House finance regulator mulls action on “eminent domain” mortgage seizures

Ahead of data, French finance minister declares recession over, but stays cautious on growth

The use of eminent domain powers to restructure distressed mortgages has been debated by communities for more than a year and has been controversial with Wall Street banks and bond investors from the start. Alfred Pollard, FHFA’s general counsel, said in a memorandum posted on the agency’s website on Thursday that the uncertainty surrounding the use of eminent domain raises several issues, including its possible impact on the mortgage market and potential losses that Fannie Mae and Freddie Ma could incur. “There is a rational basis to conclude that the use of eminent domain by localities to restructure loans for borrowers that are “underwater” on their mortgages presents a clear threat to the safe and sound operations of Fannie Mae, Freddie Mac and the Federal Home Loan Banks as provided in federal law,” Pollard wrote. The FHFA is weighing its legal options in any municipalities that approve loan restructuring programs. The agency is also considering preventing Fannie and Freddie from purchasing loans in those communities using eminent domain as a strategy for restructuring distressed mortgages.

Consumer Finance Company Coming Soon to Columbus, OH

Fannie Mae and Freddie Mac were seized by regulators in 2008 as defaults on risky loans drove them toward insolvency, and taxpayers have spent $187.5 billion to keep them afloat. Republicans and Democrats alike are calling for the companies to be liquidated and replaced with a system based more on private capital. Republican Bob Corker of Tennessee and Democrat Mark Warner of Virginia , the authors of a housing bill that has support from both parties, say they think an overhaul could get through both the Senate and House this year. Time Right I know theres a real desire to get GSE reform done this fall and I think people understand that the time is right, Corker said in an interview. Others are less optimistic.

Reminder – Fifth Street Finance (FSC) Goes Ex-Dividend Soon

FSC+Dividend+History+Chart

Frances gross domestic product shrank by 0.2 percent for the past two quarters the technical definition for a recession and data for the second quarter of the year wont be published until Aug. 14. But Pierre Moscovici told Corse Matin newspaper in an interview published Saturday that the recession is over, without revealing the second-quarter figures. More business news

Obama Endorsement Builds Momentum for Housing-Finance Overhaul

Obama Speech on U.S. Economy, Housing Market

As a percentage of FSCs recent stock price of $10.77, this dividend works out to approximately 0.89%, so look for shares of Fifth Street Finance Corporation to trade 0.89% lower all else being equal when FSC shares open for trading on 8/13/13. Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen or click here to find out which 9 other stocks going ex-dividend you should know about, at DividendChannel.com Below is a dividend history chart for FSC, showing historical dividends prior to the most recent $0.0958 declared by Fifth Street Finance Corporation: In general, dividends are not always predictable; but looking at the history above can help in judging whether the most recent dividend from FSC is likely to continue, and whether the current estimated yield of 10.67% on annualized basis is a reasonable expectation of annual yield going forward. The chart below shows the one year performance of FSC shares, versus its 200 day moving average: Looking at the chart above, FSCs low point in its 52 week range is $9.66 per share, with $11.13 as the 52 week high point that compares with a last trade of $10.79.

In fact, TMX Finance has doubled in size over the past 5 years and plans to maintain that rate of growth for the next several years. aWorking for a growing company is exciting,a said Lindsey Reed, Vice President of Talent Acquisition for TMX Finance. aWe are thrilled to bring our services to Ohio and look forward to adding outstanding General Managers to our team.a Position Descriptions and Qualifications: General Manager: A general manager is responsible for overseeing and managing the storeas day to day operations and performance. This individual should encourage store growth and increase profitability through the management of customer relations, operating costs, sales and collections. Qualified candidates must be at least 19 years of age, have a valid driveras license and car insurance, and pass a credit and criminal background check to include a driving history report, also referred to as an MVR.

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