Andrew Ackerman Profile Banner
Andrew Ackerman Profile
Andrew Ackerman

@amacker

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515
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FinReg for @wsj . andrew.ackerman @wsj .com. Signal/WhatsApp: +1-202-590-6178.

Washington, DC
Joined October 2007
Don't wanna be here? Send us removal request.
@amacker
Andrew Ackerman
4 years
This was less than a month ago.
@EamonJavers
Eamon Javers
4 years
I’m told the president’s anger about the CDC briefing yesterday is focused on Dr. Nancy Messonnier, who said it’s not whether, it’s when the virus will hit the US. “She never should have said that,” a senior administration official told me. “it’s bad.”
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@amacker
Andrew Ackerman
3 months
Being laid off is no fun. As I learned today. Spent 13 years @wsj . Really grateful for that time and especially proud of our work during the banking tumult of the past year. Still have more stories I’d like to write.
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@amacker
Andrew Ackerman
2 months
Cleaning out my mom’s house. Don’t think I need this.
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@amacker
Andrew Ackerman
2 months
It's been a surreal month or so, but I'm happy to be returning to @WSJ today, in my old role covering how Washington oversees Wall Street. So grateful for all of the support from colleagues and readers over the past several weeks.
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@amacker
Andrew Ackerman
4 years
DHS complaining about a lack of transparency is... interesting. Peacefully protesting member of my family were assaulted with flash-bangs last night by camo-clad federal law enforcement personnel with no insignias or identification.
@DHS_Wolf
Acting Secretary Chad Wolf
4 years
The decision by Portland to remove DHS coordination personnel from the local Emergency Ops Center is dangerous & puts lives at risk. Local police & federal law enforcement benefit by regular communication-not less. This decision defies logic & plays politics with officer safety.
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@amacker
Andrew Ackerman
2 months
Got my job back and a sabew award in roughly the same week. Not bad.
@SABEW
SABEW
2 months
In the Breaking News category, large division, the 2023 Best in Business Award winner is @WSJ for "The Failure of First Republic." #SABEWBIB
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@amacker
Andrew Ackerman
3 years
New: Biden admin wants crypto companies that issue stablecoins to register as banks. Will prod them to seek bank charters & ask Congress to pass legislation. Also will ask FSOC to consider targeting stablecoin activities--but FSOC not preferred outcome
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@amacker
Andrew Ackerman
3 years
The federal gov cannot order local zoning changes. So the Biden administration is proposing inducements to cities and sates that relax their land-use rules. By putting the issue on the table, the Biden admin is grasping at a fairly serious problem.
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@amacker
Andrew Ackerman
2 years
This opinion is now public: "The Chairperson of the Federal Deposit Insurance Corporation does not have the authority to prevent a majority of the FDIC Board from presenting items to the Board for a vote and decision."
@amacker
Andrew Ackerman
2 years
In other news, the Justice Dept is siding with Rohit Chopra in the 2021 fight over control of the FDIC agenda, I'm told. Its office of legal counsel has rendered an opinion favorable to him but it has yet to be made public.
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@amacker
Andrew Ackerman
3 years
New: The Biden administration wants crypto companies that issue stablecoins to become banks. (It’s unclear how it will enforce some of its recommendations, a potential weakness of a coming report from a group of senior regulators) w/⁦ @AAndriotis
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@amacker
Andrew Ackerman
3 years
This story hits a little too close to home. My mother, who lives near Orlando (& worked at AdventHealth hospitals before retiring), had complications from an outpatient procedure & needs to be hospitalized overnight. No beds are immediately available.
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@amacker
Andrew Ackerman
3 years
Novel banks catering to the cryptocurrency industry are seeking to tap into the Fed’s payments systems. Incumbent banks are pushing back.
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@amacker
Andrew Ackerman
1 year
Scoop: the Biden admin prepares to loosen Trump-era guidance that made it harder to target nonbanks (hedge funds, asset managers, etc.) as regulators grow concerned about risks from companies operating outside of the tightly supervised banking system.
