GSE Links
Your Starting Point for GSE News, Resources, and Information
"Ultimately, Truth Prevails"


Message Boards
Google Groups
Google Groups #2
iHub - FNMA
iHub - FMCC
Yahoo Message Board
Corner of Berkshire & Fairfax Message Board

Blogs
Howard on Mortgage Finance
Fiderer on GSEs
Bill Maloni
The Truth about Fannie and Freddie
REFinBlog
Fannie Mae Shareholders - Blogspot
FHFA Insights

Other
Fannie & Freddie Secrets
Stocktwits - FNMA
Stocktwits - FMCC
Seeking Alpha - FNMA
Seeking Alpha - FMCC
GlenBradford.com
Investors Unite
Insiders' Game - Fannie Mae & Freddie Mac
GSE Opinions
Free Fannie Mae Facebook Page

Twitter
Info and News Media Twitter Handles
@timpagliara @mcelarier
@ckc12_rb @JoeSquawk (CNBC)
@dbracing01 @BeckyQuick (CNBC)
@NY1David - David Fiderer @JimCramer (CNBC)
@ethan2369 @HobbsieNY (CNBC)
@DoNotLose @RickSantelli (CNBC)
@30yrdream @DavidFaber (CNBC)
@JoshRosner @CarlQuintanilla (CNBC)
@fanofred_ @AndrewRSorkin (CNBC)
@led253 @GMorgenson (NY Times)
@hill_matt @CleaBenson (Politico)
@SleipnirPerkins @NickTimiraos (WSJ)
@_InvestorsUnite @CGasparino (Fox Business)
@RichardAEpstein @JonAPrior (Politico)
@pgray41 @theTreyGarrison
@FreeFannie @JoeLight (Bloomberg)
@nsintichakis @MarkCalabria (Cato Institute)
@D2_Duncan @levinsonc (Reuters)
@QTRResearch @jerome_corsi (Infowars)
@FannieGate101 Government
@mrfidlsticks @POTUS
@PTashner @realDonaldTrump
@LetgoofmyFannie @SenShelby
@BuchmanCraig @MaxineWaters
@denverprinter @MikeCapuano
@WildTwins1 @RepHensarling
@cevoltz @FSCDems
@TrainReckt @FinancialCmte
@jeremycain_usc @SenBobCorker
@aspit @kenblackwell
@Patswil @stevenmnuchin1
@SoCal4Lif
@FHFA
@FannieMae
@FreddieMac
$FNMA, $FMCC
#FannieGate


Reference
FNMA FMCC
Short Sales:  OTCMarkets.com   OTCShortReport.com Short Sales:  OTCMarkets.com   OTCShortReport.com
FNMA Real Time Level 2 Quotes FMCC Real Time Level 2 Quotes
Fannie Mae Price on German Market Freddie Mac Price on German Market

06/2017 - Blueprint for Restoring Safety and Soundness to the GSEs - Scribd
RNC Resolution on Protecting Taxpayers by Restoring Safety and Soundness to Government-Sponsored Enterprises – gop.com
Pro Publica Bailout List
12/05/2016 - The $187 Billion Fannie-Freddie Bailout Is a Big Half-Lie - Fiderer on GSEs
09/10/2015 - Forensic accounting in #FannieGate gets audited - HousingWire
02/15/2015 - After the Housing Crisis, a Cash Flood and Silence - NY Times
11/29/2011 - How Paulson Gave Hedge Funds Advance Word of Fannie Rescue - Bloomberg
07/08/2008 - Fannie, Freddie Adequately Capitalized: Lockhart - CNBC

Reference (pdf)
04/2015 - How the Fannie and Freddie Conservatorship Has Undermined the Resolution Process
03/18/2015 - Joshua Rosner - The Future of the U.S. Housing Finance System: Bringing the U.S. Residential Mortgage Finance System into the 21st Century - Scribd
02/09/2015 - The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles - Michael Krimminger and Mark Calabria
01/11/2015 - Treasury, The Conservatorships and Mortgage Reform - Tim Howard
05/05/2014 - It's Time to Get Off Our Fannie - Pershing Square Presentation at the Ira Sohn Conference
04/13/2011 - Wall Street & the Financial Crisis-Anatomy of a Financial Collapse
09/17/2008 - The Counterfeiting of Shares of Fannie Mae and Freddie Mac
Amended and Restated SPSPA - FHFA.gov
Questions and Answers on Conservatorship - Treasury.gov

