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Federal takeover of Fannie Mae and Freddie Mac
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Fannie Mae headquarters at 3900 Wisconsin Avenue, NW in Washington, D.C.
The federal takeover of Fannie Mae and Freddie Mac was the placing into conservatorship of the government-sponsored enterprises (GSEs) Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) by the U.S. Treasury in September 2008. It was one of the financial events among many in the ongoing subprime mortgage crisis.
On September 6, 2008, the director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, announced his decision to place the two GSEs into a conservatorship run by the FHFA.[1][2][3]
At the same press conference, United States Treasury Secretary Henry Paulson, stated that placing the two GSEs into conservatorship was a decision he fully supported, and that he advised "that conservatorship was the only form in which I would commit taxpayer money to the GSEs." He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction."[1]
The same day, the Federal Reserve Bank chairman Ben Bernanke stated in support: "I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies."[4] The following day, Herbert M. Allison was appointed chief executive of Fannie Mae. He came from TIAA-CREF.[5]
Contents
[hide]
1 Background and financial market crisis
2 Previous attempts at GSE reform
3 Federal Housing Finance Agency and Treasury authority
3.1 Prior GSE support measures
4 Capital infusion by the Treasury
5 FHFA initial actions as conservator
6 Government support for Fannie Mae and Freddie Mac
6.1 National debt accounting
6.2 Related legislation
7 Market consequences
7.1 Bank reserves
7.2 Credit default swaps
7.3 September 2008 reactions to the seizure
8 Effects on the subprime mortgage crisis
9 Financial condition of Fannie and Freddie prior to takeover
10 Ongoing status of Fannie and Freddie conservatorship
11 Plans to rent houses
12 See also
13 Notes
14 External links
Background and financial market crisis[edit]
Main article: Financial crisis of 2007–2010
The combined GSE losses of US$14.9 billion and market concerns about their ability to raise capital and debt threatened to disrupt the U.S. housing financial market.[according to whom?] The Treasury committed to invest as much as US$200 billion in preferred stock and extend credit through 2009 to keep the GSEs solvent and operating. The two GSEs had outstanding more than US$5 trillion in mortgage-backed securities (MBS) and debt; the debt portion alone was $1.6 trillion.[6] The conservatorship action has been described as "one of the most sweeping government interventions in private financial markets in decades",[7] and one that "could turn into the biggest and costliest government bailout ever of private companies".[8]
With a growing sense of crisis in U.S. financial markets, the conservatorship action and commitment by the U.S. government to backstop the two GSEs with up to US$200 billion in additional capital turned out to be the first significant event in a tumultuous month among U.S.-based investment banking, financial institutions and federal regulatory bodies.[according to whom?] By September 15, 2008, the 158-year-old Lehman Brothers holding company filed for bankruptcy with intent to liquidate its assets, leaving its financially sound subsidiaries operational and outside of the bankruptcy filing. The collapse was the largest investment bank failure since Drexel Burnham Lambert in 1990.[9][10] The 94-year-old Merrill Lynch accepted a purchase offer by Bank of America for approximately US$50 billion, a big drop from a year-earlier market valuation of about US$100 billion. A credit rating downgrade of the large insurer American International Group (AIG) led to a September 16, 2008 rescue agreement with the Federal Reserve Bank for a US$85 billion secured loan facility, in exchange for warrants for 79.9% of the equity of AIG.[11][12][13][14]
Previous attempts at GSE reform[edit]
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Fannie Mae's Reston, Virginia, facility
The GSE business model has outperformed any other real estate business throughout its existence. According to the Annual Report to Congress,[15] filed by the Federal Housing Finance Agency, over a span of 37 years, from 1971 through 2007, Fannie Mae's average annual loss rate on its mortgage book was about four basis points. Losses were disproportionately worse during the crisis years, 2008 through 2011, when Fannie's average annual loss rate was 52 basis points. Freddie Mac's results are comparable.
By way of contrast, during 1991–2007, commercial banks' average annual loss rate on single-family mortgages was about 15 basis points.[16] During 2008–2011, annual losses were 184 basis points.
The FHFA study[17] compares, on an apples-to-apples basis, GSEs loan originations with those for private label securitizations. The study segments loans four ways, by adjustable-rate mortgages (ARMs)-versus-fixed-rate, as well as by vintage, by FICO score and by loan-to-value ratio. In almost every one of 1800 different comparisons covering years 2001 through 2008, GSE loan performance was exponentially better.[clarification needed] On average, GSE fixed-rate loans performed four times better, and GSE ARMs performed five times better.
However, other critics in D.C.[who?] claim that the GSE business model faces inherent conflicts due to its combination of government mission and private ownership. The GSEs were given monopoly privileges against which private enterprise could not compete. Both GSEs had a line of credit with the US Treasury Department, and both GSEs were exempt from state and local income tax on corporate earnings. The GSEs were the only two Fortune 500 companies exempt from regulation by the Securities and Exchange Commission. Because of implicit government backing, Fannie Mae discount notes became the second-largest short-term notes issued (second only to Treasury bills).[citation needed]
The American Enterprise Institute, a conservative think-tank, argues that "the government mission required them to keep mortgage interest rates low and to increase their support for affordable housing. Their shareholder ownership, however, required them to fight increases in their capital requirements and regulation that would raise their costs and reduce their risk-taking and profitability. But there were two other parties—Congress and the taxpayers—that also had a stake in the choices that Fannie and Freddie made. Congress got some benefits in the form of political support from the GSEs' ability to hold down mortgage rates, but it garnered even more political benefits from GSE support for affordable housing."[18] However, such claims were at odds with the majority report of the Financial Crisis Inquiry Commission (FCIC).[citation needed]
