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Treasury moves to summarize Fanny, Freddie; BofA's downstream market success



Journal of Wall Street

Ready for Summary

Treasury Secretary Stephen Mnuchin said he expects a deal soon "that will allow Fanny May and Freddie Mack to start saving their revenue, one of the first steps the administration's plan to put mortgage companies back in private hands. "The Treasury is in talks with the Federal Housing Financing Agency for a deal that would be a" significant capital increase and a step in the right direction for us to ultimately raise third-party capital, "Mnuchin told Fox Business Network. stated that he "hopes to win congressional support in the next three months to six months, but is ready to move forward with administrative changes to businesses that do not require legislative approval."

  Treasury Secretary Steven Mnuchin the White House press conference on the September 9, 2019 news.

Finance Minister Stephen Mnuchin spoke during a press conference on the White House North Lawn on September 9, 2019.

Bloomberg News

Fannie and Freddie's shares jumped over 40%, "their best day in almost three years," after Mr Mnuchin's comments and favorable court ruling late last Friday.

The Wall Street Journal wishes "The bow of FHFA director Mark Calabria, who is unlikely to receive congressional assistance in this Sisyphean task" to reduce the size of the two mortgage agencies.

Mnuchin, Calabria and Housing and City Development Secretary Ben Carson are due to testify before the Senate Banking Committee on Tuesday on the privatization plan.

The United Kingdom is sneezing and Ireland …

Irish banks have been hit even harder by their counterparts in the UK over the uncertainty about Brexit. Ireland's two largest banks, AIB Group and Bank of Ireland, "are among the worst performing European banks this year." AIB is nearing a record low, with Bank of Ireland rising slightly in the last days of the its weakest level in almost six years. "

'This is purely the Brexit effect,'" said Simon Adamson, senior European banking analyst at CreditSights. "There is more fear that any economic weakness on Brexit's back will be pushed to the banks' balance sheets."

Financial Times

Joining Goldman

Oliver "Olly" Robbins, European Union chief negotiator United Kingdom Prime Minister Teresa May from 2017 to 2019 transfers her talents to Goldman Sachs, "the latest example of the high-profile public service of the Wall Street giant."

"Moving to Goldman Sachs means that it will transfer its detailed knowledge of the EU and Brexit to the US Investment Bank in the works and it will be highly rewarded. He does not join the elite ranks of Goldman partners, where salaries start at $ 950,000, but will earn a six-figure sum at the CEO level just below that. "

New York Times

Loan Charge Probe Spreading [19659003] Federal prosecutors have launched a formal investigation into" possible credit fraud in the New York taxi industry, the most significant action taken so far in response to widespread practices that have caught thousands of cabinets under crushing debt. The investigation, which is in its infancy, appears to be addressing a possible crime, including bank, corporal or postal fraud. "The Attorney General and the city have already started their own investigations.

Elsewhere

Moving lower wages off

Bank of America said its recent downward movement in its investment bank is beginning to pay off. Revenues from lending to mid-market companies increased by 17% in the first seven months of the year, and overall investment banking revenue growth for the third quarter is expected to be in the low single digits.

"We were more concentrated in the top 100 [corporations]," said Chief Operating Officer Tom Montag at the Barclays Financial Services Conference in New York. "We are now going to 400 depths."

Quote

"They have been in the Conservancy for too long and we want to make sure they are not in the Conservancy permanently." to recapitalize Fanny May and Freddie Mack and bring them back to the private sector.


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