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philipmax

philipmax
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  • Fairholme: AIG ruling important precedent for Fannie and Freddie [View news story]
    I think it's saying that the gov't can, i.e., it has the power to do so, by sheer police enforcement powers. It does not mean that it is a legal taking. This is the crux of the litigation.
    Jul 6, 2015. 12:30 PM | 2 Likes Like |Link to Comment
  • New York Times Motions For Transparency On Behalf Of Fannie And Freddie [View article]
    I want my dividends back-dated to Sept 2008 - with interest!
    Jul 2, 2015. 12:59 PM | 5 Likes Like |Link to Comment
  • New Analysis Shows Fannie Mae Didn't Need A Dime [View article]
    I have been blogging this information for over seven years. Nice to have it verified. There was never a cash crisis at F&F. Treasury suffers from "seller's remorse" since the government sold Fanny Mae in 1970 to the public. F&F can "create money" by issuing bonds and compete with Treasury monopoly. The conspiracy to terminate these institution was in the planning for years before the 2008 housing crash.
    Jun 25, 2015. 08:33 AM | 12 Likes Like |Link to Comment
  • GSE Credit Risk Sharing Paves Path To End Conservatorship [View article]
    Yesterdays ruling by the Supreme Court in Horne vs the US Department of Agriculture should put an end to Treasury's taking of F&F income and return both entities to the control of their shareholders.

    The case cited, ironically revolved around and Depression Era US Government mechanism that forced private raisin growers to hold back overproduction of raisins, and suffer financial setbacks, when there was an overproduction of grapes. Horne, a small raisin farmer, sued claiming that his financial losses on these instances amounted to GOVERNMENT TAKING of personal property, specifically prohibited by the Constitution. The lower Courts ruled that the TAKING provision applied ONLY to real property. In an 8-1 reversal decision, Chief Justice John Roberts emphatically stated that "the Government has a categorical duty to PAY JUST compensation when it takes your car, just as it does when it takes your home."

    What more is there to say about shareholders' right at F&F. A SLAM DUNK for shareholders.!! Treasury wise guys had better reverse course and return these companies to shareholders before the case festers into a run on Treasury as institution begin to realize that Treasury is a duplicitous, untrustworthy slimy institution.
    Jun 23, 2015. 07:31 PM | 2 Likes Like |Link to Comment
  • New Motion To Dismiss Surfaces Against Fannie And Freddie Investors [View article]
    What about jpm boa or wfb and c' wound,t it make sense for them to destroy f&f so that they can skim huge profits?
    Jun 12, 2015. 12:02 AM | 1 Like Like |Link to Comment
  • New Motion To Dismiss Surfaces Against Fannie And Freddie Investors [View article]
    Good insight. Unfortunately, I have lost all confidence in our Courts system. Judges are manipulated by money and power and no longer follow the Rule of Law. Here we have the Treasury requesting dismissal of a case that goes against the bedrock of our Constitutional, Inalienable - Rights to property ownership. They back up their argument with a most flimsy tissue of arguments, knowing full well that the Courts will deliberate on this motion for nine months or longer while Treasury despoils the core of F&F.
    I, for one am thoroughly DISGUSTED!
    Jun 11, 2015. 02:14 PM | 4 Likes Like |Link to Comment
  • Financials on the move as rate hike draws nearer [View news story]
    All predictions of impending rate hikes are utterly misguided and WRONG.
    We are in a prolonged period of low rates that may extend into years, not months.
    The FED is a money creating institution. Unlike the the Treasury, the money manufactured by the FED is no where to be found in our National Debt structure, since the FED is a private entity.
    The game play is to let the FED issue $Trillions in zero interest loans to TBTF banks with instruction to buy Treasury notes, bills, and bonds. The banks cannot use this free cash to make commercial loans. The ultimate goal, is to reduce the interest burden on the National Debt from 4-5% to 11/2-2% . Simply put...4% interest on the National Debt of $18 Trillion means that the US is Bankrupt. With this gimmick the US Debt Service will be manageable. THEREFORE, NO RATE INCREASE IN FORESEEABLE FUTURE.
    Jun 5, 2015. 02:33 PM | 3 Likes Like |Link to Comment
  • Penalties come down for banks from forex probes [View news story]
    These fines are mere substitutes for income taxes that the TBTF banks don't have to pay due to numerous tax loop-holes successfully engineered thru Congress over the years.

