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Subject: Re: [CANSLIM] FNM earnings, credit losses
Date: Mon, 15 Apr 2002 17:00:56 -0400
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April 15, 2002
Fannie Mae Rescinds MBS Cleanup Call
DOW JONES NEWSWIRES
(This article was originally published Friday)
WASHINGTON -- Fannie Mae (FNM) announced late Friday that it is rescinding all its April 4 mortgage-backed security (MBS) "cleanup calls," and said it won't exercise any further cleanup calls.
"Fannie Mae's exercise of a cleanup call on our older MBS was a business decision," said Timothy Howard, executive vice president and chief financial officer of Fannie Mae, a government-sponsored enterprise charged with assisting housing.
"However, the benefit arising from that decision has clearly been outweighed by concerns investors have raised and the market confusion that has been caused," Howard said. "Therefore, we are rescinding these cleanup calls, and will eliminate the cleanup-call provision on all our MBS."
Fannie Mae's Howard, saying the firm is in the business of issuing mortgage-backed securities, said, "We are always competing with others in the marketplace, and when customers say there is a concern, we listen to them and we respond."
Fannie May on April 4 announced a plan to exercise a cleanup call on MBS totaling about $1.5 billion of unpaid principal. The call was to be exercised on long-term and intermediate-term fixed-rate MBS, or on such MBS backing structured mortgage securities.
The average outstanding pool balance on the MBS that were called was approximately $59,000, compared with an average outstanding pool balance of close to $3.3 million on Fannie Mae's currently outstanding long-term and intermediate-term fixed-rate MBS backed by conventional loans, the firm said.
"The announcement today means revised factors will be released for all MBS covered by the April 4, 2002, cleanup call, and for all Megas, REMICS and Stripped MBS payable on the 25th day of the month that include, in whole or in part, any MBS that were included in the rescinded call," the firm said.
"We will be working with the Federal Reserve to ensure correct princiapl and interest remittances are distributed in the April 25 disbursement," the firm said. "The revised factors will be available at 4:30 p.m. on April 17."
Fannie Mae said the recision also will include MBS contained, in whole or in part, in REMICs payable on the 18th day of the month. It said the April 18 payments will be made based on the factors released April 4.
"However, furture payments on these REMICs will be adjusted in accordance with industry practice to fully reflect the cleanup-call recission," Fannie Mae said.
It said investors in Fannie Mae MBS should call the MBS Investor Help Line at 1-800-237-8627.
The recision represents a stunning about-face by Fannie Mae, spurred, according to Fannie Mae's Howard, by the concerns of customers.
It became abundantly clear to top Fannie Mae officials that the administrative efficiencies and savings associated with the cleanup call weren't worth the heat the company was taking on the call.
Until Friday afternoon, Fannie Mae was not only unapologetic about the April 4 cleanup call but was reserving the right to conduct additional MSB calls in the future.
"Going forward, out intent is exercise our cleanup-call provisions on outstanding mrotgage-backed securities...when it is economic for us to do so," said a now-inoperative Fannie Mae policy statement.
-By John Connor, Dow Jones Newswires; 202-862-9273; john.connor@dowjones.com
URL for this article:
http://online.wsj.com/article/0,,BT_CO_20020415_003255.djm,00.html
Updated April 15, 2002 8:00 a.m. EDT
Copyright 2002 Dow Jones & Company, Inc. All Rights Reserved
Printing, distribution, and use of this material is governed by your Subscription agreement and Copyright laws.
For information about subscribing go to http://www.wsj.com
----- Original Message -----
From: Chazmoore@aol.com
To: canslim@lists.xmission.com
Sent: Monday, April 15, 2002 12:01 PM
Subject: Re: [CANSLIM] FNM earnings, credit losses
Sorry Tom, I can't post WSJ article since I take the hard copy. I will try to paraphrase it for you.
Fannie Mae will rescind a "cleanup" call of $1.5 billion in old mortgage-backed securities, hoping to calm bond investors. The action was not worth alienating investors who claimed to have lost $130 million as a result of action. The action occurred after Congressman Baker (LA) indicated his committee would review to make sure it was appropriate.
