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Walter Mondale

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Walter Frederick "Fritz" Mondale (born January 5, 1928 in Ceylon, Minnesota) is an American politician and member of the Democratic-Farmer-Labor Party. He was the 42nd US Vice President (1977-1981) under President Jimmy Carter. He was also a two-term US Senator from Minnesota and the Democratic Party nominee for president in 1984 against the incumbent, Republican Ronald W. Reagan, who was reelected in a landslide when Mondale carried only his home state of Minnesota and the District of Columbia.

Early life

Mondale was born in Ceylon, Minnesota, the son of a Methodist minister. His half-brother was the Unitarian minister Lester Mondale. He was educated at Macalester College in St. Paul and the University of Minnesota, graduating in 1951. He then served two years at Fort Knox, in the U.S. Army during the Korean War. He graduated with a law degree from the University of Minnesota Law School in 1956 and began to practice law in Minneapolis.

Entry into politics and U.S. Senator

He managed the re-election campaign of Gov. Orville Freeman, who in return in 1960 appointed Mondale the state's attorney general. He spent two terms as attorney general. When Hubert H. Humphrey II was elected vice president in 1964, Mondale was appointed to Humphrey's seat in the Senate. Mondale was elected to the seat in 1966 and re-elected in 1972.

Mondale gained public notice for his role in the Apollo 1 investigation. He attempted to show that NASA was dangerous and a waste of taxpayer money. His ultimate goal was that this money should be directed into social services. Many people came away from the experience with the belief that Mondale was on a witch-hunt.

42nd Vice President

When Jimmy Carter won the Democratic nomination for president in 1976, he chose Mondale as his running mate. Mondale was inaugurated as vice president on 20 January 1977. He was the first vice president to reside at the official vice presidential residence, Number One Observatory Circle. Carter and Mondale were renominated at the 1980 Democratic National Convention, but lost to Ronald W. Reagan and George H. W. Bush. (See U.S. presidential election, 1976, U.S. presidential election, 1980.)

Presidential nominee of 1984

After a brief return to the practice of law, Mondale won the Democratic presidential nomination in the 1984 election. He chose U.S. Rep. Geraldine A. Ferraro of New York as his running mate, making her the first woman nominated for that position by a major party. Mondale ran a liberal campaign, supporting a nuclear freeze and the Equal Rights Amendment (ERA). He spoke against what he considered to be unfairness in Reagan's economic policies and the need to reduce federal budget deficits.

Mondale shakes hands with Ronald Reagan before a debate in 1984.

When he made his acceptance speech at the Democratic Convention, Mondale said: "Let's tell the truth. Mr. Reagan will raise taxes, and so will I. He won't tell you. I just did." Although he intended this to demonstrate that he was honest while Reagan was hypocritical, it was widely remembered as simply a campaign pledge to raise taxes, and it hurt him in the end. In 1986, Reagan did sign into law a bill that raised taxes for corporations, but at the same time cut taxes further for individual taxpayers.

In the 1984 election, Mondale was defeated in a massive landslide, winning only the District of Columbia and his home state of Minnesota, thus securing only 13 electoral votes to Reagan's 525. Mondale's defeat was the worst for any Democratic Party candidate in history, and the worst for any major-party candidate since Alf Landon's loss to Roosevelt in 1936.

Private citizen and ambassador

Following the election, Mondale returned again to private law practice, with Dorsey & Whitney in Minnesota in 1987. From 1986 to 1993, Mondale was chairman of the National Democratic Institute for International Affairs.

Under the presidency of Bill Clinton, he was ambassador to Japan from 1993 to 1996, chaired a bipartisan group to study campaign finance reform, and was Clinton's representative in Indonesia in 1998.

2002 election

Mondale talks during a debate with Norm Coleman in 2002.

In 2002, Democratic US Senator Paul Wellstone of Minnesota, who was running for re-election, died in a plane crash just 11 days before the Nov. 5 election. Mondale, at age 74, replaced Wellstone on the ballot, but narrowly lost the election to the conservative Republican opponent Norm Coleman. Upon conceding the election, Mondale said, "At the end of what will be my last campaign, I want to say to Minnesota, you always treated me well, you always listened to me". Mondale finished with 1,067,246 votes (47.34%) to Coleman's 1,116,697 (49.53%) out of 2,254,639 votes cast. Mondale set a political record of sorts as a result of this loss, becoming the only major party candidate in U.S. history to lose statewide elections in all 50 states (having won only Minnesota in the 1984 election).

