jjing的个人主页 - 老虎社区

jjing

jjing

暂无个人介绍

IP属地：未知

25关注

0粉丝

0主题

0勋章

2021-07-21

Like please

抱歉，原内容已删除

2021-07-19

Like please

Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>

2021-07-18

Like

抱歉，原内容已删除

2021-07-18

H

抱歉，原内容已删除

2021-07-16

[微笑]

抱歉，原内容已删除

2021-07-16

[微笑]

抱歉，原内容已删除

2021-07-14

[微笑]

Goldman Has "Aggressively" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛“积极”悄悄清算了四分之一的股权投资</blockquote>

2021-07-14

Ya

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3583709064106308","uuid":"3583709064106308","gmtCreate":1620616989196,"gmtModify":1626239556400,"name":"jjing","pinyin":"jjing","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":25,"tweetSize":8,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":178473890,"gmtCreate":1626834472010,"gmtModify":1633770550446,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178473890","repostId":"2153716613","repostType":4,"isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173623936,"gmtCreate":1626658310825,"gmtModify":1633925192147,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173623936","repostId":"1126246997","repostType":4,"repost":{"id":"1126246997","kind":"news","pubTimestamp":1626657763,"share":"https://www.laohu8.com/m/news/1126246997?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:22","market":"us","language":"en","title":"Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126246997","media":"WSJ","summary":"WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage gian","content":"<p>WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.</p><p><blockquote>华盛顿——随着抵押贷款巨头房利美和房地美将取消去年在 Covid-19 大流行期间征收的费用，政府支持的住房贷款再融资成本预计将会下降。</blockquote></p><p> A federal housing regulator said Friday that Fannie and Freddie will eliminate&nbsp;the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.</p><p><blockquote>联邦住房监管机构周五表示，房利美和房地美将从 8 月 1 日起取消抵押贷款再融资 0.5% 的费用。根据抵押贷款银行家协会的估计，12 月份征收的这项费用使这些公司支持的平均抵押贷款再融资成本增加了约 1,400 美元。</blockquote></p><p> “The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”</p><p><blockquote>“联邦住房金融局代理局长桑德拉-汤普森（Sandra L. Thompson）说：”Covid-19 大流行在财政上加剧了美国的经济适用房危机。“取消[费用]将有助于家庭利用低利率环境节省更多资金”。</blockquote></p><p> U.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.</p><p><blockquote>由于市场住房短缺与潜在买家飙升的需求相冲突，美国房价在过去一年以几十年来最快的速度上涨。这种情况加剧了人们对住房负担能力的担忧，并加大了拜登政府应对的压力。</blockquote></p><p> With interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.</p><p><blockquote>由于利率按历史标准来看很低，数百万美国人还对现有抵押贷款进行了再融资，以减少每月还款额。但房利美和房地美收取的费用消除了受影响借款人的大部分储蓄。</blockquote></p><p> Greg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.</p><p><blockquote>个人理财公司 Bankrate.com 首席金融分析师格雷格·麦克布莱德 (Greg McBride) 表示，该费用使平均抵押贷款利率增加了约八分之一个百分点，即 30 万美元贷款每月约 20 美元。</blockquote></p><p> “Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.</p><p><blockquote>“麦克布莱德先生说：”贷款机构可能会以此为契机，提高自己的利润，而利润一直受到低利率和激烈竞争的挤压，因此房主寻找提供最优惠条件的贷款机构非常重要。</blockquote></p><p> Average refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.</p><p><blockquote>麦克布莱德援引银行利率数据表示，周四 30 年期固定利率抵押贷款的平均再融资利率为 3.1%。相比之下，1 月份的历史最低点为 2.88%。</blockquote></p><p> Fannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.</p><p><blockquote>房利美和房地美通过从贷款人那里购买许多抵押贷款并随后为其提供担保来鼓励低借贷成本。该费用旨在弥补与疫情相关的潜在损失以及政府减轻其经济影响的措施，包括暂停止赎和另一项允许一些借款人暂停每月还款的计划。</blockquote></p><p> Such programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.</p><p><blockquote>由于较富裕的工人更有可能拥有自己的住房，因此这些计划并没有预期的那么多用途，因此失业并没有最初担心的那么严重。房价上涨进一步降低了贷款损失的可能性，房利美和房地美去年都公布了强劲的利润，甚至在费用生效之前。</blockquote></p><p> The fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.</p><p><blockquote>这项费用引发了抵押贷款机构和两党议员小组的批评。</blockquote></p><p> The announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.</p><p><blockquote>宣布取消该机构不到一个月前，拜登总统解雇了特朗普执政任命的前 FHFA 主任马克·卡拉布里亚 (Mark Calabria)。2008 年金融危机后，经过 12 年的政府控制（即监管），卡拉布里亚先生优先考虑将房利美和房地美归还给私人手中。</blockquote></p><p> The fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.</p><p><blockquote>房利美和房地美每获得 10 亿美元符合条件的抵押贷款，该费用就会产生 500 万美元的额外收入，从而增强了它们的财务状况，并增强了它们对投资者的潜在吸引力。</blockquote></p><p> “There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”</p><p><blockquote>“抵押贷款银行家协会主席鲍勃-布鲁克斯米特（Bob Broeksmit）说：”收取这笔费用没有持续的理由，所以他们正在取消这笔费用。“这清楚地体现了代理导演汤普森对使命和消费者的关注，而前任导演卡拉布里亚则一心一意地专注于资本积累和摆脱监管。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-19 09:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.</p><p><blockquote>华盛顿——随着抵押贷款巨头房利美和房地美将取消去年在 Covid-19 大流行期间征收的费用，政府支持的住房贷款再融资成本预计将会下降。</blockquote></p><p> A federal housing regulator said Friday that Fannie and Freddie will eliminate&nbsp;the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.</p><p><blockquote>联邦住房监管机构周五表示，房利美和房地美将从 8 月 1 日起取消抵押贷款再融资 0.5% 的费用。