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


April 2016
Saturday April 30th 2016
Revolvers Beware: A Good Credit Score Might Not Be Enough For A Mortgage - Forbes
NO HELP Bank Meddling by feds may lead to bad outcome - Paducah Sun
Subscription required, but you can sort of read it without subscribing.
The Big Short(sighted), a New Movie by Congressman Lynch - TownHall

Friday April 29th 2016
Dick Bove: Where will the mortgage money come from? - HousingWire
Freddie Mac may need another taxpayer bailout next week - MarketWatch
Freddie Mac Sets Release Date for First Quarter 2016 Financial Results - Market Wired
"The company will hold a conference call at 9:00 a.m. Eastern time (ET) on Tuesday, May 3, 2016, to discuss the company's results..."
Republicans Ready for GSE Reform? - REFinBlog
3 Companies Fighting Uncle Sam In Court (HAL, MSFT, FNMA) - InvestorPlace
Fannie Mae Monthly Summary March 2016 - fanniemae.com
A Year After Baltimore Protests, Racial Wealth Gap Remains at the Core of Economic Frustration - Huffington Post
"...there is still much that can be done, including additional reforms to Fannie Mae and Freddie Mac to allow them to rebuild capital and ensure they are serving communities of color"
New filing in the Pagliara v. Freddie Mac case, click here to view.
2nd filing in the Pagliara v. Freddie Mac case, click here to view.
3rd filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "FHFA's lawyers from Arnold & Porter entered their appearances in the Eastern District of Virginia yesterday. Later today, FHFA and Freddie Mac should be filing their Reply in support of their request to stay Mr. Pagliara's lawsuit."
4th filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "FHFA and Freddie Mac filed their Reply today again arguing that the Court should press the pause button in Mr. Pagliara's lawsuit in Virginia to silence him temporarily, or substitute FHFA for Mr. Pagliara to silence him entirely. FHFA and Freddie Mac tell the Court that they, rather than Mr. Pagliara, will suffer prejudice if Mr. Pagliara's lawsuit isn't placed on hold because of "the real risk of inconsistent pretrial rulings and time-consuming and duplicative proceedings."
New filing in the Piszel case, click here to view.
Peter Chapman writes, "The National Black Chamber of Commerce delivered an amicus brief to the Federal Circuit today in Piszel v. U.S."
July 2013 - The $5 Trillion Question: What Should We Do with Fannie Mae and Freddie Mac? - americanprogress.org

Thursday April 28th 2016
Open letter to @SenBobCorker in response to Valeant drug hearing 4/28/16 via @Fanniegate101 - Twitter
Corker and Ackman at Valeant Hearing - Valueplays
Delinquencies Continue to Fall but Foreclosure Timelines Hit New Highs - Inside Mortgage Finance
U.S. Fed buys $8 billion of mortgage bonds, sells none - Reuters
New filing in the JPMDL, click here to view.
Peter Chapman writes, "Ms. Robinson advised the JPMDL yesterday that Judge Thapur in Kentucky has indicated he's:
(A) ready to rule on the government's motions to dismiss pending in his court if Ms. Robinson's case is not transferred; and
(B) happy to oversee the consolidated litigation if the MDL Panel so chooses."

Wednesday April 27th 2016
Federal Judges Listened Carefully as Investors Pressed Their Case - Investors Unite
GSE Litigation Call Audio - Valueplays
Patricia Mosser: Principles–and a solution–for GSE reform - Urban Institute
3 OTC Stocks That Aren’t Typical Pinkies (FNMA, CSVI, KCLI) - InvestorPlace
Bill Ackman and Valeant execs just got through one of the most brutal Senate hearings we've ever seen - Business Insider
"'Really?' Corker asked, bringing up Fannie Mae and Freddie Mac. Then they talked about Fannie Mae and Freddie Mac as if the rest of us weren't even there to talk about Valeant."
“Valeant Pharmaceuticals' Business Model: the Repercussions for Patients and the Health Care System” - senate.gov
Here is the Corker video. Corker questions Ackman at 2:01:11.
A big-business voice for Trump - philly.com
"Trump articulates Payne's own disgust "as far as what's going on in our country. I saw the demise of the banking system, and I see nobody has paid anything, as far as incarceration and penalties, in terms of what they did." Fannie Mae and Freddie Mac have forced banks to pay back billions for bad loans -- but, unlike in the S&L crisis of the late 1980s and other financial shocks, this time the individuals who lied about the bad loans in the first place haven't been prosecuted: 'It doesn't make any sense to me.'"

Tuesday April 26th 2016
Mortgage finance profit sweep under fire - CNBC Video
The 30-Year Fixed Mortgage Should Disappear - Forbes
By Edward Pinto
MBA to the next president: Here are 3 ideas to save the housing market - HousingWire
By David H. Stevens. GSEs are not mentioned.
GSE Mortgage Portfolio Wind Down Stays on Track - DS News
Down the Fannie Mae and Freddie Mac rabbit hole - farces.com
From 4/23.
Federal Judge Slaps Obama Administration Coverup Attempt - conservativeblog.org
A Bigger, Better Toolbox - freddiemac.com

Monday April 25th 2016
FHFA's Eleventh Hour 4623(D) Defense Reflects 4617(F) Failure: GSE Equity To Soar - Seeking Alpha by Glen Bradford
A Nixonian Overreach By The Obama Administration? - Investor's Business Daily
Investors Unite Teleconference: Update on Oral Arguments and Unsealed Documents - PR Newswire
Occurs Tuesday at 2:00 pm EDT. Call in: (877) 876-9177; PASSCODE: 92483
GSEs dwindling reserves drawing Congressional scrutiny - Scotsman Guide
Wikileaks posted the Rolling Stone article - facebook.com
Fannie Mae Announces Plan to Securitize Reperforming Loans - fanniemae.com
Fannie Mae Prices New Issue 10-Year Benchmark Notes ® due April 24, 2026 - fanniemae.com
New filing in the Perry case, click here to view.
Corrected Supplemental Brief of Appellees Federal Housing Finance Agency and Melvin L. Watt

Sunday April 24th 2016
Panel Discussion on the American Dream (video) - c-span.org
Bethany McLean discusses her book, Shaky Ground. Recorded 4/16.

