The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
The potential deal would shift Neumann's already diminished voting power to the Japanese conglomerate, according to the Journal.Technologyread more
Hunter's vows to forgo any foreign work follow a slew of unsubstantiated attacks by President Donald Trump accusing him of corruption.Politicsread more
Fisher was initially defiant amid the backlash in an interview with Bloomberg, in which he said he had "given a lot of talks, a lot of times, in a lot of places and said stuff...Personal Financeread more
Airlines continue to delay when they plan to have the planes back again with no sign from regulators on when the planes will be approved again.Airlinesread more
Turkey's invasion of northeastern Syria began Wednesday after Trump ordered U.S. troops to pull back from the area.Politicsread more
While Warren's ad about Facebook isn't true, the company's own policy allows politicians to make such false claims in paid advertising.Politicsread more
Typhoon Hagibis made landfall south of Tokyo on Saturday evening. By Sunday around 376,000 homes were left without electricity, and 14,000 without running water across Japan....Weather & Natural Disastersread more
SpaceX and Boeing are each in the final stages of developing the spacecraft needed for the U.S. to once again fly astronauts.Investing in Spaceread more
Bryn Mawr's Jeffrey Mills believes the market needs more time to break out of its slump.Trading Nationread more
"The assets within the companies—they have tremendous scale, expertise, people—there are no other group of assets that can perform the job necessary for American housing," said Bruce Berkowitz, founder and manager of Fairholme Capital Management. "We have the infrastructure. We could have the money. We can make a reasonable return. We don't have to be greedy. We don't have to have federal support."
On Wednesday, Berkowitz announced the proposal to buy the insurance components of Fannie Mae and Freddie Mac as a way to free the bailed-out mortgage giants from U.S. government control. But heavy speculation remains over how federal regulators and lawmakers would receive the plan.
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The proposal seeks to bring in $52 billion worth of new capital. Its recapitalization plan needs to raise about $34.6 billion in exchange for preferred stock, as well as a rights offering from preferred stockholders to fund the rest of the endeavor.
During an appearance Thursday on CNBC's "Squawk on the Street," Berkowitz did not get into specifics on how he planned to raise the remaining $17.3 billion he needs from preferred stock owners. Asked how he would persuade those stock holders to buy into his plan and about how some owners seemed indifferent toward the proposal, Berkowitz replied: "The other owners we've talked to are very excited about the plan. It's a start. It's a beginning."
The federal government seized Fannie and Freddie—which own about two-thirds of all mortgages in the United States—during the peak of the subprime mortgage crisis. Berkowitz's Faireholme—which holds about $8 billion under management as of September—also placed big bets on AIG and became that bailed-out insurance company's largest shareholder in August.
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Berkowitz said he had not yet talked to federal regulators about the Fannie-Freddie deal.
"When push comes to shove, we get it right," Berkowitz said. "Let's just do it already."