根据抵押贷款银行家协会的估计，12 月份征收的这项费用使这些公司支持的平均抵押贷款再融资成本增加了约 1,400 美元。</blockquote></p><p> “The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”</p><p><blockquote>“联邦住房金融局代理局长桑德拉-汤普森（Sandra L. Thompson）说：”Covid-19 大流行在财政上加剧了美国的经济适用房危机。“取消[费用]将有助于家庭利用低利率环境节省更多资金”。</blockquote></p><p> U.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.</p><p><blockquote>由于市场住房短缺与潜在买家飙升的需求相冲突，美国房价在过去一年以几十年来最快的速度上涨。这种情况加剧了人们对住房负担能力的担忧，并加大了拜登政府应对的压力。</blockquote></p><p> With interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.</p><p><blockquote>由于利率按历史标准来看很低，数百万美国人还对现有抵押贷款进行了再融资，以减少每月还款额。但房利美和房地美收取的费用消除了受影响借款人的大部分储蓄。</blockquote></p><p> Greg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.</p><p><blockquote>个人理财公司 Bankrate.com 首席金融分析师格雷格·麦克布莱德 (Greg McBride) 表示，该费用使平均抵押贷款利率增加了约八分之一个百分点，即 30 万美元贷款每月约 20 美元。</blockquote></p><p> “Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.</p><p><blockquote>“麦克布莱德先生说：”贷款机构可能会以此为契机，提高自己的利润，而利润一直受到低利率和激烈竞争的挤压，因此房主寻找提供最优惠条件的贷款机构非常重要。</blockquote></p><p> Average refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.</p><p><blockquote>麦克布莱德援引银行利率数据表示，周四 30 年期固定利率抵押贷款的平均再融资利率为 3.1%。相比之下，1 月份的历史最低点为 2.88%。</blockquote></p><p> Fannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.</p><p><blockquote>房利美和房地美通过从贷款人那里购买许多抵押贷款并随后为其提供担保来鼓励低借贷成本。该费用旨在弥补与疫情相关的潜在损失以及政府减轻其经济影响的措施，包括暂停止赎和另一项允许一些借款人暂停每月还款的计划。</blockquote></p><p> Such programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.</p><p><blockquote>由于较富裕的工人更有可能拥有自己的住房，因此这些计划并没有预期的那么多用途，因此失业并没有最初担心的那么严重。房价上涨进一步降低了贷款损失的可能性，房利美和房地美去年都公布了强劲的利润，甚至在费用生效之前。</blockquote></p><p> The fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.</p><p><blockquote>这项费用引发了抵押贷款机构和两党议员小组的批评。</blockquote></p><p> The announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.</p><p><blockquote>宣布取消该机构不到一个月前，拜登总统解雇了特朗普执政任命的前 FHFA 主任马克·卡拉布里亚 (Mark Calabria)。2008 年金融危机后，经过 12 年的政府控制（即监管），卡拉布里亚先生优先考虑将房利美和房地美归还给私人手中。</blockquote></p><p> The fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.</p><p><blockquote>房利美和房地美每获得 10 亿美元符合条件的抵押贷款，该费用就会产生 500 万美元的额外收入，从而增强了它们的财务状况，并增强了它们对投资者的潜在吸引力。</blockquote></p><p> “There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”</p><p><blockquote>“抵押贷款银行家协会主席鲍勃-布鲁克斯米特（Bob Broeksmit）说：”收取这笔费用没有持续的理由，所以他们正在取消这笔费用。“这清楚地体现了代理导演汤普森对使命和消费者的关注，而前任导演卡拉布里亚则一心一意地专注于资本积累和摆脱监管。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FNMA":"房利美","FMCC":"房地美"},"source_url":"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126246997","content_text":"WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.\nA federal housing regulator said Friday that Fannie and Freddie will eliminate the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.\n“The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”\nU.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.\nWith interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.\nGreg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.\n“Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.\nAverage refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.\nFannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.\nSuch programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.\nThe fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.\nThe announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.\nThe fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.\n“There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”","news_type":1,"symbols_score_info":{"FMCC":0.9,"FNMA":0.9}},"isVote":1,"tweetType":1,"viewCount":3290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179240681,"gmtCreate":1626538804843,"gmtModify":1633925979720,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179240681","repostId":"2152689084","repostType":4,"isVote":1,"tweetType":1,"viewCount":2949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179240966,"gmtCreate":1626538704955,"gmtModify":1633925980191,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179240966","repostId":"2152897876","repostType":4,"isVote":1,"tweetType":1,"viewCount":2925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170804076,"gmtCreate":1626417159695,"gmtModify":1633926924100,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170804076","repostId":"1122179575","repostType":4,"isVote":1,"tweetType":1,"viewCount":2100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":170805908,"gmtCreate":1626417085904,"gmtModify":1633926924693,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170805908","repostId":"2151573133","repostType":4,"isVote":1,"tweetType":1,"viewCount":2805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":145486725,"gmtCreate":1626237755767,"gmtModify":1633928727607,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145486725","repostId":"1133459947","repostType":4,"repost":{"id":"1133459947","kind":"news","pubTimestamp":1626232908,"share":"https://www.laohu8.com/m/news/1133459947?lang=zh_CN&edition=full","pubTime":"2021-07-14 11:21","market":"us","language":"en","title":"Goldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛“积极”悄悄清算了四分之一的股权投资</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133459947","media":"zerohedge","summary":"While most analysts and traders were digging through Goldman's investment banking and trading result","content":"<p>While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...