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Federal takeover of Fannie Mae and Freddie Mac
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Fannie Mae headquarters at 3900 Wisconsin Avenue, NW in Washington, D.C.
The federal takeover of Fannie Mae and Freddie Mac was the placing into conservatorship of the government-sponsored enterprises (GSEs) Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) by the U.S. Treasury in September 2008. It was one of the financial events among many in the ongoing subprime mortgage crisis.
On September 6, 2008, the director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, announced his decision to place the two GSEs into a conservatorship run by the FHFA.[1][2][3]
At the same press conference, United States Treasury Secretary Henry Paulson, stated that placing the two GSEs into conservatorship was a decision he fully supported, and that he advised "that conservatorship was the only form in which I would commit taxpayer money to the GSEs." He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction."[1]
The same day, the Federal Reserve Bank chairman Ben Bernanke stated in support: "I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies."[4] The following day, Herbert M. Allison was appointed chief executive of Fannie Mae. He came from TIAA-CREF.[5]
Contents
[hide]
1 Background and financial market crisis
2 Previous attempts at GSE reform
3 Federal Housing Finance Agency and Treasury authority
3.1 Prior GSE support measures
4 Capital infusion by the Treasury
5 FHFA initial actions as conservator
6 Government support for Fannie Mae and Freddie Mac
6.1 National debt accounting
6.2 Related legislation
7 Market consequences
7.1 Bank reserves
7.2 Credit default swaps
7.3 September 2008 reactions to the seizure
8 Effects on the subprime mortgage crisis
9 Financial condition of Fannie and Freddie prior to takeover
10 Ongoing status of Fannie and Freddie conservatorship
11 Plans to rent houses
12 See also
13 Notes
14 External links
Background and financial market crisis[edit]
Main article: Financial crisis of 2007–2010
The combined GSE losses of US$14.9 billion and market concerns about their ability to raise capital and debt threatened to disrupt the U.S. housing financial market.[according to whom?] The Treasury committed to invest as much as US$200 billion in preferred stock and extend credit through 2009 to keep the GSEs solvent and operating. The two GSEs had outstanding more than US$5 trillion in mortgage-backed securities (MBS) and debt; the debt portion alone was $1.6 trillion.[6] The conservatorship action has been described as "one of the most sweeping government interventions in private financial markets in decades",[7] and one that "could turn into the biggest and costliest government bailout ever of private companies".[8]
With a growing sense of crisis in U.S. financial markets, the conservatorship action and commitment by the U.S. government to backstop the two GSEs with up to US$200 billion in additional capital turned out to be the first significant event in a tumultuous month among U.S.-based investment banking, financial institutions and federal regulatory bodies.[according to whom?] By September 15, 2008, the 158-year-old Lehman Brothers holding company filed for bankruptcy with intent to liquidate its assets, leaving its financially sound subsidiaries operational and outside of the bankruptcy filing. The collapse was the largest investment bank failure since Drexel Burnham Lambert in 1990.[9][10] The 94-year-old Merrill Lynch accepted a purchase offer by Bank of America for approximately US$50 billion, a big drop from a year-earlier market valuation of about US$100 billion. A credit rating downgrade of the large insurer American International Group (AIG) led to a September 16, 2008 rescue agreement with the Federal Reserve Bank for a US$85 billion secured loan facility, in exchange for warrants for 79.9% of the equity of AIG.[11][12][13][14]
Previous attempts at GSE reform[edit]
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Fannie Mae's Reston, Virginia, facility
The GSE business model has outperformed any other real estate business throughout its existence. According to the Annual Report to Congress,[15] filed by the Federal Housing Finance Agency, over a span of 37 years, from 1971 through 2007, Fannie Mae's average annual loss rate on its mortgage book was about four basis points. Losses were disproportionately worse during the crisis years, 2008 through 2011, when Fannie's average annual loss rate was 52 basis points. Freddie Mac's results are comparable.
By way of contrast, during 1991–2007, commercial banks' average annual loss rate on single-family mortgages was about 15 basis points.[16] During 2008–2011, annual losses were 184 basis points.
The FHFA study[17] compares, on an apples-to-apples basis, GSEs loan originations with those for private label securitizations. The study segments loans four ways, by adjustable-rate mortgages (ARMs)-versus-fixed-rate, as well as by vintage, by FICO score and by loan-to-value ratio. In almost every one of 1800 different comparisons covering years 2001 through 2008, GSE loan performance was exponentially better.[clarification needed] On average, GSE fixed-rate loans performed four times better, and GSE ARMs performed five times better.
However, other critics in D.C.[who?] claim that the GSE business model faces inherent conflicts due to its combination of government mission and private ownership. The GSEs were given monopoly privileges against which private enterprise could not compete. Both GSEs had a line of credit with the US Treasury Department, and both GSEs were exempt from state and local income tax on corporate earnings. The GSEs were the only two Fortune 500 companies exempt from regulation by the Securities and Exchange Commission. Because of implicit government backing, Fannie Mae discount notes became the second-largest short-term notes issued (second only to Treasury bills).[citation needed]
The American Enterprise Institute, a conservative think-tank, argues that "the government mission required them to keep mortgage interest rates low and to increase their support for affordable housing. Their shareholder ownership, however, required them to fight increases in their capital requirements and regulation that would raise their costs and reduce their risk-taking and profitability. But there were two other parties—Congress and the taxpayers—that also had a stake in the choices that Fannie and Freddie made. Congress got some benefits in the form of political support from the GSEs' ability to hold down mortgage rates, but it garnered even more political benefits from GSE support for affordable housing."[18] However, such claims were at odds with the majority report of the Financial Crisis Inquiry Commission (FCIC).[citation needed]
In 2003, the Bush Administration sought to create a new agency, replacing the Office of Federal Housing Enterprise Oversight, to oversee Fannie Mae and Freddie Mac. In 1992 in the wake of the savings and loan crisis, and over concern similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban Development.[19] While Senate and House leaders voiced their intention to bring about the needed legislation, no reform bills materialized. A Senate reform bill introduced by Senator Jon Corzine (D-NJ) (S.1656[20]) never made it out of the 21-member (10 D, 11 R) Senate Banking, Housing, and Urban Affairs Committee.[21] At the time, some members of the 108th congress expressed faith in the solvency of Fannie Mae and Freddie Mac. Congressman Barney Frank (D-MA), for example, described them as "not facing any kind of financial crisis".[22]
In 2005, the Federal Housing Enterprise Regulatory Reform Act,[23] sponsored by Senator Chuck Hagel (R-NE) and co-sponsored by Senators Elizabeth Dole (R-NC), John McCain (R-AZ) and John Sununu (R-NH),[24] would have increased government oversight of loans given by Fannie Mae and Freddie Mac. Like the 2003 bill, it also died in the Senate Banking, Housing, and Urban Affairs Committee, this time in the 109th Congress. A full and accurate record of the congressional attempts to regulate the housing GSEs is given in the Congressional Record prepared in 2005.[25][26]
Federal Housing Finance Agency and Treasury authority[edit]
The Housing and Economic Recovery Act of 2008—passed by the United States Congress on July 24, 2008 with bipartisan support and signed into law by President George W. Bush on July 30, 2008 — enabled expanded regulatory authority over Fannie Mae and Freddie Mac by the newly established FHFA, and gave the U.S. Treasury the authority to advance funds for the purpose of stabilizing Fannie Mae, or Freddie Mac, limited only by the amount of debt that the entire federal government is permitted by law to commit to. The law raised the Treasury's debt ceiling by US$800 billion, to a total of US$10.7 trillion, in anticipation of the potential need for the Treasury to have the flexibility to support Fannie Mae, Freddie Mac, or the Federal Home Loan Banks.[27][28][29]
