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"Ultimately, Truth Prevails" |
| In the News | ||
| Monday October 23rd 2017 | ||
| New filing in the Fairholme case, click here to view. Peter Chapman writes, "An unsealed copy of Judge Sweeney's opinion and order dated Oct. 4, 2017, granting Fairholme's second motion to compel was docketed this morning." | ||
| The Last Word on the Document Tug of War? - Investors Unite | ||
| Carson and Watt call on Congress to take on housing finance reform - HousingWire | ||
| "I share a great personal interest with this Administration to tackle housing finance reform" via @SecretaryCarson - Twitter | ||
| "There is broad agreement that there is an opportunity for reform..." via @SecretaryCarson - Twitter | ||
| Prepared Remarks of Melvin L. Watt, Director of FHFA at Mortgage Bankers Association Annual Convention and Expo 2017 - fhfa.gov | ||
| Want GSE Reform? The Senate Better Get Moving – And Soon - Inside Mortgage Finance | ||
| Tower FCU's Stafford testifies for NAFCU Wednesday on housing finance - nafcu.org | ||
| Short Takes: MBA’s Stevens to the Troops: You’re Living Under a False Sense of Security / Trump’s Nominee to Head the FHFA?... - Inside Mortgage Finance | ||
| MBA leader Stevens delivers a call to action - Scotsman Guide | ||
| Hearing entitled “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform” - house.gov Occurs Wednesday, October 25, 2017 10:00 AM. | ||
| Friday October 20th 2017 | ||
| New filing in the Cacciapalle case, click here to view. Peter Chapman writes, "The Cacciapalle Plaintiffs delivered a third petition for a writ of certiorari to the United States Supreme Court Monday. The Cacciapalle Plaintiffs ask the High Court to answer these two questions: -- When a company is placed into federal conservatorship or receivership, do its shareholders thereby lose all rights to pursue derivative litigation on its behalf, even where the federal conservator or receiver would face a manifest conflict of interest in pursuing the claim itself -- such as where it would be a claim by one federal government agency against another for conduct they did together? -- Does 12 U.S.C. sec. 4617(f) foreclose any possibility of declaratory or injunctive relief in a judicial challenge to an agreement between the Federal Housing Finance Agency and the United States Department of the Treasury that transfers the net worth and all future profits of Fannie Mae and Freddie Mac to the federal government and requires both Companies to operate with no capital? The Cacciapalle Plaintiffs tell the nine justices that the D.C. Circuit answered the first question in the negative and that holding conflicts with teachings from the Ninth and Federal Circuits. Accordingly, the High Court should resolve that split of authority among the circuits. The Cacciapalle Plaintiffs tell the nine justices they should take up the second question because, as Judge Brown observed in her dissent, the D.C. Circuit's decision has disrupted settled expectations about financial markets in a manner likely to negatively affect the nation's overall financial health. The High Court should intervene to restore certainty and uniformity. The Cacciapalle Plaintiffs urge the Court to grant its petition and review the D.C. Circuit's decision." | ||
| Mortgage industry mobilizes for MBA annual - HousingWire | ||
| What We’re Hearing: ...Will Mel Watt Clear the Air on ‘Zero Capital’? / The Freddie Mac Rumor... - Inside Mortgage Finance | ||
| GOP Critical of Fannie/Freddie QM Exemption - Inside Mortgage Finance | ||
| Thursday October 19th 2017 | ||
| New filing in the Saxton case, click here to view. Peter Chapman writes, "In a letter to the Eighth Circuit, Howard Cayne tells the Court that the Saxton Plaintiffs misunderstand what FHFA and Director Watt said and it should ignore their recent supplemental filing." | ||
| New filings in the Roberts case. 17-1880-0040 17-1880-0041 Peter Chapman writes, "The Roberts Plaintiffs and Mr. Cayne sent letters to the Seventh Circuit this month echoing what they told the Sixth and Eighth Circuits about FHFA's latest strategic plan and Director Watt's recent testimony." | ||
| Why Competition Would Not Lead to Better Outcomes for Fannie Mae and Freddie Mac - wharton.upenn.edu | ||
