Fannie Mae

With its eventual fate still up in the air, Fannie Mae is making plans for the future—by selling its famed colonial-mansion style headquarters in Washington. So if you’re in the market for 228,000 square feet of crumbling office space, or are looking to give your kids the easiest walk to Sidwell Friends ever, give Fannie a call. They may even be able to help out with the mortgage, and the Treasury Department will send welcome flowers. Read more »

Wait! Bill Ackman Has Something Else To Say!

Between suing the government for taking all of the profits from two companies that it began taking all of the profits from more than a year before he bought 10% of each of them, and Friday morning, the Pershing Square Capital Management chief had another brilliant idea, and decided to sue the government again. Read more »

  • 04 Mar 2014 at 3:42 PM

Bill Ackman Doing Alright For Himself This Year

No one has made Herbalife “disappear” yet, as he recently requested, but Pershing was up 11.7 percent through February, and that’s something worth celebrating. Not crying tears of joy over, but raising a glass to, nonetheless. You want wet, raw, uncontrollable displays of emotion, you’re going to need to take Herbalife out in the middle of the night. Read more »

The Pershing Square chief thinks that Fairholme Capital and Perry Capital will win their lawsuits re: the government stealing Fannie Mae and Freddie Mac from their shareholders and directing every last cent of profit into Jack Lew’s slush fund. And he’s figured out how to make even more money from said victory than they will: It begins with not having to pay lawyers to sue the government and ends with common shares doing better than Fairholme and Perry’s preferred shares. Read more »

  • 20 Feb 2014 at 12:55 PM
  • Banks

Former Bank Gets Extra $3.7 Billion Or So To Play Around With

Lehman Brothers was perhaps not as extremely well-capitalized or strongly liquid as Dick Fuld claimed, but its corpse is looking pretty well-capitalized today. Read more »

van buren boys hand signal
Wall Street traders may be manipulating a key derivatives market and front running Fannie Mae and Freddie Mac, hurting the US-owned mortgage giants in the process, according to an FBI intelligence bulletin reviewed by Reuters. Using what Federal Bureau of Investigation agents described as “unsophisticated tradecraft,” such as hand signals and special telephone ring tones, some traders are conspiring to rig rates on large orders submitted by Fannie Mae and Freddie Mac, or front running them in the interest rate swaps market, the document says.Reuters, Jan 14, 2014

Are we thinking: Read more »

  • 20 Aug 2013 at 3:58 PM

Fannie, Freddie May Have Something To Share

Turns out that all of those record profits that Fannie Mae and Freddie Mac are turning over to the Treasury don’t so much account for a few billion dollars in losses on delinquent mortgages. Read more »