Senate Committee Delays Vote that Could Help Eliminate Freddie and Fannie


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OTC:BB:FNMA / OTC:BB:FMCC / PK:SLNX / PK:UNQT
04/30/2014 [ACCESSWIRE]

Senators delayed a committee vote on legislation Apr. 29 that could eliminate Freddie Mac (OTCQB: FNMA) and Fannie Mae (OTCQB: FNMA) and replace them with a new entity.

The delay is a tactic supporters of the measure are using, they say, to widen bipartisan support and break the resistance to finally resolving the fate of Fannie and Freddie 5-1/2 years after the government bailed them out.

According to the Wall Street Journal, Sens. Tim Johnson (D., S.D.) and Mike Crapo (R., Idaho), the heads of the Senate Banking Committee, said they had enough support from the 22-member panel to pass the bill. However, they have determined it was a wise strategy to wait a few days in an attempt to convince some of the uncommitted lawmakers to vote their way.

Reasons Bill Could Be Stalled

However, according to industry experts, there are a myriad of reasons why the bill could end up dead in the water this year.

Here are a few of them:

- Civil rights groups have cited Johnson-Crapo’s lack of provisions to protect minorities against mortgage loan discrimination.

- The Obama administration has only given lip service to the bill and has not backed it with any real political capital.

- The existing opposition to the bill is adequate to keep progressives from pushing to get the bill to the Senate floor in 2014.

On Apr. 29, Freddie Mac’s (OTCBB: FMCC) share value closed at $ $3.97, up  9  cents from its closing price of $3.88 the previous day, on volume of 5,105,787 shares.

Fannie Mae’s (OTCQB: FNMA) stock value closed at $3.92, down 12 cents, from its close of $3.80 the previous day, on volume of 15,328,347 shares.

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Solanbridge Group Inc. Retires 500 Million Common Stock Shares 

In other news, Solanbridge Group Inc.’s (OTCPINK: SLNX) share volume shot through the roof Apr. 29, with 65,459,754 changing hands, double its three-month average volume of 33,186,482 shares.

The uptick in stock volume comes on the heels of the Spring, Texas-based medical marijuana company’s announcement that it has cancelled and retired 500 million common stock shares of SLNX.

According to its press release, Solanbridge Group’s long-term goal is to reduce the number of common stock shares by another 1 billion common stock shares over the next two months, for a total cancellation and retirement of 1.5 billion common stock shares. 

In addition, the company continues to pursue a commercial grower’s license in Province of Nova Scotia.  Plans have been developed to hire a full-time staff member to administer the application process, acquire a building, equip the building with a state-of-the-art security system, and build out all aspects of a commercial medical marijuana grower’s production facility. The share reduction will provide the Company with access to common stock shares to raise capital for the company’s medical marijuana plans.

On Apr. 29, SLNX’s share price closed at 0.0054 cents, down 0.0006 cents from the previous day’s closing price of 0.006.

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Union Equity Inc. Updates Shareholders on Its Progress on Acquiring Current Status 

Meanwhile, Union Equity Inc. (OTCPINK: UNQT) stock volume soared Apr. 29, with 736,340,565 shares changing hands, nearly 7 times more than its three-month average volume of 112,541,103 shares.

The sudden surge in stock volume is being fueled by the Indianapolis-based truck leasing company’s announcement that in accordance with the new rules and regulations set forth by the OTC market, all forms and documents have been submitted and approved. 

According to Union Equity, its current status will be updated soon, pending the filing of the attorney opinion letter. The attorney letter will be filed today. This should bring current status to Union Equity, the company said. 

On Apr. 29, UNQT’s share price closed at 0.0007 cents, down 0.0006 cents from the previous day’s closing price of 0.0008.

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