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@amacker
Andrew Ackerman
1 year
NEW: PNC and other banks have spent the past week or so kicking the tires on what would be a clever gambit: paying billions of dollars they collectively owe to replenish a federal deposit insurance fund using Treasurys instead of cash.
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@amacker
Andrew Ackerman
4 years
"To be born into a world that does not see you, that does not believe in your potential....and despite this, to be able to see beyond the world you are in, to imagine that something can be different — that is the job of a prophet,"
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@amacker
Andrew Ackerman
3 years
More than six weeks after the federal ban ended, mass evictions have largely been avoided thanks to rental assistance and local policy changes aimed at keeping people in their homes
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@amacker
Andrew Ackerman
4 years
Trump ordered Tillerson in 2017 to undo the Foreign Corrupt Practices Act, which prevents US companies from bribing foreign officials for business deals.
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@amacker
Andrew Ackerman
3 years
“the errors don’t fit any conspiracy theory. Floyd County went 70% for Mr. Trump. Does anyone think a deeply red area intentionally forgot Republican votes? Floyd’s top voting official has now been fired, so at least shoddy elections have consequences.”
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@amacker
Andrew Ackerman
4 years
Kamala Harris will be the first Black woman nominated for vice president by a major party
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@amacker
Andrew Ackerman
2 years
👀
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@amacker
Andrew Ackerman
3 years
“We used to think the GSEs should be wound down but now we think they should be released altogether” is a pretty big shift in thinking.
@amacker
Andrew Ackerman
3 years
WSJ eddy board says releasing Fannie and Freddie under a consent order during the lame-duck period between administrations is the “least bad” option.
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@amacker
Andrew Ackerman
3 months
Also open to a life of crime. So many opportunities!
@amacker
Andrew Ackerman
3 months
Being laid off is no fun. As I learned today. Spent 13 years @wsj . Really grateful for that time and especially proud of our work during the banking tumult of the past year. Still have more stories I’d like to write.
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@amacker
Andrew Ackerman
4 years
Love the @RepKatiePorter shout out to our FinReg coverage @WSJ
@RepKatiePorter
Rep. Katie Porter
4 years
The head of @USOCC said in the press that anyone who doesn't like his proposal to water down a major anti-discrimination law is either corrupt or uneducated. I don't agree with his proposal, so I challenged him to say that to my face in a hearing. Spoiler alert: he declined.
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@amacker
Andrew Ackerman
5 years
NEW: Fannie & Freddie's federal regulator and Treasury are poised to agree to suspend the mortgage-finance giants' profit sweep as early as this week -- a big first step toward privatizing the companies.
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@amacker
Andrew Ackerman
4 years
Seriously this eulogy is incredible.
@amacker
Andrew Ackerman
4 years
"To be born into a world that does not see you, that does not believe in your potential....and despite this, to be able to see beyond the world you are in, to imagine that something can be different — that is the job of a prophet,"
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@amacker
Andrew Ackerman
4 years
"A dictatorship built on coercion and lies faces existential risks when it’s confronted with something scarier than its machinery of repression."
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@amacker
Andrew Ackerman
5 years
Trump administration officials are finalizing a plan to return mortgage-finance giants Fannie Mae and Freddie Mac to private ownership — couple be released in the next few weeks.
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@amacker
Andrew Ackerman
4 years
New York’s securities industry profits increased 82% in the first half of 2020, boosted by federal stimulus money. The av­er­age Wall Street em­ployee earned $406,700 in salary and bonuses last year, com­pared with the pri­vate-sec­tor av­er­age of $82,900
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@amacker
Andrew Ackerman
5 years
Senate just hit 51-vote threshold to confirm @MarkCalabria as Fannie and Freddie’s federal regulator. Calabria is in the gallery above the floor watching the vote. Sen Shelby, his old boss, flashed Calabria a thumbs up.
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@amacker
Andrew Ackerman
3 years
WSJ eddy board says releasing Fannie and Freddie under a consent order during the lame-duck period between administrations is the “least bad” option.