Prior GSE support measures[edit]
The September 7 conservatorship was termed by The Economist as the "second" bailout of the GSEs.[30] Prior to the enactment of the Housing and Economic Recovery Act of 2008, on July 13, 2008, Treasury Secretary Henry Paulson announced an effort to backstop the GSEs based on prior statutory authority, in coordination with the Federal Reserve Bank. That announcement occurred after a week in which the market values of shares of Fannie Mae and Freddie Mac fell almost by half (from a previously diminished value of approximately half of year-earlier market highs).[31] That plan contained three measures: an increase in the line of credit available to the GSEs from the Treasury, to provide liquidity; the right for the Treasury to purchase equity in the GSEs, to provide capital; and a consultative role for the Federal Reserve in a reformed GSE regulatory system.[32] On the same day, the Federal Reserve announced that the Federal Reserve Bank of New York would have the right to lend to the GSEs as necessary.[33]
Capital infusion by the Treasury[edit]
The agreement the Treasury made with both GSEs specifies that in exchange for future support and capital investments of up to US$100 billion in each GSE, at the inception of the conservatorship, each GSE shall issue to the Treasury US$1 billion of senior preferred stock, with a 10% coupon, without cost to the Treasury.[6][34] Also, each GSE contracted to issue common stock warrants representing an ownership stake of 79.9%, at an exercise price of one-thousandth of a U.S. cent ($0.00001) per share, and with a warrant duration of twenty years.[35]
The conservator, FHFA signed the agreements on behalf of the GSEs.[35] The 100 billion amount for each GSE was chosen to indicate the level of commitment that the U.S. Treasury is willing to make to keep the financial operations and financial conditions solvent and sustainable for both GSEs. The agreements were designed to protect the senior and subordinated debt and the mortgage backed securities of the GSEs. The GSEs' common stock and existing preferred shareholders will bear any losses ahead of the government. Among other conditions of the agreement, each GSE’s retained mortgage and mortgage backed securities portfolio shall not exceed $850 billion as of December 31, 2009, and shall decline by 10% per year until it reaches $250 billion.[36]
FHFA initial actions as conservator[edit]
In the September 6, 2008 conservatorship announcement, Lockhart indicated the following items in the plan of action for the Federal Housing Finance Agency conservatorship:[2]
On September 8, 2008, the first business day of the conservatorship, business will be transacted normally, with stronger backing for the holders of mortgage-backed securities (MBS), senior debt and subordinated debt.[37]
The Enterprises will be allowed to grow their guarantee MBS books without limits and continue to purchase replacement securities for their portfolios, about $20 billion per month, without capital constraints.
As the conservator, the FHFA will assume the power of the Board and management.
The present Chief Executive Officers (CEOs) of both Fannie Mae and Freddie Mac have been dismissed but will stay on to help with the transition.
Appointed as CEOs are Herbert M. Allison for Fannie Mae and David M. Moffett for Freddie Mac. Allison is former Vice Chairman of Merrill Lynch and for the last eight years chairman of TIAA-CREF. Moffett is the former Vice Chairman and CFO of US Bancorp. Their compensation will be significantly lower than the outgoing CEOs. They will be joined by equally strong non-executive chairmen.
Other management action will be very limited. The new CEOs agreed it is important to work with the current management teams and employees to encourage them to stay and to continue to make important improvements to the Enterprises.
To conserve over $2 billion annually in capital, the common stock and preferred stock dividends will be eliminated, but the common and all preferred stocks will remain outstanding. Subordinated debt interest and principal payments will continue to be made.
All political activities, including all lobbying, will be halted immediately. Charitable activities will be reviewed.
There will be financing and investing relationship with the U.S. Treasury via three different financing facilities to provide critically needed support to Freddie Mac and Fannie Mae, and also to the liquidity of the mortgage market. One of the three facilities is a secured liquidity facility, which will be not only for Fannie Mae and Freddie Mac, but also for the 12 Federal Home Loan Banks that are regulated by FHFA.
Government support for Fannie Mae and Freddie Mac[edit]
In addition to the government conservatorship, which CBO estimates will increase the federal government's net liabilities by $238 billion, several government agencies have taken steps to increase liquidity within Fannie Mae and Freddie Mac. Among these steps includes:[38]
Federal Reserve purchases of $23 billion in GSE debt (out of a potential $100 billion) and $53 billion in GSE-held mortgage backed securities (out of a potential $500 billion).
Federal Reserve purchases of $24 billion in GSE debt.
Treasury Department purchases of $14 billion in GSE stock (out of a potential $200 billion).
Treasury Department purchases of $71 billion in mortgage backed securities
Federal Reserve extension of primary credit rate for loans to the GSEs
National debt accounting[edit]
The on- or off-balance sheet obligations of the two GSEs, which are "independent" corporations rather than federal agencies, are just over $5 trillion, a significant amount when compared to the $9.5 trillion of officially reported United States public debt at the time of the takeover.[39] The September 6, 2008 conservatorship and the subsequent planned Treasury infusion of capital support the senior liabilities, subordinated indebtedness, and mortgage guarantees of the two firms. Some observers see this as an effective nationalization of the companies that ultimately places taxpayers at risk for all their liabilities.[40] The federal government follows specialized accounting standards set by the Federal Accounting Standards Advisory Board. The net exposure to taxpayers is difficult to determine at the time of the takeover and depends on several factors, such as declines in housing prices and losses on mortgage assets in the future.[41] The Congressional Budget Office director Peter R. Orszag announced on September 9, 2008 that the CBO intended to incorporate the assets and liabilities of the two companies into their federal budget planning, due to the degree of government control over the entities.[6][42] The White House Budget Director Jim Nussle, on September 12, 2008 indicated their budget plans would not incorporate the GSE debt into the budget because of the temporary nature of the conservator intervention.[42]
Bloomberg reported that according to CMA Datavision of London that "five-year credit-default swap contracts on U.S. government debt increased 3.5 basis points on September 9, 2008 to a record 18, up from 6 basis points in April," in reaction to concerns about the potential rise in U.S. debt from bailouts.[6]
Related legislation[edit]
On May 8, 2013, Representatives Scott Garrett introduced the Budget and Accounting Transparency Act of 2014 (H.R. 1872; 113th Congress) into the United States House of Representatives during the 113th United States Congress. The bill, if it were passed, would modify the budgetary treatment of federal credit programs, such as Fannie Mae and Freddie Mac.[43] The bill would require that the cost of direct loans or loan guarantees be recognized in the federal budget on a fair-value basis using guidelines set forth by the Financial Accounting Standards Board.[43] The changes made by the bill would mean that Fannie Mae and Freddie Mac were counted on the budget instead of considered separately and would mean that the debt of those two programs would be included in the national debt.[44] These programs themselves would not be changed, but how they are accounted for in the United States federal budget would be. The goal of the bill is to improve the accuracy of how some programs are accounted for in the federal budget.[45]
Market consequences[edit]
Bank reserves[edit]
