GSE Links - Your Starting Point for GSE News, Resources, and Information

September 2018

Thursday September 20 2018

Should Mortgage Loan Servicers Be Subject To Safety And Soundness Standards?-Mondaq

There’s no room for REITs, captive insurers at Home Loan Banks- National Morgage News

Wednesday September 19 2018

Reading Eagle: Editorial: Congress must step up on mortgage-market reform

Market Watch: Employee wants Senate hearing to discuss sexual misconduct allegation made against FHFA’s Watt

Tuesday September 18 2018

Seeking Alpha: Hensarling Says Administration Doesn’t Favor His GSE Wind Down

National Mortgage Professional: FHFA’s Watt Refuses to Cooperate in Sexual Harassment Probe

Monday September 17 2018

New filing in Arrowood vs U.S., click here to view.

Peter Chapman writes, “Arrowood submitted a reply to Judge Sweeney asking that her order concerning the filing of amended complaints and the current briefing schedule on the government’s omnibus motion to dismiss make it clear if briefing about the separation-of-powers topic should occur now or be deferred until the court has ruled on the motion to dismiss.”

The Washington Post: Can the House compromise on housing finance reform? These lawmakers are willing to try.

National Mortgage News: Continuing GSE conservatorship is a bad deal for taxpayers

Competitive Enterprise Institute: The Financial Crisis 10 Years Later: What’s Changed?

Wall Street Journal: New Details in Sexual-Harassment Allegations Against Mel Watt

Bloomberg: Fannie Regulator Refused to Cooperate With Harassment Probe, Report Says

Politico: Watt refused to participate in harassment probe

American Banker: FHFA denies rumors Watt will duck House hearing

Friday September 14 2018

New filings in Collins vs FHFA, click here to view.

Peter Chapman writes, “Treasury opposes the Collins Plaintiffs’ request for a rehearing in the Fifth Circuit. Treasury says the three-judge panel made the correct rulings so there’s nothing to review. FHFA filed its response to the Collins Plaintiffs’ rehearing request agreeing with Treasury that anything the Collins Plaintiffs Read More

August 2018

Friday August 31 2018

New filing in Collins vs. FHFA, click here to view

Peter Chapman writes, “FHFA filed a rehearing petition in the Fifth Circuit yesterday asking a larger panel of judges to take another look at whether the Collins Plaintiffs have Article III standing to bring their separation-of-powers claim and whether FHFA’s structure violates Article II of the Constitution.”

New filing in Cacciapalle vs. U.S., click here to view

Peter Chapman writes, “Judge Sweeney placed her stamp of approval on the parties’ request to delay briefing on class certification.”

New filing in Fairholme vs. U.S., click here to view

Peter Chapman writes, “The government responded to Fairholme’s request. The government wants Judge Sweeney to bring an end to the filing of amended complaints and asks her to set Sept. 12 as that deadline. The government says it will file a fresh omnibus motion to dismiss amended complaints filed on or before Sept. 12 by Oct. 1. Fairholme, in turn, respond by Oct. 23, and the government will file its reply by Jan. 22.”

Thursday August 30 2018

New filing in Jacobs vs. FHFA, click here to view

Peter Chapman writes, “FHFA notified the Third Circuit about the Saxton decision in a letter dated yesterday.”

New filing in Cacciapalle vs. U.S., click here to view

Peter Chapman writes, “The parties want Judge Sweeney to place her stamp of approval on their agreement to delay further briefing about class certification until after she’s ruled on the government’s omnibus motion to dismiss.”

Curbed: 10 years after the financial crisis, is the housing market still at risk?

Wall Street Journal: Banks Looking for Growth Not Helped by Housing

Wednesday August 29 2018

DS News: The Impact of Privatizing the GSEs

Tuesday August 28 2018

American Banker: GSE reform could increase costs to Read More

July 2018

Tuesday July 31 2018

New filing in Fairholme vs. U.S., click here to view.

Peter Chapman writes, “Judge Sweeney placed her stamp of approval on the government’s request to file an 85-page omnibus motion to dismiss.”

American Banker: Where GSE reform went wrong

Washington Examiner: Fannie and Freddie get frisky, drawing congressional criticism

Fannie Mae: Fannie Mae Announces Scheduled Release of Second Quarter 2018 Financial Results

Politico: Watt allegations leave Democrats speechless

Monday July 30 2018

New filing in Fairholme vs. U.S. , click here to view.

Peter Chapman writes, “In anticipation of filing its omnibus motion to dismiss the dozen cases pending in the U.S. Court of Federal Claims next week, the government is asking Judge Sweeney for permission to file an 85-page document that will exceed the 40-page default rule imposed by the court in run-of-the-mill cases. Our government notes that if it were to file twelve separate motions to dismiss, rather than one omnibus motion, it would be entitled to drop up to 480 pages on Judge Sweeney’s desk.”

