With regard to Fannie and Freddie (and his political aspirations), I hope Secretary Castro stays out of Director Mel Watt's way. He's making a mistake if he thinks that diminishing Fannie and Freddie is any sort of political winner, since the big banks don't want the job unless heavily subsidized by taxpayers. This soup doesn't need a second chef stirring the pot.
Bill Issac and Fannie and Freddie
Former FDIC Chairman Bill Issac never was a fan or supporter of Fannie Mae and Freddie Mac. So, I found it a little surprising that he took such a strong op ed stand in the Hill newspaper “Roll Call” suggesting how F&F have been—and their investors—abused by the Obama Administration Treasury and its regulators.
Not uncommon for a former GOP regulator to criticize Democrats but—unless he’s drawing a pay check from one of the “takings” plaintiffs—I thought Issac’s position quite helpful to their cause.
Reps. John K. Delaney, D-Md., John Carney, D-Del., and Jim Himes, D-Conn, all members of the House Financial services Committee announced they will reintroduce a bill they’ve been working on since January, which seeks to bridge the ground between the GOP Hensarling (R-Tex.) “Path Act” and the CWJC, Corker (R-Tenn.) Warner (D-Va.) Johnson (D-SD) and Crapo (R-Idaho), both of which barely got reported by their respective chamber banking committees and now languish.
The new House bill would keep F&F alive, but not in full form, and would hold open the hope for some payoff for investors.
“Wallison is housing policy's version of a Creationist: ignoring mountains of hard evidence that refute his ideological convictions, while positing a mythologized story that falls flat without a willful suspension of disbelief. Yet, like Creationists, he has a ready audience for his material.”
Frank Raines Lives and Builds
There's life after the mortgage wars.
Frank Raines, who has long predicted there would be no swift resolution of the future of Fannie and Freddie, moved into venture capital investing nine years ago.
This week the latest firm he co-founded, Xappmedia (xappmedia.com) held a party celebrating the launch of their interactive audio ad service at the headquarters of its launch partner National Public Radio.
This continues Raines’ interest Raines in technology enabled business since his days at Fannie.
After reducing Fannie’s own approval time—and therefore that for primary market lenders market--Raines observed that, “It’s sad that it once again takes a month or more to approve a mortgage after we worked for many years to make that process more effective and efficient.”
His new company creates audio ads that allow people to respond to the ads with their voice. So a Geico ad might say “if you want to talk to an agent, after the beep, say ‘call now.' ”
The technology would recognize what you said and then place the call for you. No more trying to remember 800 numbers.
Good luck, FDR!
(The 21 days of “Camp Maloni 2014” soon will end as three west coast Maloni’s return to their home and three east coast Maloni’s retreat to theirs. Three weeks of: swimming, bike riding, Folk Life Festival, Imagination Theater, multiple fireworks events, berry picking, baking pies and making ice cream, road trips to other cousins in Pittsburgh, fishing and catching bass, creek hunting for crayfish, tent camping and bear/deer sightings, days at Rehoboth, tie-dying, library visits, boxes of popsicles, one call to 911 for lost bike hikers (canceled shortly after they were found by a helpful elderly neighbor), July Fourth face painting and parades, crab and shrimp feasts, toys and games, sleeping together, fighting, hassling, chasing “Cat,” our dog, and lots of fun which makes families stronger, are behind us for another year. Thanks to Grammy Heidi for being the linchpin that made everything work. Everyone is tired, especially Grammy.)