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"Ultimately, Truth Prevails"


February 2016
Monday February 29th 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Timothy Howard encourage Judge Sleet to accept his Amicus Brief and allow the facts he relates to illuminate the absurdity of the limitless power FHFA and Treasury believe HERA granted to them. A copy of Mr. Howard's filing is attached to this e-mail message."
New filing in the Saxton case, click here to view.
2nd filing in the Saxton case, click here to view.
Peter Chapman writes, "Magistrate Scoles approved FHFA and Treasury's request to file their Motion to Reinstate a Stay of the Deadline to File an Administrative Record and a Brief in support of that request under seal and file a redacted version for public consumption. Following entry of that order, FHFA and Treasury filed the sealed and redacted versions of their Motion. FHFA and Treasury stick to their positions that no facts make any difference in this case because HERA insulates them from all shareholder litigation."
Treasury and its Allies Imprison Fannie and Freddie with Math That Doesn’t Add Up - Investors Unite
Same article from Valuewalk.
Investigation of David H. Stevens for Possible Violations of Federal Ethics Law - Scribd
The official letter.
Ethics Group Urges Inquiry of Mortgage Banking Lobbyist Who Led F.H.A. - NY Times
By Gretchen Morgenson
Watchdog group demands investigation of MBA head - MPA
Freddie Mac and Fannie Mae Not Considered Government Agents Under the FCA - The FCA Insider
Fannie/Freddie Earnings Up in 2015 as More Earnings Come from MBS Guaranty Fees - Inside Mortgage Finance
Subscription required.
Fannie Mae Monthly Summary January 2016 - fanniemae.com
@JonAPrior tweets about the PLS market reboot - Twitter
@USTreasury tweets about the PLS market - Twitter
Mortgage-Bond Reform Proposal to Melt 8-Year Freeze Advances - Bloomberg
An old fear returns as new mortgage market players rise - MarketWatch

Sunday February 28th 2016
The fuzzy math of mortgage bankers - HousingWire
Josh Rosner responds to David Stevens article.
Watchdog Asks for Probe in Mortgage Lending ‘Revolving Door’ Case - NLPC
Government caused economic collapse - The Grand Island Independent
With a good comments from Glen Bradford and William R. Maloni Sr after the article.
The math behind the need for GSE reform - HousingWire
Reposting from Monday. The comments are not kind to David H. Stevens.
One Way to Make Mortgages Easier to Get - WSJ
The government is trying to rejuvenate the PLS market.

Saturday February 27th 2016
New filing in the Robinson case, click here to view.
2nd filing in the Robinson case, click here to view.
Peter Chapman writes, "Ms. Robinson delivered her Notice endorsing her agreement to the Court yesterday, and Judge Thapar entered an Order giving FHFA and Treasury until Mar. 14, 2016, to file their Reply Briefs in support of their Motions to Dismiss Ms. Robinson's Complaint."
New filing in the Saxton case, click here to view.
Peter Chapman writes, "FHFA and Treasury tell the Court in Iowa they intend to file a Motion to Reinstate a Stay of the Deadline to File an Administrative Record and a Brief in support of that request. Because their Brief will quote Judge Reade's sealed order (Doc. 60) dated Feb. 9, 2016, the Saxton Plaintiffs' sealed Amended Complaint (Doc. 52), and other sealed materials, FHFA and Treasury ask the Court for permission to file the Brief under seal and share a redacted version with the public."
BAC Takes a Shot at the Power - Charles Payne's Smart Talk
Berkshire Hathaway 2015 Annual Letter - BerkshireHathaway.com
No GSE talk, but the letter mentions mortgage origination practices beginning on page 18.
"...Treasury does not believe that any further draws by the GSEs are probable..." p.42 via @fanofred_ - Twitter