</p><p><blockquote>当大多数分析师和交易员都在挖掘高盛的投资银行和交易业绩时——前者表现出色，而交易，尤其是在FICC，则平庸……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd07fc077dd10720c94c622b49d99141\" tg-width=\"1280\" tg-height=\"706\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.</p><p><blockquote>...当该银行公布有记录以来第二好的季度时，该银行第二季度收益报告出现了更明显的下滑，这与高盛为自己的道具或“资产管理”账簿所做的事情有关。</blockquote></p><p> As shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.</p><p><blockquote>如下表所示，高盛资产管理公司（F/K/A“prop”）本季度也表现出色，净收入达到创纪录的 51 亿美元，是去年同期的两倍多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d7dcf11b10007ddc07352220768e105\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\">In explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"</p><p><blockquote>在解释该集团的出色表现时，高盛写道：“股权投资产生了创纪录的净收入，同比增长主要是由于私募股权投资净收益显着增加，而私募股权投资净收益是由公司特定事件（包括融资和销售）推动的，以及与充满挑战的2020年第二季度相比，公司业绩有所改善。”</blockquote></p><p> The bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).</p><p><blockquote>然后，该银行对其道具交易员的资产组合进行了细分，截至第二季度，这些交易员的股权投资约为 210 亿美元，分布在各个行业、年份和地区（主要是美国）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3a2d4089fcfd78f1b6d025823c88d24d\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which brings us to the punchline: a chart showing what Goldman<i>had done</i>with its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"<i><b>harvesting</b></i>\" its balance sheet equity portfolio. Which, of course, is another word for selling.</p><p><blockquote>这就把我们带到了笑点：一张显示高盛的图表<i>做过</i>2021年的股权投资。在这里，银行没有出拳，在标题中明确表示它一直很忙。”<i><b>收获</b></i>“它的资产负债表股票投资组合。当然，这是出售的另一个词。</blockquote></p><p> What is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,<b>Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.</b></p><p><blockquote>更引人注目的是，高盛在 2021 年迄今为止收获了多少：如下图所示，从 200 亿美元的股票投资组合开始，市场价格上涨了 50 亿美元，<b>截至 12 月 31 日，高盛迄今已抛售了高达 55 亿美元的股票资产（不包括少量的 15 亿美元收购），占其整个投资组合的四分之一以上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/93df1ef5d7169b1d81a0042eac5f2af6\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Who is Goldman selling to? Anyone who will buy, but here we would wager that<b>retail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.</b>This, in the financial literature is called the \"<b>distribution phase.</b>\"</p><p><blockquote>高盛在卖给谁？任何愿意购买的人，但我们打赌<b>散户投资者——他们在 2021 年一直在倾斜买入——是高盛数十亿美元销售额的骄傲接受者。</b>这在金融文献中被称为“<b>分布阶段。</b>\"</blockquote></p><p> The sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"<b>made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"</b></p><p><blockquote>此次销售如此广泛，以至于今天早些时候高盛的财报看涨期权上提出了这个话题。在回答有关高盛努力缩减其股票投资组合的问题时，该银行表示，它已经“<b>在提高资本效率方面取得了进展，并正在‘积极’管理股票头寸，特别是因为环境有利。”</b></blockquote></p><p> What does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.</p><p><blockquote>这在英语中是什么意思？很简单：高盛正在一个“支持性”的环境中“积极地”抛售其头寸，也就是说，在这种环境中，愚蠢的资金提供了一个持续的出价，高盛这样的鲸鱼可以卖出。</blockquote></p><p> The last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...</p><p><blockquote>高盛上一次“积极”卖入“支持性”市场是什么时候？好吧，我们必须追溯到 2007 年和 2008 年，当时高盛正忙于创建 CDO，而其支持者随后会“积极”做空这些 CDO。我们都记得那个特别的举动是多么具有预见性……</blockquote></p><p> <b>Related:</b></p><p><blockquote><b>相关：</b></blockquote></p><p> <ul>  <li>Goldman Sachs:&nbsp;Q2 GAAP EPS of $15.02beats by $5.07.</li>  <li>Revenue of $15.39B (+15.7% Y/Y)beats by $3.22B.</li>  <li>Reversal of credit losses of $92M.</li>  <li>On July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.</li> </ul></p><p><blockquote><ul><li>高盛：第二季度 GAAP 每股收益为 15.02 美元，超出 5.07 美元。</li><li>收入 $15.39B（同比增长 15.7%）超过预期 $3.22B。</li><li>扭转信贷损失9200万美元。</li><li>2021年7月12日，高盛集团董事会批准从2021年第三季度开始将季度股息增加60%，至每股普通股2.00美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛“积极”悄悄清算了四分之一的股权投资</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛“积极”悄悄清算了四分之一的股权投资</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-14 11:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...</p><p><blockquote>当大多数分析师和交易员都在挖掘高盛的投资银行和交易业绩时——前者表现出色，而交易，尤其是在FICC，则平庸……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd07fc077dd10720c94c622b49d99141\" tg-width=\"1280\" tg-height=\"706\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.