Many commercial banks in the United States own Freddie and Fannie preferred shares. Those shares have had their dividends suspended, and are junior to the senior preferred stock issued to the Treasury in the restructuring of the two companies. The market value of the preferred shares plunged after the restructuring announcement and suspension of dividends. Banks were required to write down the value of Freddie and Fannie preferred stock held in their portfolios, compounding capitalization concerns for certain U.S. banks.[46] Gateway bank agreed to be bought out by Hampton Roads Bankshares Inc. to make up for a writedown of $40 million on its stock in Fannie and Freddie, which put it below regulatory requirements to be considered adequately capitalized.[47]
Credit default swaps[edit]
In the credit default swap (CDS) market, the standard contracts typically used between parties to a swap define the action of placing Fannie Mae and Freddie Mac into conservatorship to be equivalent to bankruptcy, because of the change in management control. In CDS parlance, this is termed a credit event, and that triggers the settling of outstanding contracts for the derivatives, which are used to hedge or speculate on the potential risk that a company will default on its bonds. The two GSEs have approximately US$1.5 trillion in bonds outstanding, and since the market in credit default swaps is not public, there is no central reporting mechanism to verify how many credit default swaps are linked to those bonds. One estimate floated is US$500 billion, and that the entire CDS market has a notional value in the vicinity of US$62 trillion.[48][49] Settlement on the contracts, will likely be the largest in the market's decade-long history.[49] Credit-default swaps on Fannie and Freddie have been among the most actively traded the several months leading up to the conservatorship. "Thirteen 'major' dealers of credit-default swaps agreed 'unanimously' that the rescue constitutes a credit event triggering payment or delivery of the companies' bonds," according to a memo circulated by the International Swaps and Derivatives Association (ISDA) after the conservatorship announcement.[50] The day after the conservatorship announcement, the International Swaps and Derivatives Association, which sets industry standardized contracts for financial derivatives and swaps, announced it was working on a protocol on how to evaluate and settle Fannie Mae and Freddie Mac credit default swaps.[51] Most of these swaps were settled on October 6, 2008.[52]
Paradoxically (in relation to typical experiences when a company issuing bonds has a "credit event"), the value of the two GSEs bonds rose to the vicinity of par value after the conservatorship. This means, that some owners of swaps that were hedging against the risk of a bond default, may be worse off, since the value of the bonds may be higher than when they purchased the swap. Cash auctions are reported to be scheduled for October 2008 to settle CDS contracts in relation to the GSEs.[48][53]
September 2008 reactions to the seizure[edit]
The immediate reactions in the finance markets on Monday September 8, the day following the seizure, appeared to indicate satisfaction with at least the short-term implications of the Treasury's intervention. Governor of the Bank of Japan Masaaki Shirakawa stated "We expect the action would lead to stabilize the U.S. [mortgage-backed securities] market, financial market and the international financial market." Governor of the People's Bank of China, China's central bank, Zhou Xiaochuan stated "From my point of view this is positive".[54]
Effects on the subprime mortgage crisis[edit]
The effects on the subprime mortgage crisis have led the government to support the soundness of the obligations and guarantees on securities issued by Fannie and Freddie to obtain funds. Those funds are in turn used to purchase mortgages from originating banks. The continuing soundness of GSE obligations enhances market liquidity (loanable funds) in the following ways:[55]
Banks can be assured that Fannie and Freddie have funds to purchase conforming loans, so they can increase such lending. This improves liquidity in the mortgage market, lowering interest rates.
In 2006, Fannie and Freddie insured 24% of all subprime loans so they needed to keep these loans viable.[56]
Lower borrowing costs for banks typically increase the "spread" between the rate at which they borrow and which they lend. This increases bank profitability, shoring up bank liquidity and balance sheets further.
Adjustable rate mortgage (ARM) rates are reduced, which lowers pressure on homeowners and reduces foreclosures. Lower rates also encourage new home purchases.
The government's role as the primary investor allows a systematic loan refinancing process to be implemented. This should enable rapid loan adjustments or workouts for homeowners, which have been facing bottlenecks due to the requirement to have various investors approve the adjustments.[57] For example, the government could rapidly push-down 45-year mortgage terms and fixed, low interest rates, enabling many more homeowners to stay in their homes. This will reduce foreclosures significantly, helping to stabilize home prices.
The government can restructure mortgages so that the loan balance is reduced to the current market value, reducing the incentive for homeowners to "walk away" from the property.
With home prices more stabilized, the value of mortgage-backed securities receives some upward support.
Financial condition of Fannie and Freddie prior to takeover[edit]
Over 98% of Fannie's loans were paying timely during 2008.[58] Both Fannie and Freddie had positive net worth as of the date of the takeover, meaning the value of their assets exceeded their liabilities. However, Fannie's total assets to capital (leverage ratio) was about 20:1, while Freddie's was about 70:1.[59][60] These numbers increase significantly if one includes all the mortgage-backed assets they guaranteed. These ratios are considerably higher than investment banks, which leverage around 30:1.[61][62]
However, there was concern[according to whom?] that the GSEs' liquidity was insufficient to handle growing delinquency rates, such that although viable in September 2008, the scale of loss in the future would be sufficient that insolvency would occur and that knowledge of this future failure would induce immediate or near-immediate failure due to buyers refusing to buy debt. Both GSEs roll over large amounts of debt on a quarterly basis and failure to sell debt would lead to failure due to lack of liquidity. A slower form of failure would be the issuing of debt at high cost (to compensate buyers for risk), which would greatly diminish the earning power of both GSEs, rendering them unable to earn the money they would need to handle expected future losses. Both GSEs counted large amounts of deferred tax assets towards their regulatory capital, which were considered by some[who?] to be of "low quality" and not truly available capital. The deferred tax assets would only have value if the companies were profitable and could use the assets to offset future taxes. Both companies had experienced significant losses and were likely to face more over the next year or longer.[63]
Ongoing status of Fannie and Freddie conservatorship[edit]
In testimony before a House Financial Services Committee subcommittee on June 3, 2009, Federal Housing Finance Agency Director James B. Lockhart III presented his report, “The Present Condition and Future Status of Fannie Mae and Freddie Mac”.[64] Highlights of the report include the Treasury Department's commitment to fund up to $200 billion in capital for each enterprise is expected be sufficient; the enterprises own or guarantee 56% of the single family mortgages in this country, or $5.4 trillion of the total $11.9 trillion in outstanding mortgage debt; their combined share of mortgages originated in the first quarter of 2009 was 73%; private-label mortgage-backed securities (PLS) are a major driver of Enterprise losses; both Enterprises are heavily involved in planning and implementing the Making Home Affordable and the Home Affordable Refinance programs. The report notes:
As of March 31, 2009, seriously delinquent loans accounted for 2.3% of single-family mortgages owned or guaranteed for Freddie Mac and 3.2% for Fannie Mae. While those are historically high levels, they compare favorably to industry averages of 4.7% for all prime loans, 7.2% for all single-family mortgages, 24.9% for all subprime mortgages, and 36.5% for subprime adjustable rate mortgages
The report provides background on the origins of PLS and the risk they present. PLS loans represent 15% of mortgages but 50% of serious delinquencies. In contrast, at year-end 2008, the loans the enterprises held or guaranteed represented 56% of the U.S. single-family mortgages outstanding, but 20% of serious delinquencies. The credit quality of investments in PLS has proven to be much worse than the initial AAA credit ratings of those securities would have suggested. The ongoing uncertainty surrounding the true economic value of PLS will continue to raise safety and soundness concerns.