Video
05/03/2016 - Executive Privilege- Secrets of Fannie & Freddie - Youtube
02/16/2016 - Liberty’s Nemesis: The Unchecked Expansion of the State
02/21/2016 - Making a Bagholder - Episode 1
Reps Capuano, Duffy Interrogate Treasury Sec Jacob Lew
Rep. Mulvaney Questions FHFA Director Mel Watt
Rep Mulvaney Interrogation of Treasury Secretary Jacob (Jack) Lew
Fannie Mae and Freddie Mac Given Clean Bill of Health - Warren Buffett
Poliquin Questions Federal Housing Finance Agency Director Mel Watt
Royce Elicits Lew Support for GSE Reform Building Blocks, 6/17/2015
Rep. Hill questions Federal Housing Finance Agency Director at Financial Services Committee Hearing
Senator Warren Asks FHFA Director Mel Watt About Principal Reduction
FHFA's Role: Manage Fannie and Freddie Under Current Statutory Mandates
The Future of Fannie Mae and Freddie Mac
01/27/2015 - Mel Watt Speaking to the House Financial Services Comittee
2010 - Inside Job (Full Movie)
2008 - Larry Summers describes "stealth" program to feed banks $180 billion through GSEs

Court Filings
See the Court Filings Archive page for a longer list of the court filings.
GSE Litigation Summary - Bankrupt.com

Fairholme v. U.S.
02/21/2018 - Order
02/21/2018 - Plaintiffs’ Unopposed Motion for Enlargement of Time to File Amended Complaint
02/16/2018 – Letter to the Court
02/16/2018 - Plaintiffs’ Response to Defendants’ Motion to Dismiss the Amended Complaints
02/01/2018 - Amended Complaint for Declaratory and Injunctive Relief and Damages
07/09/2013 - Fairholme's Complaint

Perry v. Mnuchin
01/30/2018 - Reply Brief for Petitioners
12/11/2017 - Letter to the Court
07/17/2017 - Order

Cacciapalle v. U.S.
03/08/2018 - First Amended Consolidated Class Action Complaint
02/21/2018 - Order
02/21/2018 - Plaintiffs’ Unopposed Motion for Enlargement of Time to File Amended Complaint
06/13/2013 - Class Action Complaint

Saxton v. FHFA (Iowa)
12/07/2017 - Letter to the Court
12/01/2017 - Letter to the Court
05/28/2015 - Plaintiffs’ Complaint for Declaratory and Injunctive Relief and Damages

Washington Federal v. U.S.
02/21/2018 - Order
02/21/2018 - Plaintiffs’ Unopposed Motion for Enlargement of Time to File Amended Complaint
06/10/2013 - Washington Federal Original Complaint

Rafter v. U.S.
04/20/2018 - Second Amended Verified Complaint
03/08/2018 - Corporate Disclosure Statement
02/21/2018 - Order
02/21/2018 - Plaintiffs’ Unopposed Motion for Enlargement of Time to File Second Amended Complaint

Arrowood v. U.S.
03/08/2018 - Amended Complaint
02/21/2018 - Order
02/21/2018 - Plaintiffs’ Unopposed Motion for Enlargement of Time to File Amended Complaint
09/18/2013 - Arrowood Indemnity Initial Complaint

Jacobs and Hindes v. FHFA (Delaware)
03/12/2018 - Unopposed Joint Motion for Extension of Time to File Appellees' Briefs
02/27/2018 - Brief of Appellants
01/18/2018 - Briefing and Scheduling Order
08/17/2015 - Class Action and Derivative Complaint

Piszel v. U.S.
08/22/2017 - Reply Brief of Petitioner
08/11/2017 - Brief for the United States in Opposition
06/12/2015 - Memorandum Opinion and Order 

Robinson v. FHFA (Kentucky)
02/05/2018 - Application to the Hon. Elena Kagan for an Extension of Time Within Which to File a Petition for a Writ of Certiorari...
11/22/2017 - Opinion
10/23/2015 - Plaintiff’s Complaint for Declaratory and Injunctive Relief

Roberts v. FHFA (Illinois)
02/22/2018 - Letter to the Court
12/07/2017 - Letter to the Court
02/10/2016 - Plaintiffs’ Complaint for Declaratory and Injunctive Relief