| NAFCU, ICBA urge Watt on Fannie, Freddie capital buffers - cuinsight.com | ||
| NAFCU and ICBA Letter to Director Watt - Google Docs | ||
| Credit unions, community banks want Fannie and Freddie to retain capital - HousingWire | ||
| Fannie, Freddie must be allowed to rebuild capital, say small banks, credit unions - American Banker Subscription required for full access. | ||
| VantageScore: How the FHFA can open the door to alternative credit score models - HousingWire | ||
| Is There a Competitive Equilibrium for the GSEs? - cloudfront.net From September. By the same author of today's Wharton article. | ||
| Wednesday October 18th 2017 | ||
| New filing in the Fairholme case, click here to view. Peter Chapman writes, "Fairholme also delivered a petition for a writ of certiorari to the United States Supreme Court Monday. Fairholme asks the High Court to answer this question: -- Does 12 U.S.C. sec. 4617(f ) foreclose judicial review of an agreement between the Federal Housing Finance Agency and the Department of the Treasury to transfer the net worth and all future profits of Fannie Mae and Freddie Mac to the federal government and require both Companies to operate with no capital? Fairholme says the answer is no. "If the D.C. Circuit is right, Congress has set up a structure that makes a mockery of our system of checks and balances, with an independent agency headed by an unelected Director not answerable to the President, free to act without regard to Congress's instructions, and without fear of judicial intervention," Fairholme tells the nine justices. "Fortunately," Fairholme adds, "the D.C. Circuit is wrong." Fairholme urges the Court to grant its petition and review the D.C. Circuit's decision. | ||
| Closed Hedge Fund Appeals GSE Woes To SCOTUS - Seeking Alpha by Glen Bradford | ||
| Short Takes: The Little Guy Gets a G-Fee Break / A Coming Spike in G-Fees?... - Inside Mortgage Finance | ||
| What Should FHFA Do With Fannie Mae? - Gears of Biz | ||
| Marino, Sessions, ICBA, and Corker - Bill Maloni's GSE Blog | ||
| Freddie Mac Further Expands CRT Program With STACR SPI - MarketWired | ||
| Is There a White Swan? - moneyshow.com | ||
| GSEs keep playing field level with lower g-fees for small lenders - National Mortgage News Subscription required for full access. | ||
| Tuesday October 17th 2017 | ||
| New filing in the Perry case, click here to view. Peter Chapman writes, "Perry Capital and Arrowood delivered their petition for a writ of certiorari to the United States Supreme Court yesterday. Perry and Arrowood look to the High Court to answer one question: -- Whether 12 U.S.C. sec. 4617(f), which prohibits courts from issuing injunctions that "restrain or affect the exercise of powers or functions of" the Federal Housing Finance Agency ("FHFA") "as a conservator," bars judicial review of an action by FHFA and the Department of Treasury to seize for Treasury the net worth of Fannie Mae and Freddie Mac in perpetuity. Perry and Arrowood tell the nine justices the answer is no. The GSE shareholders go on to conclude, at p. 33: "The D.C. Circuit's decision dangerously misconstrues FHFA's conservatorship powers. FHFA's conservatorship provisions are neither new nor alien -- Congress took them verbatim from FIRREA, importing the FDIC's decades of sound experience in resolving troubled financial institutions, and the centuries of common-law conservatorships on which the FDIC relied. Nothing in the text or purpose of HERA, decades of FDIC practice, or centuries of common law even remotely condones the Net Worth Sweep's massive expropriation -- a confiscation that leaves the Companies functionally insolvent, saddled with Treasury's $189 billion liquidation claim, and with no ability to escape a vampiric relationship with the government. Yet the decision below permits any governmental conservator -- including the FDIC -- to confiscate funds under its supervision without judicial review simply because the conservator did so in the course of operating the ward. That's not a conservatorship; that's embezzlement." Perry and Arrowood urge the Court to grant its petition and review the D.C. Circuit's decision." | ||