Saturday April 23rd 2016
Kroll Bond Rating Agency Releases Macro-Market Research Report on Reforming Housing Finance - Business Wire
Making Active Investing Work in a Passive Age - Barrons
The only way to fix the housing crisis - CNBC
GSEs Further Lighten the Load for Taxpayers - DS News
New filing in the Perry case, click here to view.
Supplemental Brief of Amicus Curiae Investors Unite in Support of Appellants for Reversal
2nd filing in the Perry case, click here to view.
Supplemental Brief for Class Plaintiffs
3rd filing in the Perry case, click here to view.
Supplemental Brief for Institutional Plaintiffs
4th filing in the Perry case, click here to view.
"The Treasury Department does not plan to file its own supplemental brief addressing this question."
5th filing in the Perry case, click here to view.
Supplemental Brief of Appellees Federal Housing Finance Agency and Melvin L. Watt

Thursday April 21st 2016
Perry Appeal Transcript - Valueplays
Same article from Valuewalk.
Capital Continues to Matter - Investors Unite
Same article from Valuewalk.
Mark Calabria: Coming Full Circle on Mortgage Finance - Urban Institute
Timothy Howard responds to Mark Calabria's GSE Reform proposal - Howard on Mortgage Finance
Is Securitization All It’s Cracked Up To Be? - DS News
Judge Releases Protected Documents in GSE Court Case - Inside Mortgage Finance
Subscription required for full access. The article is discussing the seven documents Judge Sweeney made public.
Individuals with Access to Protected Information in Fairholme v. U.S. - glenbradford.com
Remarks Adapted from Comments Delivered by Timothy J. Mayopoulos, President and Chief Executive Officer, Fannie Mae - fanniemae.com
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "Judge Moreno entered an order today placing the lawsuit against PwC on hold and directed the Shareholders to provide quarterly reports, starting in July, about lifting the stay."
New filing in the JPMDL, click here to view.
Peter Chapman writes, "Mr. Pagliara filed his response with the MDL Panel yesterday. Mr. Pagliara opposes transfer and consolidation of his dissimilar cases."
New filing in the Robinson case, click here to view.
Peter Chapman writes, "Judge Thapur entered an order today following Monday's teleconference. Judge Thapur has decided to place Ms. Robinson's lawsuit on hold pending a ruling by the JPMDL, provided that ruling is made prior to July 1. Otherwise, Judge Thapur will rule on the governments' motions to dismiss on July 29. Judge Thapur also indicates that he'd be happy to oversee other cases challenging the Third Amendment if the MDL Panel chooses to send them to him."

Wednesday April 20th 2016
Fannie Mae & Freddie Mac: Josh Angel Sends Directors Draft Complaints - Troubled Company Reporter
Joshua J. Angel Class Action Complaint v. FNMA (Draft) - bankrupt.com
Joshua J. Angel Class Action Complaint v. FMCC (Draft) - bankrupt.com
Andrew Davidson: Four Steps Forward: Streamline, Share Risk, Wrap, and Mutualize - Urban Institute
Back to Basics: 4 Ways to Transform the GSEs - DS News
@JonAPrior tweets about remarks made by Fannie Mae's CEO - Twitter
What Happened With Fannie And Freddie In 2008? We May Never Know - Yahoo
Same article from Benzinga yesterday, with some comments after the article.
When wise guys try to grab your Fannie - inman.com
Subscription required for full access.
New filing in the Perry case, click here to view.
Peter Chapman writes, "(This is) the transcript of Friday morning's oral argument in Perry v. Lew before the D.C. Circuit."
New filing in the Pagliara v. FMCC case, click here to view.
Peter Chapman writes, "Mr. Pagliara opposes FHFA's motion to stay proceedings in Virginia pending a transfer and consolidation decision by the JPMDL. Mr. Pagliara recommends that Judge Anderson ignore FHFA's sideshow before the MDL Panel because, in all events, his limited request for access to specific Freddie Mac books and records will have to be decided by a court in Virginia."

Tuesday April 19th 2016
The Perry Appeal Oral Argument: What You Need To Know - Seeking Alpha
Matt Taibbi: Government secretly plans Wall Street takeover of Fannie, Freddie - HousingWire
The Courts Can't Oversee Us! FHFA's Extraordinary Argument Before The U.S. Court Of Appeals - Seeking Alpha by Wayne Olson
Counsel’s Corner: The Battle Over GSE Profits is Raging - DS News
An interview with Hamish Hume, partner in the law firm of Boies, Schiller & Flexner.
Whitney Tilson – Long Ideas: Howard Hughes & Fannie Mae; Zillow’s Defense - Valuewalk
Obama Administration Trying to Throw Massive Secrecy Veil Over Past and Future Pilfering of Fannie and Freddie - naked capitalism
President Obama’s First Day in the Oval vs. Last Friday in the Court of Federal Claims (Oh and Rolling Stone) - Medium
Senate Banking Chair Wants GAO and CBO to Investigate Change in Course at the FHFA - Inside Mortgage Finance
Register for free for access.
Fannie, Freddie Shareholder Lawsuit Looks Less Good When You Read The Law - dealbreaker.com
Alabama Senator Shelby calls for Fannie, Freddie investigation - HousingWire
What Happened With Fannie And Freddie In 2008? We May Never Know - Benzinga
"Promising Road" to GSE Reform? We've Been Here Before - National Mortgage News
These Banks and Insurers Are the Big Winners From New Fannie Mae Rules - The Street Real Money
"Although there are many implications of this process, the gist of it is that the banks will be provided an outlet to resolve the nonperforming mortgages, Fannie Mae's profits will soar..."
@IMFpubs tweets about non-agency MBS - Twitter
MEGA and Fannie Mae Execs to Speak at Enterprise Architecture Summit - Business Wire
Too Many Government Secrets Make the U.S. Unsafe - BloombergView
GSEs not mentioned.

