http://www.wikio.com/search=Richard Syron Wikio - Richard Syron http://www.wikio.com/search/Richard+Syron?rinfoid=68520125 Two high-level Lehman Brothers will be leaving the beleaguered investment bank, as a well-known research analyst upgraded the firm's stock to a "buy" rating, citing the increased possibility of a hostile takeover. Thu, 21 Aug 2008 17:28:50 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=68520125 2008-08-21T17:28:50Z http://www.wikio.com/search/Richard+Syron?rinfoid=67326087 Why did the housing market turn into America's economic cancer—growing out of control before recently killing economic growth ? It’s is a difficult question to answer—but not because there is a shortage of reasons. Instead, all the causes are interconnected——just as all the players in the game , from the top of society to the bottom, egged each other on. The housing disaster is not an isolated incident. Instead, it is intimately interwoven with most of the destructive trends in our society: non-traditional mass immigration, growing economic inequality , multiculturalism , globalization , and the decline of community and traditional standards of behavior. Full Article ... Mon, 11 Aug 2008 04:02:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=67326087 2008-08-11T04:02:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=67293610 Fannie Mae and Freddie Mac have slashed dividends by 80 per cent just 12 months after making a commitment to 'shareholder value'. 11 Aug 2008 5:49 AM Sun, 10 Aug 2008 20:23:05 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=67293610 2008-08-10T20:23:05Z http://www.wikio.com/search/Richard+Syron?rinfoid=67135098 Freddie Mac, the mortgage finance giant at the heart of the crisis in the US financial system, is deeper in the red than anyone on Wall St had been predicting, it was revealed this week. The company is in negotiations with the... Fri, 08 Aug 2008 17:00:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=67135098 newsfeeds@nzherald.co.nz 2008-08-08T17:00:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=67126055 Looks like Richard Syron has a lot of work to do to. On top of reporting a dismal quarter and being downgraded, Freddie Mac’s (NYSE: FRE) chief was pilloried on the front page of The New York Times for allegedly ignoring internal warnings that the GSE was taking on too much risk. He acknowledged [...] Fri, 08 Aug 2008 16:31:09 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=67126055 2008-08-08T16:31:09Z http://www.wikio.com/search/Richard+Syron?rinfoid=67081981 Freddie Mac Fires Back, Pt. 1 Inside Freddie Mac, with Richard Syron, Freddie Mac chairman & CEO and CNBC's Maria Bartiromo. click for video > Part II: Freddie Mac Fires Back, Pt. 2 click for video > Thanks, Dougie! Fri, 08 Aug 2008 09:53:16 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=67081981 2008-08-08T09:53:16Z http://www.wikio.com/search/Richard+Syron?rinfoid=66983772 First, I wish to apologize to my faithful and loyal readers on RedBlueChristian.com for my absence. As will be obvious in this particular post, my mind has been elsewhere. Second, there is a possibility that this will be perceived as a rant; it is not meant to be. But it is written out of frustration and [...] Thu, 07 Aug 2008 14:50:13 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66983772 2008-08-07T14:50:13Z http://www.wikio.com/search/Richard+Syron?rinfoid=66984767 First, I wish to apologize to my faithful and loyal readers on RedBlueChristian.com for my absence. As will be obvious in this particular post, my mind has been elsewhere. Second, there is a possibility that this will be perceived as a rant; it is not meant to be. But it is written out of frustration and [...] Thu, 07 Aug 2008 14:49:08 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66984767 2008-08-07T14:49:08Z http://www.wikio.com/search/Richard+Syron?rinfoid=66983400 The National Association of Realtors says pending U.S. home sales rose in June in an unexpected piece of positive news for the beleaguered market. Thu, 07 Aug 2008 14:19:55 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66983400 2008-08-07T14:19:55Z http://www.wikio.com/search/Richard+Syron?rinfoid=67044089 Freddie Mac, a mortgage finance company, has reported a net loss of $821 million, or $1.63 per diluted common share, for the second quarter ended June 30, 2008, compared to a net income of $729 million, or $0.96 per diluted common share, for the same period of 2007. Thu, 07 Aug 2008 12:01:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=67044089 2008-08-07T12:01:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=66947729 Freddie Mac posted a second-quarter loss three times larger than expected, as many borrowers with good credit fell behind on exotic and risky mortgages. Thu, 07 Aug 2008 08:19:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66947729 2008-08-07T08:19:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=66943928 Wall Street pounded down the value of mortgage misfit Freddie Mac another 19 percent - this time for slashing its once-prized dividend to a measly nickel and posting a loss three times worse than expected. Even before the wipeout news yesterday... Thu, 07 Aug 2008 08:08:51 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66943928 2008-08-07T08:08:51Z http://www.wikio.com/search/Richard+Syron?rinfoid=66933207 Freddie Mac, the American