That's it in a nutshell. Charley
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<TD width=617><SPAN class=article><!-- --><!-- ID: BT-CO-20020415-003255.djm --><!-- LEVEL: NORMAL --><!-- TYPE: T Wire --><!-- DISPLAY-NAME: T Wire --><!-- PUBLICATION: "Dow Jones Newswires" --><!-- DATE: 2002-04-15 08:00 --><!-- COPY: Dow Jones & Company, Inc. --><!-- ORIG-ID: --><!-- article start --><!--
CODE=COMPANY SYMBOL=FNM
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<P class=articleTitle style="MARGIN: 0px">Fannie Mae Rescinds MBS Cleanup
Call</P><SPAN style="FONT: bold 12px times new roman, times, serif">
<P style="FONT: bold 10px times new roman, times, serif"><BR>DOW JONES
NEWSWIRES</FONT></P><!-- Dow Jones Newswires --></SPAN></SPAN>
<TABLE cellSpacing=0 cellPadding=0 width=200 align=right border=0>
<TBODY>
<TR>
<TD width=20 rowSpan=12><IMG height=1
src="http://online.wsj.com/img/b.gif" width=20 border=0></TD>
<TD width=180 height=15><SPACER type="block" width="180"
height="1"></TD></TR>
<TR>
<TD></TD></TR></TBODY></TABLE><SPAN class=article>
<P class=times>(This article was originally published Friday)</P>
<P class=times>WASHINGTON -- Fannie Mae (FNM) announced late Friday that
it is rescinding all its April 4 mortgage-backed security (MBS) "cleanup
calls," and said it won't exercise any further cleanup calls.</P>
<P class=times>"Fannie Mae's exercise of a cleanup call on our older MBS
was a business decision," said Timothy Howard, executive vice president
and chief financial officer of Fannie Mae, a government-sponsored
enterprise charged with assisting housing.</P>
<P class=times>"However, the benefit arising from that decision has
clearly been outweighed by concerns investors have raised and the market
confusion that has been caused," Howard said. "Therefore, we are
rescinding these cleanup calls, and will eliminate the cleanup-call
provision on all our MBS."</P>
<P class=times>Fannie Mae's Howard, saying the firm is in the business of
issuing mortgage-backed securities, said, "We are always competing with
others in the marketplace, and when customers say there is a concern, we
listen to them and we respond."</P>
<P class=times>Fannie May on April 4 announced a plan to exercise a
cleanup call on MBS totaling about $1.5 billion of unpaid principal. The
call was to be exercised on long-term and intermediate-term fixed-rate
MBS, or on such MBS backing structured mortgage securities.</P>
<P class=times>The average outstanding pool balance on the MBS that were
called was approximately $59,000, compared with an average outstanding
pool balance of close to $3.3 million on Fannie Mae's currently
outstanding long-term and intermediate-term fixed-rate MBS backed by
conventional loans, the firm said.</P>
<P class=times>"The announcement today means revised factors will be
released for all MBS covered by the April 4, 2002, cleanup call, and for
all Megas, REMICS and Stripped MBS payable on the 25th day of the month
that include, in whole or in part, any MBS that were included in the
rescinded call," the firm said.</P>
<P class=times>"We will be working with the Federal Reserve to ensure
correct princiapl and interest remittances are distributed in the April 25
disbursement," the firm said. "The revised factors will be available at
4:30 p.m. on April 17."</P>
<P class=times>Fannie Mae said the recision also will include MBS
contained, in whole or in part, in REMICs payable on the 18th day of the
month. It said the April 18 payments will be made based on the factors
released April 4.</P>
<P class=times>"However, furture payments on these REMICs will be adjusted
in accordance with industry practice to fully reflect the cleanup-call
recission," Fannie Mae said.</P>
<P class=times>It said investors in Fannie Mae MBS should call the MBS
Investor Help Line at 1-800-237-8627.</P>
<P class=times>The recision represents a stunning about-face by Fannie
Mae, spurred, according to Fannie Mae's Howard, by the concerns of
customers.</P>
<P class=times>It became abundantly clear to top Fannie Mae officials that
the administrative efficiencies and savings associated with the cleanup
call weren't worth the heat the company was taking on the call.</P>
<P class=times>Until Friday afternoon, Fannie Mae was not only
unapologetic about the April 4 cleanup call but was reserving the right to
conduct additional MSB calls in the future.</P>
<P class=times>"Going forward, out intent is exercise our cleanup-call
provisions on outstanding mrotgage-backed securities...when it is economic
for us to do so," said a now-inoperative Fannie Mae policy statement.</P>
<P class=times>-By John Connor, Dow Jones Newswires; 202-862-9273;
john.connor@dowjones.com</P><!-- article end -->
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<TD
style="FONT-WEIGHT: bold; FONT-SIZE: 11px; FONT-FAMILY: Arial, Helv, Helvetica"
width=407>URL for this article:<BR><A
style="FONT-WEIGHT: normal; FONT-SIZE: 11px; FONT-FAMILY: Arial, Helv, Helvetica"
href="http://online.wsj.com/article/0,,BT_CO_20020415_003255.djm,00.html">http://online.wsj.com/article/0,,BT_CO_20020415_003255.djm,00.html</A><BR><BR></TD></TR>
<TR>
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<TD
style="FONT-WEIGHT: bold; FONT-SIZE: 11px; FONT-FAMILY: Arial, Helv, Helvetica"
width=407></TD></TR></TBODY></TABLE>
<P class=article><I>Updated April 15, 2002 8:00 a.m.
EDT</I></P><BR><BR></SPAN><!-- ARTICLE-TYPE:T Wire--><BR><BR></TD></TR></TBODY></TABLE><!-- ------------------------------------------------- --><!-- ---------------- Footer Starts Here -------------- -->
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<TD style="FONT-WEIGHT: bold; FONT-SIZE: 11px" align=middle>Copyright 2002
Dow Jones & Company, Inc. All Rights Reserved<BR><BR>Printing,
distribution, and use of this material is governed by your Subscription
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<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
<A title=Chazmoore@aol.com
href="mailto:Chazmoore@aol.com">Chazmoore@aol.com</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A title=canslim@lists.xmission.com
href="mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Monday, April 15, 2002 12:01
PM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] FNM earnings,
credit losses</DIV>
<DIV><BR></DIV><FONT face=arial,helvetica><FONT size=2>Sorry Tom, I can't post
WSJ article since I take the hard copy. I will try to paraphrase it for you.
<BR><BR>Fannie Mae will rescind a "cleanup" call of $1.5 billion in old
mortgage-backed securities, hoping to calm bond investors. The action was not
worth alienating investors who claimed to have lost $130 million as a result
of action. The action occurred after Congressman Baker (LA) indicated his
committee would review to make sure it was appropriate. <BR><BR>That's it in a
nutshell. Charley</FONT> </FONT></BLOCKQUOTE></BODY></HTML>
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