House finance regulator mulls action on “eminent domain” mortgage seizures
And many of them say they have found ways to enjoy the nonstop parade of celebrities and publicity-seekers in a place that for so long was hidden to the public. And on Wall Street, where what matters most if the minute-by-minute changing value of almost everything, the cultural significance of the bell ringers is measured. Jim Cramer, host of cable financial news network CNBC’s “Mad Money” nightly TV show, says his kids’ reaction is the yardstick he uses. “I judge these things by whether my 22-year-old and my 19-year-old think the bell ringer is cool,” Cramer said, “When Usher stopped by I got my picture taken with him and my kids were impressed — perhaps the only time they have been in all my years on the floor, and not just because I turned out to be taller than Usher!” Ringing the bell for the first time can be a memorable experience for celebrities, too.
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. The government would step in with more aid during a financial catastrophe.
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On Wednesday, an investor group filed a federal lawsuit against the northern California city in a bid to stop the plan. The lawsuit was filed in a northern California court by mortgage bond trustees Wells Fargo and Deutsche Bank on behalf of an investor group that includes Pacific Investment Management Co, or PIMCO, BlackRock Inc and DoubleLine Capital LP. 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.