In 2003, the Bush Administration sought to create a new agency, replacing the Office of Federal Housing Enterprise Oversight, to oversee Fannie Mae and Freddie Mac. In 1992 in the wake of the savings and loan crisis, and over concern similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban Development.[19] While Senate and House leaders voiced their intention to bring about the needed legislation, no reform bills materialized. A Senate reform bill introduced by Senator Jon Corzine (D-NJ) (S.1656[20]) never made it out of the 21-member (10 D, 11 R) Senate Banking, Housing, and Urban Affairs Committee.[21] At the time, some members of the 108th congress expressed faith in the solvency of Fannie Mae and Freddie Mac. Congressman Barney Frank (D-MA), for example, described them as "not facing any kind of financial crisis".[22]
In 2005, the Federal Housing Enterprise Regulatory Reform Act,[23] sponsored by Senator Chuck Hagel (R-NE) and co-sponsored by Senators Elizabeth Dole (R-NC), John McCain (R-AZ) and John Sununu (R-NH),[24] would have increased government oversight of loans given by Fannie Mae and Freddie Mac. Like the 2003 bill, it also died in the Senate Banking, Housing, and Urban Affairs Committee, this time in the 109th Congress. A full and accurate record of the congressional attempts to regulate the housing GSEs is given in the Congressional Record prepared in 2005.[25][26]
Federal Housing Finance Agency and Treasury authority[edit]
The Housing and Economic Recovery Act of 2008—passed by the United States Congress on July 24, 2008 with bipartisan support and signed into law by President George W. Bush on July 30, 2008 — enabled expanded regulatory authority over Fannie Mae and Freddie Mac by the newly established FHFA, and gave the U.S. Treasury the authority to advance funds for the purpose of stabilizing Fannie Mae, or Freddie Mac, limited only by the amount of debt that the entire federal government is permitted by law to commit to. The law raised the Treasury's debt ceiling by US$800 billion, to a total of US$10.7 trillion, in anticipation of the potential need for the Treasury to have the flexibility to support Fannie Mae, Freddie Mac, or the Federal Home Loan Banks.[27][28][29]
Prior GSE support measures[edit]
The September 7 conservatorship was termed by The Economist as the "second" bailout of the GSEs.[30] Prior to the enactment of the Housing and Economic Recovery Act of 2008, on July 13, 2008, Treasury Secretary Henry Paulson announced an effort to backstop the GSEs based on prior statutory authority, in coordination with the Federal Reserve Bank. That announcement occurred after a week in which the market values of shares of Fannie Mae and Freddie Mac fell almost by half (from a previously diminished value of approximately half of year-earlier market highs).[31] That plan contained three measures: an increase in the line of credit available to the GSEs from the Treasury, to provide liquidity; the right for the Treasury to purchase equity in the GSEs, to provide capital; and a consultative role for the Federal Reserve in a reformed GSE regulatory system.[32] On the same day, the Federal Reserve announced that the Federal Reserve Bank of New York would have the right to lend to the GSEs as necessary.[33]
Capital infusion by the Treasury[edit]
The agreement the Treasury made with both GSEs specifies that in exchange for future support and capital investments of up to US$100 billion in each GSE, at the inception of the conservatorship, each GSE shall issue to the Treasury US$1 billion of senior preferred stock, with a 10% coupon, without cost to the Treasury.[6][34] Also, each GSE contracted to issue common stock warrants representing an ownership stake of 79.9%, at an exercise price of one-thousandth of a U.S. cent ($0.00001) per share, and with a warrant duration of twenty years.[35]
The conservator, FHFA signed the agreements on behalf of the GSEs.[35] The 100 billion amount for each GSE was chosen to indicate the level of commitment that the U.S. Treasury is willing to make to keep the financial operations and financial conditions solvent and sustainable for both GSEs. The agreements were designed to protect the senior and subordinated debt and the mortgage backed securities of the GSEs. The GSEs' common stock and existing preferred shareholders will bear any losses ahead of the government. Among other conditions of the agreement, each GSE’s retained mortgage and mortgage backed securities portfolio shall not exceed $850 billion as of December 31, 2009, and shall decline by 10% per year until it reaches $250 billion.[36]
FHFA initial actions as conservator[edit]
In the September 6, 2008 conservatorship announcement, Lockhart indicated the following items in the plan of action for the Federal Housing Finance Agency conservatorship:[2]
On September 8, 2008, the first business day of the conservatorship, business will be transacted normally, with stronger backing for the holders of mortgage-backed securities (MBS), senior debt and subordinated debt.[37]
The Enterprises will be allowed to grow their guarantee MBS books without limits and continue to purchase replacement securities for their portfolios, about $20 billion per month, without capital constraints.
As the conservator, the FHFA will assume the power of the Board and management.
The present Chief Executive Officers (CEOs) of both Fannie Mae and Freddie Mac have been dismissed but will stay on to help with the transition.
Appointed as CEOs are Herbert M. Allison for Fannie Mae and David M. Moffett for Freddie Mac. Allison is former Vice Chairman of Merrill Lynch and for the last eight years chairman of TIAA-CREF. Moffett is the former Vice Chairman and CFO of US Bancorp. Their compensation will be significantly lower than the outgoing CEOs. They will be joined by equally strong non-executive chairmen.
Other management action will be very limited. The new CEOs agreed it is important to work with the current management teams and employees to encourage them to stay and to continue to make important improvements to the Enterprises.
To conserve over $2 billion annually in capital, the common stock and preferred stock dividends will be eliminated, but the common and all preferred stocks will remain outstanding. Subordinated debt interest and principal payments will continue to be made.
All political activities, including all lobbying, will be halted immediately. Charitable activities will be reviewed.
There will be financing and investing relationship with the U.S. Treasury via three different financing facilities to provide critically needed support to Freddie Mac and Fannie Mae, and also to the liquidity of the mortgage market. One of the three facilities is a secured liquidity facility, which will be not only for Fannie Mae and Freddie Mac, but also for the 12 Federal Home Loan Banks that are regulated by FHFA.
Government support for Fannie Mae and Freddie Mac[edit]
In addition to the government conservatorship, which CBO estimates will increase the federal government's net liabilities by $238 billion, several government agencies have taken steps to increase liquidity within Fannie Mae and Freddie Mac. Among these steps includes:[38]
Federal Reserve purchases of $23 billion in GSE debt (out of a potential $100 billion) and $53 billion in GSE-held mortgage backed securities (out of a potential $500 billion).
Federal Reserve purchases of $24 billion in GSE debt.
Treasury Department purchases of $14 billion in GSE stock (out of a potential $200 billion).