Friday February 26th 2016
New filing in the Jacobs and Hindes case, click here to view.
New filing in the Cacciapalle case, click here to view.
Peter Chapman writes, "Judge Sweeney entered three orders today in these pending cases:
-- Cacciapalle v. U.S., Case No. 13-466C;
-- American European v. U..S., Case No. 13-496C; and
-- Dennis v. U.S., Case No. 13-542C;
- and -
-- Fisher v. U.S., Case No. 13-608C; and
-- Washington Federal v. U.S., Case No. 13-385C;
directing the parties to file joint status reports by Mon., Mar. 14, 2016, providing her with with information about their positions about the proposed coordinated briefing schedule."
New filing in the Washington Federal case, click here to view.
New filing in the Fisher case, click here to view.
Fairholme Capital Management Public Conference Call 2016 [Transcript] - fairholmefundsinc.com
What We’re Hearing: The Mother of All GSE Bets / If Fairholme’s Berkowitz is Wrong… / Why Would the U.S. Even Entertain Settlement Talks? - Inside Mortgage Finance
10/28/2009 - The new GSE as zero meme – laying the assumptions bare – and a modest plan for Obama - Bronte Capital
Keefe Bruyette & Woods has made GSE stock price predictions in the past.
Presidential front-runners mostly mum on housing, but policy hints do exist - Scotsman Guide
Financial Audit: U.S. Government’s Fiscal Years 2015 and 2014 Consolidated Financial Statements - gao.gov
See Note 8 on page 93 for 'Investments in Government-Sponsored Enterprises.

Thursday February 25th 2016
New filing in the Arrowood case, click here to view.
Peter Chapman writes, "Arrowood and the Government delivered a Joint Motion to Judge Sweeney this afternoon asking her to align the briefing schedule in Arrowood v. U.S. with the schedule proposed in Fairholme v. U.S."
New filing in the Rafter case, click here to view.
Peter Chapman writes, "The Rafter Plaintiffs and the Government delivered a Joint Motion to Judge Sweeney this afternoon asking her to align the briefing schedule in Rafter v. U.S. with the schedule proposed in Fairholme v. U.S."
New filing in the Reid case, click here to view.
Peter Chapman writes, "The Reid Plaintiffs and the Government delivered a Joint Motion to Judge Sweeney this afternoon asking her to align the briefing schedule in Reid v. U.S. with the schedule proposed in Fairholme v. U.S."
New filing in the Robinson (Kentucky) case, click here to view.
Peter Chapman writes, "The parties presented a Proposed Agreed Order to Judge Thapar today indicating that FHFA and Treasury will file replies not exceeding 20 pages in support of their motions to dismiss Mr. Robinson's complaint by Mar. 14, 2016."
2nd filing in the Robinson case, click here to view.
Peter Chapman writes, "The Clerk advised FHFA's local counsel that the Proposed Agreed Order is deficient because the document fails to identify the parties whose signatures are necessary. To cure this deficiency, the Court directed counsel for each party to file a Notice within the next seven days either endorsing or disputing their agreement.
Treasury was the first to step forward today saying it endorses the extension requested."
New filing in the Perry case, click here to view.
Peter Chapman writes, "A redacted version of Fairholme, Perry and Arrowood's Reply Brief was filed in the D.C. Circuit today."
Freddie Mac’s Mortgage Portfolio Experiences More Expansion to Start 2016 - DS News
BofA’s new mortgage program avoids federal agency that has won big fines from banks - Charlotte Observer
"Most banks have no appetite to increase their FHA lending because of perceived risks of being slapped with future fines"
What homeowners tell us about the Super Tuesday vote - CNBC
Fannie Mae will be Broke by 2018 - The National Real Estate Post
Treasury: Recap and Release Not Happening - DS News
Non-Profit Wins Fannie Mae Distressed Loan Auction - DS News
I went in way early, but I'm still optimistic about FNMA and FMMC being recapitalized - Reddit
Not much discussion yet.
McKinsey Scores as Saudis Call in Consultants for Economy Reboot - Bloomberg
"BCG is working with the country’s Public Investment Fund to help start a state-owned mortgage firm, similar to Fannie Mae and Freddie Mac in the U.S"
FY17 Budget Contradicts a Fannie, Freddie Wind-Down - Inside Mortgage Finance
Registration Required.