Reid v. U.S.
02/21/2018 - Order
02/21/2018 - Plaintiffs’ Unopposed Motion for Enlargement of Time to File First Amended Consolidated Derivative Complaint
02/26/2014 - Verified Shareholder Derivative Complaint

Fisher v. U.S.
02/21/2018 - Order
02/21/2018 - Plaintiffs’ Unopposed Motion for Enlargement of Time to File Second Amended Consolidated Derivative Complaint
08/26/2013 - Verified Shareholder Derivative Complaint

Collins v. FHFA
02/06/2018 - Letter to the Court
02/06/2018 - Letter to the Court
10/20/2016 - Plaintiffs’ Complaint for Declaratory and Injunctive Relief

Rop v. FHFA
02/15/2018 - Plaintiffs’ Response to FHFA’s Notice of Supplemental Authority Concerning PHH v. CFPB
02/15/2018 - Plaintiffs’ Response to Treasury’s Notice of Supplemental Authority Concerning California State Teachers’ Retirement System v. Alvarez
06/01/2017 - Plaintiffs’ Complaint for Declaratory and Injunctive Relief

Bhatti v. FHFA
01/12/2018 - Motion Hearing Transcript
01/31/2018 - Notice of Supplemental Authority
01/22/2018 - Order
08/04/2017 - Plaintiffs’ First Amended Complaint for Declaratory and Injunctive Relief

Cause of Action Institute v. DOJ
07/18/2017 - Complaint

Voacolo v. Fannie Mae (New Jersey)
03/26/2018 - Notice of Motion to Dismiss Complaint Pursuant to FED.R.CIV.P. 12(b)(1) and 12(b)(6)
03/26/2018 - Notice of Motion to Intervene Pursuant To FED.R.CIV.P. 24 (Unopposed)
03/26/2018 - Memorandum of Law in Support of the United States Department of the Treasury’s Motion to Dismiss the Complaint
08/02/2017 - Verified Class Action Complaint

Owl Creek v. U.S.
02/23/2018 - Complaint

Appaloosa v. U.S.
03/08/2018 - Complaint

Akanthos v. U.S.
03/08/2018 - Complaint

CSS v. U.S.
03/08/2018 - Complaint

Mason Capital v. U.S.
04/11/2018 - Complaint

Archives
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015

In the News
Friday April 20th 2018
New filing in the Rafter case, click here to view.
Peter Chapman writes, "The Rafter Plaintiffs filed a redacted version of their second amended complaint this afternoon in the U.S. Court of Federal Claims. The Rafter Plaintiffs discuss, at pp. 25-36, the government abandoning its commitment to restore the GSEs safety and solvency and its 2011 proposal to wind the GSEs down; Fannie and Freddie's record profit projections that followed that change; and the imposition of the Net Worth Sweep in 2012; and, at pp. 44-47, the Fourth Amendment to the PSPAs. The Rafter Plaintiffs include a new claim for relief, at pp. 57-58, asking Judge Sweeney to reform the Third Amendment and undo the damage done to GSE shareholders."
Housing Finance Reform: A Better Way (Mutalization of Risk Among Investors, Just Not The Federal Government) - confoundedinterest.net
House Examines GSE Conservatorship, but Reform Remains Stalled - The Collingwood Group: Voice of Housing

Thursday April 19th 2018
FHFA Under Pressure to Act More Like a Bank Regulator with Fannie & Freddie - Inside Mortgage Finance
"Fed Vice Chairman Quarles says a government backstop is "probably not" essential to keep the 30-year fixed rate mortgage" via @Zachary - Twitter
Fed’s Quarles: 30-year fixed-rate mortgage ‘probably’ doesn’t need government backstop - MarketWatch
U.S. Fed buys $2.3 bln of mortgage bonds, sells $400 mln - nasdaq.com

Wednesday April 18th 2018
MBA Casts the Net Far and Wide for New Chief. Jeb Hensarling? - Inside Mortgage Finance

Tuesday April 17th 2018
Fannie and Freddie survive another Congress - Washington Examiner
Duck Folks, they are throwing marshmallows at us! - Bill Maloni's GSE Blog
Fannie Mae and Freddie Mac Continue to Dominate Apartment Lending - National Real Estate Investor