Treasury Department purchases of $71 billion in mortgage backed securities
Federal Reserve extension of primary credit rate for loans to the GSEs
National debt accounting[edit]
The on- or off-balance sheet obligations of the two GSEs, which are "independent" corporations rather than federal agencies, are just over $5 trillion, a significant amount when compared to the $9.5 trillion of officially reported United States public debt at the time of the takeover.[39] The September 6, 2008 conservatorship and the subsequent planned Treasury infusion of capital support the senior liabilities, subordinated indebtedness, and mortgage guarantees of the two firms. Some observers see this as an effective nationalization of the companies that ultimately places taxpayers at risk for all their liabilities.[40] The federal government follows specialized accounting standards set by the Federal Accounting Standards Advisory Board. The net exposure to taxpayers is difficult to determine at the time of the takeover and depends on several factors, such as declines in housing prices and losses on mortgage assets in the future.[41] The Congressional Budget Office director Peter R. Orszag announced on September 9, 2008 that the CBO intended to incorporate the assets and liabilities of the two companies into their federal budget planning, due to the degree of government control over the entities.[6][42] The White House Budget Director Jim Nussle, on September 12, 2008 indicated their budget plans would not incorporate the GSE debt into the budget because of the temporary nature of the conservator intervention.[42]
Bloomberg reported that according to CMA Datavision of London that "five-year credit-default swap contracts on U.S. government debt increased 3.5 basis points on September 9, 2008 to a record 18, up from 6 basis points in April," in reaction to concerns about the potential rise in U.S. debt from bailouts.[6]
Related legislation[edit]
On May 8, 2013, Representatives Scott Garrett introduced the Budget and Accounting Transparency Act of 2014 (H.R. 1872; 113th Congress) into the United States House of Representatives during the 113th United States Congress. The bill, if it were passed, would modify the budgetary treatment of federal credit programs, such as Fannie Mae and Freddie Mac.[43] The bill would require that the cost of direct loans or loan guarantees be recognized in the federal budget on a fair-value basis using guidelines set forth by the Financial Accounting Standards Board.[43] The changes made by the bill would mean that Fannie Mae and Freddie Mac were counted on the budget instead of considered separately and would mean that the debt of those two programs would be included in the national debt.[44] These programs themselves would not be changed, but how they are accounted for in the United States federal budget would be. The goal of the bill is to improve the accuracy of how some programs are accounted for in the federal budget.[45]
Market consequences[edit]
Bank reserves[edit]
Many commercial banks in the United States own Freddie and Fannie preferred shares. Those shares have had their dividends suspended, and are junior to the senior preferred stock issued to the Treasury in the restructuring of the two companies. The market value of the preferred shares plunged after the restructuring announcement and suspension of dividends. Banks were required to write down the value of Freddie and Fannie preferred stock held in their portfolios, compounding capitalization concerns for certain U.S. banks.[46] Gateway bank agreed to be bought out by Hampton Roads Bankshares Inc. to make up for a writedown of $40 million on its stock in Fannie and Freddie, which put it below regulatory requirements to be considered adequately capitalized.[47]
Credit default swaps[edit]
In the credit default swap (CDS) market, the standard contracts typically used between parties to a swap define the action of placing Fannie Mae and Freddie Mac into conservatorship to be equivalent to bankruptcy, because of the change in management control. In CDS parlance, this is termed a credit event, and that triggers the settling of outstanding contracts for the derivatives, which are used to hedge or speculate on the potential risk that a company will default on its bonds. The two GSEs have approximately US$1.5 trillion in bonds outstanding, and since the market in credit default swaps is not public, there is no central reporting mechanism to verify how many credit default swaps are linked to those bonds. One estimate floated is US$500 billion, and that the entire CDS market has a notional value in the vicinity of US$62 trillion.[48][49] Settlement on the contracts, will likely be the largest in the market's decade-long history.[49] Credit-default swaps on Fannie and Freddie have been among the most actively traded the several months leading up to the conservatorship. "Thirteen 'major' dealers of credit-default swaps agreed 'unanimously' that the rescue constitutes a credit event triggering payment or delivery of the companies' bonds," according to a memo circulated by the International Swaps and Derivatives Association (ISDA) after the conservatorship announcement.[50] The day after the conservatorship announcement, the International Swaps and Derivatives Association, which sets industry standardized contracts for financial derivatives and swaps, announced it was working on a protocol on how to evaluate and settle Fannie Mae and Freddie Mac credit default swaps.[51] Most of these swaps were settled on October 6, 2008.[52]
Paradoxically (in relation to typical experiences when a company issuing bonds has a "credit event"), the value of the two GSEs bonds rose to the vicinity of par value after the conservatorship. This means, that some owners of swaps that were hedging against the risk of a bond default, may be worse off, since the value of the bonds may be higher than when they purchased the swap. Cash auctions are reported to be scheduled for October 2008 to settle CDS contracts in relation to the GSEs.[48][53]
September 2008 reactions to the seizure[edit]
The immediate reactions in the finance markets on Monday September 8, the day following the seizure, appeared to indicate satisfaction with at least the short-term implications of the Treasury's intervention. Governor of the Bank of Japan Masaaki Shirakawa stated "We expect the action would lead to stabilize the U.S. [mortgage-backed securities] market, financial market and the international financial market." Governor of the People's Bank of China, China's central bank, Zhou Xiaochuan stated "From my point of view this is positive".[54]
Effects on the subprime mortgage crisis[edit]
The effects on the subprime mortgage crisis have led the government to support the soundness of the obligations and guarantees on securities issued by Fannie and Freddie to obtain funds. Those funds are in turn used to purchase mortgages from originating banks. The continuing soundness of GSE obligations enhances market liquidity (loanable funds) in the following ways:[55]
Banks can be assured that Fannie and Freddie have funds to purchase conforming loans, so they can increase such lending. This improves liquidity in the mortgage market, lowering interest rates.
In 2006, Fannie and Freddie insured 24% of all subprime loans so they needed to keep these loans viable.[56]
Lower borrowing costs for banks typically increase the "spread" between the rate at which they borrow and which they lend. This increases bank profitability, shoring up bank liquidity and balance sheets further.
Adjustable rate mortgage (ARM) rates are reduced, which lowers pressure on homeowners and reduces foreclosures. Lower rates also encourage new home purchases.
The government's role as the primary investor allows a systematic loan refinancing process to be implemented. This should enable rapid loan adjustments or workouts for homeowners, which have been facing bottlenecks due to the requirement to have various investors approve the adjustments.[57] For example, the government could rapidly push-down 45-year mortgage terms and fixed, low interest rates, enabling many more homeowners to stay in their homes. This will reduce foreclosures significantly, helping to stabilize home prices.
The government can restructure mortgages so that the loan balance is reduced to the current market value, reducing the incentive for homeowners to "walk away" from the property.
With home prices more stabilized, the value of mortgage-backed securities receives some upward support.
Financial condition of Fannie and Freddie prior to takeover[edit]
Over 98% of Fannie's loans were paying timely during 2008.[58] Both Fannie and Freddie had positive net worth as of the date of the takeover, meaning the value of their assets exceeded their liabilities. However, Fannie's total assets to capital (leverage ratio) was about 20:1, while Freddie's was about 70:1.[59][60] These numbers increase significantly if one includes all the mortgage-backed assets they guaranteed. These ratios are considerably higher than investment banks, which leverage around 30:1.[61][62]
However, there was concern[according to whom?] that the GSEs' liquidity was insufficient to handle growing delinquency rates, such that although viable in September 2008, the scale of loss in the future would be sufficient that insolvency would occur and that knowledge of this future failure would induce immediate or near-immediate failure due to buyers refusing to buy debt. Both GSEs roll over large amounts of debt on a quarterly basis and failure to sell debt would lead to failure due to lack of liquidity. A slower form of failure would be the issuing of debt at high cost (to compensate buyers for risk), which would greatly diminish the earning power of both GSEs, rendering them unable to earn the money they would need to handle expected future losses. Both GSEs counted large amounts of deferred tax assets towards their regulatory capital, which were considered by some[who?] to be of "low quality" and not truly available capital. The deferred tax assets would only have value if the companies were profitable and could use the assets to offset future taxes. Both companies had experienced significant losses and were likely to face more over the next year or longer.[63]
Ongoing status of Fannie and Freddie conservatorship[edit]
In testimony before a House Financial Services Committee subcommittee on June 3, 2009, Federal Housing Finance Agency Director James B. Lockhart III presented his report, “The Present Condition and Future Status of Fannie Mae and Freddie Mac”.[64] Highlights of the report include the Treasury Department's commitment to fund up to $200 billion in capital for each enterprise is expected be sufficient; the enterprises own or guarantee 56% of the single family mortgages in this country, or $5.4 trillion of the total $11.9 trillion in outstanding mortgage debt; their combined share of mortgages originated in the first quarter of 2009 was 73%; private-label mortgage-backed securities (PLS) are a major driver of Enterprise losses; both Enterprises are heavily involved in planning and implementing the Making Home Affordable and the Home Affordable Refinance programs. The report notes:
As of March 31, 2009, seriously delinquent loans accounted for 2.3% of single-family mortgages owned or guaranteed for Freddie Mac and 3.2% for Fannie Mae. While those are historically high levels, they compare favorably to industry averages of 4.7% for all prime loans, 7.2% for all single-family mortgages, 24.9% for all subprime mortgages, and 36.5% for subprime adjustable rate mortgages
The report provides background on the origins of PLS and the risk they present. PLS loans represent 15% of mortgages but 50% of serious delinquencies. In contrast, at year-end 2008, the loans the enterprises held or guaranteed represented 56% of the U.S. single-family mortgages outstanding, but 20% of serious delinquencies. The credit quality of investments in PLS has proven to be much worse than the initial AAA credit ratings of those securities would have suggested. The ongoing uncertainty surrounding the true economic value of PLS will continue to raise safety and soundness concerns.