Wednesday February 24th 2016
BofA sees end to Fannie, Freddie conservatorships - Reuters
Same article from Yahoo
Was Watt’s Speech the Beginning of the End for the Conservatorship? - DS News
No Capital at Fannie and Freddie is Bad for Taxpayers, Markets and America's Families - TheStreet
Government Perfidy and Mismanagement of the GSEs in Conservatorship
By Josh Angel
Fairholme Chief Claims There Were ‘Settlement Communications’ Between the Fund and Government Over the GSE Net Worth Sweep - Inside Mortgage Finance
@JonAPrior tweets about Fannie, Freddie shareholder settlement talks: Tweet #1, Tweet #2, Tweet #3
Dwight Bullard, State Caucus Leaders Urge Increased Affordable Housing - floridapolitics.com
Mortgage lenders launch programs to turn more renters into homeowners - Washington Post
Distributional Implications of Government Guarantees in Mortgage Markets - georgetown.edu
Freddie Mac Monthly Volume Summary: January 2016 - freddiemac.com
PRO FinReg: Regulators Look to Revive the Mortgage Market - iHub via WSJ
The Takeover and the Terms - Howard on Mortgage Finance
Reposting from yesterday. Lots of good comments after the article.

Tuesday February 23rd 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA, Fannie and Freddie (but not Treasury) are asking Judge Sleet to hear oral argument on Treasury and FHFA's motions to dismiss. FHFA and the GSEs are not requesting oral argument on the Motions to Certify or any other matter."
2nd filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Messrs. Jacobs and Hindes are also asking Judge Sleet to entertain oral argument on FHFA and Treasury's motions to dismiss"
3rd filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "It's unanimous; everybody wants oral argument on FHFA and Treasury's Motions to Dismiss before Judge Sleet."
New filing in the Saxton case, click here to view.
2nd filing in the Saxton case, click here to view.
Peter Chapman writes, "Two documents were delivered to the Court in Iowa yesterday indicating that Ryan Koopmans at Nyemaster Goode in Des Moines will be replacing his colleague Ryan Leemkuil as Investors Unite's local counsel.
You'll recall that we are still waiting for the Court to rule on whether it wants to accept Investors Unite's amicus brief."
The Takeover and the Terms - Howard on Mortgage Finance
Fairholme Capital Management Public Conference Call 2016 [Audio] - Valuewalk
GSEs start at 19:04.
@ToddSullivan tweets about GSE negotiations - Twitter
Glen Bradford looks back to December 2015 where Sen. Sherrod Brown mentioned "settlements currently underway" - GlenBradford.com
@fanofred_ tweets about the Political Alpha document from October 2015 - Twitter
10/5/2015 - "the Administration is working behind the scenes to develop an endgame before President Obama leaves office."
GSEs most active OTCQB Stocks - Twitter
FHFA Reminds Everyone That GSEs’ Capital Buffers Are Heading To Zero - GlobeSt
Register for free for access.
Time to End the Monopoly Over Manufactured Housing - American Banker
9th Circ. Says Fannie, Freddie Not 'Fed Agencies' Under FCA - law360
Registration required to read the full article.

Monday February 22nd 2016
The math behind the need for GSE reform - HousingWire
By David H. Stevens.
Harvard HERA Analysis Calls for Judicial Review in GSE Litigation - Valueplays
Fannie Mae paying Treasury Dept. $2.9 billion - Examiner
NCRC Reacts to FHFA Director Mel Watt’s Remarks at the Bipartisan Policy Center - Real Estate Rama
Bank of America now offers 3% down mortgages without mortgage insurance - HousingWire
Fairholme Public Conference Call - Fairholme Funds
Tuesday at 11:00 AM EST

Sunday February 21st 2016
Making a Bagholder - Episode 1 - Youtube
"A True Story 8 years in the making. Venezuela? Nope. Argentina? Guess again. Russia? Not even close. Witness the brazen fraud that rips apart the Achilles heel of what used to be the land of free enterprise. A new critically acclaimed documentary has all the critics raving..."
Petition to Ensure the future of the 30-year fixed and housing market by releasing Fannie Mae and Freddie Mac from conservatorship - petition.whitehouse.gov
Fannie Mae at risk of needing a bailout - Seeking Alpha
Based off the article from yesterday. Some good comments after the article.
Fannie, Freddie May Need Another Bailout As Washington Drags Feet On Housing Finance Reform - Zero Hedge
10/15/15 - Fairholme Funds, Inc. v. United States: Litigation Discovery and the Most Transparent Administration in History