Norwegian ancestry

Mondale has always maintained strong ties to his ancestral Norway. Coincidentally, when he entered the Senate in 1964 he took over the seat of vice president Hubert Humphrey, another Norwegian-American. In later years Mondale has served on the executive committee of the Peace Prize Forum, an annual conference co-sponsored by the Norwegian Nobel Institute and five Midwestern colleges of Norwegian heritage. In connection with Norway's Centennial Celebration in 2005, he chairs the committee to promote and develop cultural activities between Norway and Norwegian-American organizations. During the 1984 Presidential election he was even nicknamed "Norwegian wood", a play on the Beatles song, his ancestory and his appearance.

Mondale's 45 year old daughter, Eleanor, is a television personality, who is currently battling brain cancer.


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Mondale's 45 year old daughter, Eleanor, is a television personality, who is currently battling brain cancer. Fannie Mae was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. During the 1984 Presidential election he was even nicknamed "Norwegian wood", a play on the Beatles song, his ancestory and his appearance. Additionally, the company gave a $50,000 grant to the anti-LGBT organization Traditional Values Coalition in 2001 to "to train church leaders to provide homeownership education in the Greater Los Angeles area.". In connection with Norway's Centennial Celebration in 2005, he chairs the committee to promote and develop cultural activities between Norway and Norwegian-American organizations. Fannie Mae received a 71% rating in the 2004 Corporate Equality Index by the Human Rights Campaign. In later years Mondale has served on the executive committee of the Peace Prize Forum, an annual conference co-sponsored by the Norwegian Nobel Institute and five Midwestern colleges of Norwegian heritage. This issue became prominent after an April 26, 2005 AEI symposium, and continued to gain ground leading up to Alan Greenspan's major May 19, 2005 speech recommending strict portfolio limits.

Coincidentally, when he entered the Senate in 1964 he took over the seat of vice president Hubert Humphrey, another Norwegian-American. A contentious issue in the second quarter of 2005 was whether the retained portfolios of Fannie and Freddie should be reduced. Mondale has always maintained strong ties to his ancestral Norway. Senate Banking Committee April 19-21, 2005, it became clear that Congress, with support from all the parties, was planning to strengthen oversight of all the GSEs. history to lose statewide elections in all 50 states (having won only Minnesota in the 1984 election). In testimony given to the U.S. Mondale set a political record of sorts as a result of this loss, becoming the only major party candidate in U.S. The company also dismissed its auditor, KPMG.

Mondale finished with 1,067,246 votes (47.34%) to Coleman's 1,116,697 (49.53%) out of 2,254,639 votes cast. On December 21, 2004, CEO Franklin Raines and CFO Timothy Howard were forced to resign. Upon conceding the election, Mondale said, "At the end of what will be my last campaign, I want to say to Minnesota, you always treated me well, you always listened to me". However, Freddie Mac was able to overcome its summer 2003 scandal without serious damage. Mondale, at age 74, replaced Wellstone on the ballot, but narrowly lost the election to the conservative Republican opponent Norm Coleman. Given the large percentage of the American economy that is tied up in housing values, a major scandal involving Fannie Mae could be highly damaging to investor confidence. 5 election. This has not yet impacted the stock price for Fannie Mae, but Moody's and Standard and Poor's have downgraded some of Fannie Mae's subordinate debt.

In 2002, Democratic US Senator Paul Wellstone of Minnesota, who was running for re-election, died in a plane crash just 11 days before the Nov. Supporters of the company, including senior management, said the problem was merely a disagreement over FASB accounting standards, but in December, the Securities and Exchange Commission ruled that Fannie Mae would have to restate the past 3 1/2 years of earnings, potentially losing $9 billion of earnings over that timeframe, and possibly necessitating increased capitalization. Under the presidency of Bill Clinton, he was ambassador to Japan from 1993 to 1996, chaired a bipartisan group to study campaign finance reform, and was Clinton's representative in Indonesia in 1998. When Fannie Mae did not release its third quarter results for 2004, doubts increased. From 1986 to 1993, Mondale was chairman of the National Democratic Institute for International Affairs. The difficulty centered around how to account for various interest rate hedges Fannie Mae buys as part of its risk management strategy. Following the election, Mondale returned again to private law practice, with Dorsey & Whitney in Minnesota in 1987. The Office of Federal Housing Enterprise Oversight released this September 17, 2004 report alleging widespread accounting errors, including shifting of losses so senior executives could earn bonuses from making earnings targets.

