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In the News |
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| Tuesday September 19th 2017 | |
| Nine years after the crisis, Fannie and Freddie remain unfixed - Washington Examiner | |
| Fix for Mortgage Giants Fannie Mae, Freddie Mac Remains on Back Burner - Fox Business
This article was originally published on 9/15 in the Wall Street Journal. | |
| House FSC to Work on GSE Reform Again. (Hint: It Looks like the PATH Act) - Inside Mortgage Finance | |
| New Poll: Industry Says Let Congress Fix the GSEs - Inside Mortgage Finance
The title of this article is misleading as @presvnconsv points out. | |
| Short Takes: About Those GSE Dividend Payments… / The Man Wants to be Paid... - Inside Mortgage Finance | |
| #Hurricanes Batter #Home Builder Confidence: Tim Rood on Cavuto - Youtube | |
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| Monday September 18th 2017 | |
| Playing Russian Roulette With The U.S. Housing Finance System - Forbes | |
| Monday Morning Cup of Coffee: Fed moves to sell massive mortgage debts - HousingWire | |
| Equifax, Wells Fargo fiascos prove housing needs immediate reform - HousingWire | |
| As Fed Sets to Unwind, How Far Should It Go? - Fox Business | |
| The Fed, a Decade After the Crisis, Is About to -2- - Fox Business | |
| CUs, NAFCU meet with HUD Secretary Carson today to talk housing - cuinsight.com | |
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| Friday September 15th 2017 | |
| New filings in the Bhatti case.
17-cv-02185-0029
17-cv-02185-0032
17-cv-02185-0034
17-cv-02185-0036
Peter Chapman writes, "FHFA
and Treasury filed their motions to dismiss the Bhatti Plaintiffs'
complaints today. FHFA assures Judge Schlitz that everything it did was
righteous and good. Treasury tells Judge Schlitz that if anybody did
anything wrong, it's probably shareholders." | |
| Treasury Taking Meetings on GSE Issues, Including Zero Capital and Multiple Guarantors - Inside Mortgage Finance | |
| RNC Suggests GSE Recap & Release is a Viable Option - Fiderer on GSEs | |
| Mnuchin gives the GSE can another kick - FinReg & Policy Watch | |
| Treasury Secretary Mnuchin: Fannie, Freddie reform is a 2018 issue - HousingWire | |
| Mnuchin: GSE Reform On Hold - DS News | |
| Fannie-Freddie Reform Won't Happen Until 2018, Mnuchin Says - National Real Estate Investor | |
| Senate Dems call for recapitalization of GSEs - nafcu.org | |
| Raging Bull podcast: Jason Bond on Fannie Mae as both a swing- and long-term trade - ragingbull.com | |
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| Thursday September 14th 2017 | |
| New filing in the Perry case, click here to view.
Peter Chapman writes, "R.
Charlie Merritt entered his appearance as counsel to the Treasury
Department today in the cases pending before Judge Lamberth." | |
| Steven Mnuchin talks about the GSEs at the Politico Pro Policy Summit - Periscope
GSE talk starts at 09:19. | |
| Pro Policy Summit: Live updates and highlights - politico.com
Scroll down to: Mnuchin on GSEs: We expect 'dividends to be paid' | |
| Mnuchin demurs on question of GSEs' capital - American Banker
Subscription required for full access. | |
| Short
Takes: The RNC is on Board with Fannie and Freddie Building Capital /
GSE Investors Might be Sitting Pretty... - Inside Mortgage Finance | |
| Tim Howard comments on the RNC resolution article - Howard on Mortgage Finance | |
| Fannie-Freddie Reform Won't Happen Until 2018, Mnuchin Says - Bloomberg | |
| Capital buffer chatter sends GSEs sharply higher - Seeking Alpha | |
| Democratic Senators Urge Recapitalization Of Fannie Mae And Freddie Mac - benzinga.com | |
| Senior Democrats on Senate Banking Committee Implore Treasury, FHFA to Allow GSEs to Build Capital - Inside Mortgage Finance | |
| ICBA Statement on Bipartisan Calls for Ending GSE Profit Sweep - icba.org | |
| Why Fannie Mae and Freddie Mac Stock Jumped 11% Today - The Motley Fool | |