Saturday February 20th 2016
New court notation in the Piszel case.
Peter Chapman writes, "The Clerk of the Court for the Federal Circuit made a notation (Doc. 45) on the docket sheet in Piszel v. U.S. yesterday that the case is scheduled for oral argument at 10:00 a.m. on Thurs., Apr. 7, 2016."
Fannie Mae at risk of needing a bailout - CNBC
$FNMA was popular on twitter yesterday - Twitter

Friday February 19th 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA, Treasury, Fannie and Freddie object to Timothy Howard's request to file an amicus brief. The government says that none of the facts Mr. Howard offers are relevant to the court making a jurisdictional decision."
New filing in the Fairholme case, click here to view.
Doc. 301 Appendix
Peter Chapman writes, "The Government filed a redacted version of its Response to Fairholme's Motion to Compel this morning. The Government tells Judge Sweeney that 11,000 or 12,000 it doesn't want to share are privileged."
The FHFA Conservator Provides Evidence For The Perry Appeal - Seeking Alpha
Government Offers Nixonian Rationale for Dismissing Shareholder Rights in Delaware Case - Investors Unite
Freddie and Fannie are making money again, and everyone wants it - Washington Post
Civil and Human Rights Coalition Applauds Mel Watt Comments on Fannie Mae and Freddie Mac - civilrights.org
Fannie Mae Reports Net Income of $11.0 Billion and Comprehensive Income of $10.6 Billion for 2015 - Yahoo
Company Reports Net Income of $2.5 Billion and Comprehensive Income of $2.3 Billion for 4Q 2015.
Fannie Mae to dividend Treasury another $2.9B - Seeking Alpha
Fannie Mae 4Q net income rises to $2.5 billion - HousingWire
Higher interest rates boost Fannie Mae profit - Canadian Business
Fannie Mae's (FNMA) CEO Tim Mayopoulos on Q4 2015 Results - Earnings Call Transcript - Seeking Alpha
Fannie Mae & Freddie Mac: Civil Rights Groups & Investors React To Watts’ Comments, Earnings - Valuewalk

Thursday February 18th 2016
New filing in the Saxton case, click here to view.
Peter Chapman writes, "Magistrate Scoles placed his stamp of approval on this schedule, and added a sentence to the parties' proposed order saying these deadlines are cast in stone."
New filings in the Perry case.
Joint Appendix Volume I of V - bankrupt.com
Joint Appendix Volume IV of V - bankrupt.com
Joint Appendix Volume V of V - bankrupt.com
Volumes II and III were posted on Tuesday.
Fannie, Freddie, And Fairness: Judicial Review Of Federal Conservators - Harvard Journal on Legislation
Prepared Remarks of Melvin L. Watt Director of FHFA at the Bipartisan Policy Center - fhfa.gov
Video of the event can be found here - C-Span
Regulator warns of risk of keeping Fannie, Freddie under government control - MarketWatch
Watt sounds warning bell on Fannie, Freddie - The Hill
FHFA Chief Watt Beginning to Sweat 2018 When the GSEs Run Out of Capital - Inside Mortgage Finance
Investors Unite Executive Director Tim Pagliara Commends FHFA Director Mel Watt for Comments on GSE Capital Buffers - Investors Unite
FHFA director Watt: This is the most serious risk facing Fannie Mae and Freddie Mac - HousingWire
Fannie, Freddie Regulator Warns of Risks of Shrinking Capital - WSJ
Watt Sounds The Alarm On Undercapitalization At Fannie Mae & Freddie Mac - Valuewalk
Corker Says Concerns About Fannie, Freddie Capital Not a Reason To Return To Past Housing Finance Model - The Chattanoogan
@FreddieMac reports 4Q and 2015 earnings - Twitter
Despite volatility, Freddie Mac’s 4Q net income jumps to $2.2B - HousingWire
Freddie Mac to pay another $1.7B to Treasury - Seeking Alpha
Freddie Mac reports profit of $2.16 billion - MarketWatch
Freddie Mac to Send $1.7 Billion Payment to Treasury - Nasdaq
Statement by Former Clinton Economic Advisor on Freddie Mac's Quarterly Earnings  - Valuewalk
Freddie Posts $2.16 Billion Profit for 4Q15; Hedging Losses Not an Issue – This Time Around, But… - Inside Mortgage Finance
Freddie Mac's (FMCC) CEO Don Layton on Q4 2015 Results - Earnings Call Transcript - Seeking Alpha