</p><p><blockquote>...当该银行公布有记录以来第二好的季度时，该银行第二季度收益报告出现了更明显的下滑，这与高盛为自己的道具或“资产管理”账簿所做的事情有关。</blockquote></p><p> As shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.</p><p><blockquote>如下表所示，高盛资产管理公司（F/K/A“prop”）本季度也表现出色，净收入达到创纪录的 51 亿美元，是去年同期的两倍多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d7dcf11b10007ddc07352220768e105\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\">In explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"</p><p><blockquote>在解释该集团的出色表现时，高盛写道：“股权投资产生了创纪录的净收入，同比增长主要是由于私募股权投资净收益显着增加，而私募股权投资净收益是由公司特定事件（包括融资和销售）推动的，以及与充满挑战的2020年第二季度相比，公司业绩有所改善。”</blockquote></p><p> The bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).</p><p><blockquote>然后，该银行对其道具交易员的资产组合进行了细分，截至第二季度，这些交易员的股权投资约为 210 亿美元，分布在各个行业、年份和地区（主要是美国）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3a2d4089fcfd78f1b6d025823c88d24d\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which brings us to the punchline: a chart showing what Goldman<i>had done</i>with its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"<i><b>harvesting</b></i>\" its balance sheet equity portfolio. Which, of course, is another word for selling.</p><p><blockquote>这就把我们带到了笑点：一张显示高盛的图表<i>做过</i>2021年的股权投资。在这里，银行没有出拳，在标题中明确表示它一直很忙。”<i><b>收获</b></i>“它的资产负债表股票投资组合。当然，这是出售的另一个词。</blockquote></p><p> What is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,<b>Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.</b></p><p><blockquote>更引人注目的是，高盛在 2021 年迄今为止收获了多少：如下图所示，从 200 亿美元的股票投资组合开始，市场价格上涨了 50 亿美元，<b>截至 12 月 31 日，高盛迄今已抛售了高达 55 亿美元的股票资产（不包括少量的 15 亿美元收购），占其整个投资组合的四分之一以上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/93df1ef5d7169b1d81a0042eac5f2af6\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Who is Goldman selling to? Anyone who will buy, but here we would wager that<b>retail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.</b>This, in the financial literature is called the \"<b>distribution phase.</b>\"</p><p><blockquote>高盛在卖给谁？任何愿意购买的人，但我们打赌<b>散户投资者——他们在 2021 年一直在倾斜买入——是高盛数十亿美元销售额的骄傲接受者。</b>这在金融文献中被称为“<b>分布阶段。</b>\"</blockquote></p><p> The sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"<b>made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"</b></p><p><blockquote>此次销售如此广泛，以至于今天早些时候高盛的财报看涨期权上提出了这个话题。在回答有关高盛努力缩减其股票投资组合的问题时，该银行表示，它已经“<b>在提高资本效率方面取得了进展，并正在‘积极’管理股票头寸，特别是因为环境有利。”</b></blockquote></p><p> What does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.</p><p><blockquote>这在英语中是什么意思？很简单：高盛正在一个“支持性”的环境中“积极地”抛售其头寸，也就是说，在这种环境中，愚蠢的资金提供了一个持续的出价，高盛这样的鲸鱼可以卖出。</blockquote></p><p> The last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...</p><p><blockquote>高盛上一次“积极”卖入“支持性”市场是什么时候？好吧，我们必须追溯到 2007 年和 2008 年，当时高盛正忙于创建 CDO，而其支持者随后会“积极”做空这些 CDO。我们都记得那个特别的举动是多么具有预见性……</blockquote></p><p> <b>Related:</b></p><p><blockquote><b>相关：</b></blockquote></p><p> <ul>  <li>Goldman Sachs:&nbsp;Q2 GAAP EPS of $15.02beats by $5.07.</li>  <li>Revenue of $15.39B (+15.7% Y/Y)beats by $3.22B.</li>  <li>Reversal of credit losses of $92M.</li>  <li>On July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.</li> </ul></p><p><blockquote><ul><li>高盛：第二季度 GAAP 每股收益为 15.02 美元，超出 5.07 美元。</li><li>收入 $15.39B（同比增长 15.7%）超过预期 $3.22B。</li><li>扭转信贷损失9200万美元。</li><li>2021年7月12日，高盛集团董事会批准从2021年第三季度开始将季度股息增加60%，至每股普通股2.00美元。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"source_url":"https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133459947","content_text":"While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...\n\n... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.\nAs shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.\nIn explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"\nThe bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).\n\nWhich brings us to the punchline: a chart showing what Goldmanhad donewith its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"harvesting\" its balance sheet equity portfolio. Which, of course, is another word for selling.\nWhat is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.\n\nWho is Goldman selling to? Anyone who will buy, but here we would wager thatretail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.This, in the financial literature is called the \"distribution phase.\"\nThe sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"\nWhat does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.\nThe last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...\nRelated:\n\nGoldman Sachs: Q2 GAAP EPS of $15.02beats by $5.07.\nRevenue of $15.39B (+15.7% Y/Y)beats by $3.22B.\nReversal of credit losses of $92M.