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David Sims  

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  • Fannie And Freddie: Regulated Utilities, Cost Of Capital And Rate Of Return [View article]
    That's an automatic symbol insertion. I didn't add that. I will submit a correction.
    Apr 15, 2015. 08:33 PM | Likes Like |Link to Comment
  • Fannie And Freddie: Political Quagmire Needs To Become Compromise [View article]
    David H. Stevens is a government employee/lobbyist. I don't think he is qualified for his position. Otherwise, he'd be more strongly coming out for recap and ending the conservatorship. I think he is trying to walk a line with Democrats, hoping for a future government position. Sad.
    Apr 13, 2015. 09:24 AM | Likes Like |Link to Comment
  • Fannie And Freddie: Political Quagmire Needs To Become Compromise [View article]
    Originally, I was interested in partnering with the government, but I could see how people might think we are interested in a quick profit. The more this government profit grab continues, the more likely we are going to sell and get the heck out. Investors have little tolerance for government overreach and 100% tax rates. That's why the stock is so low and that is why the government is damaging their reputation and potential ability to partner with the private sector on issues like this.

    If we ever give up on trying to regain our property rights, I think the damage will be lasting. This means higher borrowing rates, and more risk premium. It means more volatile shocks to the market during corrections.
    Apr 13, 2015. 09:23 AM | 2 Likes Like |Link to Comment
  • Fannie And Freddie: Political Quagmire Needs To Become Compromise [View article]
    Yes. I have read it. I find it interesting that Mr. Stevens has me blocked on Twitter but feels the need to publicly comment on my articles. I'm not sure what to write. As soon as I put something out, he'll probably contradict himself and say something completely different.

    The other day, he said that the GSEs needed more capital, then came out and said that his words were misinterpreted. Gee. I don't think he can handle going off script.
    Apr 12, 2015. 02:55 PM | 1 Like Like |Link to Comment
  • Fannie And Freddie: Political Quagmire Needs To Become Compromise [View article]
    Another video on PATH Act
    http://bit.ly/1Crq4op
    Apr 10, 2015. 02:20 PM | 1 Like Like |Link to Comment
  • Fannie And Freddie: Political Quagmire Needs To Become Compromise [View article]
    PATH Act is dead, even if it passes the House.

    CSP is not left out of my articles. I don't feel the need to rehash this every time I write. In fact, I have recorded a Youtube video about the PATH Act and how the original wording gave the value of the CSP to the Treasury and winds down the GSE insurance function to zero. It allows Wall Street banks to securitize subprime. This is not going to work.

    http://bit.ly/1yoplEC
    Apr 10, 2015. 02:19 PM | 2 Likes Like |Link to Comment
  • What I Am Looking For From Gilead Sciences' Earnings Release [View article]
    The reason the shares have not taken off this year is related to questions around discounting. A lot of investors threw their hands up and sold a few months ago. We'll know if discounting is a concern in a few weeks. Patience is key.

    I just bought back in myself.
    Apr 10, 2015. 02:02 PM | 8 Likes Like |Link to Comment
  • Fannie And Freddie: Political Quagmire Needs To Become Compromise [View article]
    The original agreement was 10% interest and 79.9% warrants. As I have stated multiple times, the government has not yet breached this original agreement. If the IRR on the Senior Preferred reaches 10% or more, then I believe the warrants are invalid.
    Apr 9, 2015. 01:47 PM | 2 Likes Like |Link to Comment
  • Impac Mortgage: Positive Guidance Sets High Bar For 2015 [View article]
    I just wrote a piece on Fannie and Freddie, but it is really pertinent to this stock too. The Urban Institute recently released a study that shows we have about 4 million fewer home mortgages than if we used 2001 credit standards for the past 6 years.

    There is pent up demand.
    Apr 8, 2015. 07:11 PM | Likes Like |Link to Comment
  • The Federal Reserve Has Their Own Motives On Fannie And Freddie [View article]
    I've written a little about it and it will appear in an article that is currently under embargo.
    Apr 8, 2015. 06:13 PM | 1 Like Like |Link to Comment
  • Impac Mortgage: Positive Guidance Sets High Bar For 2015 [View article]
    I think the answer to number 2 is dependent on the amount of refinance volume.
    Apr 4, 2015. 02:55 PM | Likes Like |Link to Comment
  • Fannie And Freddie: New Bill Establishes A Secondary Reserve To Protect Capital [View article]
    Weigh in on this bill here.
    http://bit.ly/1CaKsbW
    Apr 3, 2015. 07:23 PM | 2 Likes Like |Link to Comment
  • Impac Mortgage: Positive Guidance Sets High Bar For 2015 [View article]
    It seems like we could hit $16 next week, which is why I bought some common equity.
    Apr 3, 2015. 07:19 PM | Likes Like |Link to Comment
  • Impac Mortgage: Positive Guidance Sets High Bar For 2015 [View article]
    Good question. I am rethinking this and may need to update my model.

    The company has announced more than $6 million in profits for the 1st Q. How much of this will be core operating earnings? I am not sure. It is difficult to tell when origination volume is doubling every quarter. If they can earn this amount each period, it would not be unreasonable to see the company earn $2.50 EPS for 2015.

    Also, the forecast for rate increases has just changed based on today's poor employment report. I believe that higher U.S. rates could actually fuel Impac's business because foreign investors like Macquarie will be hungry for U.S. debt. Rates will likely stay low in the U.S. until the economy improves in the E.U.

    I need more information.
    Apr 3, 2015. 07:17 PM | 1 Like Like |Link to Comment
  • Impac Mortgage: Positive Guidance Sets High Bar For 2015 [View article]
    I'm holding both preferred and common now (through calls). I think they have found a way to unlock the DTA, which will resolve some of the issues you outline above. The DTA is worth $163 million and that brings book value per common share up to $13. There is momentum right now. Don't stand in the way of momentum or you will be run over.
    Apr 3, 2015. 08:39 AM | 2 Likes Like |Link to Comment
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