government-chartered mortgage financing giant, plans to cut its dividend by at least 80 per cent after a $3.5 billion ($£1.79 billion) hit from the credit crunch pushed it four times as far into the red for the second quarter as the market had forecast. Thu, 07 Aug 2008 07:07:22 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66933207 2008-08-07T07:07:22Z http://www.wikio.com/search/Richard+Syron?rinfoid=66927398 Michael Shedlock submits: CNBC's Diana Olick is writing Freddie’s Forecast Seems A Little Too Bright Freddie Mac CEO Richard Syron warned of the troubled times in housing, even revised his forecast for home price drops, peak to trough, from 15 percent to 18-20 percent. He said we’re only halfway through the correction. Complete Story » Thu, 07 Aug 2008 05:43:17 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66927398 2008-08-07T05:43:17Z http://www.wikio.com/search/Richard+Syron?rinfoid=66930991 NEW YORK -- Freddie Mac on Wednesday posted a second-quarter loss that was more than three times larger than Wall Street expected as a huge number of borrowers with good credit fell behind on their exotic and risky mortgages. Thu, 07 Aug 2008 05:00:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66930991 2008-08-07T05:00:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=66944160 Richard F. Syron, in 2004 received a memo from Freddie Mac's chief risk officer warning him that the firm was financing questionable loans that threatened its financial health... Thu, 07 Aug 2008 04:59:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66944160 2008-08-07T04:59:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=66921789 After Freddie Mac reported a second-quarter net loss of $821 million, more than triple most analysts’ forecasts — Bill Gross, one of the world’s largest mutual fund managers, focusing mostly on bonds, said on Wednesday, according to Bloomberg, that the “U.S. Treasury will probably be forced to buy $10 billion to $30 billion of [...] Thu, 07 Aug 2008 03:13:41 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66921789 2008-08-07T03:13:41Z http://www.wikio.com/search/Richard+Syron?rinfoid=66918766 NEW YORK – Freddie Mac posted a second-quarter loss Wednesday that was more than three times larger than Wall Street expected as a huge number of borrowers with good credit fell behind on their exotic and risky mortgages. Thu, 07 Aug 2008 03:06:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66918766 2008-08-07T03:06:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=66925619 CNBC's Diana Olick is writing Freddie’s Forecast Seems A Little Too Bright . Freddie Mac CEO, Richard Syron, warned of the troubled times in housing, even revised his forecast for home price drops, peak to trough, from 15 percent to 18-20 percent. He said we’re only halfway through the correction. But then one of his underlings went on to assure everyone that Freddie Mac (FRE) would be able to withstand $40 billion worth of credit pain through 2009 (if it finishes raising that $5.5 billion it promised). He also talked about how they may reverse some of the previously estimated losses as the portfolio does better than expected. Freddie, in the second quarter, wrote down the value of its subprime and Alt-A portfolio by $1 billion. Freddie is claiming that they can hold these securities to maturity and not have to take a loss, because over time, the dire predictions of defaults on these loans just won’t come to pass. Freddie’s subprime and Alt-A portfolio is about $130 billion. Think of that. Just $1 billion in writedowns. I think Armando Falcon, a former head of OFHEO, said it best when I interviewed him yesterday: " They've only written them down by let's say five or 6% total over the past few quarters. If those were sold on the market they would get maybe 50 cents on the dollar for these securities. At some point they can't delay the inevitable about having to mark these assets down to their true market value. They are now holding them close to book value, based on the theory that these are temporary impairments. As the market continues to decline into next year, it will be clear that these aren't just temporary impairments. Then the government will not be able to allow this forbearance on recognizing losses much longer. " Freddie CEO Makes Preposterous Claim Anyone following Alt-A mortgages knows that Freddie's claim is simply preposterous. Thus, the only surprise this quarter is that anyone was surprised when Freddie Mac's loss was bigger than expected . Freddie Mac (FRE) posted a loss of $821 million for the second quarter, slashed its quarterly dividend and promised investors that it would raise at least $5.5 billion in new capital, the institution said Wednesday. It's the fourth quarterly loss in a row for the company, a government-sponsored entity designed to buy mortgages on the secondary market from lenders. The magnitude of the loss, five times worse than what Freddie reported for the first quarter of 2008, stems from the general rise in home foreclosures compounded by the decline in securities made up of subprime mortgages. The collapse of subprime-backed securities has already forced the world's biggest banks to write off more than $200 billion over the past 12 months. "We are confident the actions we are taking are strengthening Freddie Mac's financial and competitive position as well as its ability to serve the American