\nOn July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":145486314,"gmtCreate":1626237671238,"gmtModify":1633928728051,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Ya","listText":"Ya","text":"Ya","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145486314","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":2222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":173623936,"gmtCreate":1626658310825,"gmtModify":1633925192147,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173623936","repostId":"1126246997","repostType":4,"repost":{"id":"1126246997","kind":"news","pubTimestamp":1626657763,"share":"https://www.laohu8.com/m/news/1126246997?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:22","market":"us","language":"en","title":"Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126246997","media":"WSJ","summary":"WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage gian","content":"<p>WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.</p><p><blockquote>华盛顿——随着抵押贷款巨头房利美和房地美将取消去年在 Covid-19 大流行期间征收的费用，政府支持的住房贷款再融资成本预计将会下降。</blockquote></p><p> A federal housing regulator said Friday that Fannie and Freddie will eliminate&nbsp;the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.</p><p><blockquote>联邦住房监管机构周五表示，房利美和房地美将从 8 月 1 日起取消抵押贷款再融资 0.5% 的费用。根据抵押贷款银行家协会的估计，12 月份征收的这项费用使这些公司支持的平均抵押贷款再融资成本增加了约 1,400 美元。</blockquote></p><p> “The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”</p><p><blockquote>“联邦住房金融局代理局长桑德拉-汤普森（Sandra L. Thompson）说：”Covid-19 大流行在财政上加剧了美国的经济适用房危机。“取消[费用]将有助于家庭利用低利率环境节省更多资金”。</blockquote></p><p> U.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.</p><p><blockquote>由于市场住房短缺与潜在买家飙升的需求相冲突，美国房价在过去一年以几十年来最快的速度上涨。这种情况加剧了人们对住房负担能力的担忧，并加大了拜登政府应对的压力。</blockquote></p><p> With interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.</p><p><blockquote>由于利率按历史标准来看很低，数百万美国人还对现有抵押贷款进行了再融资，以减少每月还款额。但房利美和房地美收取的费用消除了受影响借款人的大部分储蓄。</blockquote></p><p> Greg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.</p><p><blockquote>个人理财公司 Bankrate.com 首席金融分析师格雷格·麦克布莱德 (Greg McBride) 表示，该费用使平均抵押贷款利率增加了约八分之一个百分点，即 30 万美元贷款每月约 20 美元。</blockquote></p><p> “Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.</p><p><blockquote>“麦克布莱德先生说：”贷款机构可能会以此为契机，提高自己的利润，而利润一直受到低利率和激烈竞争的挤压，因此房主寻找提供最优惠条件的贷款机构非常重要。</blockquote></p><p> Average refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.</p><p><blockquote>麦克布莱德援引银行利率数据表示，周四 30 年期固定利率抵押贷款的平均再融资利率为 3.1%。相比之下，1 月份的历史最低点为 2.88%。</blockquote></p><p> Fannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.</p><p><blockquote>房利美和房地美通过从贷款人那里购买许多抵押贷款并随后为其提供担保来鼓励低借贷成本。该费用旨在弥补与疫情相关的潜在损失以及政府减轻其经济影响的措施，包括暂停止赎和另一项允许一些借款人暂停每月还款的计划。</blockquote></p><p> Such programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.</p><p><blockquote>由于较富裕的工人更有可能拥有自己的住房，因此这些计划并没有预期的那么多用途，因此失业并没有最初担心的那么严重。房价上涨进一步降低了贷款损失的可能性，房利美和房地美去年都公布了强劲的利润，甚至在费用生效之前。</blockquote></p><p> The fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.</p><p><blockquote>这项费用引发了抵押贷款机构和两党议员小组的批评。</blockquote></p><p> The announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.</p><p><blockquote>宣布取消该机构不到一个月前，拜登总统解雇了特朗普执政任命的前 FHFA 主任马克·卡拉布里亚 (Mark Calabria)。2008 年金融危机后，经过 12 年的政府控制（即监管），卡拉布里亚先生优先考虑将房利美和房地美归还给私人手中。</blockquote></p><p> The fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.</p><p><blockquote>房利美和房地美每获得 10 亿美元符合条件的抵押贷款，该费用就会产生 500 万美元的额外收入，从而增强了它们的财务状况，并增强了它们对投资者的潜在吸引力。</blockquote></p><p> “There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”</p><p><blockquote>“抵押贷款银行家协会主席鲍勃-布鲁克斯米特（Bob Broeksmit）说：”收取这笔费用没有持续的理由，所以他们正在取消这笔费用。“这清楚地体现了代理导演汤普森对使命和消费者的关注，而前任导演卡拉布里亚则一心一意地专注于资本积累和摆脱监管。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-19 09:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.</p><p><blockquote>华盛顿——随着抵押贷款巨头房利美和房地美将取消去年在 Covid-19 大流行期间征收的费用，政府支持的住房贷款再融资成本预计将会下降。</blockquote></p><p> A federal housing regulator said Friday that Fannie and Freddie will eliminate&nbsp;the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.</p><p><blockquote>联邦住房监管机构周五表示，房利美和房地美将从 8 月 1 日起取消抵押贷款再融资 0.5% 的费用。根据抵押贷款银行家协会的估计，12 月份征收的这项费用使这些公司支持的平均抵押贷款再融资成本增加了约 1,400 美元。</blockquote></p><p> “The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”</p><p><blockquote>“联邦住房金融局代理局长桑德拉-汤普森（Sandra L. Thompson）说：”Covid-19 大流行在财政上加剧了美国的经济适用房危机。“取消[费用]将有助于家庭利用低利率环境节省更多资金”。</blockquote></p><p> U.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.</p><p><blockquote>由于市场住房短缺与潜在买家飙升的需求相冲突，美国房价在过去一年以几十年来最快的速度上涨。这种情况加剧了人们对住房负担能力的担忧，并加大了拜登政府应对的压力。</blockquote></p><p> With interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.</p><p><blockquote>由于利率按历史标准来看很低，数百万美国人还对现有抵押贷款进行了再融资，以减少每月还款额。但房利美和房地美收取的费用消除了受影响借款人的大部分储蓄。