Monday April 18th 2016
Why Is the Obama Administration Trying to Keep 11,000 Documents Sealed? - RollingStone
@mtaibbi tweets about his RollingStone article: Tweet #1, Tweet #2
Fannie Mae Ruling In 6-9 Weeks Means Multi-Bagger Potential In Short Order - Seeking Alpha by Glen Bradford
Time for an Honest Conversation: The “Death Spiral” Narrative is Bogus - Investors Unite
Same article from Valuewalk.
1000 People that knew before “The Sweep” what the Housing Recovery would mean for GSE DTA’s - twitdoc.com
Fannie Mae and Freddie Mac future - Reddit
Fannie Mae, Freddie Mac Shareholders Argue Against Government’s Profit Sweep - WSJ
Originally from 4/15. Updated yesterday.
H.R.4913 - Housing Finance Restructuring Act of 2016 - congress.gov
The text of Rep. Mulvaney's bill was released today.
Tim Howard comments on H.R. 4913 - Howard on Mortgage Finance
A Very Surprising Hearing In The Fannie and Freddie Appeal - WSJ
By John Carney
@JonAPrior tweets about Sen. Shelby and the GAO, CBO - Tweet #1, Tweet #2, Tweet #3
Shelby Requests Federal Watchdogs Probe FHFA, Fannie, Freddie - Morning Consult
Fannie and Freddie to get new scrutiny - Washington Examiner
Shelby Asks GAO, CBO to Report on GSE Policy Moves - National Mortgage News
Sen. Shelby Requests Probe of FHFA - DS News
"Also, Shelby noted, the initial purpose of the common securitization platform created by the GSEs was to facilitate greater competition in the secondary mortgage market; however, he said, 'it appears that the FHFA is no longer taking steps to enable the platform to be used by entities other than the enterprises.'”
Significant Lawsuits Concerning Fannie Mae & Freddie Mac Net Worth Sweep - bankrupt.com
Bipartisan effort seeks end to budget gimmicks - The Hill
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "The government and Fairholme delivered a Joint Status Report to Judge Sweeney this afternoon indicating they agree her order rejecting Prof. Yoo's amicus brief should be unsealed."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "A copy of Judge Sweeney's unsealed order rejecting Prof. Yoo's amicus brief."

Sunday April 17th 2016
07/30/2010 - Housing policy must be set on sustainable basis - Washington Post
01/05/2010 - Rep. Barney Frank: Lenders Fannie and Freddie now a 'public policy instrument'
08/231/2008 - The Future of Mortgage Finance in the United States - FederalReserve.gov
By Ben Bernake

Saturday April 16th 2016
Major Update: Perry Oral Arguments. Multiple edits- latest 4/16/16 Chapman Checks In - timhoward717.com
New filing in the Roberts case, click here to view.
Peter Chapman writes, "The Roberts plaintiffs delivered a redacted version of their Amended Complaint to the court yesterday."
New filing in the JPMDL, click here to view.
Peter Chapman writes, "The JPMDL has set FHFA's transfer and consolidation motion in MDL No. 2713 for hearing on May 26, 2016, in Chicago."

Friday April 15th 2016
Oral Argument Recordings - Perry Capital LLC v. Jacob Lew (mp3) - cadc.uscourts.gov
Machine transcript of today’s oral arguments - GlenBradford.com
Major Update: Perry Oral Arguments  Update 3:16 PM More On Perry Appeal/Analysis, Audio Up - timhoward717.com
Faber Report: Fannie & Freddie shareholders in court - CNBC Video
New docs fuel case over Fannie, Freddie bailout - CNBC
Fannie Mae, Freddie Mac Shareholders Argue Against Government’s Profit Sweep - WSJ
Fannie and Freddie: Expropriation? - Cato Institute
GSEs tumble as oral arguments heard - Seeking Alpha
Fannie-Freddie Judges Hear Investor Claim U.S. Stole Profits - Bloomberg
Same article at Yahoo.
Government’s Case on Sweep is on Shaky Ground and Beyond a Crumbling Wall of Secrecy - Investors Unite
Same article from Valuewalk.
'Seriously delinquent' loans may get reduction - Yahoo via CNBC Video