    We'll see what criminal charges are brought, as the bank have ingeniously found ways to plead guilty without admitting to criminal charges. Just look at how many times C paid out Billions for repeat offenses ( crimes) without ever being prosecuted. Ditto for BOA and JPM.
    May 20, 2015. 10:27 AM | 14 Likes Like |Link to Comment
  • WaMu Junior Debt Recovery Becoming Unlikely [View article]
    Perhaps you are right. But the bottom line is that JPM gets 15% of Award not The Entire Sum. Sadly, we might have to sue again. JPM never "owned" the LTWs, shareholders do.
    May 19, 2015. 10:03 PM | Likes Like |Link to Comment
  • WaMu Junior Debt Recovery Becoming Unlikely [View article]
    Today, May 19 2015, Judge Block superseded Walrath's wrong-headed decree. DIMEQ LTW holders win in US Court of Claims. Minimum $419 Million, Plus $63 Million+ for tax adjustment. @ 85% of Award, less: legal fees ($30Mil+/-), it looks like $385 Million. Depending on how many shares remain after WMHI offer for trade to WHMI Shares,this could be a $10+ win per unit holder.
    May 19, 2015. 04:11 PM | Likes Like |Link to Comment
  • Privatized GSEs could cause spike in mortgage rates [View news story]
    Why stop at 97 Basis points? Who is to say that it may even rise by 300 Basis points? Or fall by 97 Basis Points? Why has it not done this in the 38 (1970-2008) years when it WAS PRIVATE? Why not acknowledge that rates could go up or down, as determined by other factors?

    In other words, where is the empirical evidence that public or private ownership is the interest rate determinate? Could it be that the Fed is he interest rate culprit?

    Rubbish like this can only come out of agenda-minded interest groups to frighten the ignorant.
    May 18, 2015. 05:01 PM | 1 Like Like |Link to Comment
  • Digesting Freddie Mac's Quarterly Results [View article]
    Thanks David. We all rely on your thorough and thoughtful research. Yet those pesky little $Billions here, and $Billions there, could add up to be real money.
    May 6, 2015. 06:12 PM | Likes Like |Link to Comment
  • Digesting Freddie Mac's Quarterly Results [View article]
    When Treasury will leave the scene - whether thru sale, expiration, or litigation - and the common could be valued at some multiple of Book Value or Earnings, should we not expect that all the Preferred shares will be restored to their pre-takeover dividend allocations? Will that not have a material impact on the Net Income of Common?
    May 6, 2015. 01:26 PM | 1 Like Like |Link to Comment
  • Freddie Mac beats on revenue [View news story]
    Looks like the Fed ain't gettin' nothing from Freddy this quarter. I hope the Freddy is cleaning out the garbage that's still on its Balance Sheet through the Income Statements. If true,this should bode well for the shareholders. Also, I just read, that Freddy is booking losses on futures derivatives that are used to hedge its portfolio. This was not done in the past as most of these transactions become net-zero long term, but, sometimes fluctuate violently in volatile markets. Nevertheless, if it prevent the siphoning of income to Fed, it's a good idea to book the losses now.
    >
    Not that it matters...Fed is doing all it can to tank this operation.
    May 5, 2015. 10:45 AM | 1 Like Like |Link to Comment
  • Banks fines: How much and where have they gone? [View news story]
    No matter how much taxes we pay, this sum is NEVER going down.

    Total Debt - Dawn of Nation to WW1- $1/2B

    Cost of WW2 - $230B

    WW2 - 2007 $6 Trillion

    Total Debt as July 2008 $ 6.5 Trillion
    July 2008 $12. Trillion

    Total $18.5 Trillion

    If we assume historical 4% Interest on National Debt =$720 Billion

    Federal Revenues $1.2Trillion

    Houston! We have a problem!!!

    Solution. Feed the banks, thru the FED, interest free money ad infinatum and "force" them to buy Treasury notes and bills yielding 1-2%, until the interest rate on the outstanding National Debt is reduced to 1 or 2%. Otherwise, interest will consume the entire Federal budget.
    May 1, 2015. 03:38 PM | 2 Likes Like |Link to Comment
COMMENTS STATS
321 Comments
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