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@amacker
Andrew Ackerman
3 years
The Biden administration took the first significant step to impose banklike oversight on the cryptocurrency companies involved in the issuance of stablecoins
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@amacker
Andrew Ackerman
5 months
We had a group of college journalism students in the newsroom today. Surprisingly, few wanted to hear about the joys of covering bank capital requirements.
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@amacker
Andrew Ackerman
1 year
Sen. Brown: just as there are no atheists in foxholes, when there’s a bank crash there are no libertarians in silicon valley
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@amacker
Andrew Ackerman
4 years
Some FinReg news: Joe Biden is expected to tap former CFTC Chief Gary Gensler to help on the transition team, focusing on financial agencies (the Fed, SEC, and CFTC).
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@amacker
Andrew Ackerman
1 year
Three years ago the FDIC took a big step toward collecting real-time data from banks that it oversees. The current leadership quietly scrapped these plans in 2022. Wonder if current crisis would have been different had the agency had real-time data?
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@amacker
Andrew Ackerman
1 year
New: A CFPB employee forwarded to a personal email account confidential information on 250,000 consumers and dozens of financial firms, in what the agency has described to U.S. lawmakers as a “major incident.” The staffer no longer works at the bureau.
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@amacker
Andrew Ackerman
4 years
Arguably the first concrete move to privatize Fannie and Freddie: FHFA just hired a financial adviser to help it recapitalize the mortgage-finance giants. Contract is worth up to $45 million.
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@amacker
Andrew Ackerman
3 years
This issue split the Fed and OCC in late 2020/early 2021, when Fed signaled it wouldn’t grant payment system access to OCC trust banks. OCC briefly discussed the idea of suing the Fed over this. Now senior Fed staffers run the OCC.
@BrianBrooksUS
Brian Brooks
3 years
Raising the obvious question: what about *federally* chartered crypto banks such as @Anchorage , @PaxosGlobal , and Protego?
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@amacker
Andrew Ackerman
2 years
Fsoc’s public meeting is starting. Gotta say the cash room at Treasury is impressive. Topics include an upcoming report on cloud services in the financial sector and a vote to issue a report on financial risks in crypto.
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@amacker
Andrew Ackerman
1 year
“Mr. Bankman-Fried’s ascent in Washington shows how, by doling out enough cash to politicians and interest groups, even a 30-year-old in cargo shorts can win a seat at the table for critical policy debates.”
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@amacker
Andrew Ackerman
4 years
New: The White House said it has "serious concerns" and is reviewing the new fee Fannie and Freddie said it would impose on refinanced mortgages next month. "It appears only to help Fannie and Freddie and not the American consumer."
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@amacker
Andrew Ackerman
4 years
Steven Mnuchin is under growing pressure from industry officials and lawmakers to ease strains on mortgage companies as millions skip their monthly payments. Mnuchin is a key player because he has to sign off on any Fed facility to help the firms.
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@amacker
Andrew Ackerman
5 years
Treasury Secretary Mnuchin tells us that if efforts to overhaul Fannie and Freddie stall in Congress—which has been the case for the last decade—then Trump will go it alone, administratively.
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@amacker
Andrew Ackerman
1 year
Pres Biden signals tougher bank rules. “I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again,” he said in a statement.
@amacker
Andrew Ackerman
1 year
Fed rolls out emergency measures to prevent banking crisis. All depositors at SBV will get their deposits — including those that are uninsured.
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@amacker
Andrew Ackerman
3 years
Supreme Court declines to set aside Fannie/Freddie's net worth sweep and rules that the FHFA director is fireable at will (i.e.: Calabria out soon as director). The litigating shareholders' constitutional challenges are allowed to proceed.
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@amacker
Andrew Ackerman
5 years
Washington vowed for years to abolish Fannie and Freddie. Today the Trump administration launched a process to keep them. It's basically a conservative version of "recap and release."