Thursday April 14th 2016
Treasury and the Financial Establishment - Howard on Mortgage Finance
Judge Sweeney Blast Government On Their Misguided Attempts To Hide The Truth - timhoward717.com
Fannie Mae And Freddie Mac: A Generational Investment Opportunty - Seeking Alpha
Rep. Mick Mulvaney discusses his bill allowing the GSEs to retain their capital - Facebook
Real-Time Streaming of Oral Arguments - DCCourts.gov
The oral arguments in the Perry appeal begin at 9:30 am EDT. I've heard conflicting accounts if they will be available on a live stream. If so, they would be available at the link shown above. If not, a recording should be posted at the following link:
US Court of Appeals DCC - cadc.uscourts.gov
Or maybe here: Oral Argument Recordings - cadc.uscourts.gov
Fannie and Freddie Rally on Wishful Thinking site - WSJ
By John Carney
Fannie, Freddie Investors Fight to Undo U.S. `Net Worth Sweep' - Bloomberg
Same article at Yahoo.
FHFA Announces Principal Reduction Modification Program and Further Enhancements to NPL Sales Requirements - FHFA
FHFA makes it official: Principal reduction is coming - HousingWire
Fannie's and Freddie's Plan to Cut Mortgage Balances May Be Near - WSJ
Same article at Yahoo.
Fannie, Freddie to offer principal reductions for borrowers - The Hill
Will FHFA’s Principal Reduction Affect GSE Bottom Lines? - The MReport
Fact Sheet: Enhanced Non-Performing Loan Sale Guidelines - FHFA
Individuals with Access to Protected Information in Fairholme v. U.S. - GlenBradford.com
Dick Bove: Another Bomb Exploding Part of the Government’s Case - Valuewalk
07/23/2010 - Theodore B. Olson: Treasury's Fannie Mae Heist - WSJ
New filing in the Perry case, click here to view.
Peter Chapman writes, "The D.C. Circuit entered an Order today granting Perry's request."
New filing in the JPMDL, click here to view.
Peter Chapman writes, "FHFA delivered its Reply to the JPMDL yesterday. FHFA calls the shareholder-plaintiffs' attempts to distinguish their cases "illusory and immaterial" and says they fail. FHFA tells the JPMDL to ignore arguments FHFA made opposing the transfer of other cases because, um, FHFA knows best which cases should and shouldn't be transferred and consolidated? FHFA presses forward with its pitch for transfer and consolidation of the Florida audit malpractice cases to which it and the GSEs are not a party. Surprisingly, FHFA ignored Josh Angel's Response (Doc. 11) in its Reply."
2nd filing in the JPMDL, click here to view.
Peter Chapman writes, "Another lawyer -- Michael Johnson at Arnold & Porter -- has entered an appearance before the JPMDL to represent FHFA."

Wednesday April 13th 2016
Fannie Mae Deposition Supports GSE Investment Thesis - Seeking Alpha by Glen Bradford
New Deposition Testimony Cuts The Legs Out From Under The 2012 Net Worth Sweep - Forbes
By Richard Epstein
Is Government’s Defense in Fairholme Suit Valid? - DS News
James H. Carr: America Needs a 21st-Century Housing Finance System - Urban Institute
Court documents undermine government’s position on Fannie, Freddie - MPA
Fannie, Freddie Jump After Fairholme Case Documents Unsealed - Bloomberg
Released Court Documents Send Fannie, Freddie Shares Soaring - Reddit
$FNMA Developments (Semi-DD) - Reddit
Is GSE Reform Hiding in Plain Sight? - MFE
Fairholme v. US Government: Documents Undercut Case for Nationalization of Fannie Mae and Freddie Mac - Confounded Interest
Whitney Tilson: Fannie And Freddie Will Be 'Multi-Baggers' After Illegal Government Seizure Is Overturned By Courts - Benzinga
Whitney Tilson On Fannie Mae Depositions... - Valuewalk
Fannie and Freddie Shareholders Fight Against FHFA’s Motion to Consolidate Cases to DC Court - Inside Mortgage Finance
Subscription required for full access.
Bruce Berkowitz On De-Designation of GSE Documents - Valuewalk
H.R. 4913: To ensure the sufficient capitalization of Fannie Mae and Freddie Mac and prevent any further bailout of such enterprises by the Federal ...Government, and for other purposes - govtrack.us
New legislation would permanently bar using Fannie, Freddie g-fees for federal spending - HousingWire
Josh Earnest, White House Press Secretary, answers @SleipnirPerkins' question about #FannieGate - Twitter
Fannie, Freddie Rally After Fairholme Case Documents Unsealed - National Mortgage News
Record Mortgage Volume in 2015, in Spite of US Treasury - Huffington Post
Sweeney Eviscerates Government Reasoning For “Protecting” Documents - Valueplays
New filing in the Deloitte case, click here to view.
Peter Chapman writes, "FHFA supports Deloitte's request to stay the Florida shareholder litigation and, relying on sec. 4617 of HERA, asks the Court to substitute it for the shareholder-plaintiffs suing Deloitte. FHFA's argument is that under HERA the Congress conveyed all shareholder rights to FHFA when Fannie Mae was placed into conservatorship, now only FHFA has standing to sue Deloitte, and allowing shareholders to sue would violate HERA's prohibition on shareholder lawsuits."
2nd filing in the Deloitte case, click here to view.
Peter Chapman writes, "Judge Scola entered an Order this afternoon pressing the pause button in this lawsuit until the JPMDL makes its ruling on FHFA's transfer and consolidation motion."
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "Relying on sec. 4617 of HERA, FHFA asks the Court to substitute it for the shareholder-plaintiffs suing PricewaterhouseCoopers in Florida. FHFA's argument is that under HERA the Congress conveyed all shareholder rights to FHFA when Freddie Mac was placed into conservatorship, now only FHFA has standing to sue PwC, and allowing shareholders to sue would violate HERA's prohibition on shareholder lawsuits."
2nd filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "PricewaterhouseCoopers is asking the Court to place the Edwards lawsuit on hold until the JPMDL makes its ruling on FHFA's transfer and consolidation request."
New filing in the Perry case, click here to view.
Peter Chapman writes, "Perry delivered an unopposed motion to the D.C. Circuit today to unseal the Institutional Plaintiffs' Initial and Final Reply Briefs and seven documents referenced in those Reply Briefs that Fairholme filed under seal in July and which Judge Sweeney de-designated earlier this week."
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "The parties delivered a Joint Status Report to Judge Sweeney this morning asking her to unseal her Order (Doc. 311) dated Apr. 11, 2016, so they can deliver a copy to the D.C. Circuit."
2nd filing in the Fairholme case, click here to view.
Judge Sweeney order granting motion to de-designate seven documents. The unsealed documents, Exhibits C through I, were posted yesterday.