The report notes the for-profit structure of the GSEs worked counter to prudent risk management as competition reduced both market share and profits, thus eroding the GSEs credit requirements. To maintain profitability, each Enterprise increased purchases of PLS backed by alternative mortgages and of high-risk whole loans. And while many had criticized the OFHEO and sought to replace it:
Purchases of PLS ultimately proved disastrous for the Enterprises. Credit and market-value losses would have been even larger had the Office of Federal Housing Enterprise Oversight (OFHEO), one of FHFA’s predecessor agencies, not increased the Enterprises’ capital requirement by 30% and capped their asset portfolios because of accounting and control problems.
The George W. Bush administration was prevented from taking official action due to Senate Bill 190 of the 109 Congress never being allowed a full Senate vote, even though it was passed out of committee on a 13-9 vote along party lines (13 Republicans voted "Yes" and 9 Democrats voted "No"),[65] doing so would have prevented Congress' home ownership goals being realized.
On June 16, 2010, it was announced that the two GSEs would have their shares delisted from the NYSE.[66]
An article from August 2012 in Bloomberg noted that the companies "have drawn $190 billion in aid and paid $46 billion in dividends since being taken over by U.S. regulators in 2008".[67]
CBS News reported on August 6, 2015, that Fannie Mae alone has paid a total of $142.5 billion in dividends since receiving a bailout of $116 billion in 2008.[68]
On September 24, 2012, a judge dismissed a class-action lawsuit that contended that Freddie Mac made misleading statements about its exposure to risky loans in the run-up to the company's federal takeover.[69]
Plans to rent houses[edit]
On August 10, 2011, the Federal Housing Finance Agency asked investors for ideas on renting homes owned by Fannie Mae, Freddie Mac and the Federal Housing Administration.[70]
See also[edit]
Government policies and the subprime mortgage crisis
Subprime mortgage crisis
United States housing bubble
Conservatorship
Nationalization
Notes[edit]
^ Jump up to: a b Paulson, Henry M., Jr. (September 7, 2008). "Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers" (Press release). United States Department of the Treasury. Retrieved September 7, 2008.
^ Jump up to: a b Lockhart, James B., III (September 7, 2008). "Statement of FHFA Director James B. Lockhart". Federal Housing Finance Agency. Archived from the original on September 12, 2008. Retrieved September 7, 2008.
Jump up ^ "Fact Sheet: Questions and Answers on Conservatorship" (PDF). Federal Housing Finance Agency. September 7, 2008. Archived from the original (PDF) on September 9, 2008. Retrieved September 7, 2008.
Jump up ^ Bernanke, Ben S. (September 7, 2008). "Statement by Federal Reserve Board Chairman Ben S. Bernanke:". Board of Governors of the Federal Reserve System. Retrieved September 10, 2008.
Jump up ^ Anderson, Jenny (September 7, 2008). "A Financial Veteran Brings Wall Street and Washington to Job at Fannie Mae". The New York Times.
^ Jump up to: a b c d Kopecki, Dawn (2008-09-11). "U.S. Considers Bringing Fannie, Freddie on to Budget". Bloomberg. Retrieved 2008-09-11.
Jump up ^ Goldfarb, Zachary A.; David Cho; Binyamin Appelbaum (September 7, 2008). "Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms' Troubles From Setting Off Wave of Bank Failures". Washington Post. pp. A01. Retrieved September 7, 2008.
Jump up ^ Duhigg, Charles; Labaton, Stephen; Sorkin, Andrew Ross (September 7, 2008). "As Crisis Grew, One Option Remained". New York Times. Retrieved September 8, 2008.
Jump up ^ Lehman Brothers – Who we are[permanent dead link] Retrieved September 15, 2008
Jump up ^ Sorkin, Andrew Ross; Jenny Anderson; Ben White (2008-09-14). "In Frantic Day, Wall Street Banks Teeter". New York Times. Retrieved 2008-01-15.
Jump up ^ United States Federal Reserve Board of Governors, Press release: Federal Reserve Board, met with full support of the Treasury Department, authorizes the Federal Reserve Bank of New York to lend up to US$85 billion to the American International Group (AIG), September 16, 2008
Jump up ^ Kaiser, Emily (2008-09-17). "After AIG rescue, Fed may find more at its door". Reuters. Retrieved 2008-09-17.
Jump up ^ Andrews, Edmund L.; Michael J. de la Merced; Mary Williams Walsh (2008-09-16). "Fed's $85 Billion Loan Rescues Insurer". The New York Times.
Jump up ^ Dash, Eric; Andrew Ross Sorkin; Michael J. de la Merced; David M. Herszenhorn (2008-09-17). "Throwing a Lifeline to a Troubled Giant". The New York Times.
Jump up ^ Annual Report to Congress
Jump up ^ "Charge-Off Rate on Single Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks". StLouisFed.org. November 29, 2016. Retrieved January 23, 2017.
Jump up ^ FHFA study Archived February 20, 2013, at the Wayback Machine.
Jump up ^ AEI – The Last Trillion Dollar Commitment Archived February 26, 2009, at the Wayback Machine.
Jump up ^ Labaton, Stephen (September 11, 2003). "New Agency Proposed to Oversee Freddie Mac and Fannie Mae". The New York Times. Retrieved May 2, 2010.
Jump up ^ S.1656
Jump up ^ "Senate Banking, Housing, and Urban Affairs Committee 108th Congress (2002 cycle): Member Money - OpenSecrets". OpenSecrets.org. Retrieved January 23, 2017.
Jump up ^ Labaton, Stephen (July 27, 2008). "New Agency Proposed to Oversee Freddie Mac and Fannie Mae". New York Times. Retrieved September 27, 2008.
Jump up ^ Federal Housing Enterprise Regulatory Reform Act
Jump up ^ [1]
Jump up ^ "GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)". Govtrack.us. Archived from the original on October 10, 2008. Retrieved October 2, 2008.
Jump up ^ https://digital.library.unt.edu/govdocs/crs/permalink/meta-crs-7896:1
Jump up ^ Herszenhorn, David (2008-07-27). "Congress Sends Housing Relief Bill to President". New York Times. Retrieved 2008-09-06.
