GSE Links

Wednesday October 31 2018

New filing in Angel vs. Fannie Mae, click here to view.

Peter Chapman writes, “FHFA, Fannie and Freddie aren’t keen about Mr. Angel’s request to file a sur-reply.”

Bloomberg Intelligence: GSE Capital Requirements

The M Report: The American Dream Depends on You

Freddie Mac: Freddie Mac Reports Third Quarter 2018 Financial Results

Tuesday October 30 2018

New filing in Fannie/Freddie Consolidated Class Action, click here to view.

Peter Chapman writes, “The parties delivered a report to Judge Lamberth today telling him that their lawyers met and conferred on Oct. 15 and have tentatively agreed that if the Court’s ruling on the motion for reconsideration doesn’t dispose of these cases, the parties will:

— complete discovery by July 15, 2019;

— exchange expert witness reports by Aug. 14, 2019;

— file any amended complaints (which probably aren’t necessary) by Aug. 14, 2019;

— complete depositions and additional discovery from experts by Nov. 13, 2019;

— complete briefing on class certification by Nov. 26, 2019;

— complete briefing on cross-motions for summary judgment by Feb. 25, 2020;

— hopefully obtain a summary judgment ruling by July 31, 2020;

— schedule a trial to commence on Oct. 19, 2020.

Fairholme, Arrowood and the Class Plaintiffs tell Judge Lamberth they believe there’s a realistic possibility of a settlement, and would be willing to pursue mediation so long as it doesn’t delay the litigation schedule.  FHFA, Fannie and Freddie tell Judge Lamberth they don’t see any reasonable prospect of a settlement.

New filing in Fannie/Freddie Consolidated Class Action, click here to view.

Peter Chapman writes, “Judge Lamberth entered an order today blessing the extended briefing schedule.”

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

Peter Chapman writes, “The Rafter Plaintiffs, Fairholme, the Cacciapalle Plaintiffs, Messrs. Read More

Friday September 28 2018

Inside Sources: Finding a Fix for Fannie and Freddie

Morning Consult: Taking the First Steps to GSE Reform

Market Insider: MGIC Comments on Revised GSE Private Mortgage Insurer Eligibility Requirements

The Wall Street Journal: Mel Watt and Accuser Address Charges in Hearing

Thursday September 27 2018

Washington Post: As the world watches Kavanaugh Senate hearing, the House hears another #MeToo story

Politico: Thursday’s other #MeToo hearing on Capitol Hill

Wednesday September 26 2018

National Mortgage News: 5 questions as lawmakers set to probe FHFA, GSE scandals

The Hill: House panel invites Watt accuser to testify at Thursday hearing

Tuesday September 25 2018

Credit Union Journal: Week ahead: Tax reform back in the spotlight

Global Capital: Risk transfer, single security to define Fannie and Freddie in 2019

Monday September 24 2018

Bill Maloni’s GSE Blog: My Greatest GSE Fear-People Will Forget GSE Achievements

Inside Mortgage Finance: What We’re Hearing: Freddie Mac Puts on its Banker Hat / Some Interesting Policy Moves by Mel Watt / Nonbank Liquidity is a Good Thing, Right? / The Progressives v. the Traditionalists / Eat a Peach: CFPB Moves an Office to Atlanta

Friday September 21 2018

Law 360: A Closer Look At Proposed Regs For Nonbank Loan Servicers

DS News: Addressing Manufactured Home Misconceptions

Thursday September 20 2018

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

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

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 Read More

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

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

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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

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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

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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

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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

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