fed will "ease interest rates soon"...instead, suddenly as the volitility made painfully obvious last week, the bias is now that the Fed will RAISE rates...and either way, 50% of the bettors will be wrong..that much I bet.
Derivative bets are almost certain to be badly wrong and Fannie and Freddy stand to lose big time.
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  #4  
Old 06-15-2007, 03:01 PM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Fannie and Freddie could maybe save themselves by forcing buy backs of all those defaulting loans sold to them where the lender knew the appraiser's digital signature had been compromised through AMCs, but apparently 'certified' to the GSE that they didn't know that.
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  #5  
Old 06-15-2007, 05:23 PM
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Default

Quote:
Originally Posted by Pamela Crowley (Florida) View Post
Fannie and Freddie could maybe save themselves by forcing buy backs of all those defaulting loans sold to them where the lender knew the appraiser's digital signature had been compromised through AMCs, but apparently 'certified' to the GSE that they didn't know that.
Why bother to go through all that work when you can just get your Uncle Sam to bail you out? The path of least resistance will be the one taken.
  #6  
Old 06-17-2007, 03:10 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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Default

Quote:
Fannie and Freddie could maybe save themselves by forcing buy backs
Forced buy backs are what New Century, etc. are toast...you can only squeeze so much juice from a turnip.
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  #7  
Old 06-17-2007, 11:34 PM
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Default

When investors get too hard *****ed in their repurchase strategy, the word gets around and they risk a big hit to their wholesale channel.

The information I have seen shared is pretty clear cut and not so much rumor based. Forced buy backs are happening all over the place, but if it is not considered to be justifiable.....let's say it is Wisconsinesque Then the will have shot themselves in the foot.

Altering digital signatures stands on it's own as a pretty nasty prospect. Don't any lawyers smell blood and contingent fees?
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  #8  
Old 06-18-2007, 06:50 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Quote:
Don't any lawyers smell blood and contingent fees?
YES, they do! Coming to a Fed Suit soon.
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  #9  
Old 06-18-2007, 09:32 AM
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Otis Key Otis Key is offline
 
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Quote:
Originally Posted by Pamela Crowley (Florida) View Post
YES, they do! Coming to a Fed Suit soon.
Can't wait and it should prover VERYYYYYYYYYY interesting.
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