Tuesday April 12th 2016
Documents Undercut U.S. Case for Taking Mortgage Giant Fannie Mae’s Profits - NY Times
By Gretchen Morgenson
New filing in the Fairholme case, click here to view.
These are unsealed exhibits C through I, which Judge Sweeney made public.
Unsealed government documents may reveal truth about Fannie, Freddie fate - HousingWire
Fannie Mae Depositions – Richard Bove Comments - Valuewalk
Fannie and Freddie rally on report that Treasury knew of profitability at time of sweep - MarketWatch
Glimpses of Sunlight as the Government’s Wall is Chipped Away in Sweep Suits - Investors Unite
Released Court Documents Send Fannie, Freddie Shares Soaring - WSJ
New documents undercut case for sweep at Frannie - Seeking Alpha
Short Takes: Share Price of Fannie and Freddie Spikes. Here’s Why… - Inside Mortgage Finance
Truth Unleashed: Governments Scheme Exposed (Full Unsealed Document Release Enclosed) EDIT 1:30 PM - timhoward717.com
Fannie, Freddie & the Long Shadows of 2008 - audioboom.com
With Richard A. Epstein
Fannie Mae “In A Sustainable Profitability” – Fairholme Document Now Public - Valuewalk
Fairholme Funds vs USA: Clash of the Titans (Shareholder Rights Versus Federal Government) - Confounded Interest
Bove On Fannie Mae News – This Is Truly an Outrage - Valuewalk
Unsealed GSE Litigation Documents Show Government Claims in Filings Questionable At Best - Valueplays
The Veil Is Lifting: Major Developments In The Works Edit 4/12/16 Full Documents Bombshell - timhoward717.com
Dow Jones Industrial Average Today Jumps 164 Points on Oil Surge - Money Morning
A brief GSE mention.
New filing in the Robinson case, click here to view.
Peter Chapman writes, "FHFA and Treasury filed a Reply today in support of their motion to stay Ms. Robinson's lawsuit. The government predicts the MDL Panel will transfer and consolidate the cases challenging the Third Amendment, and based on that prediction, urges Judge Thapur to place Ms. Robinson's lawsuit on hold."
09/10/2015 - Obama official hid Fannie and Freddie’s profit mojo: suit - NY Post

Monday April 11th 2016
Double Bind FHFA Legal Arguments Undermining Ownership Rights Set To Collapse - Seeking Alpha by Glen Bradford
Determined to Ignore Ways to Recap Fannie and Freddie and End Conservatorship - Investors Unite
Same article from Valuewalk.
Policy experts' GSE reform plan would benefit big banks, community lenders say - Scotsman Guide
In the Fairholme case, Peter Chapman writes,
"Judge Sweeney entered two Orders this afternoon:
-- Doc. 310, denying Prof. Yoo's motion to file an amicus brief; and
-- Doc. 311, granting in part and denying in part the Shareholders' request to unseal the handful of documents lodged with the D.C. Circuit.
Both orders are under seal and are not available to the public at this time. How this affects oral argument before the D.C. Circuit Friday morning is unknowable at this time."
New filing in the Robinson case, click here to view.
Peter Chapman writes, "FHFA and Treasury filed their Joint Motion to Stay Ms. Robinson's Kentucky lawsuit this past Friday. The government wants Ms. Robinson's case put on hold until two weeks after the JPMDL makes its decision on FHFA's transfer and consolidation request. 
2nd filing in the Robinson case, click here to view.
Peter Chapman writes, "Ms. Robinson opposes the government's request to put her lawsuit on hold. Ms. Robinson urges Judge Thapur to bring a halt the government's gamesmanship and deny their motion to stay her lawsuit. It is well settled, Mr. Robinson argues, that a motion to transfer filed with JPMDL does not suspend all litigation in all other federal courts. Mr. Robinson says applicable case law teaches that other advanced litigation -- like her lawsuit -- should continue without delay, and Ms. Robinson wants Judge Thapur to rule on the government's pending motions to dismiss her lawsuit. Ms. Robinson wants Judge Thapur to do exactly what he did in Williams v. Altman, Case No. 12-131 (E.D. Ky.), when he decided that "settling the jurisdictional issue now would save the parties the added expense, effort, and delay of additional briefing before the MDL Panel."
New filings in the Deloitte case, click here to view.
Peter Chapman writes, "Deloitte & Touche wants the U.S. District Court for the Southern District of Florida to stay the lawsuit against it concerning its audits of Fannie Mae. Deloitte steers the Court's attention to judicial efficiency and redundant litigation considerations, and wants the lawsuit against it placed on hold until the JPMDL renders its decision on FHFA's transfer and consolidation request."

Saturday April 9th 2016
Freddie Mac: Fed. Cir. Requests More Briefing in Piszel v. U.S. - Troubled Company Reporter
Team Obama is setting us up for another housing-market collapse - NY Post
In the Fairholme case, Peter Chapman writes, "Hamish P.M. Hume, Esq., at Boies, Schiller & Flexner, filed a Reply (Doc. 309) to the government's objection to the pending request to unseal the handful of discovery documents lodged with the D.C. Circuit late Friday. Like the Motion filed by Mr. Hume on Mar. 31, the Reply was filed under seal and is not available to the public at this time."

