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Glen Bradford

 
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  • The Case For Fannie Mae: Unpacking The Motions For Summary Judgment [View article]
    My view as well.
    Sep 8 09:54 PM | Likes Like |Link to Comment
  • Breakup Story: Agilent Technologies Is Going To Be A Breakout [View article]
    Highway to the dangerzone. Correlation blind.
    Aug 13 12:36 PM | Likes Like |Link to Comment
  • Yellow Media (YLWDF) CEO Julien Billot on Q2 2014 Results - Earnings Call Transcript [View article]
    I'm impressed that you were able to transcribe this so quickly.
    Aug 7 01:28 AM | Likes Like |Link to Comment
  • DC Payments - 9.5% Yield With A 44% Cash Flow Payout Ratio [View article]
    very interesting indeed.
    Aug 6 10:46 PM | Likes Like |Link to Comment
  • Fannie Mae, Should It Go Away? [View article]
    Are you familiar with all of the putbacks? It appears to me that you are not aware of the putbacks, because if you were, I think that you might re-word your blame game story.

    http://bit.ly/1new53H

    The GSEs bought about $2.2 trillion of mortgages from the 15 biggest banks and Ally between 2006 and 2009, according to Inside Mortgage Finance, a trade journal. Some of the loans were based on faulty data about borrowers and properties -- flaws that give Fannie Mae and Freddie Mac the right to “put back” the debts, or resell them to the banks.

    As an aside, you are literally very close to me. I just spent the last month or so in the citibank circular building a block or two south of your office.
    Jul 9 12:37 PM | Likes Like |Link to Comment
  • It's Independence Day For Fannie And Freddie [View article]
    Your views are very absolutist in nature. I look at things a little more holistically. What is the best structure?

    http://bloom.bg/1l9DGy1

    “I think government has to play a part in housing,” Buffett said. “The 30-year fixed-rate mortgage is very good for the American public and I think that you will need government participation in some way to bring the costs down.”
    Jul 6 04:06 PM | 2 Likes Like |Link to Comment
  • It's Independence Day For Fannie And Freddie [View article]
    As you seem to agree, the pieces are in play. At this point that is all that matters. The present course of events is one that leads to large gains for the equity holders of the two businesses. I like Mel Watt, only because he appears to be doing the right thing by focusing on his scope and playing his role perfectly.
    Jul 6 04:02 PM | 2 Likes Like |Link to Comment
  • It's Independence Day For Fannie And Freddie [View article]
    I think that the nature of the extensive dialog is required in this case because of the nature of the situation. When you have people who are effectively on your side putting together proposals that are not in your best interest in order to show a signal that the legislative push to eliminate the GSEs has not only no traction but also that congress is going to be ineffective at really doing anything on the topic, this is a multi-step process of understanding all of the angles and how it fits together. If you want the summary version, it's always in my disclosure, I own the two businesses long.

    That said, I agree with you. I always prefer to err on the side of "just getting it out there" as opposed to "not attempting to say what needs to be said." Especially since I feel that someone ought to be doing it and sometimes that someone has got to be me.
    Jul 6 03:57 PM | 1 Like Like |Link to Comment
  • It's Independence Day For Fannie And Freddie [View article]
    You've raised two points.

    1. Do I think that the GSE's will get wound down? No. I don't see how this is possible given the constraints at play.

    2. Will the government backing be removed? I don't see the need for an explicit government guarantee, which is what the legislative proposals are trying to mandate. Sub-substantial is a play on words to imply that it is my view that the perceived risks to the long thesis are really overplayed because of all of the misinformation being thrown around and re-posted publicly as if the misinformation is fact based information with wide-spread support and financial backing.
    Jul 6 03:51 PM | Likes Like |Link to Comment
  • It's Independence Day For Fannie And Freddie [View article]
    By your logic, you would be still getting away with robbery if you get out the door of the bank after you rob the bank when there are police outside surrounding the building, guns drawn, and you have no place to run...

    That's fine, but at this point they are tangled up in the web that they've created and their house of cards defense is collapsing. The facade of anti-GSE legislation that was designed to wind them all down ran out of time and started too late to be effective at this point and now it's all pretty clear and self-evident to the people who are willing to be honest with the way the world works in regards to how this is all going to play out.
    Jul 6 03:47 PM | 1 Like Like |Link to Comment
  • Yellow Media's 2014 Hockey Stick Stock Price [View article]
    This year has a lot of cash taxes.
    Jun 28 09:34 PM | Likes Like |Link to Comment
  • Yellow Media's 2014 Hockey Stick Stock Price [View article]
    David,

    Thanks for paying attention.

    Glen
    Jun 28 09:33 PM | 1 Like Like |Link to Comment
  • Fannie Mae: Icahn And Ackman Actually Agree On Something [View article]
    Are you sure you are using the right share count against the right business?

    http://read.bi/1iVv7Us

    page 94

    income
    11 billion from fannie
    6 billion from freddie mac

    slide 104
    you note that the 11+6 goes against the fully diluted share count of both the GSE's of 9B

    you've painted a less rosey picture than the reality of the situation actually appears to be
    Jun 4 10:38 AM | Likes Like |Link to Comment
  • Buy And Hold New York Mortgage Trust With A Dividend Over 13% [View article]
    Aren't you the guy who is always talking negatively against Fannie Mae and Freddie Mac? I don't understand why I'd listen to this opinion when you have that opinion?
    May 27 12:10 AM | Likes Like |Link to Comment
  • Fannie Mae And Freddie Mac Are Undercapitalized [View article]
    Rollo Tomasi, I am trying to understand what you are trying to say but I can't put it together. Can you help me better understand your perspective?
    May 18 11:19 PM | 2 Likes Like |Link to Comment
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