The report notes the for-profit structure of the GSEs worked counter to prudent risk management as competition reduced both market share and profits, thus eroding the GSEs credit requirements. To maintain profitability, each Enterprise increased purchases of PLS backed by alternative mortgages and of high-risk whole loans. And while many had criticized the OFHEO and sought to replace it:
Purchases of PLS ultimately proved disastrous for the Enterprises. Credit and market-value losses would have been even larger had the Office of Federal Housing Enterprise Oversight (OFHEO), one of FHFA’s predecessor agencies, not increased the Enterprises’ capital requirement by 30% and capped their asset portfolios because of accounting and control problems.
The George W. Bush administration was prevented from taking official action due to Senate Bill 190 of the 109 Congress never being allowed a full Senate vote, even though it was passed out of committee on a 13-9 vote along party lines (13 Republicans voted "Yes" and 9 Democrats voted "No"),[65] doing so would have prevented Congress' home ownership goals being realized.
On June 16, 2010, it was announced that the two GSEs would have their shares delisted from the NYSE.[66]
An article from August 2012 in Bloomberg noted that the companies "have drawn $190 billion in aid and paid $46 billion in dividends since being taken over by U.S. regulators in 2008".[67]
CBS News reported on August 6, 2015, that Fannie Mae alone has paid a total of $142.5 billion in dividends since receiving a bailout of $116 billion in 2008.[68]
On September 24, 2012, a judge dismissed a class-action lawsuit that contended that Freddie Mac made misleading statements about its exposure to risky loans in the run-up to the company's federal takeover.[69]
Plans to rent houses[edit]
On August 10, 2011, the Federal Housing Finance Agency asked investors for ideas on renting homes owned by Fannie Mae, Freddie Mac and the Federal Housing Administration.[70]
See also[edit]
Government policies and the subprime mortgage crisis
Subprime mortgage crisis
United States housing bubble
Conservatorship
Nationalization
Notes[edit]
^ Jump up to: a b Paulson, Henry M., Jr. (September 7, 2008). "Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers" (Press release). United States Department of the Treasury. Retrieved September 7, 2008.
^ Jump up to: a b Lockhart, James B., III (September 7, 2008). "Statement of FHFA Director James B. Lockhart". Federal Housing Finance Agency. Archived from the original on September 12, 2008. Retrieved September 7, 2008.
Jump up ^ "Fact Sheet: Questions and Answers on Conservatorship" (PDF). Federal Housing Finance Agency. September 7, 2008. Archived from the original (PDF) on September 9, 2008. Retrieved September 7, 2008.
Jump up ^ Bernanke, Ben S. (September 7, 2008). "Statement by Federal Reserve Board Chairman Ben S. Bernanke:". Board of Governors of the Federal Reserve System. Retrieved September 10, 2008.
Jump up ^ Anderson, Jenny (September 7, 2008). "A Financial Veteran Brings Wall Street and Washington to Job at Fannie Mae". The New York Times.
^ Jump up to: a b c d Kopecki, Dawn (2008-09-11). "U.S. Considers Bringing Fannie, Freddie on to Budget". Bloomberg. Retrieved 2008-09-11.
Jump up ^ Goldfarb, Zachary A.; David Cho; Binyamin Appelbaum (September 7, 2008). "Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms' Troubles From Setting Off Wave of Bank Failures". Washington Post. pp. A01. Retrieved September 7, 2008.
Jump up ^ Duhigg, Charles; Labaton, Stephen; Sorkin, Andrew Ross (September 7, 2008). "As Crisis Grew, One Option Remained". New York Times. Retrieved September 8, 2008.
Jump up ^ Lehman Brothers – Who we are[permanent dead link] Retrieved September 15, 2008
Jump up ^ Sorkin, Andrew Ross; Jenny Anderson; Ben White (2008-09-14). "In Frantic Day, Wall Street Banks Teeter". New York Times. Retrieved 2008-01-15.
Jump up ^ United States Federal Reserve Board of Governors, Press release: Federal Reserve Board, met with full support of the Treasury Department, authorizes the Federal Reserve Bank of New York to lend up to US$85 billion to the American International Group (AIG), September 16, 2008
Jump up ^ Kaiser, Emily (2008-09-17). "After AIG rescue, Fed may find more at its door". Reuters. Retrieved 2008-09-17.
Jump up ^ Andrews, Edmund L.; Michael J. de la Merced; Mary Williams Walsh (2008-09-16). "Fed's $85 Billion Loan Rescues Insurer". The New York Times.
Jump up ^ Dash, Eric; Andrew Ross Sorkin; Michael J. de la Merced; David M. Herszenhorn (2008-09-17). "Throwing a Lifeline to a Troubled Giant". The New York Times.
Jump up ^ Annual Report to Congress
Jump up ^ "Charge-Off Rate on Single Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks". StLouisFed.org. November 29, 2016. Retrieved January 23, 2017.
Jump up ^ FHFA study Archived February 20, 2013, at the Wayback Machine.
Jump up ^ AEI – The Last Trillion Dollar Commitment Archived February 26, 2009, at the Wayback Machine.
Jump up ^ Labaton, Stephen (September 11, 2003). "New Agency Proposed to Oversee Freddie Mac and Fannie Mae". The New York Times. Retrieved May 2, 2010.
Jump up ^ S.1656
Jump up ^ "Senate Banking, Housing, and Urban Affairs Committee 108th Congress (2002 cycle): Member Money - OpenSecrets". OpenSecrets.org. Retrieved January 23, 2017.
Jump up ^ Labaton, Stephen (July 27, 2008). "New Agency Proposed to Oversee Freddie Mac and Fannie Mae". New York Times. Retrieved September 27, 2008.
Jump up ^ Federal Housing Enterprise Regulatory Reform Act
Jump up ^ [1]
Jump up ^ "GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)". Govtrack.us. Archived from the original on October 10, 2008. Retrieved October 2, 2008.
Jump up ^ https://digital.library.unt.edu/govdocs/crs/permalink/meta-crs-7896:1
Jump up ^ Herszenhorn, David (2008-07-27). "Congress Sends Housing Relief Bill to President". New York Times. Retrieved 2008-09-06.
Jump up ^ Herszenhorn, David M. (2008-07-31). "Bush Signs Sweeping Housing Bill". New York Times. Retrieved 2008-09-06.
Jump up ^ See HR 3221, signed into law as Public Law 110-289: A bill to provide needed housing reform and for other purposes.
Access to Legislative History: Library of Congress THOMAS: A bill to provide needed housing reform and for other purposes.
White House pre-signing statement: Statement of Administration Policy: H.R. 3221 – Housing and Economic Recovery Act of 2008 Archived September 9, 2008, at the Wayback Machine. (July 23, 2008). Executive office of the President, Office of Management and Budget, Washington DC.
Jump up ^ "Credit and blame: A must-read on the origins of the crisis". The Economist. 2008-09-11. Retrieved 2008-09-11.
Jump up ^ Irwin, Neil; Jeffrey H. Birnbaum (2008-07-14). "U.S. Unveils Plan to Aid Mortgage Giants". Washington Post. Retrieved 2008-07-14.
Jump up ^ Paulson, Henry (2008-07-13). "Paulson Announces GSE Initiatives". United States Department of the Treasury. Retrieved 2008-07-14.
