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"Ultimately, Truth Prevails" |
| In the News | ||
| Wednesday June 28th 2017 | ||
| New filing in the Piszel case, click here to view. Peter Chapman writes, "The Cato Institute filed a brief this month urging the U.S. Supreme Court to accept Mr. Piszel's petition for review of the Federal Circuit's ruling upholding dismissal of his takings claim." | ||
| New filing in the Robinson case, click here to view. Peter Chapman writes, "The Sixth Circuit rejected the government's request for additional time to entertain oral argument at the hearing in Cincinnati on Thurs., July 27. FHFA will have 7-1/2 minutes to argue its case and Treasury will have 7-1/2 minutes, or FHFA and Treasury can decide between themselves how to divide those 15 minutes in a different way." | ||
| Reinventing the Wheel on Fannie and Freddie Won’t Mean a Smooth Ride - Investors Unite | ||
| Short Takes: Uncle Sam will be $5B Richer on Friday (GSE Money) / Zilch for the Others / Break Up Fannie and Freddie?... - Inside Mortgage Finance | ||
| Main Street GSE Reform Coalition Common GSE Reform Principles Introduction - thecmla.com | ||
| NAR Asks FHFA to Allow GSEs to Build Capital; Treasury and Panels Get CC’d - Inside Mortgage Finance | ||
| Small lenders and affordable housing groups issue joint GSE reform proposal - HousingWire | ||
| Individuals With Access To Protected Information In Fairholme v. U.S. – glenbradford.com | ||
| Small lenders, consumer groups offer GSE reform alternative - National Mortgage News Subscription required for full access. | ||
| Tuesday June 27th 2017 | ||
| New filings in the Saxton case. Brief for the Defendants - FHFA Brief for the Treasury Department Peter Chapman writes, "The Clerk released FHFA and Treasury's briefs filed last week in the Eighth Circuit today. FHFA makes its position clear that HERA gives it the power to do whatever it wants, it has, FHFA is not like any common-law conservator, and nobody -- no GSE shareholder, no legislator, no Administration official, and no judge -- can second-guess FHFA's decisions and actions." | ||
| Senators Considering Breaking Fannie-Freddie Into Pieces, Sources Say - Bloomberg | ||
| Latest congressional plan would break Frannie into pieces - Seeking Alpha | ||
| A Republican and a Democrat team up to split Fannie Mae and Freddie Mac - CNBC | ||
| Two senators consider breaking up Fannie, Freddie - HousingWire | ||
| Curtain May be Rising on Another GSE Drama - Mortgage News Daily | ||
| BankThink Small lenders need to be in room where GSE debate happens - American Banker | ||
| Poll: Industry Wants Fannie and Freddie Preserved with ‘Existing Operations’ - Inside Mortgage Finance | ||
| Letter from NAR to Director Watt via @the_CMLA - Twitter Direct link to letter | ||
| The tricky calculus of housing finance reform - American Banker Subscription required for full access. | ||
| Monday June 26th 2017 | ||
| New filings in the Deloitte case. Initial Appeal Notice of Filing Peter Chapman writes, "The Edwards Plaintiffs delivered a Notice of Appeal to the District Court last week, and the Clerk for the U.S. Court of Appeals for the Eleventh Circuit in Atlanta, Ga., assigned No. 17-12852 to the appellate proceeding." | ||
| New filing in the Fairholme case, click here to view. Peter Chapman writes, "Judge Sweeney entered an order today directing the parties to file a status report by June 30 indicating a projected date for wrapping up discovery." | ||
| New filing in the Robinson case, click here to view. Peter Chapman writes, "FHFA and Treasury are asking the Sixth Circuit for five additional minutes of oral argument at the hearing in Cincinnati on Thurs., July 27. Ms. Robinson won't oppose the request." | ||
| The Right Choice on Capital - Howard on Mortgage Finance | ||
| Fannie Mae transfers risk on $19.8 billion in single-family loans - HousingWire | ||
| Friday June 23rd 2017 | ||
