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Fannie Mae Brings Good News to Earnings Table

first_imgFannie Mae Brings Good News to Earnings Table in Data, Government, Headlines, News, Secondary Market May 5, 2016 584 Views Fannie Mae managed to avoid the same fate that befell Freddie Mac in the first quarter. Whereas Freddie Mac reported a net loss of $354 million—the second time in the last three quarters that Freddie Mac has lost at least that much—Fannie Mae reported a net income of $1.1 billion for Q1 and a positive net worth of $2.1 billion as of March 31, 2016.The loss for Freddie Mac in Q1 was due mostly to the effect of declining net interest rates, which resulted in an after-tax fair value loss of $1.4 billion; and the use of derivatives, which Freddie Mac uses as a hedge against changes in interest rates. The value of interest rate derivatives can fluctuate dramatically, however; Fannie Mae relies more on issuance of longer-term debt in order to protect itself against interest rate changes.“It doesn’t mean that there is anything wrong with doing a derivatives strategy,” said Steve Williams, principal with Cornerstone Advisors. “It’s very prudent to do so. I don’t think that Freddie Mac is the only one that was planning for rising rates by this time, which is almost halfway through 2016. We’ve actually seen rates go down, and that’s that surprising sluggishness in our economy and worries about a global slowdown.”The declining longer-term interest rates had a negative effect on Fannie Mae’s Q1 earnings even though it turned a profit; the $1.1 billion net income for Fannie Mae in Q1 was less than half of its Q4 2015 net income of $2.5 billion and a decline of more than half a billion year-over-year (from $1.9 billion in Q1 2015).“We continue to run our business well while supporting the improving housing market,” said Timothy J. Mayopoulos, president and CEO of Fannie Mae. “The changes we have made to the company have put us in a stronger position to fulfill our responsibility to deliver safe, affordable mortgage financing for our customers, in all markets at all times. We will continue to execute on behalf of our partners, drive further improvements to housing finance and our company, and serve those who house America.”Freddie Mac’s huge loss for Q1 did not necessitate a draw on Treasury, but at the same time, Freddie Mac will not be making a dividend payment to Treasury in Q2. Fannie Mae announced it will pay $919 million in dividends to Treasury for Q2, bringing the total paid to Treasury since 2008—about $32 billion more than the $116 billion bailout Fannie Mae required in 2008 to avoid insolvency.Click here to view Fannie Mae’s complete financial results for Q1.center_img Fannie Mae First Quarter Earnings GSE 2016-05-05 Seth Welborn Sharelast_img read more

What does Warmack bring to the table that makes hi

first_imgWhat does Warmack bring to the table that makes him the number one prospect on my Cardinals board?The GoodExcellent pass and run blockerWhile Warmack has made his name as a road grader in the run game, his exploits in pass protection often go woefully underrated.Warmack is a bit undersized at only 6-2 320lbs, but he has extremely long arms at 34¾”, and shows an elite explosiveness to his initial movements.In pass pro, Warmack uses a strong punch to initially stun his defender then locks them out and “holds” them at bay with his length.Warmack has quick enough feet in the short area to move into and take on blitzing linebackers and defensive backs. Grace expects Greinke trade to have emotional impact Three more prospects that could hear their named called when the Arizona Cardinals walk up to pick on April 25th.On my big board, I have Warmack ranked one, and most of you are well aware of my feelings about him. I want him to be the pick, but I don’t see it happening if the Cardinals stay at seven. His foot quickness in space isn’t great, although he doesn’t appear to be a plodder. But when asked to get out and block defensive backs in space, he typically will look to cut them instead of taking them on in their chest like he does with defenders in the box.His lack of foot speed and athleticism means he is strictly a guard prospect, and that could turn off some teams, especially in today’s evolving NFL game.The UglyHe’s a guard Former Cardinals kicker Phil Dawson retires The Cardinals must be sending out a lot of signals. Heard these names in last 24 hours: Lotulelei, Warmack and Fluker. #ThatTimeOfYear— Daniel Jeremiah (@MoveTheSticks) April 17, 2013 Top Stories Gets across the defender’s face when need to reach block with an explosive first step, then gets his body around and fights the defender instead of just walling them off.When asked to trap or pull, Warmack shows good feet and a comfort level in moving in space — but isn’t at his best.Warmack wins at the second level consistently by getting his helmet in the defender’s chest and continuing to drive the defender off and away from the ball.The BadNot elite in spaceIn today’s NFL, many of the run game schemes ask for their guards to be able to pull and win in space. That isn’t Warmack’s forte. It is something that he can do, but you won’t be utilizing his strengths to their fullest. In the ever-changing NFL one thing remains a constant: guards get no love.The Cardinals’ guard play over the last couple of seasons has been bad. Warmack provides an immediate upgrade at a position of “need” but he doesn’t play a position of premium value.This may not seem like a big deal to us, the fans, but the reality is NFL teams don’t draft interior offensive linemen in the top 10.OverallWarmack is one of the best overall prospects in the 2013 NFL Draft, and the best combination of ability, scheme fit and need fulfillment in the draft for the Cardinals, in my opinion.The Alabama All-American can come in and immediately upgrade the Cardinals’ running game by teaming with an elite run blocking tackle like Levi Brown or a guy who showed in the second half of 2012 that he can hold up pretty well in run blocking, in Bobby Massie.The problem will be — does that impact hold enough value for the Cardinals to pull the trigger at seven? I don’t see it, no matter how much I want it to happen. Comments   Share   Derrick Hall satisfied with D-backs’ buying and selling The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo What Warmack does so well is maintain excellent technique and footwork. He consistently stays square to the line of scrimmage, keeps his feet in a solid base, and doesn’t bend at the waist, but instead shows a solid balance and a good ability to move laterally and mirror a defender in pass protection.In the run game, Warmack makes you understand why so many have him as a top-10 prospect in this draft class.Warmack does a great job at firing out and locking onto his assigned defender and then driving him out of the play.last_img read more