Friday April 8th 2016
1,063 Documented Examples of Barack Obama’s Lying, Lawbreaking, Corruption, Cronyism, Hypocrisy, Waste, Etc. - Freedom Outpost
#600 discusses the Net Worth Sweep.
TRID Could Mean Trouble for GSE Credit-Risk Transfers - The MReport
The Unintended Consequences of Housing - The MReport
Some GSE talk in the last question.
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Prof. Yoo filed a request today for permission to file an amicus brief in support of the Class Plaintiffs' request to be able to reference a limited amount of confidential discovery material during oral argument before the D.C. Circuit in Perry v. Lew on Fri., Apr. 15. Prof. Yoo points out that the documents to which the Class Plaintiffs want to refer aren't privileged, or the Class Plaintiffs wouldn't have them, so the reason this handful of documents more than three-years-old isn't public is not because they are privileged but because the government doesn't want the public to second guess its decision to nationalize the GSEs and wants to avoid public criticism."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "The government opposes the Institutional Plaintiffs' request to unseal the handful of documents lodged with the D.C. Circuit and opposes Prof. Yoo's request to submit an amicus brief in this matter.
Singing another round of "you should have done it differently," the government tells Judge Sweeney that the Institutional Plaintiffs' requests are premature and speculative because nobody's talked about oral argument logistics before the D.C. Circuit next week. The government stresses that the public has no right to see confidential discovery materials and maintains its position that facts are irrelevant because the Congress intended for HERA to silence shareholders.
The government suggests that Prof. Yoo's thoughts about the sealed documents are useless because he hasn't seen the documents he discusses."
New filing in the Deloitte case, click here to view.
Peter Chapman writes, "Deloitte exercised its right today to remove the lawsuit filed against it by Fannie Mae shareholders in Florida state court to the U.S. District Court for the Southern District of Florida. The U.S. District Court Clerk has assigned Case No. 16-cv-21221 to the proceeding, and the case has been assigned to the Honorable Robert N. Scola, Jr. Latham & Watkins LLP is serving as lead counsel to Deloitte in this matter."
New filing in the PricewaterhouseCoopers case, click here to view.
2nd filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "PricewaterhouseCoopers exercised its right today to remove the lawsuit filed against it by Freddie Mac shareholders in Florida state court to the U.S. District Court for the Southern District of Florida. The U.S. District Court Clerk has assigned Case No. 16-cv-21224 to the proceeding, and the case has been assigned to the Honorable Federico A. Moreno. Sedgwick LLP is representing PwC in this matter.
PwC delivered a Notice (Doc. 5) to the Court today advising that this case is related to Edwards v. Deloitte, and a copy of that Notice is attached to this e-mail message. That may cause a reassignment of this case or Edwards v. Deloitte or both.
New filing in the JPMDL, click here to view.
Peter Chapman writes, "FHFA delivered a Notice to the JPMDL today suggesting that Edwards v. Deloitte and Edwards v. PricewaterhouseCoopers now pending in the U.S. District Court for the Southern District of Florida should be rolled into MDL No. 2713."
New filing in the Roberts case, click here to view.
Peter Chapman writes, "The Roberts Plaintiffs oppose FHFA and Treasury's request for a stay.
The Roberts Plaintiffs direct Judge Chang's attention to the words FHFA used when the regulatory agency opposed the transfer and consolidation of a bunch of cases concerning real estate transfer taxes in 2012, for the proposition that FHFA's request that the JPMDL transfer and consolidate isn't a sure thing. The Roberts Plaintiffs urge Judge Chang to keep their lawsuit in Chicago moving forward unless and until the JPMDL tells him to do something else.
2nd filing in the Roberts case, click here to view.
3rd filing in the Roberts case, click here to view.
4th filing in the Roberts case, click here to view.
Peter Chapman writes, "FHFA and Treasury filed a Reply in support of their Motion for a Stay today (Doc. 32).
Following the filing of that Reply, Judge Chang entered two orders:
-- Doc. 33, directing the Roberts Plantiffs to file a redacted version of their amended complaint (Doc. 20); and
-- Doc. 34, staying the Roberts case, and rescheduling the status conference in this case to June 28, 2016."

Thursday April 7th 2016
CMLA Issues GSE Reform Policy: Reform, Recapitalize and Regulate - prlog.org
CMLA Policy on GSE Reform - thecmla.com
Updated: What is Wrong with the Parrott, Ranieri, Sperling, Zandi and Zigas Reform Proposal? Everything - Scribd
Protesters Turn Up the Heat on FHFA Director Watt - DS News
Housing rights protestors shut down FHFA Director Watt's lecture at Harvard - HousingWire
JPMorgan Chase & Co. Annual Report 2015 - jpmorganchase.com
Fannie and Freddie are discussed on page 50.
JPMorgan seems to have forgotten that it defrauded the GSEs and was forced to pay them $5.1 Billion in restitution.
Mark Zandi: A More Promising Road to Reform - Urban Institute
Why Proposal For Federal National Mortgage Assctn Fnni Me Fails To Address Investors? - Journal Transcript
Register for free for access.
Short Takes: ...White House’s Stegman on GSE Reform... - Inside Mortgage Finance
In the Perry case, Peter Chapman writes, "The parties in Perry v. Lew have advised the D.C. Circuit that these four lawyers will be participating in oral argument on Fri., Apr. 15:
-- Hamish P.M. Hume, Esq., at Boies, Schiller & Flexner, on behalf of the Class Plaintiffs;
-- Howard N. Cayne, Esq., at Arnold & Porter, on behalf of FHFA;
-- Theodore B. Olson, Esq., at Gibson, Dunn & Crutcher, on behalf of the Institutional Plaintiffs; and
-- Mark B. Stern, Esq., at the U.S. Department of Justice, on behalf of Treasury."
New filing in the Piszel case, click here to view.
Peter Chapman writes, "The U.S. Court of Appeals for the Federal Circuit heard oral argument today in Piszal v. U.S. A recording of the half-hour of argument is available at http://oralarguments.cafc.uscourts.gov/default.aspx?fl=2015-5100.mp3 at no charge. Judges Dyk, Schall and Hughes asked the parties to file supplemental briefs addressing three questions."