| New information in the Bhatti case. Peter Chapman writes, "The Honorable Patrick J. Schiltz has been assigned to preside over Bhatti v. FHFA and Magistrate Judge Hildy Bowbee will handle nondispositive matters arising in the litigation. Judge Schiltz was appointed to the bench by George W. Bush in 2006, and served as a law clerk to Justice Scalia in both the D.C. Circuit and the U.S. Supreme Court. The Court docket indicates that summonses were served on FHFA and Treasury and answers or motions to dismiss are due by Aug. 21, 2017." | ||
| Policymakers forget duty to protect taxpayers from financial failures - The Hill By Josh Rosner | ||
| NAFCU Details Goals for Housing Policy Reforms - National Mortgage Professional | ||
| What We’re Hearing:...The GSE Hearings Commence / Sen. Mark Warner’s Constituents (Freddie Employees) - Inside Mortgage Finance | ||
| Freddie Mac Monthly Volume Summary May 2017 - freddiemac.com | ||
| Freddie Portfolio On the Rise Again - DS News | ||
| Thursday June 22nd 2017 | ||
| New lawsuit filed. Bhatti v. FHFA. Click here to view. Peter Chapman writes, "Three GSE shareholders filed a fresh lawsuit in the U.S. District Court for the District of Minnesota today. The Bhatti Plaintiffs are represented by Scott D. Knudson at Briggs and Moran, P.A., in Minneapolis. The Bhatti Plaintiffs want the Court to vacate and set aside the third amendment, declare that FHFA's structure is unconstitutional, and strike HERA's provisions that FHFA interpret to empower it to do whatever it wants with the GSEs and their assets." | ||
| Without Freddie and Fannie, could 30-year mortgage be a thing of the past? - oianews.com | ||
| Policymakers feel something new on housing finance reform: Optimism - American Banker Subscription required for access. | ||
| Details Of Fairholme Conference On Fannie Mae Announced - Valuewalk | ||
| Principles of Housing Finance Reform - senate.gov Occurs June 29th at 10:00 AM. Featuring David H. Stevens, Ed DeMarco, and Michael D. Calhoun. | ||
| For Fannie and Freddie, appraisals are not always necessary - Washington Post | ||
| Delinquent GSE Mortgages Fall to Lowest Level Since 2008 - ABA Banking Journal | ||
| Wednesday June 21st 2017 | ||
| Bond Market Concerns Could Scuttle Paulson’s Fannie-Freddie Plan - Bloomberg | ||
| Hensarling thinks best plan for GSE reform is his own... via @Woellert - Twitter | ||
| Jeb Hensarling tells bankers ending Fannie and Freddie is still the best path forward - Washington Examiner | ||
| Fannie Mae announces winners of latest non-performing loan sale - HousingWire | ||
| Sen. Warner: GSE Reform Could Come Before Dodd-Frank - Inside Mortgage Finance | ||
| A housing update from Washington, D. C. - walkermn.com | ||
| Sessions hires his own lawyer - The Hill No mention of the GSEs. | ||
| Tuesday June 20th 2017 | ||
| Freddie Mac Securitization Could Help the Affordable Housing Challenge - National Real Estate Investor | ||
| Nonbanks to FHFA: We’d Rather You Didn’t Examine Us - Inside Mortgage Finance | ||
| MBA Objects to FHFA Non-Bank Servicer Proposal - Mortgage News Daily | ||
| Short Takes: loanDepot Beefs Up Social Media Research / Fairholme Attorney on the Phone... - Inside Mortgage Finance | ||
| 5th Circ. Says Fannie Shareholder's Claim Belongs In CFC - law360.com Subscription required for access. | ||
| Monday June 19th 2017 | ||
| New filings in the Sammons v. U.S. case (W.D. of Texas). 17-50201-00514039240 17-50201-00514039218 Peter Chapman writes, "The Fifth Circuit entered its opinion and judgment today declining Mr. Sammons' bid to litigate his takings claims in District Court." | ||
| New filing in the Fairholme case, click here to view. Peter Chapman writes, "Judge Sweeney notified the parties in Fairholme v. U.S. that she's aware of the Sixth Circuit's May 31 decision in Brott v. U.S., No. 16-1466, upholding the constitutionality of the Tucker Act, presumably in response to Mr. Sammon's prior filings in this case. A copy of the Sixth Circuit's decision is posted at http://www.opn.ca6.uscourts.gov/opinions.pdf/17a0115p-06.pdf which you'll recall the government tendered to the Fifth Circuit earlier this month in Sammons v. U.S." | ||