| Senate Democrats Letter from yesterday - icba-now.informz.net | |
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| Wednesday September 13th 2017 | |
| Senate
Democrats letter to Steven Mnuchin urging him to address the
diminishing capital levels of Fannie Mae & Freddie Mac via
@FannieGate101 - Twitter
Letter Part 2 | |
| Treasury, HUD join NAFCU Caucus to talk housing finance, reg reform - nafcu.org | |
| Today’s trade: Fannie Mae, as longstanding lawsuits are resolved - ragingbull.com | |
| Fannie Mae selling $2.43 billion in re-performing loans to Goldman Sachs subsidiary - HousingWire | |
| Resolution On Protecting Taxpayers By Restoring Safety And Soundness To Government-Sponsored Enterprises – gop.com
I believe this document is from 8/31/17. | |
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| Tuesday September 12th 2017 | |
| Tim Howard responds to yesterday's Bloomberg article - Howard on Mortgage Finance | |
| On a Roll: Fourth Consecutive Monthly Gain for GSE MBS Issuance - Inside Mortgage Finance | |
| Steele: Mortgage giants are stuck in limbo and people can't buy houses - The Hill | |
| Craig Phillips of @USTreasury endorses @NAFCU's advocacy on #housing reform via @JacIOR - Twitter | |
| 06/22/2017 - NAFCU releases core housing finance reform principles - nafcu.org | |
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| Monday September 11th 2017 | |
| Dave Stevens’ Alternative Reality - Investors Unite | |
| @Fanniemae, @Freddiemac’s Unhappy Anniversary Remembrance; #HurricaneIrma Wallops #Florida - voiceofhousing.com | |
| International Monetary Fund Favors a Fannie-Freddie Merger - Inside Mortgage Finance | |
| ‘Friends of the Court’ Have Hidden Ties to Big Investors - Bloomberg | |
| New policy team for next phase of housing finance reform - mpamag.com | |
| Letter: Congress should vote for housing finance reform - heraldbulletin.com | |
| Corker weighing retirement in 2018 - Politico | |
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| Saturday September 9th 2017 | |
| New filings in the Rop case.
17-cv-00497-0024
17-cv-00497-0025
Peter Chapman writes, "FHFA
delivered its motion to dismiss and brief to Judge Maloney yesterday
evening. FHFA argues that neither the Agency nor HERA suffer from any
constitutional infirmities, and urges Judge Maloney to reject GSE
shareholders' attempts to manufacture them." | |
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| Friday September 8th 2017 | |
| New filing in the Jacobs and Hindes case.
Peter
Chapman writes, "Messrs. Jacobs and Hindes asked Judge Sleet this
morning to take judicial notice of a variety of documents that have
come to light during jurisdictional discovery in Fairholme v. U.S. that
undercut FHFA and Treasury's central arguments in defense of the Net
Worth Sweep. Because the attachments are large, today's filing is
posted at http://bankrupt.com/misc/15-00708-0075.pdf." | |
| New filing in the Collins case, click here to view.
Peter
Chapman writes, "Treasury delivered its brief to the Fifth Circuit
today saying, in short, it doesn't understand why the Collins
Plaintiffs are so agitated. HERA allows the government to do whatever
it wants. GSE shareholders have no statutory right to sue. FHFA and
Treasury did what they thought was best at the time. Judge Atlas said
everything was okay. How could there be anything for the Fifth Circuit
to review?." | |
| Additional filings in the Collins case, click here to view.
Peter
Chapman writes, "FHFA delivered its brief to the Fifth Circuit this
evening arguing that shareholder litigation is barred by HERA, FHFA
stands in all shareholders shoes, and there's no constitutional problem
with FHFA. A copy of FHFA's brief is (linked above), and a handful of
large documents FHFA wants to make sure the Fifth Circuit sees are
posted at http://bankrupt.com//misc/17-20364-00514149152.pdf." | |
| New filings in the Rop case.