Monday April 16th 2018
New filing in the Bhatti case, click here to view.
Peter Chapman writes, "The Clerk released a transcript of the Dec. 21 hearing before Judge Schiltz to the public late last week. The court docket shows that copies of the transcript were requested by (i) FHFA's lawyers at Arnold & Porter; (ii) counsel to Mr. Bhatti; (iii) James Wasicek at Covington & Burling; (iv) Antonio Grassia in Manhattan; (v) Christine ChaseCarpino at Robbins, Russell, Englert, et al.; and (vi) Shary Kapoor at Silver Point Capital while it was embargoed for 120 days."
Lawmakers examine FHFA effectiveness - Financial Regulation News
Pershing Square Doubles Down on its GSE Bets - Inside Mortgage Finance

Friday April 13th 2018
New note in the Saxton case.
Peter Chapman writes, "The Eighth Circuit has scheduled oral argument for Tues., May 15, 2018, in St. Paul, Minn., before Judges Duane Benton, Jane Kelly and David R. Stras."
New filing in the Fannie/Freddie Consolidated Class Action case, click here to view.
Peter Chapman writes, "Fairhome and Arrowood tell Judge Lamberth that FHFA is mistaken, and ask him for permission to file a short surreply directing the Court's attention to the six specific allegations in their amended complaints that, consistent with the D.C. Circuit's decision in Perry, say shareholders' contract claims are ripe."
2nd filing in the Fannie/Freddie Consolidated Class Action case, click here to view.
Peter Chapman writes, "FHFA opposes Fairholme and Arrowood's request to file a surreply."
OIG says FHFA Practices Need Improvement, Lots of It. - Mortgage News Daily

Thursday April 12th 2018
House Hearing Questions FHFA’s Oversight of Fannie, Freddie. IMAGIN? - Inside Mortgage Finance
Congress Must Protect Taxpayers From The Menace Of Fannie And Freddie - The Daily Caller
Regulators are fueling another housing boom - American Banker
Oral Argument Bhatti v. FHFA - Dropbox

Wednesday April 11th 2018
A new lawsuit has been filed, Mason Capital v. United States. Click here to view.
Peter Chapman writes, "Mason Capital L.P. and Mason Capital Master Fund L.P. filed a lawsuit against the government in the U.S. Court of Federal Claims today. Mason Capital is represented by the same team of Jones Day lawyers representing Owl Creek, Appaloosa, Akanthos and CSS. Mason Capital owned more than $1.1 billion of junior preferred stock in the GSEs as of Aug. 16, 2016. Because this case is related to the other cases complaining about the Net Worth Sweep, it's been assigned to Judge Sweeney."
New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, click here to view.
Peter Chapman writes, 'FHFA tells Judge Lamberth to ignore the Class Plaintiffs' proposed surreply because they're not entitled to a "do over."'
The Final Nail in the GSE Reform Coffin: Creation of the $3B Capital Buffer? - Inside Mortgage Finance
The wasteful spending at Fannie Mae and Freddie Mac must end - The Hill
Where are the GSEs 10 Years After the Financial Crisis? - American Action Forum
Fannie Mae’s Jeffery Hayward Talks Affordable Housing, Millennials and Zoning - Commercial Observer

Tuesday April 10th 2018
GSE Receivership Avoided - Seeking Alpha by Glen Bradford
Home buyers taking on more debt - Seeking Alpha
Analysts expect to give high credit rating to GSE successors - National Mortgage News
Congressional Reforms to Federal Mortgage Providers Would Affect Interest Rates, Loans - fcnp.com

Monday April 9th 2018
Minneapolis Fed's TBTF plan has some GSE-sized holes - American Banker
Government Policy Mistakes Led to the Great Recession - economics21.org
The article contains a brief GSE mention.
Bankers push for less regulation - Long Island Business News

Friday April 6th 2018
Hearing entitled “Oversight of the Federal Housing Finance Agency” - house.gov
Occurs Thursday, April 12, 2018 10:00 AM
"another important player moving over to Freddie..." via @ARiquier - Twitter

Thursday April 5th 2018
New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, click here to view.
Peter Chapman writes, "The Class Plaintiffs delivered a proposed surreply to Judge Lamberth this afternoon to clarify that, although FHFA wants to argue that shareholders' claims aren't ripe for consideration, they're ripe because the Net Worth Sweep eviscerated shareholders' economic interests in their securities and because the D.C. Circuit said they are ripe in the Perry decision."
What Fueled the Financial Crisis? - Urban Institute
An Analysis of the Performance of Purchase and Refinance Loans
How Freddie Mac Rejuvenates and Diversifies ‘Mom-and-Pop’ Building Owners - nextcity.org
GSE Market Thuds to a Two-Year Low in 1Q18 - Inside Mortgage Finance