Jump up ^ Herszenhorn, David M. (2008-07-31). "Bush Signs Sweeping Housing Bill". New York Times. Retrieved 2008-09-06.
Jump up ^ See HR 3221, signed into law as Public Law 110-289: A bill to provide needed housing reform and for other purposes.
Access to Legislative History: Library of Congress THOMAS: A bill to provide needed housing reform and for other purposes.
White House pre-signing statement: Statement of Administration Policy: H.R. 3221 – Housing and Economic Recovery Act of 2008 Archived September 9, 2008, at the Wayback Machine. (July 23, 2008). Executive office of the President, Office of Management and Budget, Washington DC.
Jump up ^ "Credit and blame: A must-read on the origins of the crisis". The Economist. 2008-09-11. Retrieved 2008-09-11.
Jump up ^ Irwin, Neil; Jeffrey H. Birnbaum (2008-07-14). "U.S. Unveils Plan to Aid Mortgage Giants". Washington Post. Retrieved 2008-07-14.
Jump up ^ Paulson, Henry (2008-07-13). "Paulson Announces GSE Initiatives". United States Department of the Treasury. Retrieved 2008-07-14.
Jump up ^ "Press Release". Board of Governors of the Federal Reserve System. 2008-07-13. Retrieved 2008-07-14.
Jump up ^ "Suffering a seizure: America's government takes control of Freddie Mac and Fannie Mae". Economist.com. The Economist. 2008-09-08. Retrieved 2008-09-11.
^ Jump up to: a b See the senior preferred stock and common stock warrant agreements disclosed by the Department of the Treasury on September 9, 2008:
Fannie Mae Senior Preferred Stock Archived September 9, 2008, at the Wayback Machine.
Fannie Mae Certificate Archived September 9, 2008, at the Wayback Machine.
Fannie Mae Warrant for Common Stock
Freddie Mac Senior Preferred Stock Archived September 9, 2008, at the Wayback Machine.
Freddie Mac Certificate Archived September 9, 2008, at the Wayback Machine.
Feddie Mac Warrant for Common Stock Archived September 9, 2008, at the Wayback Machine.
Jump up ^ "Fact Sheet: Treasury Senior Preferred Stock Purchase Agreement" (PDF). Office of Public Affairs, United States Department of the Treasury. 2008-09-07. Retrieved 2008-09-07.
Jump up ^ "Statement of Federal Housing Finance Agency Regarding Contracts of Enterprises in Conservatorship" (PDF). Federal Housing Finance Agency. 2008-09-07. Archived from the original (PDF) on September 10, 2008. Retrieved 2008-09-09.
Jump up ^ "Committee for a Responsible Federal Budget: Stimulus Watch". 2009-02-09.
Jump up ^ Barr, Colin (2008-09-07). "Paulson readies the bazooka: Big buyers of Fannie Mae and Freddie Mac debt have been shying away. The Treasury secretary wants to coax them back". Fortune. Retrieved 2008-09-08.
Jump up ^ Raum, Tom (2008-09-08). "US rescue of Fannie, Freddie poses taxpayer risks". Associated Press. Retrieved 2009-01-20.
Jump up ^ Armour, Stephanie; James R. Healey. "Taxpayers take on trillions in risk in Fannie, Freddie takeover". USA Today. Retrieved 2008-09-13.
^ Jump up to: a b Faler, Brian (2008-09-12). "Fannie Mae, Freddie Mac to Be Kept Off Budget, White House Says". Bloomberg.com. Bloomberg LLP. Retrieved 2008-09-12.
^ Jump up to: a b "H.R. 1872 - CBO" (PDF). United States Congress. Retrieved 28 March 2014.
Jump up ^ Kasperowicz, Pete (28 March 2014). "House to push budget reforms next week". The Hill. Retrieved 7 April 2014.
Jump up ^ Kasperowicz, Pete (4 April 2014). "Next week: Bring out the budget". The Hill. Retrieved 7 April 2014.
Jump up ^ Shen, Linda (September 8, 2008). Lenders With `Outsized' GSE Stakes May Need Capital, Bloomberg, Accessed 8 September 2008
Jump up ^ Weisbecker, Lee (2008-09-25). "Gateway Bank turns to market for $40M". Triangle Business Journal. Retrieved 2008-09-25.
^ Jump up to: a b "Quite an event: Testing times for the swaps market". The Economist. 2008-09-11. Retrieved 2008-09-11.
^ Jump up to: a b Reuters (2008-09-08). "Big Payments Are Expected in Credit Default Swaps". New York Times. Retrieved 2008-09-12.
Jump up ^ Biggadike, Oliver; Shannon D. Harrington (2008-09-08). "Fannie, Freddie Credit-Default Swaps May Be Settled (Update3)". Bloomberg.com. Bloomberg. Retrieved 2008-09-09.
Jump up ^ "ISDA to Publish Protocol for Fannie and Freddie". (Press Release). ISDA. 2008-09-08. Retrieved 2008-09-08.
Jump up ^ "ISDA ANNOUNCES SUCCESSFUL IMPLEMENTATION OF FANNIE MAE, FREDDIE MAC CDS PROTOCOL". (Press Release). ISDA. 2008-10-06. Retrieved 2009-08-05.
Jump up ^ Van Duyn, Aline (2008-09-11). "Insight: The adventure never ends in the derivatives Wonderland". Financial Times. Retrieved 2008-09-15.
Jump up ^ Schneider, Howard; Eunjung Cha, Ariana (2008-09-08). "Stock Markets Soar After Freddie, Fannie Bailouts". Washington Post. Retrieved 2008-09-08.
Jump up ^ Cramer, Jim. "Fannie, Freddie Takeover Changes the Game". TheStreet.com. September 6, 2008.
Jump up ^ "Private sector loans, not Fannie or Freddie, triggered crisis". McClatchy. 2008-10-12.
Jump up ^ Schoen, John W. "Mortgage relief plan falling short". MSNBC. March 14, 2008.
Jump up ^ Ivry, Bob; Lynch, Sharon L. "Fannie Mae Unsold $5 Billion Homes Bring Peril to Shareholders". Bloomberg LP. July 23, 2008.
Jump up ^ "Fannie Q2 10Q Report" Archived September 9, 2008, at the Wayback Machine. (pdf). United States Securities and Exchange Commission. August 8, 2008.
Jump up ^ "Freddie Mac Consolidated Statements of Income (Unaudited)". Freddie Mac. August 6, 2008.
Jump up ^ "The Death of Wall Street". HousingWire.com. September 22, 2008. Retrieved January 23, 2017.
Jump up ^ AOL. "AOL - Finance News & Latest Business Headlines". AOL.com. Retrieved January 23, 2017.
Jump up ^ Kopecki, Dawn. "Fannie Mae, Freddie 'House of Cards' Prompts Takeover". Bloomberg LP. September 6, 2008.
Jump up ^ James B. Lockhart III (June 3, 2009). "The Present Condition and Future Status of Fannie Mae and Freddie Mac" (PDF). FHHA. Retrieved August 5, 2009.