</blockquote></p><p> Greg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.</p><p><blockquote>个人理财公司 Bankrate.com 首席金融分析师格雷格·麦克布莱德 (Greg McBride) 表示，该费用使平均抵押贷款利率增加了约八分之一个百分点，即 30 万美元贷款每月约 20 美元。</blockquote></p><p> “Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.</p><p><blockquote>“麦克布莱德先生说：”贷款机构可能会以此为契机，提高自己的利润，而利润一直受到低利率和激烈竞争的挤压，因此房主寻找提供最优惠条件的贷款机构非常重要。</blockquote></p><p> Average refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.</p><p><blockquote>麦克布莱德援引银行利率数据表示，周四 30 年期固定利率抵押贷款的平均再融资利率为 3.1%。相比之下，1 月份的历史最低点为 2.88%。</blockquote></p><p> Fannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.</p><p><blockquote>房利美和房地美通过从贷款人那里购买许多抵押贷款并随后为其提供担保来鼓励低借贷成本。该费用旨在弥补与疫情相关的潜在损失以及政府减轻其经济影响的措施，包括暂停止赎和另一项允许一些借款人暂停每月还款的计划。</blockquote></p><p> Such programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.</p><p><blockquote>由于较富裕的工人更有可能拥有自己的住房，因此这些计划并没有预期的那么多用途，因此失业并没有最初担心的那么严重。房价上涨进一步降低了贷款损失的可能性，房利美和房地美去年都公布了强劲的利润，甚至在费用生效之前。</blockquote></p><p> The fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.</p><p><blockquote>这项费用引发了抵押贷款机构和两党议员小组的批评。</blockquote></p><p> The announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.</p><p><blockquote>宣布取消该机构不到一个月前，拜登总统解雇了特朗普执政任命的前 FHFA 主任马克·卡拉布里亚 (Mark Calabria)。2008 年金融危机后，经过 12 年的政府控制（即监管），卡拉布里亚先生优先考虑将房利美和房地美归还给私人手中。</blockquote></p><p> The fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.</p><p><blockquote>房利美和房地美每获得 10 亿美元符合条件的抵押贷款，该费用就会产生 500 万美元的额外收入，从而增强了它们的财务状况，并增强了它们对投资者的潜在吸引力。</blockquote></p><p> “There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”</p><p><blockquote>“抵押贷款银行家协会主席鲍勃-布鲁克斯米特（Bob Broeksmit）说：”收取这笔费用没有持续的理由，所以他们正在取消这笔费用。“这清楚地体现了代理导演汤普森对使命和消费者的关注，而前任导演卡拉布里亚则一心一意地专注于资本积累和摆脱监管。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FNMA":"房利美","FMCC":"房地美"},"source_url":"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126246997","content_text":"WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.\nA federal housing regulator said Friday that Fannie and Freddie will eliminate the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.\n“The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”\nU.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.\nWith interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.\nGreg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.\n“Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.\nAverage refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.\nFannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.\nSuch programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.\nThe fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.\nThe announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.\nThe fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.\n“There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”","news_type":1,"symbols_score_info":{"FMCC":0.9,"FNMA":0.9}},"isVote":1,"tweetType":1,"viewCount":3290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170805908,"gmtCreate":1626417085904,"gmtModify":1633926924693,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170805908","repostId":"2151573133","repostType":4,"isVote":1,"tweetType":1,"viewCount":2805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":145486314,"gmtCreate":1626237671238,"gmtModify":1633928728051,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Ya","listText":"Ya","text":"Ya","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145486314","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":2222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178473890,"gmtCreate":1626834472010,"gmtModify":1633770550446,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178473890","repostId":"2153716613","repostType":4,"isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179240966,"gmtCreate":1626538704955,"gmtModify":1633925980191,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179240966","repostId":"2152897876","repostType":4,"isVote":1,"tweetType":1,"viewCount":2925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179240681,"gmtCreate":1626538804843,"gmtModify":1633925979720,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179240681","repostId":"2152689084","repostType":4,"isVote":1,"tweetType":1,"viewCount":2949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170804076,"gmtCreate":1626417159695,"gmtModify":1633926924100,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170804076","repostId":"1122179575","repostType":4,"isVote":1,"tweetType":1,"viewCount":2100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":145486725,"gmtCreate":1626237755767,"gmtModify":1633928727607,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145486725","repostId":"1133459947","repostType":4,"repost":{"id":"1133459947","kind":"news","pubTimestamp":1626232908,"share":"https://www.laohu8.com/m/news/1133459947?lang=zh_CN&edition=full","pubTime":"2021-07-14 11:21","market":"us","language":"en","title":"Goldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛“积极”悄悄清算了四分之一的股权投资</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133459947","media":"zerohedge","summary":"While most analysts and traders were digging through Goldman's investment banking and trading result","content":"<p>While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...