Mondale's defeat was the worst for any Democratic Party candidate in history, and the worst for any major-party candidate since Alf Landon's loss to Roosevelt in 1936. As of late 2004, Fannie Mae is under investigation for its accounting practices. In the 1984 election, Mondale was defeated in a massive landslide, winning only the District of Columbia and his home state of Minnesota, thus securing only 13 electoral votes to Reagan's 525. "last summer's 5-month ?duration mismatch? cost Fannie nearly a year of earnings.". In 1986, Reagan did sign into law a bill that raised taxes for corporations, but at the same time cut taxes further for individual taxpayers. From September 2003 to March, the gap has run between plus to minus one month.". I just did." Although he intended this to demonstrate that he was honest while Reagan was hypocritical, it was widely remembered as simply a campaign pledge to raise taxes, and it hurt him in the end. "The company said that in April its average duration gap widened to plus 3 months in April from zero in March." "The Washington-based company aims to keep its duration gap between minus 6 months to plus 6 months.

He won't tell you. Main aricle: duration gap. Reagan will raise taxes, and so will I. "exclude its AOCI numbers from the calculations of capital" (Page 158 - "Core capital" is "Stockholders' Equity" excluding AOCI). Mr. "interest rate swaps on its books rose from $23 billion in 2002 to $149 billion in 2003." (Page 79 - Table 30 "Cash flow hedges" - "Receive-fixed swaps"). When he made his acceptance speech at the Democratic Convention, Mondale said: "Let's tell the truth. "$19 billion paid to settle underwater interest-rate swaps in those years." (Page 125 - "Cash-Flows" - "Cash flows from (used in) financing activities" - "Net payments to purchase or settle hedge instruments").

He spoke against what he considered to be unfairness in Reagan's economic policies and the need to reduce federal budget deficits. "$3 billion in losses that were recognized in 2002-2003" (Page 122 - "Statements of Income" - "Other expenses" - "Debt extinguishments, net"). Mondale ran a liberal campaign, supporting a nuclear freeze and the Equal Rights Amendment (ERA). "2002 earnings of $6.4 billion would have been overwhelmed by $8.9 billion in cash-flow hedging losses." (Page 124 - "Accumulated Other Comprehensive Income (Loss)" - "Net cash flow hedging losses on derivatives hedging debt"). Ferraro of New York as his running mate, making her the first woman nominated for that position by a major party. "transfer negative numbers to its balance sheet under "accumulated other comprehensive income," or AOCI." (Page 123 - "Balance Sheets" - "Stockholders? Equity" - "Accumulated other comprehensive loss") ([2]). Geraldine A. Here's a guide through some of its financials and accounting.

Rep. Derivative products they use include interest rate swaps and options to enter interest rate swaps ("pay-fixed swaps", "receive-fixed swaps", "basis swaps", "caps and swaptions, "forward starting swaps"). He chose U.S. FNMA is a financial corporation which uses derivative securities to "hedge" their cash flow. After a brief return to the practice of law, Mondale won the Democratic presidential nomination in the 1984 election. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.) The conforming loan limit is 50 percent higher in Alaska, Hawaii, Guam and the US Virgin Islands. presidential election, 1980.). This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for non-conforming loans much less.

presidential election, 1976, U.S. Because of its stake in the mortgage market and because of its history, Fannie Mae (along with Freddie Mac) sets the limit each year on the size of a conforming loan based on the October to October changes in mean home price, above which a mortgage is considered a jumbo loan, and has higher rates associated with it. (See U.S. While Mortgage Originators can securitize and sell the mortgages themselves, GSEs can leverage their balance sheet further, receive lower rates on both assets and liabilities, and has a record of packaging and selling mortgages with greater success. Bush. Their "loan production" during 2003 was $434.9 billion, of which most was sold to Fannie Mae. W. The largest mortgage originator in the United States is Countrywide Financial, which is an almost exclusive Fannie Mae partner, although they have sold small amounts to GSE competitors.