Jump up ^ "Federal Housing Enterprise Regulatory Reform Act of 2005 (2005 - S. 190)". govtrack.us. Retrieved January 23, 2017.
Jump up ^ Chris Isidore (June 16, 2010). "Fannie Mae, Freddie Mac to delist from NYSE". CNN Money. Retrieved June 19, 2010.
Jump up ^ Cheyenne Hopkins; Clea Benson (August 17, 2012). "U.S. Revises Payment Terms for Fannie Mae, Freddie Mac". Bloomberg. Retrieved October 4, 2012.
Jump up ^ "Fannie Mae posts $4.6B profit; paying $4.4B dividend". Associated Press. August 6, 2015. Retrieved January 8, 2016.
Jump up ^ Alan Zibel (September 27, 2012). "Securities Fraud Lawsuit Dismissed Against Freddie Mac". Wall Street Journal. Retrieved October 5, 2012.
Jump up ^ "Government may rent out foreclosed properties". The Sun News. August 11, 2011. Retrieved August 11, 2011.
External links[edit]
United States Department of the Treasury
Background and reaction
Quealy, Keven; Dylan Loeb McClain (September 15, 2008). "A Year of Heavy Losses". New York Times. Retrieved 2008-09-30. (Graphic of change in market capitalization of major firms eleven months)
Cooper, George (2008). The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy. Petersfield, Hampshire, U.K.: Harriman House. p. 208. ISBN 978-1-905641-85-7.
"Fannie, Freddie and Henry". Wall Street Journal. 2008-09-09. Retrieved 2008-09-09. (Interactive timeline of Treasury Secretary Paulson's changing policy actions in relation to Fannie Mae and Freddie Mac – requires Flash.)
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Ruby, Don't Take Your Love to Town
From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
"Ruby, Don't Take Your Love to Town"
Single by Johnny Darrell
from the album Ruby, Don't Take Your Love to Town
B-side
"The Little Things I Love"[1]
Released
1967
Format
7" single
Genre
Country
Length
2:16
Label
United Artists
Songwriter(s)
Mel Tillis
Producer(s)
Bob Montgomery[2]
Johnny Darrell singles chronology
"She's Mighty Gone"
(1966) "Ruby, Don't Take Your Love to Town"
(1967) "My Elusive Dreams"
(1967)
"Ruby, Don't Take Your Love to Town" is a song written by Mel Tillis about a paralyzed veteran of a "crazy Asian war" (given the time of its release, widely assumed—but never explicitly stated—to be the Vietnam War) who either lies helplessly in bed or sits helplessly in his wheelchair as his wife "paints [herself] up" to go out for the evening without him; he believes she is going in search of a lover, and as he hears the door slam behind her, he pleads for her to reconsider. The song was made famous by Kenny Rogers and The First Edition in 1969. "Ruby" was originally recorded by Waylon Jennings in 1966. Johnny Darrell scored a number nine country hit with it in 1967.[1]
Contents
1 Chart performance
2 The First Edition version
2.1 Chart performance
2.2 Weekly charts
2.3 Year-end charts
3 Other versions
4 Answer songs
5 Music video
6 Further reading
7 References
Chart performance[edit]
Chart (1967)
Peak
position
U.S. Billboard Hot Country Singles 9
The First Edition version[edit]
"Ruby, Don't Take Your Love to Town"
Cover of the 1969 single
Single by Kenny Rogers and The First Edition
from the album Ruby, Don't Take Your Love to Town
B-side
"Girl Get Ahold Of Yourself"
Released
1969
Genre
Country, pop
Length
2:53
Label
Reprise
Songwriter(s)
Mel Tillis
Producer(s)
Jimmy Bowen[3]
Kenny Rogers and The First Edition singles chronology
"Once Again, She's All Alone"
(1969) "Ruby, Don't Take Your Love to Town"
(1969) "Reuben James"
(1969)
In 1969, after the success Kenny Rogers and The First Edition had enjoyed with the hits "Just Dropped In (To See What Condition My Condition Was In)" and "But You Know I Love You," Rogers wanted to take his group more into a country music direction. They recorded their version of the song, with Rogers singing the lead, in a single take. The record was a major hit for them. It made number 1 in the UK on the New Musical Express (number 2 on the BBC chart) staying in the top 20 for 15 weeks and selling over a million copies by the end of 1970. In the United States it reached number six on the Billboard Hot 100 and number 39 on the country chart.[4]
In 1977, now performing solo after the First Edition disbanded in early 1976, Rogers made re-recordings of this, and a number of other First Edition hits, for his 1977 greatest hits package Ten Years of Gold. (It was later issued in the UK as The Kenny Rogers Singles Album.) Ten Years of Gold topped the US country charts under that title, and as The Kenny Rogers Singles Album, it was just as successful in the United Kingdom.
Chart performance[edit]
Weekly charts[edit]
Chart (1969)
Peak
position
U.S. Billboard Hot 100 6
U.S. Billboard Hot Adult Contemporary Tracks 6
U.S. Billboard Hot Country Singles 39
U.S. Cash Box Top 100[5] 7
Canadian RPM Top Singles 4
Canadian RPM Adult Contemporary Tracks 1
Canadian RPM Country Tracks 2
New Zealand (Listener) 6
UK Singles Chart 2
Dutch Top 40 4
Norway Singles Chart 9
Austrian Top 40 26
Year-end charts[edit]
Chart (1969)
Rank
Canada RPM Top Singles[6] 71
UK [7] 22
U.S. Billboard Hot 100 [8] 78
U.S. Cash Box [9] 71
Other versions[edit]
The song has been recorded many times by various artists. The Statler Brothers covered it on their 1967 album, Big Country Hits. Other artists who have recorded versions include Bobby Bare, Dale Hawkins, Waylon Jennings, George Jones, Jerry Reed, Roger Miller, Cake, The Killers and Leonard Nimoy.
Several foreign-language versions have been recorded: Greek singer Nana Mouskouri recorded a French version entitled "Ruby, garde ton cœur ici" for her 1970 album Dans le soleil et dans le vent; Gerhard Wendland recorded a German version "Ruby, schau einmal über'n Zaun" in 1970; Pavel Bobek, Czech country singer, recorded "Oh Ruby, nechtěj mi lásku brát" in 1981; Gary Holton and Casino Steel's English-language version was a number one hit in Norway at the beginning of 1982. French singer Eddy Mitchell recorded a French version entitled "Ruby tu reviens au pays" for his 1974 album Rocking in Nashville.
Answer songs[edit]
An answer song to "Ruby," entitled "Billy, I've Got to Go to Town," was released in 1969 by Geraldine Stevens, who had previously recorded successfully under the name Dodie Stevens. Sung to the same melody with an arrangement quite similar to the First Edition version, "Billy" peaked at number 117 pop, number 57 country. In Stevens's song, Ruby affirms her love for her disabled husband, who is named "Billy" in her song whereas in "Ruby," he is not named. She pleads in turn for her man to have faith in her fidelity and her commitment to him even in his paralyzed condition.