| New filing in the Fairholme case, click here to view. Peter Chapman writes, "Our government and Fairholme advised Judge Sweeney today that her opinion granting Fairholme's second motion to compel requires no redactions." | ||
| IU Executive Director Tim Pagliara Submits Comment on FHFA’s Draft Strategic Plan for Fiscal Years 2018-2022 - Investors Unite | ||
| FHFA Issues 2016 Report to Congress on Guarantee Fees - fhfa.gov | ||
| House Prioritizes Housing Finance Reform - JD Supra | ||
| Monday October 16th 2017 | ||
| New filings in the Bhatti case. 17-cv-02185-0041 17-cv-02185-0042 17-cv-02185-0043 17-cv-02185-0044 17-cv-02185-0045 17-cv-02185-0046 Peter Chapman writes, "The Bhatti Plaintiffs filed their motion for summary judgment and response to FHFA and Treasury's motions to dismiss today, and copies of those documents are (linked above). A collection of 21 exhibits attached to Doc. 46 is posted at http://bankrupt.com/misc/17-cv-02185-0046-Exhibits.pdf because of its size. The Bhatti Plaintiffs continue their constitutional attack on FHFA's structure, say FHFA is not immune from those constitutional claims (and HERA's succession clause couldn't include those claims), and tell Judge Schlitz that the Perry and Saxton cases never touched on these claims and they have no preclusive effect." | ||
| FHFA Director Watt, Treasury Exploring Options for GSE Capital Buffer - ABA Banking Journal | ||
| Busted at last: Obama’s $95 billion SWINDLE - allenwest.com | ||
| What's the Fed's Endgame? - U.S. News & World Report | ||
| Hedge Fund Perry Capital Asks Supreme Court to Revive Fannie Mae Lawsuit - Breitbart | ||
| Sunday October 15th 2017 | ||
| BILL ACKMAN: Here's how Trump can still have a 'successful presidency' - Yahoo | ||
| Two Obama holdovers are sowing the seeds for another subprime collapse - NY Post | ||
| Trump’s Tax Plan: What It Does and Doesn’t Do - NY Times | ||
| Friday October 13th 2017 | ||
| Corker, MID and the Trades, Hill and the Warrants - Bill Maloni's GSE Blog | ||
| Trump Neuters Obamacare Just As Infowars.Com Recommended In April - Infowars | ||
| Trump Stops Illegal ObamaCare Subsidies: Here’s Why... - Youtube | ||
| Appraisers should unite to rid the profession of Fannie Mae - by Roger Durkin - nerej.com | ||
| What We’re Hearing: FHFA Chief Has a ‘Number of Options’ on Zero Capital / Is That a ‘Hard’ Deadline? / Once Tax Reform is Done, Next Up: the GSEs... - Inside Mortgage Finance | ||
| Steven Mnuchin at the IIF: "We're committed to fixing housing finance, and not just Fannie and Freddie...the entire array of the US government" via @IIF - Twitter | ||
| Equifax’s Grip on Mortgage Data Squeezes Smaller Rivals - NY Times | ||
| Thursday October 12th 2017 | ||
| BILL ACKMAN: There's one 'last piece of unfinished business' from the financial crisis - Yahoo | ||
| The FHFA and Treasury Should Not Allow Fannie and Freddie to Recapitalize - heritage.org | ||
| Director Watt's Letter to various groups via @RobTVDC - Twitter | ||
| Mnuchin won't fill No. 2 Treasury post as Brooks opts out of the running - Politico | ||
| Carson update on HUD overshadowed in tense House hearing - HousingWire 'He also touched on the need for housing finance reform, saying, “We are now entering the 10th year of the government-sponsored enterprises, Fannie Mae and Freddie Mac, being placed into conservatorship, which is much too long for this issue to remain unresolved. We must think comprehensively about reform, so that changes do not cause unintended consequences.”' | ||
| Wednesday October 11th 2017 | ||
| New filing in the Saxton case, click here to view. Peter Chapman writes, "The Saxton Plaintiffs supplied the Eighth Circuit with copies of FHFA's latest strategic plan and Director Watt's written statement presented to the House Financial Services Committee earlier this month to highlight inconsistency between what FHFA argues in Court and the actions it has taken." | ||
| Will Fannie and Freddie Draw From the Treasury? Much Ado About Nothing … - pimco.com | ||
| Here's Why Sen. Corker Should Resign From Senate - Infowars | ||
| The GSEs Should Report Robust Earnings for 3Q17. Here’s Why… - Inside Mortgage Finance | ||
| FannieGate GSE Documents - diy-stock-investor.com | ||
| Fannie Mae looking to shed $3.62 billion in loans from its books - HousingWire | ||