Reagan and George H. Although the company describes them as having no guarantee, nevertheless the vast majority of investors believe that the Government would prevent them from defaulting on their debt, and so buy bonds that are very low interest rates compared to the risk. Carter and Mondale were renominated at the 1980 Democratic National Convention, but lost to Ronald W. Critics, including Alan Greenspan, say that this is only allowed because investors seem to think that there is a hidden, or implied, guarantee to the bonds that Fannie Mae sells ([1]). He was the first vice president to reside at the official vice presidential residence, Number One Observatory Circle. For example, it is allowed to sell mortgage backed securities with half the capital backing them up than is required by other financial institutions. Mondale was inaugurated as vice president on 20 January 1977. While it receives no direct government funding or backing it has certain looser restrictions placed on its activities than normal financial institutions.

When Jimmy Carter won the Democratic nomination for president in 1976, he chose Mondale as his running mate. Fannie Mae is a consistently profitable American corporation. Many people came away from the experience with the belief that Mondale was on a witch-hunt. At this time Fannie Mae expanded its charter to buying other sorts of mortgages besides the government insured ones it had traditionally purchased. His ultimate goal was that this money should be directed into social services. In 1968, the Federal National Mortgage Association was partitioned into two separate entities—one wholly owned by the government and known as the Government National Mortgage Association (Ginnie Mae), and the other to retain the name Federal National Mortgage Association (Fannie Mae). He attempted to show that NASA was dangerous and a waste of taxpayer money. .

Mondale gained public notice for his role in the Apollo 1 investigation. This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases. Mondale was elected to the seat in 1966 and re-elected in 1972. Fannie Mae buys mortgages on the secondary market, pools them and sells them as mortgage-backed securities to investors on the open market. Humphrey II was elected vice president in 1964, Mondale was appointed to Humphrey's seat in the Senate. The United States Federal Government created the Federal National Mortgage Association (FNMA) NYSE: FNM, commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). When Hubert H. July 21, 2004 - 2nd Quarter 2004 (presentation) (audio).

He spent two terms as attorney general. Bradley Ball (Prudential Financial). Orville Freeman, who in return in 1960 appointed Mondale the state's attorney general. Edwards & Sons, Inc.). He managed the re-election campaign of Gov. G. He graduated with a law degree from the University of Minnesota Law School in 1956 and began to practice law in Minneapolis. Matthew Park (A.

Army during the Korean War. Paul Miller (Friedman, Billings, Ramsey & Co.). He then served two years at Fort Knox, in the U.S. Robert Napoli (Piper Jaffray). Paul and the University of Minnesota, graduating in 1951. Moshe Orenbuch (Credit Suisse First Boston). He was educated at Macalester College in St. (Rob) Levin.

His half-brother was the Unitarian minister Lester Mondale. CFO: Robert J. Mondale was born in Ceylon, Minnesota, the son of a Methodist minister. (Dan) Mudd. . CEO: Daniel H. Reagan, who was reelected in a landslide when Mondale carried only his home state of Minnesota and the District of Columbia. Ashley.

He was also a two-term US Senator from Minnesota and the Democratic Party nominee for president in 1984 against the incumbent, Republican Ronald W. Chairman: Stephen B. He was the 42nd US Vice President (1977-1981) under President Jimmy Carter. Hussman Funds - Freight Trains and Steep Curves. Walter Frederick "Fritz" Mondale (born January 5, 1928 in Ceylon, Minnesota) is an American politician and member of the Democratic-Farmer-Labor Party. April 2004: 3. July 2003: 6.

Effective Duration Gap (months)

    . 17-May-04 8-K Regulation FD Disclosure. UPDATE - Fannie Mae average duration gap widens in April. SEC filings: SEC - Company Information SEC EDGAR - 10-K 2003 (EDGAR Online) (FNM: SEC Filings for FANNIE MAE - Yahoo! Finance) (Investor Relations: SEC Filings).

    Article about its accounting: Barron's: Fannie Mae faces more income issues - Banks - Financial - Real Estate - Financial Services - General.

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