In 1972, Bobby Womack released the album Understanding, which included the song "Ruby Dean." The lyrics and melody are similar to "Ruby, Don't Take Your Love to Town" but the story is told from the perspective of Ruby's son. The son urges his mother to respect his father and to stop seeing other men. In the original song, no children between the couple are ever mentioned.
Music video[edit]
A music video consisting solely of a camera panning back and forth in a bedroom was shown at the end of a Huntley-Brinkley Report during 1969. Chet Huntley set up the video by linking it to the controversial Vietnam War and the sacrifices by U.S. servicemen and their families. Chet Huntley and David Brinkley paused after the video and then signed off in their usual fashion.[10][11]
Further reading[edit]
Rule, Ann (1999), "Ruby, Don't Take Your Love to Town". A Rage to Kill and Other True Cases. Simon and Schuster p. 291. ISBN 0-7434-2404-2
References[edit]
^ Jump up to: a b Whitburn, Joel (2008). Hot Country Songs 1944 to 2008. Record Research, Inc. p. 115. ISBN 0-89820-177-2.
Jump up ^ "Johnny Darrell - Ruby, Don't Take Your Love To Town / The Little Things I Love - United Artists - USA - UA 50126". 45cat. Retrieved 2015-11-23.
Jump up ^ "Kenny Rogers And The First Edition* - Ruby, Don't Take Your Love To Town (Vinyl)". Discogs.com. Retrieved 2015-11-23.
Jump up ^ Whitburn,p. 360
Jump up ^ Cash Box Top 100 Singles, August 30, 1969
Jump up ^ http://www.collectionscanada.gc.ca/rpm/028020-119.01-e.php?brws_s=1&file_num=nlc008388.6104&type=1&interval=24&PHPSESSID=mhe12pta2k83e08udtq66ot062
Jump up ^ http://www.uk-charts.top-source.info/top-100-1969.shtml
Jump up ^ "Top 100 Hits of 1969/Top 100 Songs of 1969". Musicoutfitters.com. Retrieved 2017-07-21.
Jump up ^ Cash Box Year-End Charts: Top 100 Pop Singles, December 27, 1969
Jump up ^ Lieutenant Colonel Marc D. Felman. "School of Advanced Airpower Studies : The Military/Media Clash and the New Principle of War : Media Spin" (PDF). Au.af.mil. Retrieved 2015-11-23.
Jump up ^ [1] Archived July 25, 2013, at the Wayback Machine.
show
v
t
e
Bobby Bare
Studio albums
The Game of Triangles
Notable singles
"500 Miles"
"The Ballad of Lucy Jordan"
"A Dear John Letter"
"Detroit City"
"Four Strong Winds"
"God Bless America Again"
"Green, Green Grass of Home"
"How I Got to Memphis"
"Just to Satisfy You"
"(Margie's At) The Lincoln Park Inn"
"Marie Laveau"
"Ruby, Don't Take Your Love to Town"
"Song of the South"
"Streets of Baltimore"
Guest singles
"No Memories Hangin' Round" (with Rosanne Cash)
Related articles
Bobby Bare, Jr.
show
v
t
e
Kenny Rogers
Studio albums
Love Lifted Me
Kenny Rogers
Daytime Friends
Love or Something Like It
The Gambler
Kenny
Gideon
Share Your Love
Love Will Turn You Around
We've Got Tonight
Eyes That See in the Dark
What About Me?
The Heart of the Matter
They Don't Make Them Like They Used To
I Prefer the Moonlight
Something Inside So Strong
Love Is Strange
Back Home Again
If Only My Heart Had a Voice
Vote for Love
Across My Heart
She Rides Wild Horses
There You Go Again
Back to the Well
Water & Bridges
The Love of God
Amazing Grace
You Can't Make Old Friends
Collaboration albums
Every Time Two Fools Collide (with Dottie West)
Classics (with Dottie West)
Timepiece (with David Foster)
Christmas albums
Christmas
Once Upon a Christmas (with Dolly Parton)
Christmas in America
The Gift
Christmas from the Heart
Christmas with Kenny
Christmas Collection
Once Again It's Christmas
Compilations
Ten Years of Gold
The Kenny Rogers Singles Album
Greatest Hits (1980)
20 Greatest Hits
Duets
The Kenny Rogers Story
Love Is What We Make It
Short Stories
Greatest Hits (1988)
Daytime Friends – The Very Best of Kenny Rogers
Live by Request
42 Ultimate Hits
21 Number Ones
Notable singles
"That Crazy Feeling"
"Just Dropped In (To See What Condition My Condition Was In)"
"But You Know I Love You"
"Ruby, Don't Take Your Love to Town"
"Laura (What's He Got That I Ain't Got)"
"Lucille"
"Daytime Friends"
"Sweet Music Man"
"Every Time Two Fools Collide" (with Dottie West)
"Love or Something Like It"
"Anyone Who Isn't Me Tonight" (with Dottie West)
"The Gambler"
"All I Ever Need Is You" (with Dottie West)
"She Believes in Me"
"'Til I Can Make It on My Own" (with Dottie West)
"You Decorated My Life"
"Coward of the County"
"Don't Fall in Love with a Dreamer" (with Kim Carnes)
"Love the World Away"
"Lady"
"I Don't Need You"
"Share Your Love with Me"
"Blaze of Glory"
"Through the Years"
"Love Will Turn You Around"
"A Love Song"
"We've Got Tonight" (with Sheena Easton)
"All My Life"
"Scarlet Fever"
"Islands in the Stream" (with Dolly Parton)
"Eyes That See in the Dark"
"This Woman"
"Buried Treasure"
"Together Again" (with Dottie West)
"What About Me?" (with Kim Carnes and James Ingram)
"Evening Star"
"Crazy"
"Morning Desire"
"Goodbye Marie"
"Tomb of the Unknown Love"
"Twenty Years Ago"
"Make No Mistake, She's Mine" (with Ronnie Milsap)
"I Prefer the Moonlight"
"The Factory"
"I Don't Call Him Daddy"
"When You Put Your Heart in It"
"Planet Texas"
"The Vows Go Unbroken (Always True to You)"
"Maybe" (with Holly Dunn)
"Love Is Strange" (with Dolly Parton)
"Crazy in Love"
"If You Want to Find Love"
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"The Greatest"
"Buy Me a Rose" (with Alison Krauss and Billy Dean)
"He Will, She Knows"
"There You Go Again"
"Homeland"
"I Can't Unlove You"
Guest singles
"What Are We Doin' in Love" (with Dottie West)
"Real Love" (with Dolly Parton)
"If I Ever Fall in Love Again" (with Anne Murray)
Related articles
Discography
The First Edition
Kenny Rogers Roasters
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Gene Lorenzo
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Kin Vassy
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Studio albums
The First Edition (1967)
Ruby, Don't Take Your Love To Town (1969)
Something's Burning (1970)
Tell It All Brother (1970)
Transition (1971)
The Ballad of Calico (1972)
I'm Not Making Music for Money (1974)
Singles
"Just Dropped In (To See What Condition My Condition Was In)"
"But You Know I Love You"
"Ruby, Don't Take Your Love to Town"
"Today I Started Loving You Again"
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Collaboration albums
Old Dogs
Notable singles
"Life Turned Her That Way"
"I Ain't Never"
"Good Woman Blues"
"Heart Healer"
"I Got the Hoss"
"What Did I Promise Her Last Night"
"I Believe in You"
"Ain't No California"
"Send Me Down to Tucson"
"Coca-Cola Cowboy"
"Blind in Love"
"Lying Time Again"
"Southern Rains"
"Stay a Little Longer"
"City Lights"
Related articles
Discography
Pam Tillis
"Detroit City"
"Ruby, Don't Take Your Love to Town"
"Honey (Open That Door)"
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Radio Londres
From Wikipedia, the free encyclopedia
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Radio Londres
City
London
Broadcast area
France
Slogan
Ici Londres! Les Français parlent aux Français !