| New filing in the Deloitte case, click here to view. Peter Chapman writes, "Judge Scola entered the judgment the Edwards Plaintiffs requested, and a copy of the judgment entered this afternoon is (linked above)." | ||
| Berkowitz Says Fannie-Freddie Legal Fight May Go Five More Years - Bloomberg | ||
| FHFA to Seek Authority to Examine Nonbank GSE Servicers - Inside Mortgage Finance | ||
| Freddie Mac MSR Changes Hands; Fannie Mae to Follow? - DS News | ||
| Friday June 16th 2017 | ||
| New filing in the Jacobs and Hindes case, click here to view. Peter Chapman writes, "Messrs. Jacobs and Hindes filed their brief opposing FHFA, Fannie Mae and Treasury's motions to dismiss this afternoon. Messrs. Jacobs and Hindes tell Judge Sleet that, contrary to FHFA, Fannie Mae and Trasury's positions, there is no federal corporate law relevant to this case. Corporate law is a function of state law -- Delaware corporate law in this case, because Fannie Mae elected to follow it -- because there is no such thing as federal corporate law. The Net Worth Sweep is both absurd and illegal, Messrs. Jacobs and Hindes tell Judge Sleet, because no state allows a corporation to contract away all of its net worth in perpetuity. The Third Amendment was invalid when it was executed and should be judicially voided today. And because FHFA and Treasury entered into an illegal agreement, HERA doesn't insulate them from GSE shareholder litigation. The government's sovereign immunity and issue preclusion defenses are, well, silly, Messrs. Jacobs and Hindes add in so many words. Messrs. Jacobs and Hindes urge Judge Sleet to deny FHFA, Fannie Mae and Treasury's motions to dismiss and allow a jury to review the evidence in a trial and, based on that evidence, reach a conclusion about whether the Third Amendment should stand or fall. A copy of Messrs. Jacobs and Hindes' brief is (linked above) and the voluminous exhibits are posted at http://bankrupt.com/misc/15-00708-0069-Exhibits.pdf" | ||
| What We’re Hearing: ... Bruce Berkowitz Plans to Ride it Out - Inside Mortgage Finance | ||
| Infowars Nightly News: David Knight Thursday 6/15/17: Today's News, Analysis, & Reports - Youtube | ||
| A Historic Shift? Ginnie Mae is Now No. 2 in MBS Outstanding. Should Fannie Worry? - Inside Mortgage Finance | ||
| FHFA Drops Optimistic 2016 Report to Congress - DS News | ||
| Fairholme Announces Update On Fannie Mae - Valuewalk | ||
| Thursday June 15th 2017 | ||
| New filing in the Fairholme case, click here to view. Peter Chapman writes, "Judge Sweeney entered an order this afternoon granting the government's request to amend its status report disclosing that it has released 3,500 of the 11,000 documents it previously withheld from Fairholme's lawyers." | ||
| Mnuchin v. Perry's Disastrous Damage Rules - Forbes By Richard Epstein | ||
| 2016 Report to Congress - fhfa.gov | ||
| Regulation is the Issue in Housing Finance - theinstitutionalriskanalyst.com | ||
| Why Bill Ackman Bought Fannie Mae and Freddie Mac, and Why You Shouldn't - The Motley Fool | ||
| The Impetus for GSE Reform - CATO Institute | ||
| U.S. Fed buys $4.7 billion of mortgage bonds, sells none - Reuters | ||
| Wednesday June 14th 2017 | ||
| Is A GSE Bonanza Imminent? - Seeking Alpha by Glen Bradford | ||
| Fannie Mae and Freddie Mac are Actively Dangerous SIFIs - American Action Forum | ||
| Nation’s Biggest Banks Fret Over Being Too Capital-Rich - Investors Unite | ||
| My Interview With Fairholme's Bruce Berkowitz - Seeking Alpha | ||
| Royal Bank (RBS) Nears Mortgage Bond Settlement with FHFA - nasdaq.com | ||
| Tuesday June 13th 2017 | ||
| New filings in the Rop case. 17-cv-00497-0002 17-cv-00497-0004 Peter Chapman writes, "The Honorable Paul L. Maloney in Kalamazoo, Mich., will preside over the Rop Plaintiffs' lawsuit and the Clerk issued summonses to FHFA and Treasury last week. Copies of the court papers reflecting that activity are (linked above)." | ||