Jump up ^ "Press Release". Board of Governors of the Federal Reserve System. 2008-07-13. Retrieved 2008-07-14.
Jump up ^ "Suffering a seizure: America’s government takes control of Freddie Mac and Fannie Mae". Economist.com. The Economist. 2008-09-08. Retrieved 2008-09-11.
^ Jump up to: a b See the senior preferred stock and common stock warrant agreements disclosed by the Department of the Treasury on September 9, 2008:
Fannie Mae Senior Preferred Stock Archived September 9, 2008, at the Wayback Machine.
Fannie Mae Certificate Archived September 9, 2008, at the Wayback Machine.
Fannie Mae Warrant for Common Stock
Freddie Mac Senior Preferred Stock Archived September 9, 2008, at the Wayback Machine.
Freddie Mac Certificate Archived September 9, 2008, at the Wayback Machine.
Feddie Mac Warrant for Common Stock Archived September 9, 2008, at the Wayback Machine.
Jump up ^ "Fact Sheet: Treasury Senior Preferred Stock Purchase Agreement" (PDF). Office of Public Affairs, United States Department of the Treasury. 2008-09-07. Retrieved 2008-09-07.
Jump up ^ "Statement of Federal Housing Finance Agency Regarding Contracts of Enterprises in Conservatorship" (PDF). Federal Housing Finance Agency. 2008-09-07. Archived from the original (PDF) on September 10, 2008. Retrieved 2008-09-09.
Jump up ^ "Committee for a Responsible Federal Budget: Stimulus Watch". 2009-02-09.
Jump up ^ Barr, Colin (2008-09-07). "Paulson readies the bazooka: Big buyers of Fannie Mae and Freddie Mac debt have been shying away. The Treasury secretary wants to coax them back.". Fortune. Retrieved 2008-09-08.
Jump up ^ Raum, Tom (2008-09-08). "US rescue of Fannie, Freddie poses taxpayer risks". Associated Press. Retrieved 2009-01-20.
Jump up ^ Armour, Stephanie; James R. Healey. "Taxpayers take on trillions in risk in Fannie, Freddie takeover". USA Today. Retrieved 2008-09-13.
^ Jump up to: a b Faler, Brian (2008-09-12). "Fannie Mae, Freddie Mac to Be Kept Off Budget, White House Says". Bloomberg.com. Bloomberg LLP. Retrieved 2008-09-12.
^ Jump up to: a b "H.R. 1872 - CBO" (PDF). United States Congress. Retrieved 28 March 2014.
Jump up ^ Kasperowicz, Pete (28 March 2014). "House to push budget reforms next week". The Hill. Retrieved 7 April 2014.
Jump up ^ Kasperowicz, Pete (4 April 2014). "Next week: Bring out the budget". The Hill. Retrieved 7 April 2014.
Jump up ^ Shen, Linda (September 8, 2008). Lenders With `Outsized' GSE Stakes May Need Capital, Bloomberg, Accessed 8 September 2008
Jump up ^ Weisbecker, Lee (2008-09-25). "Gateway Bank turns to market for $40M". Triangle Business Journal. Retrieved 2008-09-25.
^ Jump up to: a b "Quite an event: Testing times for the swaps market". The Economist. 2008-09-11. Retrieved 2008-09-11.
^ Jump up to: a b Reuters (2008-09-08). "Big Payments Are Expected in Credit Default Swaps". New York Times. Retrieved 2008-09-12.
Jump up ^ Biggadike, Oliver; Shannon D. Harrington (2008-09-08). "Fannie, Freddie Credit-Default Swaps May Be Settled (Update3)". Bloomberg.com. Bloomberg. Retrieved 2008-09-09.
Jump up ^ "ISDA to Publish Protocol for Fannie and Freddie". (Press Release). ISDA. 2008-09-08. Retrieved 2008-09-08.
Jump up ^ "ISDA ANNOUNCES SUCCESSFUL IMPLEMENTATION OF FANNIE MAE, FREDDIE MAC CDS PROTOCOL". (Press Release). ISDA. 2008-10-06. Retrieved 2009-08-05.
Jump up ^ Van Duyn, Aline (2008-09-11). "Insight: The adventure never ends in the derivatives Wonderland". Financial Times. Retrieved 2008-09-15.
Jump up ^ Schneider, Howard; Eunjung Cha, Ariana (2008-09-08). "Stock Markets Soar After Freddie, Fannie Bailouts". Washington Post. Retrieved 2008-09-08.
Jump up ^ Cramer, Jim. "Fannie, Freddie Takeover Changes the Game". TheStreet.com. September 6, 2008.
Jump up ^ "Private sector loans, not Fannie or Freddie, triggered crisis". McClatchy. 2008-10-12.
Jump up ^ Schoen, John W. "Mortgage relief plan falling short". MSNBC. March 14, 2008.
Jump up ^ Ivry, Bob; Lynch, Sharon L. "Fannie Mae Unsold $5 Billion Homes Bring Peril to Shareholders". Bloomberg LP. July 23, 2008.
Jump up ^ "Fannie Q2 10Q Report" Archived September 9, 2008, at the Wayback Machine. (pdf). United States Securities and Exchange Commission. August 8, 2008.
Jump up ^ "Freddie Mac Consolidated Statements of Income (Unaudited)". Freddie Mac. August 6, 2008.
Jump up ^ "The Death of Wall Street". HousingWire.com. September 22, 2008. Retrieved January 23, 2017.
Jump up ^ AOL. "AOL - Finance News & Latest Business Headlines". AOL.com. Retrieved January 23, 2017.
Jump up ^ Kopecki, Dawn. "Fannie Mae, Freddie 'House of Cards' Prompts Takeover". Bloomberg LP. September 6, 2008.
Jump up ^ James B. Lockhart III (June 3, 2009). "The Present Condition and Future Status of Fannie Mae and Freddie Mac" (PDF). FHHA. Retrieved August 5, 2009.
Jump up ^ "Federal Housing Enterprise Regulatory Reform Act of 2005 (2005 - S. 190)". govtrack.us. Retrieved January 23, 2017.
Jump up ^ Chris Isidore (June 16, 2010). "Fannie Mae, Freddie Mac to delist from NYSE". CNN Money. Retrieved June 19, 2010.
Jump up ^ Cheyenne Hopkins; Clea Benson (August 17, 2012). "U.S. Revises Payment Terms for Fannie Mae, Freddie Mac". Bloomberg. Retrieved October 4, 2012.
Jump up ^ "Fannie Mae posts $4.6B profit; paying $4.4B dividend". Associated Press. August 6, 2015. Retrieved January 8, 2016.
Jump up ^ Alan Zibel (September 27, 2012). "Securities Fraud Lawsuit Dismissed Against Freddie Mac". Wall Street Journal. Retrieved October 5, 2012.
Jump up ^ "Government may rent out foreclosed properties". The Sun News. August 11, 2011. Retrieved August 11, 2011.
External links[edit]
United States Department of the Treasury
Background and reaction
Quealy, Keven; Dylan Loeb McClain (September 15, 2008). "A Year of Heavy Losses". New York Times. Retrieved 2008-09-30. (Graphic of change in market capitalization of major firms eleven months)
Cooper, George (2008). The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy. Petersfield, Hampshire, U.K.: Harriman House. p. 208. ISBN 978-1-905641-85-7.