JD Supra: Qualified mortgages: The uncertain future of the GSE patch

Bloomberg: Mortgage Trade Volume May Increase Regardless of FHFA Reform

New York Times: Housing Finance Director, Mel Watt, Investigated for Sexual Harassment

Washington Post: Federal housing finance chief faces sexual harassment investigation

CBS News: FHFA Director Mel Watt under investigation for alleged sexual harassment

The Hill: Housing regulator Watt under investigation for alleged sexual harassment

American Banker: Hard to see how FHFA’s Watt survives harassment allegations

Market Watch: Fannie, Freddie regulator head accused of sexual harassment

Yahoo! Finance: The housing market is slowing down, and that’s a bad sign for the economy

Friday July 27 2018

Politico: 10 years after crisis, Fannie, Freddie trigger new alarms about growing role

American Banker: Seven contenders to become Read More

June 2018

Thursday June 14th 2018

Good news everyone. I have found someone to take over gselinks. This site will continue to be a source for daily GSE news. Check back next week for more.

Monday June 11th 2018

Bad news everyone, this is going to be the last daily update. I find myself with less and less time each day to run the site. Thanks for visiting and in the end I know the truth will prevail.
Follow @DoNotLose for the court filings.

Dalrymple column: Let Fannie and Freddie do what they do well – postindependent.com

Freddie Mac Announces Securitization of Reperforming Loans – DS News

Affordable Housing vs. GSE Reform – The MReport

Sunday June 10th 2018

Back and rested; point me toward the bad guys! – Bill Maloni’s GSE Blog

Friday June 8th 2018

Reviewing GSE Recapitalization Mechanics And Potential Outcomes – Seeking Alpha by Glen Bradford

Fannie Mae: Change in Mortgage Market ‘Remarkable’ and ‘Intense’ – biglawbusiness.com

Thursday June 7th 2018

New filing in the Angel case, click here to view.
Peter Chapman writes, “Fannie, Freddie and FHFA have asked the Court to extend their time to file a motion to dismiss Mr. Angel’s lawsuit to July 12, 2018.”
Peter Chapman writes further, “Judge Boasberg entered a paperless order this morning directing Mr. Angel to file any objection by June 11, 2018.”

Jerome Corsi Live Stream – Thursday, June 7, Review Current Events – Youtube
Jerome Corsi discusses the Net Worth Sweep.

Wednesday June 6th 2018

In Multifamily Finance, Fannie and Freddie Are Still the Elephant in the Room – Commercial Observer

Short Takes: Hey, Hands Off of GSE Multifamily / What Ed DeMarco Wanted To Do… – Inside Mortgage Finance

GSE Outlook Stays the Course – multihousingnews.com

Tuesday June 5th 2018

Shifting the risk of mortgage defaults

May 2018

Thursday May 31st 2018

The Government Creates Another Housing Bubble – The Wall Street Journal
Subscription required for access.

Washington Post: Fannie and Freddie will soon offer modern mortgages for the gig economy – HousingWire

Owning a home important in the Valley; that’s why I voted for this act – mercedsunstar.com
“In Congress, I have opposed loan limit reductions which would make it harder for Californians to get mortgages. I supported federal housing finance reform that winds down Freddie Mac and Fannie Mae while maintaining an explicit federal guarantee to create stability in the housing market.” By Jim Costa

Wednesday May 30th 2018

New filing in the Jacobs and Hindes case, click here to view.

The Beat Goes On: GSE Credit Scores Much Higher Than on Ginnie Product – Inside Mortgage Finance

Tuesday May 29th 2018

Putting The Real H In HUD – American Action Forum

Short Takes: All FHFA Wants is Parity… – Inside Mortgage Finance

Fannie, Freddie want to make mortgages easier for gig-economy workers – Miami Herald

U.S. taxpayers need stronger protection from the next housing crash – MarketWatch

Moody’s: Looser GSE mortgage guidelines credit negative for CRT transactions, some prime deals – Business Insider

Rescission Package Threatens Promise of the Capital Magnet Fund – novoco.com

Friday May 25th 2018

The Dodd-Frank vote stands in the way of helping working class and low-income families – The Hill

Jerome Corsi Live Stream – Friday, May 25, 2018 – update current events – Youtube
Jerome Corsi calls for the end of the Net Worth Sweep.

Thursday May 24th 2018

ICBA Statement on Capital Proposal from FHFA Director Mel Watt – icba.org

CDS Creativity Is Everywhere – Bloomberg
Scroll down to ‘Fannie and Freddie.’

Senators Divided on Prospects for Housing-Finance Reform Legislation this Year – Inside Mortgage Finance

U.S. Fed

April 2018

Monday April 30th 2018

New filings in the Jacobs and Hindes case.
17-3794-0018
17-3794-0019
Peter Chapman writes, “Treasury and FHFA filed their briefs in the Third Circuit last week.”

New filing in the Rafter case, click here to view.
Peter Chapman writes, “The Rafter Plaintiffs ask Judge Sweeney to join Fannie Mae as a nominal defendant to their lawsuit in the U.S. Court of Federal Claims against the government. The Rafter Plaintiffs tell Judge Sweeney that joinder is necessary at this time for the court to properly consider the Rafter Plaintiffs’ derivative shareholder claims. The government has advised the Rafter Plaintiffs it opposes the request, saying it is premature, and Fannie Mae’s indicated it opposes the request.”