</p><p><blockquote>当大多数分析师和交易员都在挖掘高盛的投资银行和交易业绩时——前者表现出色，而交易，尤其是在FICC，则平庸……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd07fc077dd10720c94c622b49d99141\" tg-width=\"1280\" tg-height=\"706\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.</p><p><blockquote>...当该银行公布有记录以来第二好的季度时，该银行第二季度收益报告出现了更明显的下滑，这与高盛为自己的道具或“资产管理”账簿所做的事情有关。</blockquote></p><p> As shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.</p><p><blockquote>如下表所示，高盛资产管理公司（F/K/A“prop”）本季度也表现出色，净收入达到创纪录的 51 亿美元，是去年同期的两倍多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d7dcf11b10007ddc07352220768e105\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\">In explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"</p><p><blockquote>在解释该集团的出色表现时，高盛写道：“股权投资产生了创纪录的净收入，同比增长主要是由于私募股权投资净收益显着增加，而私募股权投资净收益是由公司特定事件（包括融资和销售）推动的，以及与充满挑战的2020年第二季度相比，公司业绩有所改善。”</blockquote></p><p> The bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).</p><p><blockquote>然后，该银行对其道具交易员的资产组合进行了细分，截至第二季度，这些交易员的股权投资约为 210 亿美元，分布在各个行业、年份和地区（主要是美国）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3a2d4089fcfd78f1b6d025823c88d24d\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which brings us to the punchline: a chart showing what Goldman<i>had done</i>with its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"<i><b>harvesting</b></i>\" its balance sheet equity portfolio. Which, of course, is another word for selling.</p><p><blockquote>这就把我们带到了笑点：一张显示高盛的图表<i>做过</i>2021年的股权投资。在这里，银行没有出拳，在标题中明确表示它一直很忙。”<i><b>收获</b></i>“它的资产负债表股票投资组合。当然，这是出售的另一个词。</blockquote></p><p> What is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,<b>Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.</b></p><p><blockquote>更引人注目的是，高盛在 2021 年迄今为止收获了多少：如下图所示，从 200 亿美元的股票投资组合开始，市场价格上涨了 50 亿美元，<b>截至 12 月 31 日，高盛迄今已抛售了高达 55 亿美元的股票资产（不包括少量的 15 亿美元收购），占其整个投资组合的四分之一以上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/93df1ef5d7169b1d81a0042eac5f2af6\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Who is Goldman selling to? Anyone who will buy, but here we would wager that<b>retail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.</b>This, in the financial literature is called the \"<b>distribution phase.</b>\"</p><p><blockquote>高盛在卖给谁？任何愿意购买的人，但我们打赌<b>散户投资者——他们在 2021 年一直在倾斜买入——是高盛数十亿美元销售额的骄傲接受者。</b>这在金融文献中被称为“<b>分布阶段。</b>\"</blockquote></p><p> The sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"<b>made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"</b></p><p><blockquote>此次销售如此广泛，以至于今天早些时候高盛的财报看涨期权上提出了这个话题。在回答有关高盛努力缩减其股票投资组合的问题时，该银行表示，它已经“<b>在提高资本效率方面取得了进展，并正在‘积极’管理股票头寸，特别是因为环境有利。”</b></blockquote></p><p> What does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.</p><p><blockquote>这在英语中是什么意思？很简单：高盛正在一个“支持性”的环境中“积极地”抛售其头寸，也就是说，在这种环境中，愚蠢的资金提供了一个持续的出价，高盛这样的鲸鱼可以卖出。</blockquote></p><p> The last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...</p><p><blockquote>高盛上一次“积极”卖入“支持性”市场是什么时候？好吧，我们必须追溯到 2007 年和 2008 年，当时高盛正忙于创建 CDO，而其支持者随后会“积极”做空这些 CDO。我们都记得那个特别的举动是多么具有预见性……</blockquote></p><p> <b>Related:</b></p><p><blockquote><b>相关：</b></blockquote></p><p> <ul>  <li>Goldman Sachs:&nbsp;Q2 GAAP EPS of $15.02beats by $5.07.</li>  <li>Revenue of $15.39B (+15.7% Y/Y)beats by $3.22B.</li>  <li>Reversal of credit losses of $92M.</li>  <li>On July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.</li> </ul></p><p><blockquote><ul><li>高盛：第二季度 GAAP 每股收益为 15.02 美元，超出 5.07 美元。</li><li>收入 $15.39B（同比增长 15.7%）超过预期 $3.22B。</li><li>扭转信贷损失9200万美元。</li><li>2021年7月12日，高盛集团董事会批准从2021年第三季度开始将季度股息增加60%，至每股普通股2.00美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛“积极”悄悄清算了四分之一的股权投资</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛“积极”悄悄清算了四分之一的股权投资</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-14 11:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...</p><p><blockquote>当大多数分析师和交易员都在挖掘高盛的投资银行和交易业绩时——前者表现出色，而交易，尤其是在FICC，则平庸……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd07fc077dd10720c94c622b49d99141\" tg-width=\"1280\" tg-height=\"706\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.