Daily Archives: May 29, 2016

Libertarian Party Selects Gary Johnson As Presidential Nominee

ORLANDO, Fla. — Former New Mexico Gov. Gary Johnson secured the Libertarian Party’s nomination for president Sunday, capping off the party’s weekend-long biennial convention.

The nomination came after an often raucous nominating convention, in which Johnson was unable to obtain the necessary 50-plus percent of convention delegates on the first round of balloting. After the first round, officials from the five major Libertarian campaigns jockeyed for delegates, though Johnson’s nomination was never really in doubt, having fallen only six delegates short in the first round, out of a total of 925 votes cast. He ultimately finished with 55.8 percent of delegates supporting him.

Read on.

And here is Johnson’s stance on issues. Click here. One issue that agree with Johnson: term limits.

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Former FDIC Chair Sheila BAIR: WELLS FARGO 3% DOWN PAYMENT MORTGAGE COMES WITH RISK

Yup, I agree with Ms. Bair…

Wells Fargo, the nation’s largest mortgage lender, is targeting first-time home buyers and low- to moderate-income buyers who have been sidelined in the housing recovery. The bank is underwriting the borrowers and Fannie Mae is originating and selling the loans. Borrowers may take out a mortgage up to $417,000.

Bair said it appears that Wells Fargo isn’t taking much of a risk with its new program.

“Fannie Mae’s got it. Private mortgage insurers got it. They’re underwriting, but they’re passing it along,” she said.

“We saw during the crisis that when you separate the … credit decision to make the loan from who is actually holding the risk of the loan, you can run into some problems too. I’m not completely comfortable with it, but it is what it is.”

More here…

FREDDIE MAC ANNOUNCES THIRD NON PERFORMING LOAN TRANSACTION OF 2016 FOR $783 MILLION

$783 Million Transaction Features Seven Pools, Including Two Extended Timeline Pools (EXPOs) Targeting Smaller Investors

MCLEAN, VA–(Marketwired – May 26, 2016) – Freddie Mac (OTCQB: FMCC) today announced a $783 million non-performing loan (NPL) transaction, an auction of seasoned non-performing residential whole loans held in Freddie Mac’s mortgage investment portfolio. The NPLs are currently serviced by Bayview Loan Servicing, LLC.

The NPLs are being marketed via seven pools: five Standard Pool Offerings (SPO®) and two ExtendedTimeline Pool Offerings (EXPO®) which target participation by smaller investors, including non-profits and minority and women-owned businesses (MWOBs).

Bids are due from qualified bidders on June 15, 2016, for the SPO offerings and June 29, 2016, for theEXPO offerings. The sales are expected to settle in August and September 2016.

All eligible bidders, including private investors, MWOBs, non-profits and neighborhood advocacy funds are encouraged to bid. The winning bidder will be determined on the basis of economics, subject to meeting Freddie Mac’s internal reserve levels. To participate, all potential bidders are required to be approved by Freddie Mac to access the secure data room containing information about the NPLs and to bid on the NPL pool.

Rest here…

Super-delegate: Hillary Clinton began lobbying us a year ago

Desert Sun:

Jess Durfee, a Democratic National Convention member from San Diego, said last weekend’s private meeting with Sanders was the first formal conversation they’d had. Clinton’s people, on the other hand, issued a letter to all super-delegates — who can vote at the convention for whomever they please — on the same day she announced her candidacy, then followed it up with phone calls and emails.

“They were working it very early,” Durfee said, “as early as a year ago.”

Sanders knows this.

“In terms of super-delegates, we are way, way behind,” he told late-night TV host Jimmy Kimmel on Thursday. “There were 400 super-delegates who announced their support for Secretary Clinton before anyone else was in the race, before the first ballot was cast. And I think that’s just patently absurd and undemocratic and kind of dumb in the sense that when you make that judgment you want to know how the campaign is going, who is the strongest candidate.”

Pledged 36th Congressional District delegates

Republicans

Donald Trump 

  • Gina Nestande
  • Nachhattar Chandi
  • Erbil Gunasti

Ted Cruz

  • James Battin
  • Julia DiBernardo
  • Venus Childress

Democrats

Hillary Clinton

  • Ginny Foat
  • Mary Jane Sanchez
  • Kay Mills
  • Robert Moon
  • Richard Noble

Bernie Sanders

  • Lorraine Salas
  • Heather Adams
  • Paula Marvin
  • Joseph Aszterbaum
  • Bryan Hash

Shady Law Firm at Heart of Panama Papers Closes up Shop in Offshore Tax Havens

Mossack Fonseca — the shadowy law firm behind the Panama Papers leaks — has announced plans to close its offices in the British-dependent territories of Jersey and the Isle of Man, and the British overseas territory of Gibraltar, which sits at the southern end of the Iberian peninsula.

All three islands are self-governing and have their own legal and financial systems. What makes them attractive to a law firm like Mossack Fonseca and their clients is that all three islands are tax havens, where companies are exempt from corporation or income taxes, and where strict financial privacy laws mean a wealthy oligarch can hide millions in shell companies and nobody ever has to know who the money belongs to.

According to Boston Consulting Group’s 2012 global wealth report, UK-dependants like Jersey and Isle of Man are incredibly rich — yachts, diamond shops, champagne bars — you name it. Jersey has embraced people looking to hide their money with open arms for decades.

Read on.

Judge directs internal Trump University documents to be released

CNN:

Washington (CNN)A judge overseeing a lawsuit filed against Donald Trump regarding his closed real estate education program called Trump University has ruled parts of internal documents, including “playbooks” regarding running the enterprise, should be released as part of the case.

The playbooks, which include ones from 2009 and 2010, detail how the venture worked, how Trump University events were run and how to sell programs to customers.