Mnuchin on the future of Fannie Mae and Freddie Mac – Fox Business Video

Treasury unveils ‘fix’ for restoring Fannie Mae, Freddie Mac – Fox Business

Steven Mnuchin: Legislation on Fannie, Freddie won’t happen this year – Washington Examiner

GSE reform unlikely to happen this year: Mnuchin – American Banker

Mnuchin wants GSE reform in 2019. There’s a problem with that – American Banker

Analyst Now Sees Less Than 10% Chance Congress Tackles Fannie, Freddie Reform This Year – benzinga

Fannie Mae Announces Scheduled Release of First Quarter 2018 Financial Results – markets.businessinsider.com
“Fannie Mae today announced plans to report its first quarter 2018 financial results on Thursday morning, May 3, 2018, before the opening of U.S. financial markets.”

Friday April 27th 2018

New Mortgage Bonds May Prove a Double-Edged Sword for Investors – Bloomberg

What We’re Hearing: GSE Reform? How About 2021? / The Return of Ed DeMarco? / No Political ‘Protection’ for Fannie and Freddie… – Inside Mortgage Finance

Thursday April 26th 2018

Redacted Complaint Analysis Reveals Clues About GSE Discovery Material – Seeking Alpha by Glen Bradford

US housing: how

March 2018

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

February 2018

Wednesday February 28th 2018

A new lawsuit has been filed. Owl Creek v. U.S., click here to view.
Peter Chapman writes, “Owl Creek filed a lawsuit against the government in the U.S. Court of Federal Claims late last week. Owl Creek is represented by a team of corporate restructuring lawyers led by Bruce Bennett at Jones Day. Owl Creek owned approximately $2 billion of junior preferred stock in the GSEs acquired post-conservatorship and prior to imposition of the Net Worth Sweep. Count III of the complaint, at pp. 43-44, says HERA’s succession clause imposed duties on the government to honor the GSEs’ contracts and look out for non-controlling shareholders’ interests, and the government breached those duties. Count IV of the Complaint, at pp. 44-47, says the government breached its implied-in-fact contract with Owl Creek and other junior preferred shareholders.”

Peter Chapman further writes, “Owl Creeks’ team of lawyers at Jones Day has requested access to non-public discovery materials, and an updated chart showing who has access to those materials is (linked here).”

New note in the Collins case.
Peter Chapman writes, “Chief Judge Stewart and Judges Haynes and Willett are the three-judge panel who will hear argument in the Collins case before the Fifth Circuit one week from today in Fort Worth. See
http://www.ca5.uscourts.gov/clerk/calendar/1803/27.cthse.htm

“ICBA’s @HaynieRon on GSE reform: There are modifications and reforms that need to happen…” via @ICBA – Twitter

Get the Housing Industry Out of the U.S. Tax Code – Bloomberg View
The GSEs are not mentioned.

End of Watt’s Term as FHFA Director Seen as Leverage for Republicans in Congress – Inside Mortgage Finance

Freddie Mac Portfolio Up $2.4 Billion – The MReport

Fannie & Freddie Bailout Request Highlights Need for Housing Finance Reform – atr.org
From February 19th.

Tuesday February 27th 2018

New

January 2018

Wednesday January 31st 2018

Redline Comments On Bob Corker’s GSE Bill Draft 29 – Scribd
By Josh Rosner

Corker’s GSE Bill Raises a Host of Questions. Five or Six MBS Guarantors Need to be Up and Running For it to Work – Inside Mortgage Finance

“Elizabeth Warren throwing some pretty cold water on the draft Corker-Warner housing overhaul…” via @peteschroeder – Twitter

Housing Policy Didn’t Cause the 2007 Crash – The Wall Street Journal
Subscription required for access.

Tim Howard comments on the Corker/Mnuchin meeting – Howard on Mortgage Finance

Tim Howard comments on the Draft of C-W 2.0 – Howard on Mortage Finance

Blog: Treasury’s Mnuchin talks GSE reform – Scotsman Guide

Trump speech bodes ill for banks’ D.C. priorities – American Banker

Mayor, Senator…Now What? – chattanoogapulse.com

Milken Institute White Paper: GSE duopoly must end, enabling new firms to compete with Fannie Mae (or any successors) – ValueWalk

Tuesday January 30th 2018

New filing in the Cacciapalle case (U.S. Supreme Court), click here to view.
Peter Chapman writes, “The Class Plaintiffs delivered a reply brief to the High Court today reminding the Justices that there is a split of authority among the Circuit Courts of Appeal that requires resolution.”

New filing in the Fairholme case (U.S. Supreme Court), click here to view.
Peter Chapman writes, “Fairholme delivered a reply brief to the U.S. Supreme Court today urging the Justices to accept its appeal for review and rein in the unlimited power FHFA thinks it has under HERA.”

New filing in the Perry case (U.S. Supreme Court), click here to view.
Peter Chapman writes, “Perry Capital delivered a reply brief to the High Court today. Perry tells the Justices that review is warranted to halt the “lawless government overreach” exemplified by the Net Worth Sweep and to prevent the