</p><p><blockquote>...当该银行公布有记录以来第二好的季度时，该银行第二季度收益报告出现了更明显的下滑，这与高盛为自己的道具或“资产管理”账簿所做的事情有关。</blockquote></p><p> As shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.</p><p><blockquote>如下表所示，高盛资产管理公司（F/K/A“prop”）本季度也表现出色，净收入达到创纪录的 51 亿美元，是去年同期的两倍多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8d7dcf11b10007ddc07352220768e105\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\">In explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"</p><p><blockquote>在解释该集团的出色表现时，高盛写道：“股权投资产生了创纪录的净收入，同比增长主要是由于私募股权投资净收益显着增加，而私募股权投资净收益是由公司特定事件（包括融资和销售）推动的，以及与充满挑战的2020年第二季度相比，公司业绩有所改善。”</blockquote></p><p> The bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).</p><p><blockquote>然后，该银行对其道具交易员的资产组合进行了细分，截至第二季度，这些交易员的股权投资约为 210 亿美元，分布在各个行业、年份和地区（主要是美国）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3a2d4089fcfd78f1b6d025823c88d24d\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which brings us to the punchline: a chart showing what Goldman<i>had done</i>with its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"<i><b>harvesting</b></i>\" its balance sheet equity portfolio. Which, of course, is another word for selling.</p><p><blockquote>这就把我们带到了笑点：一张显示高盛的图表<i>做过</i>2021年的股权投资。在这里，银行没有出拳，在标题中明确表示它一直很忙。”<i><b>收获</b></i>“它的资产负债表股票投资组合。当然，这是出售的另一个词。</blockquote></p><p> What is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,<b>Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.</b></p><p><blockquote>更引人注目的是，高盛在 2021 年迄今为止收获了多少：如下图所示，从 200 亿美元的股票投资组合开始，市场价格上涨了 50 亿美元，<b>截至 12 月 31 日，高盛迄今已抛售了高达 55 亿美元的股票资产（不包括少量的 15 亿美元收购），占其整个投资组合的四分之一以上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/93df1ef5d7169b1d81a0042eac5f2af6\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Who is Goldman selling to? Anyone who will buy, but here we would wager that<b>retail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.</b>This, in the financial literature is called the \"<b>distribution phase.</b>\"</p><p><blockquote>高盛在卖给谁？任何愿意购买的人，但我们打赌<b>散户投资者——他们在 2021 年一直在倾斜买入——是高盛数十亿美元销售额的骄傲接受者。</b>这在金融文献中被称为“<b>分布阶段。</b>\"</blockquote></p><p> The sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"<b>made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"</b></p><p><blockquote>此次销售如此广泛，以至于今天早些时候高盛的财报看涨期权上提出了这个话题。在回答有关高盛努力缩减其股票投资组合的问题时，该银行表示，它已经“<b>在提高资本效率方面取得了进展，并正在‘积极’管理股票头寸，特别是因为环境有利。”</b></blockquote></p><p> What does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.</p><p><blockquote>这在英语中是什么意思？很简单：高盛正在一个“支持性”的环境中“积极地”抛售其头寸，也就是说，在这种环境中，愚蠢的资金提供了一个持续的出价，高盛这样的鲸鱼可以卖出。</blockquote></p><p> The last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...</p><p><blockquote>高盛上一次“积极”卖入“支持性”市场是什么时候？好吧，我们必须追溯到 2007 年和 2008 年，当时高盛正忙于创建 CDO，而其支持者随后会“积极”做空这些 CDO。我们都记得那个特别的举动是多么具有预见性……</blockquote></p><p> <b>Related:</b></p><p><blockquote><b>相关：</b></blockquote></p><p> <ul>  <li>Goldman Sachs:&nbsp;Q2 GAAP EPS of $15.02beats by $5.07.</li>  <li>Revenue of $15.39B (+15.7% Y/Y)beats by $3.22B.</li>  <li>Reversal of credit losses of $92M.</li>  <li>On July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.</li> </ul></p><p><blockquote><ul><li>高盛：第二季度 GAAP 每股收益为 15.02 美元，超出 5.07 美元。</li><li>收入 $15.39B（同比增长 15.7%）超过预期 $3.22B。</li><li>扭转信贷损失9200万美元。</li><li>2021年7月12日，高盛集团董事会批准从2021年第三季度开始将季度股息增加60%，至每股普通股2.00美元。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"source_url":"https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133459947","content_text":"While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...\n\n... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.\nAs shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.\nIn explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"\nThe bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).\n\nWhich brings us to the punchline: a chart showing what Goldmanhad donewith its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"harvesting\" its balance sheet equity portfolio. Which, of course, is another word for selling.\nWhat is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.\n\nWho is Goldman selling to? Anyone who will buy, but here we would wager thatretail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.This, in the financial literature is called the \"distribution phase.\"\nThe sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"\nWhat does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.\nThe last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...\nRelated:\n\nGoldman Sachs: Q2 GAAP EPS of $15.02beats by $5.07.\nRevenue of $15.39B (+15.7% Y/Y)beats by $3.22B.\nReversal of credit losses of $92M.\nOn July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}