| New filings in the Roberts case. 17-1880-0019 17-1880-0020 Peter Chapman writes, "Because the government's lawyers are busy and because of summer vacation plans, Treasury needs more time to prepare and file its brief responding to the Roberts Plaintiffs. Accordingly, with the Roberts Plaintiffs' consent, the Seventh Circuit granted the government a 30-day extension. Treasury and FHFA's briefs are now due by Aug. 7, and the Roberts Plaintiffs' reply brief is now due by Aug. 21." | ||
| New filings in the Deloitte case. 16-cv-21221-0063 16-cv-21221-0064 Peter Chapman writes, "FHFA tells Judge Scola no more Court-generated paperwork is necessary and urges him to decline the Edwards Plaintiffs' request for a separate formal judgment. Deloitte supports FHFA's position, and copies of FHFA and Deloitte's responses are (linked above)." | ||
| Bank Proposes End To Obamacare Looting Scheme - Infowars | ||
| No Mortgage/GSE Reform This Year, Maybe No Bill Either - Inside Mortgage Finance | ||
| Freddie Mac Prices Fourth STACR Deal of 2017 - Market Wired | ||
| Fannie Mae names winner of third reperforming loan sale transaction - HousingWire | ||
| Fannie Mae Executive to Fill Vacant Treasury Department Seat? - The MReport | ||
| New salvo fired in fight for equitable home loans - The Philadelphia Tribune | ||
| Monday June 12th 2017 | ||
| Monday Morning Cup of Coffee: Fannie Mae general counsel appointed to Treasury - HousingWire | ||
| Fannie Mae Shareholder Litigation Ongoing - Yahoo | ||
| RBS Nearing $4.5 Billion Settlement Over Mortgage-Backed Securities Sales - TheStreet | ||
| Saturday June 10th 2017 | ||
| Fannie Mae's Brooks to Be Nominated U.S. Deputy Treasury Secretary - Axios - NY Times | ||
| Friday June 9th 2017 | ||
| New filing in the Collins case, click here to view. Peter Chapman writes, "The Clerk for the Fifth Circuit advised the Collins Plaintiffs today that their opening brief is due by July 19, 2017." | ||
| New GSE proposal seeks to fill capital void - American Banker | ||
| Michael Bright in line for No. 2 slot at @GinnieMaeGov via @Woellert - Twitter | ||
| Fannie Mae announces latest NPL sale winners - HousingWire | ||
| What We’re Hearing: ...GSE Investors Unite? / Hoping Mnuchin Will Deal?... - Inside Mortgage Finance | ||
| GSE reform must include affordable housing – civil rights groups - mpamag.com | ||
| Thursday June 8th 2017 | ||
| New filing in the Roberts case, click here to view. Peter Chapman writes, "The Roberts Plaintiffs delivered their opening brief to the Seventh Circuit this week in their continuing effort to unwind the net worth sweep, "Any interpretation of HERA this Court adopts will apply with equal force to the provisions of FIRREA that govern bank conservatorships and receiverships," the Roberts Plaintiffs caution the Seventh Circuit in the penultimate paragraph of their opening brief. "If federal conservators are held to have the unchecked power to nationalize their wards, no matter how profitable, it will be much more difficult for banks and other financial institutions to raise capital during future periods of economic instability. The cost of capital for troubled financial institutions will rise, financial regulators' work will become more difficult, and the number of bank failures will increase. While the Net Worth Sweep has so far been immensely profitable for the federal government -- reducing the federal deficit by $130 billion thanks to excess 'dividend' payments -- regulators may live to regret the precedent Defendants ask this Court to establish." | ||
| New filing in the Robinson case, click here to view. Peter Chapman writes, "The Sixth Circuit will hear a half-hour of oral argument in Robinson v. FHFA at 9:00 a.m. on Thurs., July 27, in Cincinnati." | ||