| Freddie Mac Prices Last Planned High LTV Deal of the Year - marketwired.com | ||
| Tuesday October 10th 2017 | ||
| New filing in the Robinson case, click here to view. Peter Chapman writes, "In a letter to the Sixth Circuit, Howard Cayne tells the Court that Ms. Robinson misunderstands what FHFA and Director Watt said and it should ignore her recent supplemental filing." | ||
| Deloitte hack hit server containing emails from across US government - The Guardian | ||
| Deloitte confirms Fannie Mae and Freddie Mac not impacted in hack - HousingWire | ||
| Deloitte Hack: Fannie and Freddie Not Affected - DS News | ||
| Taxpayers shouldn’t be asked to pay for Fannie and Freddie’s risk - The Hill | ||
| Short Takes: ...Fannie and Freddie Affected by Deloitte Hack?... - Inside Mortgage Finance | ||
| Freddie, Fannie should offload risk to private insurers - The Hill | ||
| Monday October 9th 2017 | ||
| GSE Capital: Buffer Vs. Recapitalization - Seeking Alpha by Glen Bradford | ||
| Short Takes: Treasury Working on GSE Ideas? / Will Trump Get Involved Directly?... - Inside Mortgage Finance | ||
| Judge in Closely Watched GSE Shareholder Case Moves to Release More Documents - Inside Mortgage Finance | ||
| GSE Purchase-Loan Share Hit 63 Percent in 3Q17, a 10-Year High - Inside Mortgage Finance | ||
| Anti-Trump Sen. Corker Resigns Amid Criminal Probe - Infowars | ||
| Inspector questions Fannie Mae’s new controversial Washington D.C. headquarters - HousingWire | ||
| Sunday October 8th 2017 | ||
| President Trump tweets about Sen. Bob Corker. Tweet #1 Tweet #2 Tweet #3 Tweet #4 | ||
| Saturday October 7th 2017 | ||
| New filings in the Rop case. 17-cv-00497-0030 17-cv-00497-0031 17-cv-00497-0032 17-cv-00497-0033 Peter Chapman writes, "The Rop Plaintiffs delivered their three briefs to the District Court in Kalamazoo late yesterday. The three filings are: -- a motion for summary judgment (Doc. 30) and a brief in support (Doc. 33) for a legal ruling on the constitutionality of FHFA's organizational structure; -- a response (Doc. 31) to Treasury's motion to dismiss, saying the Perry ruling isn't the final authority; and -- a response (Doc. 32) to FHFA's motion to dismiss, disagreeing with FHFA's view that it can do whatever it pleases with the GSEs and their assets." | ||
| Blueprint for Balance: A Federal Budget for Fiscal Year 2018 - heritage.org The GSEs are discussed on page 217 of the report. | ||
| Friday October 6th 2017 | ||
| In the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations Peter Chapman notes, "Perry Capital's not a party to this proposed stipulation. If that suggests Perry's charted a different course that includes a visit to the U.S. Supreme Court, my calendar says Mon., Oct. 16, is Perry's deadline to ask the High Court to review the D.C. Circuit's decision." | ||
| New filing in the Robinson case, click here to view. Peter Chapman writes, "Ms. Robinson supplied the Sixth Circuit with copies of FHFA's latest strategic plan and Director Watt's written statement presented to the House Financial Services Committee earlier this week to highlight inconsistency between what FHFA argues in Court and the actions it has taken." | ||
| New filings in the Roberts case. 17-1880-0037 17-1880-0038 Peter Chapman writes, "The documents attached to this e-mail message indicate that at oral argument on Oct. 30 in Chicago, David Thompson at Cooper & Kirk will argue on behalf of the Roberts Plaintiffs for 20 minutes, Howard Cayne at Arnold & Porter will argue on behalf of FHFA for 10 minutes, and Gerard Sinzdak will argue on behalf of Treasury for 10 minutes." | ||
| New filing in the Rop case, click here to view. Peter Chapman writes, "Magistrate Kent issued an order this morning saying he's prefer strict compliance with the local rules, meaning three briefs from the Rop Plaintiffs rather than one." | ||
| What We’re Hearing: A Blowout Quarter for Freddie? / Pulling the Zero Capital Lever in Denver? / Mark Calabria for FHFA Director?... - Inside Mortgage Finance | ||
| Price of Fannie/Freddie Common Up 35 Percent Since Summer. Credit the RNC? - Inside Mortgage Finance | ||
| How Fannie Mae and Freddie Mac Share Credit Risk With Other Entities - cbo.gov | ||