Wednesday February 17th 2016
Community lenders call for Fannie, Freddie to stop paying dividend to Treasury - HousingWire
Read their letter here.
Address by FHFA Director Mel Watt - Bipartisan Policy Center
Occuring Thursday, February 18, 2016 9:00 a.m. to 10:00 a.m. ET
obiterdictum writes about the Delaware filings - iHub

Tuesday February 16th 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA, Treasury, Fannie and Freddie delivered their Opposition (Doc. 27) to the Delaware Plaintiffs' request to certify the question about the legality of the Net Worth Sweep under Delaware and Virginia corporate law to those states' courts, arguing that nothing the state courts will say would be dispositive of anything because the Net Worth Sweep is perfectly legal because it was the Government that injected billions of dollars into the GSEs, and the novelty of that situation is what justifies it."
2nd filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Treasury's Reply (Doc. 28) in support of its motion to dismiss the Delaware Plaintiffs' Complaint, arguing again HERA bars you from suing us, federal law trumps all state law; and Judge Lamberth's decision is all anybody needs to read."
3rd filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA's Reply (Doc. 29) in support of its motion to dismiss the Delaware Plaintiffs' Complaint, echoing the arguments made in Docs. 27 and 28."
New filing in the Saxton case, click here to view.
Peter Chapman writes, "The parties in Saxton v. FHFA have agreed to this briefing schedule:
-- Treasury and FHFA will file renewed motions to dismiss by Mar. 18, 2016;
-- the Saxton Plaintiffs will file their objection by Apr. 18, 2016; and
-- Treasury ad FHFA will file their Replies by May 18, 2016;
and are asking the U.S. District Court for the Northern District of Iowa to approve it."
New filings in the Perry case.
Joint Appendix Volume II of V (This file is 12 MB)
Joint Appendix Volume III of V (This file is 24 MB)
Peter Chapman writes, "The parties in Perry v. Lew delivered a Joint Appendix to the D.C. Circuit today -- 4,100 pages in five volumes. These are copies of documents you've seen previously. Today's exercise organizes the documents from the the proceedings in the District Court before Judge Lamberth for the D.C. Circuit."
Fannie And Freddie Plaintiffs Tap White House - Seeking Alpha by Glen Bradford
Fannie Mae Investors: Ready To Profit From Negative Interest Rates? - Seeking Alpha
Fannie Mae Announces Scheduled Release of Fourth Quarter and Full Year 2015 Financial Results - prnewswire.com
"Fannie Mae will host a conference call for the media to discuss the company's results at 8:00 a.m., ET, on February 19, 2016."
Freddie Mac Sets Release Date for Full-Year 2015 Financial Results - Yahoo
"The company will hold a conference call at 8:00 a.m. Eastern time (ET) on Thursday, February 18, 2016, to discuss the company's results with the media."
Freddie Mac Full-Year and Fourth Quarter 2015 Financial Results Media Call - webcaster4.com
Use this link to access the live audio webcast of Freddie Mac's conference call.
Hillary Clinton unveils sweeping economic agenda, including major housing reforms - HousingWire
A Close Look at Hillary Clinton’s New Housing Agenda - EnterpriseCommunity.org
So many holes in the ground: Digging deep for Fannie Mae HQ, Wood Partners and the Golden Rule - Washington Business Journal
Bill Ackman might discuss the GSEs on Wednesday per @mcelarier - Twitter

Monday February 15th 2016
Some Context, and the Coming Bailout Charade - Howard on Mortgage Finance
By J. Timothy Howard. In the comments section Mr. Howard opines on Judge Sweeney's Order barring him from accessing the Protected Information in the Fairholme case.
Fairholme Demands the Government Turn Over Documents in GSE Profit Suit - DS News
Using an Alternative Scoring Model to Expand the Credit Box - DS News

Saturday February 13th 2016
Letter: FDR’s New Deal - Pensacola News Journal
GSEs are mentioned in the first letter from William Carney.
Fairholme Funds, Inc. Files Brief to Compel Treasury to Produce Documents in GSE Litigation - Valuewalk
Same article from yesterday.