Wednesday April 6th 2016
Pershing Square Capital Quarterly Conference Call For Q1 2016: Valeant, Herbalife, More [LIVE] - Valuewalk
Protest of FHFA Director Mel Watt - Youtube
New filing in the Roberts case, click here to view.
2nd filing in the Roberts case, click here to view.
3rd filing in the Roberts case, click here to view.
4th filing in the Roberts case, click here to view.
5th filing in the Roberts case, click here to view.
Peter Chapman writes, "More papers were filed in Chicago late yesterday and today:
-- Doc. 26, an Agreed Motion extending FHFA and Treasury's time to file their motions for dismiss to 30 days after Judge Chang rules on the Motion to Stay (Doc. 23);
-- Doc. 27, a Notice indicating that the Agreed Motion is scheduled for a hearing on Apr. 11;
-- Doc. 28, a Joint Initial Status Report relating nothing new except that "[n]o settlement discussions have occurred [and] the Parties do not believe that settlement is likely in this case . . .";
-- Doc. 29, an Appearance by Caroline J. Anderson, Esq., at the Dept. of Justice in D.C.; and
-- Doc. 30, a Notice indicating that Judge Chang granted the requests by FHFA's lawyers at Arnold & Porter to appear pro hac vice."
New filing in the JPMDL, click here to view.
Peter Chapman writes, "Ms. Robinson delivered her Response to the JPMDL today. Ms. Robinson urges the MDL Panel to deny FHFA's transfer and consolidation request because -- using the words FHFA used to argue against transfer and consolidation of cases in 2012 dealing with real estate transfer taxes -- it's an attempt to game the system and centralize cases in a court that's delivered a result FHFA likes. Ms. Robinson says the facts underpinning her complaint are different from the facts underpinning the cases Judge Lamberth dismissed and those facts only came to light after Judge Lamberth made his ruling (which is now on appeal). If the MDL Panel finds that transfer and consolidation is appropriate, Ms. Robinson recommends the cases be centralized in the Eastern District of Kentucky. Ms. Robinson opposes any suggestion to centralize the cases in the District of Delaware because the facts underpinning the cases before Judge Sleet are vastly different."
2nd filing in the JPMDL, click here to view.
Peter Chapman writes, "The Saxton Plaintiffs filed their Response with the JPMDL this afternoon, and a copy is attached to this e-mail message. The Saxton Plaintiffs oppose FHFA's transfer and consolidation request because (i) the facts in their case differ from the cases Judge Lamberth dismissed and (ii) they don't believe Judge Lamberth would give their lawsuit fair consideration. The Saxton Plaintiffs support Ms. Robinson's selection of the Eastern District of Kentucky as a transferee district rather than the Districts of Columbia or Delaware, observing that Judge Thapur in Kentucky is far more expeditious than Judge Lamberth in D.C. resolving cases on his docket. The Saxton Plaintiffs echo Ms. Robinson's advice not to consolidate their cases with the Delaware and Virginia cases because those shareholders' cases are rooted in state law."
3rd filing in the JPMDL, click here to view.
Peter Chapman writes, "The Roberts Plaintiffs filed their Response with the JPMDL this afternoon. The Roberts Plaintiffs agree with Ms. Robinson that FHFA's request for transfer and consolidation should be denied. The Roberts Plaintiffs stress that their lawsuit is factually distinguishable from other lawsuits against FHFA. The Roberts Plaintiffs argue that centralization in the District of Columbia, where the outcome would be preordained in FHFA's favor and where there are no pending cases at this time, would be improper. The Roberts Plaintiffs oppose transfer to the District of Delaware and support transfer to the Eastern District of Kentucky."
4th filing in the JPMDL, click here to view.
Peter Chapman writes, "Messrs. Jacobs and Hindes filed their Response with the JPMDL this afternoon. Messrs. Jacobs and Hindes also oppose the FHFA's transfer and consolidation request. FHFA's motion, they say, "is not an effort to streamline litigation in multiple forums, but rather is a blatant attempt to shop for a forum that has already issued rulings purportedly favorable to FHFA, but where no related case is actually ending." In short, Messrs. Jacobs and Hindes tell the MDL Panel, the common questions of fact the FHFA wants to see don't exist. Accordingly, transfer and consolidation of the pending cases challenging the Net Worth Sweep is inappropriate, and FHFA's motion should be denied. Messrs. Jacobs and Hindes would support informal coordination for discovery purposes, but observe that's already happening. In all events, Messrs. Jacobs and Hindes tell the MDL Panel, the District of Columbia is the worst venue in which to consolidate Third Amendment Litigation cases under every applicable standard previously articulated by the JPMDL."