"Fannie, Freddie and Henry". Wall Street Journal. 2008-09-09. Retrieved 2008-09-09. (Interactive timeline of Treasury Secretary Paulson's changing policy actions in relation to Fannie Mae and Freddie Mac – requires Flash.)
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Collaborations between the United States government and Italian Mafia
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This article's lead section does not adequately summarize key points of its contents. Please consider expanding the lead to provide an accessible overview of all important aspects of the article. Please discuss this issue on the article's talk page. (August 2017)
The United States government collaborated with the Italian Mafia during World War II and afterwards on several occasions.
Contents
[hide]
1 Operation Underworld: Strikes and labor disputes in the eastern shipping ports
2 Operation Husky: The invasion of Sicily and its aftermath
3 Controversy and criticism
4 Footnotes
5 References
Operation Underworld: Strikes and labor disputes in the eastern shipping ports[edit]
See also: Operation Underworld
During the early days of World War II, the U.S. Office of Naval Intelligence suspected that Italian and German agents were entering the United States through New York, and that these facilities were susceptible to sabotage. The loss of SS Normandie in February 1942, especially, raised fears and suspicions in the Navy about possible sabotage in the Eastern ports. A Navy Intelligence Unit, B3, assigned more than a hundred agents to investigate possible Benito Mussolini supporters within the predominantly Italian-American fisherman and dockworker population on the waterfront. Their efforts were fruitless, as the dockworkers and fishermen in the Italian Mafia-controlled waterfront were tight-lipped and distant to strangers.[1] The Navy contacted Meyer Lansky, a known associate of Salvatore C. Lucania and one of the top non-Italian associates of the Mafia,[2] about a deal with the Mafia boss Lucania. Lucania, also known as Lucky Luciano, was one of the highest-ranking Mafia both in Italy and the US and was serving a 30 to 50 years sentence for compulsory prostitution in the Clinton Prison.[3] To facilitate the negotiations, the State of New York moved Luciano from the Clinton prison to Great Meadow Correctional Facility, which is much closer to New York City.[4][5]
The State of New York, Luciano and the Navy struck a deal in which Luciano guaranteed full assistance of his organization in providing intelligence to the Navy. In addition, Luciano associate Albert Anastasia—who controlled the docks and ran Murder, Inc.—allegedly guaranteed no dockworker strikes throughout the war. In return, the State of New York agreed to commute Luciano’s sentence.[6] Luciano’s actual influence is uncertain, but the authorities did note that the dockworker strikes stopped after the deal was reached with Luciano.[7]
In the summer of 1945, Luciano petitioned the State of New York for executive clemency, citing his assistance to the Navy. Naval authorities, embarrassed that they had to recruit organized-crime to help in their war effort, declined to confirm Luciano’s claim. However, the Manhattan District Attorney’s office validated the facts and the state parole board unanimously agreed to recommend to the governor that Luciano be released and deported immediately.[8] On January 4, 1946, Governor Thomas E. Dewey, the former prosecutor who placed Luciano into prison, commuted Lucky Luciano’s sentence on the condition that he did not resist deportation to Italy.[9] Dewey stated, “Upon the entry of the United States into the war, Luciano’s aid was sought by the Armed Services in inducing others to provide information concerning possible enemy attack. It appears that he cooperated in such effort, although the actual value of the information procured is not clear.”[10][7] Luciano was deported to his homeland Italy on February 9, 1946.[11] There was a media hype of Luciano’s role after his deportation. The syndicated columnist and radio broadcaster Walter Winchell even reported in 1947 that Luciano would receive the Medal of Honor for his secret services.[12]
Operation Husky: The invasion of Sicily and its aftermath[edit]
See also: Allied invasion of Sicily
Italian Americans were very helpful in the planning and execution of the invasion of Sicily. The Mafia was involved in assisting the U.S. war efforts.[13] Luciano’s associates found numerous Sicilians to help the Naval Intelligence draw maps of the harbors of Sicily and dig up old snapshots of the coastline.[14][15] Vito Genovese, another Mafia boss, offered his services to the U.S. Army and became an interpreter and advisor to the U.S. Army military government in Naples. He quickly became one of AMGOT’s most trusted employees.[16] Through the Navy Intelligence’s Mafia contacts from Operation Underworld, the names of Sicilian underworld personalities and friendly Sicilian natives who could be trusted were obtained and actually used in the Sicilian campaign.[17] The Joint Staff Planners for the US Joint Chiefs of Staff (JSP) drafted a report titled Special Military Plan for Psychological Warfare in Sicily that recommended the “Establishment of contact and communications with the leaders of separatist nuclei, disaffected workers, and clandestine radical groups, e.g., the Mafia, and giving them every possible aid.” The report was approved by the Joint Chiefs of Staff in Washington on April 15, 1943.[18]
Controversy and criticism[edit]
There was considerable public controversy during the late days of the war and afterwards surrounding the connection between the U.S. Government and the Mafia.[19][20] In 1953, Governor Dewey, pushed by allegations that he sold Luciano his pardon, ordered a confidential investigation by the state’s commissioner of investigation, William Herlands. Herlands released his 2,600-page report in 1954, which offered proof of Luciano’s involvement with the Navy without finding any wrongdoing by Dewey.[21] Naval officials reviewed the report and requested Dewey to not release it on the grounds that it would be a public-relations disaster for the Navy and it might damage future similar war efforts. Dewey agreed, and the report was not released until after his death in the mid-1970s.[20][22]
Notable scholars of the topic such as Selwyn Raab and Tim Newark have questioned the effectiveness of the Mafia in their help during Operation Husky.[23][24] Raab states that Luciano could not have helped during the invasion of Sicily, as he was out of touch with the Sicilian Mafia, and neither he nor the Cosa Nostra had any significant contribution to the Allied victory in Sicily. On the other hand, another scholar on the topic, Ezio Costanzo, alleges that Congressman Horan revealed that Luciano was visited 11 times by Naval Intelligence officers throughout his sentence.[25] In addition, Costanzo states that Commander Haffenden of Naval Intelligence Section F (foreign intelligence) stated in numerous reports how his men were interviewing many native-born Italians and that they were cooperating because of Luciano.[26]
Footnotes[edit]
Jump up ^ Raab. p.76
Jump up ^ U.S. Treasury Department Bureau of Narcotics. p. 101
Jump up ^ U.S. Treasury Department Bureau of Narcotics. p. 809
Jump up ^ Kelly. p. 107
Jump up ^ Costanzo. pp.51-56
Jump up ^ Newark. pp. 99-111
^ Jump up to: a b Campbell. pp. 111-127
Jump up ^ Raab. p. 78
Jump up ^ "DEWEY COMMUTES LUCIANO SENTENCE,", The New York Times, 04 January 1946, Retrieved 25 March 2013
Jump up ^ Costanzo. p.42
Jump up ^ Costanzo. p.41
Jump up ^ Raab. pp.78-79
Jump up ^ Luconi. p.5
Jump up ^ Raab. p.77
Jump up ^ Newark. p.127
Jump up ^ McCoy. p. 20
Jump up ^ Newark. p.126
Jump up ^ Newark. p.134-135
Jump up ^ Costanzo. p.64
^ Jump up to: a b Raab. p.79
Jump up ^ Costanzo. p.66
Jump up ^ Costanzo. p.40
Jump up ^ Costanzo. p.77
Jump up ^ Newark. pp.288-289
Jump up ^ Costanzo. p.44
Jump up ^ Costanzo. p.59
References[edit]
Campbell, Rodney. The Luciano Project: The Secret Wartime Collaboration of the Mafia and the U.S. Navy. New York: McGraw-Hill, 1977.