@KateDavidson
Kate Davidson
5 years
WASH­ING­TON—The Trump ad­min­is­tra-tion said it would sup­port re­turn­ing Fan­nie Mae and Fred­die Mac to pri­vate hands, a de­vel­op­ment that could keep the com­pa­nies at the cen­ter of the hous­ing mar­ket for decades to come. w/ @amacker
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@amacker
Andrew Ackerman
2 years
JPMorgan CEO Jamie Dimon said the U.S. economy is facing unprecedented risks that have him preparing for dramatic upheavals
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@amacker
Andrew Ackerman
5 years
Senate panel announces it will hold a hearing on the future of Fannie and Freddie next week, shortly after the expected release of Treasury blueprint.
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@amacker
Andrew Ackerman
3 years
Just to clarify, my point when Brickman resigned was that the admin couldn’t *both* recapitalize and release Fannie/Freddie by inauguration, not there isn’t time to release them (undercapitlized, in a consent order).
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@amacker
Andrew Ackerman
1 month
Outrageous that Evan has been wrongfully jailed for a year. Journalism is not a crime. #istandwithevan
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@amacker
Andrew Ackerman
1 year
Hi folks: I'm starting a nine month gig covering Congress this week, focusing on the debt limit, economic policy and other issues on the Hill (while still keeping an eye on FinReg). All story ideas/tips/ congrats on fitting into my suits are very welcome.
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@amacker
Andrew Ackerman
1 year
New: the Fed is weighing a big rethink of its capital, liquidity and stress testing rules in the wake of the failure of SVB, Signature. A key aim: toughening regs for mid-size firms by extending rules that currently only apply to the biggest firms.
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@amacker
Andrew Ackerman
3 years
Calling the asset class rife with “fraud, scams and abuse,” Mr. Gensler signaled the SEC is likely to become more active in policing crypto trading and lending platforms, as well as so-called stablecoins.
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@amacker
Andrew Ackerman
4 years
Millions of jobless Americans will see their extra unemployment benefits disappear at the end of July unless Congress acts. Deferred tax payments are due July 15. And many states and localities are counting on more federal aid to close gaping deficits.
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@amacker
Andrew Ackerman
1 year
Barney Frank, watching regulators discussing the failure of his bank.
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@amacker
Andrew Ackerman
4 years
NEW: Fannie & Freddie just tapped two big Wall Street firms to advise them on recapitalization. Fannie tapped Morgan Stanley and Freddie hired JPMorgan.
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@amacker
Andrew Ackerman
3 years
"I want to be cognizant of everyone's time" < "WHY ARE YOU STILL TALKING? THIS ZOOM CALL IS SUPPOSED TO BE OVER ALREADY"
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@amacker
Andrew Ackerman
5 years
Fannie and Freddie's standing has improved in Washington, helped in part by their strong profits that have more than made taxpayers whole for the roughly $190 billion in Treasury support after the crisis.
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@amacker
Andrew Ackerman
4 years
Wells Fargo’s Chairman Elizabeth Duke and board member James Quigley have resigned from the board. They were among the executives scheduled to appear before the House Financial Services Committee this week.
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@amacker
Andrew Ackerman
5 years
The new GSEs could look like the old GSEs: Trump administration putting finishing touches on a proposal that includes a contingency to "recap and release" Fannie and Freddie if Congress doesn't overhaul housing finance (which is unlikely).
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@amacker
Andrew Ackerman
5 years
Incidentally, this is about all I know about Denmark.
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@amacker
Andrew Ackerman
3 years
Scoop: The White House is poised to unveil a series of administration steps to tackle the housing supply crunch, moves aimed at encouraging the construction/financing of entry-level housing while Congress deliberates over bigger-ticket projects.
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@amacker
Andrew Ackerman
1 year
For more than four years, the Fed issued numerous warnings to SVB, suggesting the bank’s problems were on the radar of the bank’s primary federal regulator, though it isn’t clear how or if they were escalated.
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@amacker
Andrew Ackerman
2 years
In other news, the Justice Dept is siding with Rohit Chopra in the 2021 fight over control of the FDIC agenda, I'm told. Its office of legal counsel has rendered an opinion favorable to him but it has yet to be made public.
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@amacker
Andrew Ackerman
5 years
Shorter Mark Calabria: Congress, Congress, Congress. But maybe not Congress: “A lot of what you’re going to see... is how do we continue to make administrative actions that aren’t dependent on Congress.”