(This is London calling! The French speaking to the French!)
First air date
1940
Language(s)
French
Affiliations
French government in London, Special Operations Executive
Radio Londres (French for Radio London) was a radio station broadcast from 1940 to 1944 by the BBC in London to Nazi occupied France. It was entirely in French and was operated by the Free French who had escaped from occupied France. It served not only to counter the propaganda broadcasts of German-controlled Radio Paris and the Vichy government's Radiodiffusion nationale, but also to appeal to the French to rise up, as well as being used to send coded messages to the French Resistance.
Contents
1 Origin and purpose
2 Coded messages
3 See also
4 References
5 External links
5.1 Audio clips
Origin and purpose[edit]
Commemorative plaque of Radio Londres in the cemetery of Asnelles, Calvados
In 1940, the BBC opened its studio to the first members of the resistance who fled France's occupation by Germany. Radio Londres was born and would become the daily appointment of the French people for four years. It opened its transmission with : "Ici Londres ! Les Français parlent aux Français..." ("This is London! The French-speaking to the French..."), now a very famous quote in France. It was the voice of Free French Forces under Charles de Gaulle, who, on 18 June 1940, made his famous Appeal of 18 June, inviting his compatriots to resist and rise against the occupation.
By means of broadcasts from Britain, the French Resistance found a voice that could be heard on the continent, serving to counter the Nazi propaganda broadcasts of Radio Paris and Radio Vichy. Realizing the negative effect that it had on their occupation, the Germans quickly prohibited listening to Radio Londres. Radio Londres also encouraged rising up against the occupation, including De Gaulle's calls to empty the streets of Paris for one hour, demonstrations, and the preparation of D-Day, or the V for Victory campaign, involving drawing a V sign on walls as an act of subversion. It also sent coded messages to the French resistance (see below).
Breaking with the formal style of the French radio stations, some young announcers (Jacques Duchesne, Jean Oberlé, Pierre Bourdan, Maurice Schumann and Pierre Dac) changed the tone with personal messages, sketches, songs, jokes and comic advertising.
Coded messages[edit]
Charles de Gaulle (pictured) made several broadcasts on Radio Londres during the war
Georges Bégué, an operative with the Special Operations Executive (SOE) had the idea of sending seemingly obscure personal messages to agents in the field, in order to reduce risky radio traffic.
Broadcasts would begin with "Before we begin, please listen to some personal messages." It was clear to nearly everyone that they were coded messages, often amusing, and completely without context. Representative messages include "Jean has a long mustache" and "There is a fire at the insurance agency," each one having some meaning to a certain resistance group.[1] They were used primarily to provide messages to the resistance, but also to thank their agents or simply to give the enemy the impression that something was being prepared. Because these messages were in code, not cipher, the occupiers could not hope to understand them without a codebook, so they had to focus their efforts on jamming the messages instead.
From the beginning of June 1944, the Allies inundated the network with messages. On 1 June alone, over 200 messages were sent, making it clear to those listening that something was in the works. Although in some places the Axis jamming was more effective than others, the background noise and static were not enough to drown out the sound of Beethoven's 5th Symphony, the first four notes of which correspond to the dot-dot-dot-dash of the Morse code letter V for Victory.
Shortly before the D-Day landings of 6 June 1944, Radio Londres broadcast the first stanza of Paul Verlaine's poem "Chanson d'automne" to let the resistance know that the invasion would begin within 24 hours.[2]
Les sanglots longs
Des violons
De l’automne
Blessent mon cœur
D’une langueur
Monotone.
Blessent mon cœur d'une langueur monotone ("wound my heart with a monotonous languor") was the specific call to action.
By late 1944, Allied victory in France sounded the end of Radio Londres.
See also[edit]
German occupation of France during World War II
Radio Belgique
Radio Londra
Verlaine Message Museum
References[edit]
Jump up ^ Google Books: Brassey's D-Day Encyclopedia: The Normandy Invasion A-Z. By Barrett Tillman p 52.
Jump up ^ Google Books: The Second World War: Ambitions to Nemesis By Bradley Lightbody p 214
(in French) "Radio Londres : Les voix de la liberté (1940-1944)" by Aurélie Luneau, Librairie Académique Perrin edition, ISBN 978-2262033026
External links[edit]
Google Books: Radio London and Resistance in Occupied Europe: British Political Warfare
Google Books: The Cambridge Companion to Modern French Culture By Nicholas Hewitt
Google Books: Brassey's D-Day Encyclopedia: The Normandy Invasion A-Z. By Barrett Tillman p.52.
Google Books: The Second World War: Ambitions to Nemesis By Bradley Lightbody p.214
(in French) « Les Français parlent aux Français » sur Chemins de mémoire
(in French) Ici Londres - Les messages personnels de la BBC
(in French) Radio France - Inauguration de l'Espace Radio Londres (Announcement of conversion of the spaces into a museum)
(in French) Les actions de résistance.
(in French) Aurélie Luneau, Radio Londres - 1940-1944 - Les voix de la liberté, éd. Librairie Académique Perrin, 2005, 349p.. ISBN 2-262-02387-5 and ISBN 978-2-262-02387-4
Audio clips[edit]
ArchivesRadio
Sobbing violins of autumn
The Longest Day
hide
v
t
e
BBC World Service
Presenters
Ros Atkins
Matthew Bannister
Nikki Bedi
Owen Bennett-Jones
James Coomarasamy
Dan Damon
Evan Davis
Peter Day
Lyse Doucet
Tim Franks
Harriett Gilbert
Claudia Hammond
Roger Hearing
Paul Henley
Razia Iqbal
Lee James
Alan Kasujja
Bridget Kendall
Julian Marshall
Lerato Mbele
Nuala McGovern
James Menendez
Gareth Mitchell
Fergus Nicoll
Andrew Peach
Max Pearson
Justin Rowlatt
Stephen Sackur
Valerie Sanderson
Julian Worricker
Ayshah Tull
Former Presenters
Audrey Carville
Komla Dumor
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Russell Fuller
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Edward Greenfield
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Radio Londres
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Related articles
BBC News
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Orfordness
Woofferton
Retrieved from "https://en.wikipedia.org/w/index.php?title=Radio_Londres&oldid=864907554"
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BBC World Service foreign language
French Resistance
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Radio during World War II
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This page was last edited on 20 October 2018, at 09:39 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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