Obama Endorsement Builds Momentum for Housing-Finance Overhaul

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

It was the prize for winning a TV game show with questions about finance. NYSE Euronext In 1985 Ronald Reagan became the first sitting president to visit the exchange during trading hours. He rang the bell to thunderous applause. NYSE Euronext In 1997, former Chinese President Jiang Zemin, second from left, came to the exchange and rang the bell while he was in power. NYSE Euronext At the end of the 20th century, the NYSE brought in global icons to “ring” in the first trading day of the new millennium, including legendary General Electric CEO Jack Welch. NYSE Euronext Boxer Muhammad Ali was brought to the exchange as part of NYSE’s millennium series in 1999. He rang the final opening bell of the 20th century. NYSE Euronext In 2002, former South African President and human rights icon Nelson Mandela made a trip to the exchange and joined the long list of dignitaries to ring the bell. NYSE Euronext On Apr. 19, 2013, SeaWorld Entertainment celebrated its IPO by bringing penguins and sea otters to the floor of the exchange.

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. I think you have a 40 percent chance you can get to the finish line by the midterm elections, 60 percent chance that you can get done while Obama is president, said Jaret Seiberg, a senior policy analyst at Guggenheim Securities LLCs Washington Research Group. That still means you have a really good chance that nothing happens. The politics of this are insanely tricky. The Corker-Warner bill, sponsored by five Democrats and five Republicans, would replace Fannie Mae (FNMA) and Freddie Mac with a federal reinsurer that would step in only after private capital had taken least 10 percent of the first losses on mortgage securities.

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


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.

Obama Speech on U.S. Economy, Housing Market

The country’s bureaucratic and inefficient tax collection system is one of the reasons it slid into a debt crisis. Modernizing it is a key element of its 240-billion-euro EU/IMF bailout. The Hellenic Data Protection Authority said the General Secretariat for Information Systems (GSIS), the public sector’s biggest data centre which falls under the finance ministry, was guilty of breach of duty. A 35-year-old computer programmer has been accused of hacking into finance ministry servers last year and stealing the personal data of roughly two thirds of the country’s 11 million population. The programmer, who was arrested last November and is awaiting trial, is suspected of attempting to sell 9 million files containing identification card data, addresses, tax ID numbers and licence plate numbers.

Greek finance ministry fined over massive tax data leak

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. Both Fannie and Freddie, operating under federal conservatorship since they were taken over by the government in 2008 during the financial crisis, are some of the biggest buyers of private home-loan bonds. If eminent domain plans went forward, they would risk losses on bond investments. Eminent domain is a well-tested power by local government to get a court order to take over a property it deems either blighted or needed for the public good.


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