homebuyer and will generate value well into the future," said CEO Richard Syron in a statement. But critics contend that Syron's not doing enough. Freddie's share price continues to drop — down 18% at $6.57 in late afternoon trading — eroding its capital base. Syron says he doesn't want to raise more capital now, which would dilute the holdings of current shareholders. Freddie Mac Alt-A Delinquencies click on chart for sharper image The above image from Freddie Mac's Second Quarter 2008 Results . Freddie has $130 billion in subprime and Alt-A loans. Somehow CEO Richard Syron wants us to believe the problem will go away if left on its own. The Big Bailout The ProLibertate Blog is talking about The Big Bailout: America as a Full-Spectrum Kleptocracy . With the Senate's passage of the Fannie Mae/Freddie Mac bailout Saturday (July 26), the United States of America has now become the world's first full-service kleptocracy, a form of government described earlier in this space as a government of, by, and for the robbers. We are supposed to pretend to believe that the Senate, so great was its anxiety over the nation's economically distressed homeowners, met in a rare Saturday session for the sole purpose of administering the balm of Gilead on hardworking families who confront the bleak prospect of foreclosure. When the Senate sacrifices so much as a minute of its down time, it does so not to relieve our burdens, but to add to them in the interest of their fellow parasites. I encourage you to read the rest of the article. It's a great rant. Gross Says Treasury Will Rescue Fannie, Freddie Pimco's Gross Says U.S. Will Rescue Fannie, Freddie Bill Gross, who manages the world's biggest bond fund, said the U.S. Treasury will probably be forced to buy as much as $30 billion of preferred shares in both Fannie Mae and Freddie Mac to help shore up their capital. "By the end of the third quarter, the preferred stock in Fannie and Freddie will be issued, the Treasury will have bought it," Gross, co-chief investment officer at Pacific Investment Management Co., said today in an interview on Bloomberg Television. "We'll be on our way toward a joint Treasury-agency combination." My Translation : When Gross says "Treasury" he really means "U.S. Taxpayers". Freddie Chief Executive Officer Richard Syron today told investors the company will wait for its stock to improve before starting its planned $5.5 billion capital raising. Freddie agreed in May to raise the capital but failed to complete a sale as its stock slumped as much as 80 percent. My Comment : The decision to wait for its stock to improve when losses on Alt-A loans are accelerating is enough to question the competence of Syron. "I have enormous respect for Bill Gross," Syron, 64, said today in an interview with CNBC. "I think he's an extraordinarily talented manager, particularly on the fixed income side. But based on the information I have now, I do not believe that the Treasury will end up having to inject money into Freddie Mac." My Comment : Syron clearly does not understand the risks of the company he is running. Shareholders should demand his ouster. "This report significantly shortens the timeline for Treasury intervention," said Ajay Rajadhyaksha, the head of fixed-income research for Barclays Capital in New York. With the value of Freddie's outstanding stock now at $4.3 billion, Rajadhyaksha said, "I don't see how they can raise capital by themselves without a capital infusion from Treasury." My Comment : Bingo. Bill Gross: Common Shareholders Will Be Subordinated Significantly Click Here To Play Video Bill Gross Comments "Most of the earnings in futures years will go the preferred holders, bond holders, and the Treasury, not the common stockholder." "Mortgage rates have to come down or this economy is going nowhere" "Obama and McCain are both talking fiction when it comes to balancing the budget in their term. The deficit which is now approaching $500 billion in my way of thinking will grow to $600 billion and then $700 billion because that's required in a period where slow growth persists." "We need people on the Fed that understand interest rate spreads and credit spreads and the dynamics of the market place not just academics." "I still like the dollar vs. the Euro. The ECB will be cutting rates 6 months down the road. The weakness in the US recession has been factored in. The weakness in Euroland is just beginning to be factored in." Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com to learn more about wealth management for investors seeking strong performance with low volatility. Thu, 07 Aug 2008 02:25:00 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66925619 2008-08-07T02:25:00Z http://www.wikio.com/search/Richard+Syron?rinfoid=66916212 It's a hard hard life being Richard "Richie Rich"Syron, CEO of Freddie Mac since 2003. Seems having to create profits for investors AND serve the public by boosting the housing market has just been ripping him apart. Truly, I feel for him. Truly. I too would be ripped apart by the uncertainty of whether or not to make myself filthy rich by engaging in risky behavior so I could drive up stock prices and thus justify multi-million dollar bonuses, or whether I should be prudent and pass on on some of that filthy lucre. Thu, 07 Aug 2008 02:00:29 GMT http://www.wikio.com/search/Richard+Syron?rinfoid=66916212 2008-08-07T02:00:29Z