Motion to Dismiss
Memorandum
Peter Chapman writes, "Treasury
delivered it's motion to dismiss and a memorandum in support to the
District Court today. Treasury argues, among other things, that the Rop
Plaintiffs should have asserted their constitutional claims in the
Perry or Saxton proceedings, and since they didn't, those claims are
now improper." | |
| What
We’re Hearing: Treasury Mulls Plans for Fannie and Freddie / $200
Billion Should Do It / GSE Hearing Nixed... - Inside Mortgage Finance | |
| MBA CEO on the 9-year anniversary of GSE conservatorship - HousingWire | |
| What Credit Risk Transfer Tells Us About Guarantee Fees - freddiemac.com
From 9/5 | |
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| Thursday September 7th 2017 | |
| ICBA Says Government Seizure of Fannie and Freddie was ‘Questionable at Best’ - Inside Mortgage Finance | |
| Milken Institute Mobilizes for Next Phase of Housing Finance Reform - prnewswire.com | |
| **POSTPONED**
- Hearing entitled “An Overview of the Housing Market: The Role of
Fannie Mae, Freddie Mac and the Federal Home Loan Banks” - house.gov | |
| New Kids on the Block: Credit Risk Transfer Deals - Morningstar | |
| Wells Fargo Acquires $51 Billion in Mortgage Servicing Rights - Bloomberg | |
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| Wednesday September 6th 2017 | |
| New filing in the Fairholme case, click here to view.
Peter Chapman writes, "A
redacted copy of the government's response to Fairholme's second motion
to compel is (linked above). The government doesn't want to show
Fairholme any more documents, wants jurisdictional discovery to come to
an end, and wants to resume brief on its motion to dismiss." | |
| New filing in the Rop case, click here to view.
Peter Chapman writes, "Judge Maloney entered an order today saying he'll accept a 30-page brief from FHFA." | |
| The Case of the Concrete Life Preserver - HINDESight | |
| ICBA Reflects on Anniversary of GSE Conservatorship - icba.org | |
| Nine Years Ago, Fannie and Freddie Were Taken Over. Treasury is Now $82.3 Billion Richer - Inside Mortgage Finance | |
| Freddie Mac Speaks: G-Fees and CRT - DS News | |
| GSE Accounting Center Of Plan To Nationalize Housing - Seeking Alpha by Glen Bradford | |
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| Tuesday September 5th 2017 | |
| How Not to Fix Fannie Mae and Freddie Mac - The Weekly Standard | |
| Let This One be the Last “Unhappy Anniversary” - Investors Unite | |
| The last big piece of unfinished business from the Great Recession - The Washington Post | |
| CSP / Single Security Timeline - fhfa.gov | |
| The Yield on the 10-Year Treasury Hits a 10-Month Low. More Refis? - Inside Mortgage Finance | |
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| Friday September 1st 2017 | |
| New filing in the Sammons v. U.S. case (W.D. of Texas), click here to view.
Peter Chapman writes, "The Fifth Circuit has denied Mr. Sammons' rehearing request." | |
| New filing in the Bhatti case, click here to view.
Peter
Chapman writes, "In an order entered today, Magistrate Bowbeer says
she'll enter a pre-trial scheduling order, if necessary, after Judge
Schlitz renders his decision on the upcoming cross-motions for summary
judgment." | |
| New filing in the Rop case, click here to view.
Peter
Chapman writes, "FHFA is asking Judge Maloney for permission to file a
35-page motion to dismiss the Rop Plaintiffs' complaint. While probably
inconsequential, the second sentence of paragraph number 9 appears to
be missing a word or phrase." | |
| What We’re Hearing: A $1 Billion Capital Buffer for the GSEs? / What Would the Minimum Be?... - Inside Mortgage Finance | |
| Reg reform crowded out by other priorities as clock winds down on Hill - American Banker
Subscription required for full access. | |
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| Thursday August 31st 2017 | |
| Fannie Mae Monthly Summary July 2017 - fanniemae.com | |
| When the federal government took over Fannie Mae and Freddie Mac - The Washington Post | |
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| Wednesday August 30th 2017 | |
| New filing in the Fairholme case, click here to view.
Peter
Chapman writes, "Caroline J. Anderson entered her appearance in the
District Court on behalf of Treasury in Fairholme v. FHFA this morning." | |
| 2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Joel McElvain has withdrawn his appearance on behalf of Treasury in this matter." | |
| New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, click here to view.
Peter
Chapman writes, "Caroline Anderson, representing Treasury, entered her
appearance in the consolidated class action proceeding this afternoon." | |
| New filing in the Arrowood case, click here to view.
Peter
Chapman writes, "Caroline Anderson, representing Treasury, entered her
appearance in Arrowood v. Fannie Mae this afternoon." | |
| 2nd filing in the Arrowood case, click here to view.