Costanzo, Ezio. The Mafia and the Allies: Sicily 1943 and the Return of the Mafia. New York: Enigma Books, 2007.
Costanzo, Ezio. Mafia & Alleati, Servizi segreti americani e sbarco in Sicilia. Da Lucky Luciano ai sindaci uomini d'onore. Le Nove Muse Editrice, 2006
Kelly, Robert. The Upperworld and the Underworld: Case Studies of Racketeering and Business Infiltrations in the United States. New York: Kluwer Academic / Plenum Publishers, 1999.
Luconi, Stefano. "Italian Americans and the Invasion of Sicily in World War II." Italian Americana 25.1 (2007): 5-22.
McCoy, Alfred W. The Politics of Heroin in Southeast Asia. New York: Harper and Row, 1972.
New York Times. "DEWEY COMMUTES LUCIANO SENTENCE." 4 January 1946. New York Times. 25 March 2013.
Newark, Tim. Mafia Allies: The True Story of America's Secret Alliance with the Mob in World War II. Saint Paul: Zenith Press, 2007.
Raab, Selwyn. Five Families: The Rise, Decline, and Resurgence of America's Mast Powerful Mafia Empires. New York: Thomas Dunne Books, 2005.
U.S. Treasury Department Bureau of Narcotics. Mafia. New York: HarperCollins Publishers, 2007.
[hide]
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Pizzolungo bombing (1985)
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Lawrence Makoare
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Lawrence Makoare
Lawrence Makoare in 2003
Born
(1968-11-20) 20 November 1968 (age 48)
Bastion Point, Auckland, New Zealand
Residence
New Zealand
Occupation
Actor
Known for
The Lord of the Rings
The Hobbit
Height
6 ft 4 in (193 cm).[1]
Lawrence Makoare (born 20 November 1968) is a New Zealand Māori actor.
Contents
[hide]
1 Career
2 Personal life
3 Filmography
4 References
5 External links
Career[edit]
Makoare was a road construction builder who drifted into acting after he accompanied a girlfriend to a drama class and was picked out by the teacher to perform because of his impressive height. He began his career performing as a stuntman.[2] Makoare is probably best known for his roles in The Lord of the Rings and The Hobbit film trilogies. In The Fellowship of the Ring he portrayed the Uruk-hai leader Lurtz, and in The Return of the King he portrayed the Witch-king of Angmar as well as Gothmog, the Orc commander at the Battle of the Pelennor Fields. In The Hobbit: The Desolation of Smaug he portrayed the Orc commander Bolg, son of Azog. Due to filming commitments on Marco Polo Makoare was unavailable during the pick-ups shooting of The Hobbit: The Battle of the Five Armies, in which Bolg is portrayed by John Tui instead.
Makoare is also popular among Xena: Warrior Princess fans, having played two memorable characters in the third season: a Barbarian leader in episode "The Quill Is Mightier..."; and Maecanus (a minion of Aphrodite) in episode "Fins, Femmes and Gems". In 2002 he portrayed Mr. Kil in the James Bond film Die Another Day. The director of The Dead Lands, Toa Fraser, was not enthusiastic about using Makoare as the warrior but was won over by the way he managed, after a few directing hints, to turn in a performance that made him weep.[3]
Personal life[edit]
Makoare with a fan cosplaying as Lurtz, his character from The Lord of the Rings: The Fellowship of the Ring
Makoare has five children.[4]
Filmography[edit]
Year
Title
Role
Notes
1994 Rapa Nui Atta
1999 What Becomes of the Broken Hearted? Grunt
Greenstone Rameka TV Series
2000 The Feathers of Peace Pemako
The Price of Milk Nephew
2001 Crooked Earth Kahu Bastion
The Lord of the Rings: The Fellowship of the Ring Lurtz
2002 The Maori Merchant of Venice Pirihina o Morako
(The Prince of Morocco)
Die Another Day Mr Kil
2003 The Lord of the Rings: The Return of the King Witch-King of Angmar / Gothmog
2007 The Ferryman Snake
2012 L'oncle Charles Ratu
Fundamental J.T.
2013 The Hobbit: The Desolation of Smaug Bolg
2014 Marco Polo Za Bing TV Series
The Dead Lands The Warrior
References[edit]
Jump up ^ Lawrence Makoare's height as Celebheights.com, accessed on 12 May 2015
Jump up ^ Stephen Dowling, 'Taking a break with a Rings monster,'BBC News 17 September 2003
Jump up ^ Steohen Saito,'Interview: Toa Fraser on Bringing His Life to “The Dead Lands” ,' The Moveable Fest 11 December 2014.
Jump up ^ 'Lawrence Makoare Biography IMDB
External links[edit]
Lawrence Makoare on IMDb
Authority control
WorldCat Identities
VIAF: 76006105
LCCN: no2003059626

This article about a New Zealand actor or actress is a stub. You can help Wikipedia by expanding it.
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I Wouldn't Have It Any Other Way
From Wikipedia, the free encyclopedia
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"I Wouldn't Have It Any Other Way"
Single by Aaron Tippin
from the album Read Between the Lines
B-side
"What I Can't Live Without"
Released
June 22, 1992
Format
CD Single
Genre
Country
Length
3:11
Label
RCA Nashville
Songwriter(s)
Butch Curry, Aaron Tippin
Producer(s)
Emory Gordy Jr.
Aaron Tippin singles chronology
"There Ain't Nothin' Wrong with the Radio"
(1992) "I Wouldn't Have It Any Other Way"
(1992) "I Was Born with a Broken Heart"
(1992)
"There Ain't Nothin' Wrong with the Radio"
(1992) "I Wouldn't Have It Any Other Way"
(1992) "I Was Born with a Broken Heart"
(1992)
"I Wouldn't Have it Any Other Way" is a song co-written and recorded by American country music singer Aaron Tippin. It was released in June 1992 as the second single from the album, Read Between the Lines. The song reached the Top 5 on the Billboard Hot Country Singles & Tracks chart and peaked at number 4 on the Canadian RPM Country Tracks chart. It was written by Tippin and Butch Curry.[1]
Contents
1 Critical reception
2 Music video
3 Chart performance
3.1 Year-end charts
4 References
5 External links
Critical reception[edit]
Deborah Evans Price, of Billboard magazine reviewed the song favorably, calling it a "bright, feisty, and up-tempo manifesto of individuality, somewhat in the vein of Tippin's previous hit 'You've Got to Stand for Something.'"[2]
Music video[edit]
The music video was directed by Marius Penczner and premiered in May 1992. The video shows employees buying and running the factory that was about to be sold out from under them.
Chart performance[edit]
"I Wouldn't Have It Any Other Way" debuted at number 75 on the U.S. Billboard Hot Country Singles & Tracks chart for the week of June 20, 1992
Chart (1992)
Peak
position
Canada Country Tracks (RPM)[3] 4
US Hot Country Songs (Billboard)[4] 5
Year-end charts[edit]
Chart (1992)
Position
Canada Country Tracks (RPM)[5] 94
US Country Songs (Billboard)[6] 60
References[edit]
Jump up ^ Whitburn, Joel (August 2008). Hot Country Songs 1944 to 2008. Record Research, Inc. p. 207. ISBN 0-89820-177-2.