Wednesday April 4th 2018
Trouble Brewing for Fannie and Freddie in High DTI Market? - Inside Mortgage Finance
Christopher Herbert Elected to Freddie Mac Board of Directors - The MReport

Tuesday April 3rd 2018
Government Controlled Companies Got A $4 Billion Bailout Last Week – And Nobody Noticed - The Political Insider
"Per @MarkCalabria this morning:
1) too many barriers currently for legislative reform- maybe over next Congress..." via @JohnDee78791547 - Twitter
The Vampire’s Kiss: Seizure of Fannie Mae and Freddie Mac Hurt Small Investors Too Such As Small Banks (Puerto Rico Analogy) - confoundedinterest.net
Ackerman’s Take: Fannie-Freddie Deal Unlikely This Year - The Wall Street Journal
Subscription required for access.
The Policy Makers - DS News
Investors Remain Bullish on GSEs’ Credit Risk Transfer Program - The MReport

Monday April 2nd 2018
Gary Hindes received a letter from a Kansas bank about their stock holdings in the GSEs.
Mr. Hindes writes, "“In response to my article last week in the American Banker  (https://www.americanbanker.com/opinion/this-isnt-a-bailout-this-is-return-of-stolen-funds), I received a letter from the president of a small-town bank in rural Kansas.  I have been given permission to share it." (Link to Letter).
Mr. Hindes continues, 'Most people are unaware of the fact that after Treasury Secretary Henry Paulson showed up at Fannie Mae headquarters on September 6, 2008 with his bazooka, 15 community banks were seized by the FDIC after being forced to write off their Fannie and Freddie preferred stock holdings – their shareholders were, of course, wiped out.  (Fortunately, the dozens of other community banks which also held Fannie and Freddie securities had enough capital to withstand the write-down – although that meant billions of dollars were no longer available to lend in their local communities.)  Ironically, after closing the 15 banks, the FDIC, as Receiver, aggregated their Fannie and Freddie holdings and sold them, at deep discounts, to the very hedge funds which Treasury, DOJ, and the GSE-haters have ever since demonized as “speculators”.'
Apathy Setting in on GSE Legislation. Industry Focus Shifts to Reg Reform - Inside Mortgage Finance
Fannie Mae Completes 2018’s First Credit Insurance Risk Transfer - DS News
Trump to nominate ex-banker Muzinich to top Treasury role - Politico
"As deputy secretary, (Muzinich is) expected to focus on implementation of the tax plan, housing finance reform, international affairs and other key Treasury agenda items."
Five Star Government Forum Unites Banking and Government Leaders - DS News

Friday March 30th 2018
Time's up: GSE reform ain't happening this year - American Banker
Treasury’s Vampire Strategy Towards Mortgage Giants Fannie Mae and Freddie Mac (Draw Lets Treasury Feed Off Of Fannie and Freddie Profits For Years To Come) - confoundedinterest.net
What We’re Hearing: Not Much Time Left for the GSE ‘Gang of Four’ / Don (Heart) Fannie and Freddie... - Inside Mortgage Finance
Fannie Mae Completes First Credit Insurance Risk Transfer Transaction of 2018 on $16.9 Billion of Single-Family Loans - PR Newswire
Table 1: Quarterly Draws on Treasury Commitments to Fannie Mae and Freddie Mac per the Senior Preferred Stock Purchase Agreements - fhfa.gov
The draw is documented on page 2.

Thursday March 29th 2018
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs - fhfa.gov
FHFA Report Details Progress on the 2017 Scorecard for Fannie Mae and Freddie Mac - fhfa.gov
FHFA: Here are 10 things the GSEs did to improve access to credit in 2017 - HousingWire
Risks of lax underwriting far outweigh the rewards, MBA chief warns - National Mortgage News
U.S. Fed buys $2.9 bln of mortgage bonds, sells none - kitco.com
A Lost Decade - American Action Forum

Wednesday March 28th 2018
NLIHC Joins Civil Rights and Other Stakeholder Groups on GSE Reform - nlihc.org
Column: End crony housing trust funds - detroitnews.com
New York foreclosure firm accused of cheating Fannie Mae out of millions - HousingWire
FHFA Announces June 2019 Implementation of the New Uniform Mortgage-Backed Security - fhfa.gov
Freddie Mac Statement on the June 2019 Implementation of the New UMBS - marketwired.com