Tuesday April 5th 2016
Alex J. Pollock: Seven Steps to Housing Finance Reform - Urban Institute
Tim Howard responds to Alex J. Pollock's Housing Reform article - Howard on Mortgage Finance
The Long, Hard Road to GSE Reform - DS News
The Fannie and Freddie Fiasco - Ricochet
Same article from yesterday.
The Path Forward—7 Ways to Initiate Housing Reform - The MReport
Protesters Disrupt Law School Event, Raising Security Concerns - The Harvard Crimson
New filing in the Pagliara v. Freddie Mac case, click here to view.
2nd filing in the Pagliara v. Freddie Mac case, click here to view.
3rd filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "Freddie Mac delivered its Reply (Doc. 18) in support of its motion (Doc. 13) for more time to respond to Mr. Pagliara's complaint to the U.S District Court for the Eastern District of Virginia today. Following receipt of Freddie Mac's Reply:
(A) Magistrate Anderson entered an Order (Doc. 19) extending Freddie Mac's time to respond to Mr. Pagliara's complaint; and
(B) Judge Cacheris entered an Order (Doc. 20):
(1) granting the parties' Joint Motion (Doc. 17) to extend the briefing schedule;
(2) directing Mr. Pagliara to file his brief opposing a stay of this case by Apr. 20; and
(3) directing Freddie Mac (and, presumably, FHFA) to file their brief in support of a stay and in support of substitution by Apr. 29.
New filing in the Roberts case, click here to view.
Peter Chapman writes, "The Roberts Plaintiffs in Chicago will be amending their Complaint to incorporate confidential discovery materials they obtained in Fairholme v. U.S. The motion indicates that FHFA and Treasury do not oppose the Roberts Plaintiffs' request."
2nd filing in the Roberts case, click here to view.
3rd filing in the Roberts case, click here to view.
4th filing in the Roberts case, click here to view.
5th filing in the Roberts case, click here to view.
Peter Chapman writes, "More papers were delivered to Judge Chang in Chicago this afternoon:
-- Doc. 21, a Notice indicating that the Roberts Plaintiffs' motion to amend their complaint is scheduled for a hearing on Apr. 11;
-- Doc. 22, the Chicago Shareholders' amended complaint, filed under seal;
-- Doc. 23, FHFA and Treasury's motion to stay Roberts v. FHFA until the MDL Panel renders it's decision about whether to transfer and consolidate;
-- Doc. 24, FHFA and Treasury's memorandum in support of their request for a stay; and
-- Doc. 25, a Notice indicating that the Motion to Stay is scheduled for a hearing on Apr. 11.

Monday April 4th 2016
The Fannie and Freddie Fiasco - Hoover Institution
By Richard A. Epstein
What is Wrong with the Parrott, Ranieri, Sperling, Zandi and Zigas Reform Proposal? Everything - Scribd
By Joshua Rosner
Fannie Mae & Freddie Mac: A Third Look at the Implicit Guarantee - Troubled Company Reporter
Congress Opens Doors to Ranieri/Zandi & Co. Plan - Twitter via Inside Mortgage Finance
Why Fannie and Freddie Cannot Be Recapitalized - WSJ
By John Carney
Timothy Howard responds to Mr. Carney's article - Howard on Mortgage Finance
S&P: Secondary mortgage market running far behind 2015, drastically cuts forecast - HousingWire
Saudi Arabia Enters Homebuilding Business to Tackle Shortage - Bloomberg
"Saudi Arabia's Fannie Mae to start operating end of this year"
New filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "Mr. Pagliara filed his opposition to Freddie Mac's request to extend its deadline to respond to the Virginia lawsuit. Mr. Pagliara wants action, not further delay. Mr. Pagliara's lawyers at Hogan Lovells don't see transfer and consolidation of all cases challenging the Third Amendment as a foregone conclusion."
2nd filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "Mr. Pagliara, FHFA and Freddie agreed today:
-- that Mr. Pagliara will file his objection to Freddie and FHFA's Motion to Stay (Doc. 10) by Apr. 20, 2016; and
-- that a hearing on the Motion to Stay will be held on May 5, 2016; and
-- to ask Magistrate Anderson for his stamp of approval on this schedule."
In the Pagliara v. Fannie Mae case, Peter Chapman writes, "A notation on the docket sheet in Pagliara v. Fannie Mae made today indicates that Judge Sleet has stayed the case in Delaware pending the MDL Panel's decision about whether to transfer and consolidate cases challenging the Net Worth Sweep."
New filing in the Perry case, click here to view.
Peter Chapman writes, "The Order shows that the D.C. Circuit wants to hear from four parties in Perry v. Lew on Fri., Apr. 15: the Institutional Plaintiffs, the Class Plaintiffs, FHFA and Treasury, and each of their lawyers will have 15 minutes before Judges Brown, Millett and Ginsburg."
New filing in the Saxton case, click here to view.
Peter Chapman writes, "Chief Judge Reade entered an Order this afternoon granting the government's motion to stay proceedings in Saxton v. FHFA until the MDL Panel makes its decision about whether to transfer and consolidate cases challenging the Net Worth Sweep.
If FHFA files its reply with the MDL Panel by Apr. 13, as it has represented to Chief Judge Reade that it will, the JPMDL should be able to make a decision following its next bi-monthly hearing in Chicago on May 26."

Saturday April 2nd 2016
Welcome to Jobs Day - Politico
Scroll down to 'Is Wall Street Sleeping on GSE Reform?', which references a new Politial Alpha note.
Guest Lecture with Melvin Watt, Director of The Federal Housing Finance Agency - Harvard.edu
Happens Monday at 5 pm EDT.

Friday April 1st 2016
Working for Fannie Mae is about to get extremely enviable - HousingWire
U.S. Fed buys $5.7 billion of mortgage bonds, sells none - Reuters
Freddie Mac’s Serious Delinquency Rate Plummets Further - DS News
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "The government delivered a two-page notice to Judge Sweeney saying it intends to oppose the Class Plaintiffs' request and file a formal response by Fri., Apr. 8."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Judge Sweeney entered an order today directing the government to file its Response no later than Fri., Apr. 8."
New filing in the JPMDL, click here to view.
Exhibits A - F
Peter Chapman writes, "Josh Angel delivered his Response to the JPMDL today."
FANNIE MAE & FREDDIE MAC: Josh Angel Revisits Implicit Guarantee - Troubled Company Reporter








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