| New filing in the Sammons v. U.S. case (in the Western District of Texas), click here to view. Peter Chapman writes, "The government delivered a copy of a decision from the Sixth Circuit in Brott v. U.S. dated May 31, 2017, to the Fifth Circuit this past week. In that case, the Sixth Circuit told a group of 23 landowners that the Tucker Act is constitutional, they are not entitled to a jury trial (unless they want to reduce their claims to $10,000), and the Court of Federal Claims is the only tribunal with authority to award them compensation for the land that was taken from them for a public recreational purpose." | ||
| Core Logic Risk Summit - corelogic.com Occurs July 30th to August 1st, with Ed Demarco speaking. | ||
| Fannie Mae (FNMA) Stock & Freddie Mac (FMCC) Stock: Buy More, Cash Out, or Keep Holding? - BNL Finance | ||
| Guest Blog: Hot Ohio Housing Market Draws New Focus on Affordability - columbusceo.com The author endorses the MBA's housing finance reform plan. | ||
| Wednesday June 7th 2017 | ||
| As capital dwindles, trouble looms for Fannie Mae and Freddie Mac - The Hill | ||
| The Unsolved Case of Fannie Mae and Freddie Mac - The Huffington Post | ||
| The Future of Fannie and Freddie - Commercial Observer | ||
| Yes, it's time for the big banks to break up, says long-time analyst Dick Bove - CNBC | ||
| Poll: Senator Bob Corker May Be In Trouble With Tennessee Republican Primary Voters - The Tennessee Star Not GSE related. | ||
| Tuesday June 6th 2017 | ||
| The Path Forward - Howard on Mortgage Finance | ||
| NotAHedgeFund - Scribd Also follow #NotAHedgeFund on Twitter | ||
| How to Stop Obamacare Revealed - Infowars | ||
| When it Comes to GSE Reform, It’s All About the Government Guarantee - Inside Mortgage Finance | ||
| RE: Preserve the GSE Affordable Housing Goals in Housing Finance System to Ensure Fair Access for All Creditworthy Borrowers - responsiblelending.org | ||
| GSEs: Where Should the Money Go? - DS News | ||
| Bankers at odds over GSE recapitalization proposal - National Mortgage News Subscription required for access. | ||
| Monday June 5th 2017 | ||
| Finally, a Bold New Proposal to Break the Impasse on GSE Reform - Investors Unite | ||
| Capital Alpha Says Turbulence Ahead for GSE Investors - Inside Mortgage Finance | ||
| Fannie/Freddie Business Up 6.3 Percent in May; Purchase Business a Standout - Inside Mortgage Finance | ||
| Fannie, Freddie Investors Wrong On DC Circ. Order, Feds Say - Law360 Subscription required for full access. | ||
| Sunday June 4th 2017 | ||
| New filings in the Perry case. 14-5243-1678015 14-5243-1678095 Peter Chapman writes, "Copies of FHFA and Treasury's responses to the Class Plaintiffs' request that the panel D.C. panel reconsider the portion that would discriminate against GSE shareholders based on the date they purchased their shares are (linked above). FHFA believes that discrimination is appropriate because new contracts are formed in the secondary market every time a security is bought and sold. FHFA's position would seem to have the prospect of upending U.S. capital markets." | ||
| Friday June 2nd 2017 | ||
| A new lawsuit has been filed, Rop v. FHFA, click here to view. Peter Chapman writes, "Three GSE shareholders filed a fresh lawsuit in the U.S. District Court for the Western District of Michigan yesterday. The Rop Plaintiffs are represented by Matthew T. Nelson at Warner Norcross & Judd LLP in Grand Rapids. The Rop Plaintiffs want the Court to vacate the third amendment, declare that FHFA's structure is unconstitutional, strike HERA's provisions that FHFA says insulate it from GSE shareholder litigation." | ||
| Thursday June 1st 2017 | ||
| New filing in the Pagliara v. Fannie Mae case, click here to view. | ||
| Blueprint for Restoring Safety and Soundness to the GSEs - gsesafetyandsoundness.com | ||
| Restoring Safety and Soundness to the GSEs - Scribd | ||
| Paulson, Blackstone Said to Back Plan to Free Fannie-Freddie - Bloomberg | ||
| John Paulson's prescription for Fannie, Freddie - axios.com | ||
| Shareholders: GSE reform can happen quickly - Scotsman Guide | ||
| Blackstone, Paulson back new proposal for Fannie, Freddie privatization - The Real Deal | ||
| Secretary of Housing Carson: Familiar with Blackstone and its... - CNBC Video | ||