Housing finance, beyond Fannie and Freddie

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August 10, 2013 by apicomely

A housing tax credit that helps

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Greek finance ministry fined over massive tax data leak

Fannie and Freddie demonstrate that Washington can’t use government-sponsored private companies to carry out its housing policies. The companies’ ability to privatize profits while sticking taxpayers with their losses poses an enormous and unacceptable moral hazard. And phasing them out won’t eliminate investors’ appetite for the mortgage-backed securities that supply capital for home loans. Another lesson of the last recession, though, is that the government may be the only party willing to keep credit flowing when times get particularly tough.

Reminder – Fifth Street Finance (FSC) Goes Ex-Dividend Soon

FSC+Dividend+History+Chart

As a percentage of FSCs recent stock price of $10.77, this dividend works out to approximately 0.89%, so look for shares of Fifth Street Finance Corporation to trade 0.89% lower all else being equal when FSC shares open for trading on 8/13/13. Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen or click here to find out which 9 other stocks going ex-dividend you should know about, at DividendChannel.com Below is a dividend history chart for FSC, showing historical dividends prior to the most recent $0.0958 declared by Fifth Street Finance Corporation: In general, dividends are not always predictable; but looking at the history above can help in judging whether the most recent dividend from FSC is likely to continue, and whether the current estimated yield of 10.67% on annualized basis is a reasonable expectation of annual yield going forward. The chart below shows the one year performance of FSC shares, versus its 200 day moving average: Looking at the chart above, FSCs low point in its 52 week range is $9.66 per share, with $11.13 as the 52 week high point that compares with a last trade of $10.79.

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The government-backed companies own or guarantee more than half of all U.S. home loans and are critical to keeping capital flowing to lenders and borrowers. Restructuring of the $11 trillion mortgage finance system is expected to take years. Any overhaul must also include a mechanism to maintain stability for the 30-year-fixed rate mortgage even in shaky financial markets, the official said.

Obama to back mortgage finance reform to speed housing recovery

The incident highlights the risks inherent in Greece’s drive to crack down on rampant tax evasion by digitizing tax administration. The country’s bureaucratic and inefficient tax collection system is one of the reasons it slid into a debt crisis. Modernizing it is a key element of its 240-billion-euro EU/IMF bailout. The Hellenic Data Protection Authority said the General Secretariat for Information Systems (GSIS), the public sector’s biggest data centre which falls under the finance ministry, was guilty of breach of duty.

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