Peter Chapman writes, "Joel McElvain has withdrawn his appearance on behalf of Treasury in this matter." | |
| New filing in the Perry case, click here to view.
Peter Chapman writes, "Joel McElvain has withdrawn his appearance on behalf of Treasury in this matter." | |
| Fannie and Freddie say appraisals are not always necessary - The Washington Post | |
| For Sale: Freddie’s Largest RPLs - DS News | |
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| Tuesday August 29th 2017 | |
| New filings in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations
Notice of Appearance
Notice of Appearance
Notice of Appearance
Peter
Chapman writes, "Stacey Grigsby, Jonathan Shaw and Alexander Platt at
Boies Schiller Flexner entered their appearances today in the
consolidated class action proceeding before Judge Lamberth on behalf of
Joseph Cacciapelle." | |
| New filing in the Rop case, click here to view.
Peter
Chapman writes, "Without prejudice, Judge Maloney denied the parties
request to exceed the page limits imposed by the local rules." | |
| LETTER: Proposal creates stability in secondary mortgage market - sentinelandenterprise.com | |
| Fannie Mae, Freddie Mac suspend foreclosures and evictions in wake of Hurricane Harvey - HousingWire | |
| Huge housing trade groups push FHFA for FICO alternatives - HousingWire | |
| Freddie Mac: Portfolio is Growing - Mortgage News Daily | |
| Freddie Mac Announces Second RPL Structured Sale of SLST Program in 2017 - benzinga | |
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| Monday August 28th 2017 | |
| New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Fairholme
filed a redacted copy of its Reply this afternoon. It appears Fairholme
redacted nothing. The filing reveals that the government was quibbling
about the propriety of the quick peek process and expressing fear about
waiving privilege." | |
| New filing in the Perry case, click here to view.
Peter Chapman writes, "In
anticipation, presumably, of Judge Lamberth acting on the D.C.
Circuit's mandate in the near future, Caroline J. Anderson entered her
appearance in the District Court on behalf of Secretary Mnuchin and
Treasury." | |
| GSE Loan Buybacks Edge Higher in 2Q17; Legacy Issues Fading Slowly - Inside Mortgage Finance | |
| Fannie Mae Tallies Loans Affected by Hurricane Harvey: $5.12 Billion and Counting - Inside Mortgage Finance | |
| About 400,000 homes with U.S.-backed loans in Harvey's aftermath - Reuters | |
| Fannie Mae: 36,583 Homes it Covers are in Harvey's Path - TheStreet | |
| Freddie Mac Says Portfolio Has 167,000 Mortgages in Harvey-Hit Counties - usnews.com | |
| Opinion How the Fed's balance sheet wind-down affects the mortgage market - National Mortgage News | |
| Delinquencies Take Another Dive - DS News | |
| Groups push for FICO score alternative - Scotsman Guide | |
| Replacing HARP creates wrinkle in Fannie, Freddie risk-sharing deals - National Mortgage News
Subscription required for full access. | |
| Two Bankers Are Selling Trump’s Tax Plan. Is Congress Buying? - NY Times
"Mr.
Cohn’s staff felt frustrated to discover that Craig Phillips, the
Treasury counselor most involved with planning structural reforms to
the government-backed mortgage buyers Fannie Mae and Freddie Mac, had
been meeting with key players in the private sector to discuss
potential policy without alerting the National Economic Council." | |
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| Friday August 25th 2017 | |
| New filing in the Piszel case, click here to view.
Peter
Chapman writes, "Mr. Piszel filed his Reply in support of his petition
for a writ of certiorari earlier this week. If four of the nine
Justices vote to grant Mr. Piszel's petition, the court will review the
Federal Circuit's decision." | |
| New filing in the Rop case, click here to view.
Peter Chapman writes, "The
Rop Plaintiffs, FHFA and Treasury delivered a stipulation to Judge
Maloney today asking him to bless their agreement that briefing on the
government's motions to dismiss won't exceed 225 pages in the
aggregate." | |
| There’s One Mortgage Monopoly the U.S. Government Wants to Keep - Bloomberg | |
| Trump attacks Corker: ‘Tennessee not happy’ with GOP senator - The Hill
No mention of the GSEs. | |
| Proposed Changes to Fannie Mae & Freddie Mac May Help More Americans Purchase Homes - Linkedin | |
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