Jump up ^ Billboard, July 4, 1992
Jump up ^ "Top RPM Country Tracks: Issue 1937." RPM. Library and Archives Canada. September 26, 1992. Retrieved August 15, 2013.
Jump up ^ "Aaron Tippin Chart History (Hot Country Songs)". Billboard.
Jump up ^ "RPM Top 100 Country Tracks of 1992". RPM. December 19, 1992. Retrieved August 15, 2013.
Jump up ^ "Best of 1992: Country Songs". Billboard. Prometheus Global Media. 1992. Retrieved August 15, 2013.
External links[edit]
Lyrics of this song at MetroLyrics
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Aaron Tippin
Studio albums
You've Got to Stand for Something
Read Between the Lines
Call of the Wild
Lookin' Back at Myself
Tool Box
What This Country Needs
People Like Us
A December to Remember
Stars & Stripes
In Overdrive
Compilation albums
Greatest Hits… and Then Some
Notable singles
"You've Got to Stand for Something"
"I Wonder How Far It Is Over You"
"There Ain't Nothin' Wrong with the Radio"
"I Wouldn't Have It Any Other Way"
"I Was Born with a Broken Heart"
"My Blue Angel"
"Workin' Man's Ph.D."
"The Call of the Wild"
"Whole Lotta Love on the Line"
"I Got It Honest"
"She Feels Like a Brand New Man Tonight"
"That's as Close as I'll Get to Loving You"
"Without Your Love"
"For You I Will"
"I'm Leaving"
"Her"
"Kiss This"
"People Like Us"
"Always Was"
"Where the Stars and Stripes and the Eagle Fly"
"If Her Lovin' Don't Kill Me"
"Love Like There's No Tomorrow" (with Thea Tippin)
Related articles
Discography
This 1990s country song-related article is a stub. You can help Wikipedia by expanding it.
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Categories:
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text:
Corpus Christi Harbor Bridge
From Wikipedia, the free encyclopedia
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Corpus Christi Harbor Bridge
The Harbor Bridge crossing into Corpus Christi
Coordinates
27°48′46″N 97°23′43″W / 27.812857°N 97.39527°W / 27.812857; -97.39527Coordinates: 27°48′46″N 97°23′43″W / 27.812857°N 97.39527°W / 27.812857; -97.39527
Carries
6 lanes of US 181 and SH 35
Crosses
Port of Corpus Christi
Locale
Corpus Christi, Texas
Official name
Corpus Christi Harbor Bridge
Characteristics
Design
Through arch bridge
Height
243 ft
Longest span
620 ft.
Clearance below
138 ft
History
Opened
1959 [1]
Statistics
Toll
none
The Corpus Christi Harbor Bridge is a through arch bridge located in Corpus Christi, Texas which carries six lanes of US 181 from downtown Corpus Christi to Rincon Point, known to locals as North Beach. The harbor bridge crosses the Corpus Christi Ship Channel, which serves the Port of Corpus Christi, which is one of the US's busiest seaports and handles nearly 26,000 vehicles daily. A new bridge called the New Harbor Bridge is currently under construction, which would allow larger ships to pass beneath. [2]
Contents
1 History
2 Current bridge
2.1 New lighting
3 Incidents
4 References
5 External links
History[edit]
Geography
The entire bay ecosystem is protected from the Gulf Of Mexico by barrier islands. Mustang Island and San Jose Island are the two principal landmasses that shield the Aransas and Corpus Christi Bays from the wider Gulf. Inland from Corpus Christi Bay is Nueces Bay, the outlet for the Nueces River. The Nueces and Corpus Christi bays are separated by a sandbar anchored on the south end by Rincon Point peninsula and Indian Point peninsula on the north. Just south of Rincon Point was a small natural channel called Hall's Bayou.

Hall's Bayou Bridge
In the 1880s a small wooden bridge was erected over Hall's Bayou, then little more than a muddy slough, to allow access to Rincon Point.

Bascule Bridge
One of the 1920s era federal Rivers and Harbors Acts authorized dredging a channel 25 feet deep and 200 feet wide from the Gulf Of Mexico, through Aransas Pass and on into Hall's Bayou. Dredging was completed and the port was opened in 1926. The Act also authorized the construction of a 121 foot long, 52 foot wide bascule-type drawbridge. The bridge was built by the Wisconsin Bridge and Iron Co. and upon completion was painted black and coated in grease to inhibit corrosion. The operations of the bridge were complex, consisting of whistled signals between approaching ship and bridge operators. When the bridge had to be raised, this caused frustration for drivers who had to cross the bridge, as it was raised well before ships came close, and had to stay raised for up to 20 minutes or more, and sometimes up to 30 times a day.

Harbor Bridge
By the 1950s the Bascule bridge was a significant traffic bottleneck. As part of the nationwide interstate highway system, Congress authorized funding for IH-37 through Corpus Christi and included money for the construction of a new bridge that was elevated over the channel at a height sufficient to allow the passage of ships without stopping vehicular traffic. In 1959 the current Harbor Bridge was completed, allowing ships with a maximum above-waterline height of 138 feet to pass underneath and use a wider portion of the channel than the previous drawbridge. The Harbor Bridge is slated for demolition to be completed in 2021, pending the successful completion of its' replacement.

2020 Harbor Bridge
The 1959 Harbor Bridge was constructed with a 50 year lifespan in mind. In 2008 Local, State, and Federal authorities began the replacement process. The 2020 Harbor Bridge will be a cable-stayed suspension bridge with a 1,661 feet span, rising to a height of 538 feet at the peak of each support pylon. The bridge will allow passage of ships up to 205 feet above-waterline height. The concrete construction technique used for bridge segments have a 170 year estimated life. Construction is slated to finish in 2020.
Current bridge[edit]
New lighting[edit]
A new LED lighting system was unveiled to the public on December 4, 2011, at a public lighting ceremony held at Whataburger Field. The $2.2 million project was a joint venture between the City of Corpus Christi, the Port of Corpus Christi, the Texas Department of Transportation, and American Bank. The lighting system comprises more than 950 Philips Color Kinetics fixtures, and has over 11,000 individually addressable RGB nodes.
Incidents[edit]
In 2013 two men and one woman died in unrelated incidents after jumping off the bridge.
References[edit]
Jump up ^ Harbor Bridge, Corpus Christi / Emporis.com
Jump up ^ Hardt, Steven (May 3, 2015). "Developer Selected to Build U.S.'s Longest Cable Stayed Bridge in Corpus Christi, Texas". Los Angeles: Nossaman LLP.
.
External links[edit]
Wikimedia Commons has media related to Corpus Christi Harbor Bridge.
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Colleges and
universities
Texas A&M University–Corpus Christi
Del Mar College
Military
Naval Air Station Corpus Christi
USS City of Corpus Christi (SSN-705)
Parks and
Recreation
Corpus Christi Bay
Nueces Bay
Oso Bay
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Sports
C.C. Hooks
C.C. IceRays
C.C. Rugby Football Club
Tourism
List of museums in the Texas Gulf Coast
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Sunrise Mall
One Shoreline Plaza
American Bank Center
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Bayfest
Hans and Pat Suter Wildlife Refuge
Transportation
Corpus Christi International Airport
Harbor Bridge
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Government
TX 27
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