Tuesday March 27th 2018
New filing in the Voacolo case, click here to view.
Peter Chapman writes, 'FHFA delivered its motion to dismiss to Judge Martinotti (yesterday). FHFA echoes Treasury's arguments and adds to them, telling Judge Martinotti that Mr. Voacolo's lawsuit fails on multiple levels. FHFA says that when it said "Upon the Director's determination that the Conservator's plan to restore the Company to a safe and solvent condition has been completed successfully, the Director will issue an order terminating the conservatorship," in 2008, that didn't "purport to make any enforceable promises to shareholders about the timing or outcome of that process." FHFA, like Treasury, urges, Judge Martinotti to dismiss Mr. Voacolo's complaint with prejudice."'
New order in the Sammons case.
Peter Chapman writes, "The U.S. Supreme Court decided yesterday to decline Mr. Sammon's request for review of the Fifth Circuit's decision upholding the Tucker Act that steers claims exceeding $10,000 against the government to the U.S. Court of Federal Claims. The High Court's order is posted at https://www.supremecourt.gov/orders/courtorders/032618zor_1b8e.pdf
Lawmakers consider next steps following Fannie Mae losses - graydc.com
Fannie Mae selling Florida non-performing loans to private investment firm - HousingWire
Freddie Mac Monthly Volume Summary: February 2018 - freddiemac.com

Monday March 26th 2018
New filing in the Voacolo case, click here to view.
Peter Chapman writes, "Treasury moved to dismiss Mr. Vocolo's lawsuit this evening, and a copy of Treasury's memorandum in support of that request is (linked above). Treasury argues that section 4617(f) of HERA bars him from filing suit, and that HERA's shareholder succession provision further bars him from filing suit. Even if those provisions of HERA didn't exist, Treasury says, Mr. Voacolo is still entitled to nothing because he made a voluntary choice to invest in a highly regulated business and because he never paid any money to the government."
2nd filing in the Voacolo case, click here to view.
Peter Chapman writes, "FHFA moved this evening to intervene in Mr. Voacolo's lawsuit for the purpose of filing and prosecuting a motion to dismiss. Mr. Voacolo does not object to FHFA's request. A hearing on FHFA's request to intervene is scheduled for May 7, 2018."
Pershing Square Holdings, LTD. 2017 Annual Report - assets.pershingsquareholdings.com
Page 15 of the report discusses their positions in the GSEs.
Ackman adds to preferred bets on GSEs - Seeking Alpha
Short Takes: Coming Up on 10 Years... - Inside Mortgage Finance
The Fannie Freddie Joke Continues - The National Real Estate Post

Sunday March 25th 2018
The more things change, the more they stay the same - Bill Maloni's GSE Blog

Saturday March 24th 2018
It's Time To Buy FNMA Stock & FMCC Stock - hadeplatform.com

Friday March 23rd 2018
New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, click here to view.
Peter Chapman writes, "FHFA, Fannie and Freddie filed their reply memorandum in support of their motion to dismiss the cases pending before Judge Lamberth this evening. FHFA concedes nothing in its reply. Shareholders should have anticipated the Third Amendment, FHFA tells Judge Lamberth[, because FHFA can do whatever it wants to do]. For that and other reasons, FHFA says it owes shareholders nothing, contractually or otherwise. FHFA urges Judge Lamberth to dismiss the amended complaints, in toto, with prejudice."
This isn't a bailout, this is return of stolen funds - American Banker
By Gary Hindes
Paulson Merger Arbitrage - schroders.com
GSEs on page 2.
Time to Stop Taking Non-Serious GSE Reform Plans Seriously - Investors Unite
BAML Says Washington May Be Settling into Status Quo on Reform - Inside Mortgage Finance
Short Takes: CRTs Criticized... - Inside Mortgage Finance
FHFA: Fannie, Freddie Foreclosure Preventions Top 4M in Q4 - DS News

Thursday March 22nd 2018
Timeline Considerations If Fannie And Freddie Are Recapitalized - Seeking Alpha by Glen Bradford
"Crapo at Ben Carson's Senate Banking hearing says GSE reform "Remains a top priority..." via @joelight - Twitter
Can Fannie and Freddie Provide a Jolt to Buyers Desperate for Affordable Housing? - realtor.com
U.S. Fed buys $2.5 billion of mortgage bonds, sells none - kitco.com