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@amacker
Andrew Ackerman
2 years
Lawmakers on the Senate Banking Committee are talking about talking about GSE reform legislation.
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@amacker
Andrew Ackerman
3 years
I’m sure there’s good policy reasons for a digital dollar but the one that’s top of mind is preventing toddlers from doing this
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@amacker
Andrew Ackerman
2 years
Robinhood Markets is slashing about 23% of its staff as the flashy online brokerage continues to reel from a sharp slowdown in customer trading activity
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@amacker
Andrew Ackerman
3 years
Pants I haven’t worn in a year still fit. So that’s a victory.
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@amacker
Andrew Ackerman
4 years
“I forgot that there’s an article I need to write” says the five year old who might have heard this from one of her parents
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@amacker
Andrew Ackerman
4 years
She’s really out — “out out”— of the race?
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@amacker
Andrew Ackerman
10 months
The Fed says its "FedNow" faster payments system is on track to launch in late July, with 57 "early adopters." May still take a couple of years for widepread adoption of real-time payments-- a goal the Fed slow-walked. This system has been in the works since 2015!
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@amacker
Andrew Ackerman
4 years
For the first time in 3,000 years, Passover is celebrated without a multigenerational gathering for family seders
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@amacker
Andrew Ackerman
3 months
Incidentally, I met my wife at taco night. A long time ago.
@vmsalama
Vivian Salama
3 months
Club invites recently laid off journalists to Taco Night | National Press Club
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@amacker
Andrew Ackerman
2 years
President Biden plans to tap Richard Revesz, a New York University law professor who specializes in environmental and regulatory policy and law, to lead OIRA, a powerful office that assesses rules issued by government agencies
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@amacker
Andrew Ackerman
5 years
NEW: Fannie & Freddie’s regulator to press Congress this week on mortgage finance & throws some shade at his predecessor for not ending the conservatorship: “You have somebody who is finally saying that ‘my responsibility is not to hang out for 5 years.’”
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@amacker
Andrew Ackerman
5 years
Hot ticket: Mark Calabria’s (third) swearing-in ceremony.
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@amacker
Andrew Ackerman
5 years
Trump administration officials are set after Labor Day to rollout their overhaul of housing finance. Here’s what to expect, and what it could mean for mortgages.
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@amacker
Andrew Ackerman
2 years
I appreciate the sentiment but let’s be honest about it: most of us do this for the money. Vast sums of money.
@amyreports
Amy Scott
2 years
This is beautiful.
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@amacker
Andrew Ackerman
10 months
Unrealized losses on bonds and loans held by U.S. banks are expected to have grown in the second quarter, potentially reanimating an issue that made investors nervous this year
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@amacker
Andrew Ackerman
4 years
Not one De­mo­c­rat voted to con­firm Jus­tice Bar­rett, mak­ing it the first time a Supreme Court nom­i­nee has been con­firmed with­out a sin­gle vote from a ma­jor mi­nor­ity party since De­cem­ber 1869
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@amacker
Andrew Ackerman
4 years
Whatever. Sometimes quarantine/WFH isn’t so bad.
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@amacker
Andrew Ackerman
5 years
Does anyone have “$100 billion or so sitting around” to recapitalize Fannie and Freddie and allow them to leave government control, Mark Calabria jokes at a housing conference. Jokes are delicate matters. This one does not generate laughs.
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@amacker
Andrew Ackerman
2 years
Here are some puppies, for no particular reason
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@amacker
Andrew Ackerman
2 years
All of a sudden, "Truist" doesn't seem like such a bad bank name.
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@amacker
Andrew Ackerman
1 month
Big loss for banks and the Chamber: a trial judge in Fort Worth has transferred an industry challenge to the CFPBs $8 late-fee cap to a DC trial court.
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@amacker
Andrew Ackerman
10 months
"...there should be no less a standard of accountability for regulators that fail to do their jobs. So far, there is no evidence of that. Moreover, the [Fed] board itself now seems to be at odds" over facts about SVB's collapse. via @TomVartanian
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