Wednesday March 21st 2018
New filing in the Voacolo case, click here to view.
Peter Chapman writes, "The Justice Department sent Judge Martinotti a letter today confirming that Mr. Voacolo's complaint was served on Treasury on Feb. 13 and that FHFA and Treasury will file their motions to dismiss on Mar. 26."
The State of the Debate - Howard on Mortgage Finance

Tuesday March 20th 2018
Don’t let the 30-year mortgage sway housing policy - American Banker
Tim Howard comments on his next post and the CRTs - Howard on Mortgage Finance

Monday March 19th 2018
New order in the Jacobs and Hindes case.
Peter Chapman writes, "The Clerk entered a paperless order this morning extending the time for FHFA, Fannie Mae and Freddie Mac to respond to Messrs. Jacobs and Hindes' opening brief to Apr. 26, 2018. As a result, any reply brief will be due May 10, 2018."
Panic, Fear and Regret - MarketPlace
The Next Steps If Housing-Finance Reform Legislation Doesn’t Happen - Inside Mortgage Finance
What We Didn't Learn From the Bear Stearns Collapse - Bloomberg
GSEs are mentioned briefly.
Freddie Mac selling $116 million in non-performing loans to Goldman Sachs subsidiary - HousingWire

Friday March 16th 2018
ICBA Announces 2018 Community Banking Policy Priorities - icba.org
Revisiting Housing Finance: Why a Federal Role? - Urban Institute
Friday updates.
Industry Awaits Rep. Hensarling’s GSE Reform Plan (Amid Yawns) - Inside Mortgage Finance
Freddie Mac March 2018 Insight - Market Wired
The Bear Stearns bailout didn’t avert the financial crisis, it was the crisis - aei.org
Some GSE talk.

Thursday March 15th 2018
Cowen: White House Doesn’t Favor Killing Fannie and Freddie - Inside Mortgage Finance
Final GSE Affordable Housing Goals Published in the Shadow of Possible Housing Finance Reform - novoco.com
Supreme Court Refusal to Review the “Net Worth Sweep” Does Not Totally Sweep Away Investors’ Claims - The Federalist Society
Revisiting Housing Finance: Why a Federal Role? - Urban Institute
Same link from yesterday, with updates from today.

Wednesday March 14th 2018
New note in the Fairholme case.
Peter Chapman writes, "Another lawyer representing Fannie Mae has requested access to non-public discovery materials, and an updated chart showing who has access to those materials is (linked here)."
Housing market needs an explicit government guarantee - American Banker
By David Stevens
Trump picks CNBC anchor Kudlow as top economic adviser - American Banker
Private mortgage insurers reconsider decision to participate in Fannie Mae’s DTI policy change - The Washington Post
Revisiting Housing Finance: Why a Federal Role? - Urban Institute
Fannie Mae Announces Winner of its Latest Non-Performing Loan Sale - PR Newswire
Charter creep concerns resurface in Freddie's new risk-sharing pilot - National Mortgage News
FICO’s Lock on Mortgage Credit Scores Comes Under Fire - The Wall Street Journal
Subscription required for access.
Bipartisan push begins in Congress to change CFPB leadership to commission - HousingWire
FHFA is not mentioned in the article.

Tuesday March 13th 2018
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA, Fannie Mae, Freddie Mac and Treasury tell the Third Circuit they need an additional 28 days to respond to Messrs. Jacobs and Hindes' opening brief."
A new lawsuit has been filed, Akanthos v. U.S. Click here to view.
Peter Chapman writes, "Akanthos Opportunity Master Fund, L.P., filed a lawsuit against the government in the U.S. Court of Federal Claims last week. Akanthos is represented by the same team of Jones Day lawyers representing Owl Creek and Appaloosa. Akanthos owned more than $137 million of junior preferred stock as of Aug. 16, 2016. Because this case is related to the other cases complaining about the Net Worth Sweep, it's been assigned to Judge Sweeney."
Another new lawsuit has been filed, CSS v. U.S. Click here to view.
Peter Chapman writes, "CSS, LLC, filed a lawsuit against the government in the U.S. Court of Federal Claims last week. CSS is represented by the same team of Jones Day lawyers representing Owl Creek, Appaloosa and Akanthos. CSS acquired nearly $16 million of junior preferred stock following conservatorship and prior to the Net Worth Sweep. Because this case is related to the other cases complaining about the Net Worth Sweep, it's been assigned to Judge Sweeney."
GSEs and that damn hotel in California - Bill Maloni's GSE Blog
The Troubled Legacy of Dodd-Frank - ricochet.com
House prices: What the Fed hath wrought - rstreet.org
Fannie Mae Announces Sixth Sale of Reperforming Loans - PR Newswire
Fannie Mae looking to offload nearly $2 billion in re-performing loans - HousingWire
Senate reg relief bill opens new front in credit-scoring battle - National Mortgage News
"A late addition to the legislation sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, would direct the Federal Housing Finance Agency to review credit-scoring alternatives for Fannie Mae and Freddie Mac mortgage purchases. The FHFA currently relies on FICO’s classic scoring model."
Senate lawmakers seek to gut fair housing - The Philadelphia Tribune

Monday March 12th 2018
A new lawsuit has been filed, Appaloosa v. U.S. Click here to view.
Peter Chapman writes, "Appaloosa and some if its affiliates filed a lawsuit against the government in the U.S. Court of Federal Claims last week. Appaloosa is represented by the same team of Jones Day lawyers representing Owl Creek. A different set of Jones Day lawyers, you'll recall, represents the Rafter Plaintiffs. Appaloosa owned approximately $750 million of junior preferred stock as of Aug. 16, 2016. Because this case is related to the other cases complaining about the Net Worth Sweep, it's been assigned to Judge Sweeney."
Fannie And Freddie Can Never Leave Hotel California - Seeking Alpha by Glen Bradford
Cramer: Larry Kudlow is the leading contender to replace Gary Cohn as Trump's top economic advisor - CNBC
Larry Kudlow has tweeted this and this about the GSEs in the past.
Mortgage insurers crash on Freddie Mac partnership with Arch Capital - Seeking Alpha
RBC says mortgage insurers are a buy - Seeking Alpha
Report of the 30-year mortgage's death was an exaggeration - National Mortgage News

Friday March 9th 2018
New filing in the Arrowood case, click here to view.
Peter Chapman writes, "Arrowood filed its amended complaint yesterday in the Court of Federal Claims, and a copy is (linked above)."
New filing in the Cacciapalle case, click here to view.
Peter Chapman writes, "The Cacciapalle Plaintiffs filed their amended complaint yesterday in the Court of Federal Claims, and a copy is (linked above)."
New filing in the Fairholme case.
Peter Chapman writes, "Fairholme, the Fisher Plaintiffs, the Rafter Plaintiffs, the Reid Plaintiffs and Washington Federal filed amended complaints in the Court of Federal Claims yesterday. Because those documents make reference to confidential discovery materials, these amended complaints were filed under seal. Redacted copies of the amended complaints should be publicly filed in the coming weeks in accordance with Judge Sweeney's second amended protective order (Doc. 256)."
New filings in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations.
13-mc-01288-0073
13-mc-01288-0075
Peter Chapman writes, "David R. Stickney at Bernstein Litowitz Berger & Grossman, LLP, in San Diego, has joined Mr. Cane's legal team, and Judge Lamberth has welcomed him to appear and participate in this case."
New filings in the Rafter case.
14-740-0004
14-740-0026
Peter Chapman writes, "Pershing Square filed an updated corporate disclosure statement in the Court of Federal Claims yesterday. A copy of yesterday's filing (Doc. 26) and a copy of Pershing Square's original filing (Doc. 4) are (linked above)."
Rule Changes at Fannie Mae, Freddie Could Add $400 to Monthly Mortgage Payments - The Street
Equifax Wins In Latest Version Of Senate Bank Bill - Huffington Post
What We’re Hearing: ...The DeMarco-Bright Plan Critiqued / Finally, a Sensible and Fair Proposal on GSE Reform - Inside Mortgage Finance
Freddie Mac Prices $1.8 Billion Securitization of Re-Performing Loans - Market Wired
Tim Howard comments on the Perry appeal decision - Howard on Mortgage Finance
The Raid on AIG’s Equity Was Illegal via @VernMcKinley - Twitter
GSEs are not mentioned.
Collapse Of New Zealand "Guarantor" Puts 10,000 Homes At Risk - ZeroHedge
GSEs are not mentioned.





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