Friday February 12th 2016
Significant Lawsuits Concerning Fannie Mae & Freddie Mac Net Worth Sweep - bankrupt.com
Individuals with Access to Protected Information in Fairholme v. U.S. - GlenBradford.com
Freddie/Fannie Plantiffs Score Judicial Coup - Seeking Alpha
Final Obama Budget Banks on Fannie and Freddie for Years to Come - Investors Unite
Same article from Valuewalk.
White House Role In 3rd Amendment Net Worth Sweep - Fiderer on GSEs
Fannie And Freddie Loans Could Be Next FCA Targets - JD Supra Business Advisor
iHub user obiterdictum explains the filings in the Delaware lawsuit - iHub
Big banks are fleeing the mortgage market - MarketWatch
Fannie Mae Shares More of the Risk with Private Investors - DS News
Fairholme Funds, Inc. Files Brief to Compel Treasury to Produce Documents in Fannie Mae and Freddie Mac Litigation - BusinessWire

Thursday February 11th 2016
Interesting tweet from @ToddSullivan - Twitter
hll7575 comments on the different lawsuits in various states - timhoward717.com
GF&Co- GSE Reform Presentation - Something Old, Something New - Scribd
By Josh Rosner
Survey: Majority Supports Leveraging Private Capital to Reduce GSE, Taxpayer Risk - DS News
U.S. Fed buys $6.6 bln of mortgage bonds, sells none - Reuters
The FHLB System Needs to Be Inclusive - National Mortgage News
By David Stevens
Economic Report of the President: Prerelease of Chapter 7: The 70th Anniversary of the Council Of Economic Advisers - whitehouse.gov
See Page 20 for some thoughts on the GSEs

Wednesday February 10th 2016
U.S. Government Must Make a Decision on Freddie, Fannie - TheStreet
Goldman Sachs subsidiary buys massive NPL portfolio from Fannie Mae - HousingWire
Fannie Mae Announces Winners of its Latest Non-Performing Loan Sale - 4-traders
Presidential Advisor Reiterates Need For 4-Pronged Approach To Fannie Mae Reform - Valuewalk
“Immigrants and poor people” were not the cause of the financial crisis - Quartz
"Wall Street mortgage-backed securities suffered a realized loss rate of 20.3% from 2006 to 2012, compared to 5.8% for traditional banks and 3.7% for Fannie/Freddie mortgage securities."
What we talk about when we hate on 'Wall Street' - Yahoo
The author does not like the GSEs.

Tuesday February 9th 2016
How New Evidence May Impact DC District Ruling On Fannie And Freddie - Seeking Alpha by Glen Bradford
Hank Paulson Launched The Big Lie Campaign On September 15, 2008 - Fiderer on GSEs
@JonAPrior tweets about the GSEs and the budget - Twitter
Foreclosure Prevention Report November 2015 - fhfa.gov
@mcelarier tweets about Ackman and Berkowitz - Twitter
The New White House Budget: $151.5 Billion of GSE Dividends to Come – Right to Uncle Sam - Inside Mortgage Finance
Register for free to read.
As Deutsche Bank Chief Turns to Legal Woes, Here's What He Faces - Bloomberg
"Germany’s biggest bank has paid more than $9.3 billion in fines and legal settlements worldwide since the start of 2008..."
"...and allegations that it defrauded mortgage issuers Fannie Mae and Freddie Mac."
Housing finance’s two punch bowls by the federal government should be removed - AEI
By Ed Pinto
HUD Budget Seeks More Money to End Homelessness - housingfinance.com
"The funds are from a small assessment on the volume of business conducted in 2015 by Fannie Mae and Freddie Mac."
Fairholme Schedules Public Conference Call – fairholmefundsinc.com
Occuring on Tuesday, 2/23.

Monday February 8th 2016
Former Fannie Mae CEO Pleads For Dismissal Of SEC’s Fraud Suit - Valuewalk
Guest commentary: Federal agencies and lenders like Fannie Mae are fueling Wall Street's land grab - Contra Costa Times
Fairholme Continues Push to Have FHFA Cough Up More PSPA Documents - Inside Mortgage Finance
Registration required, but it's free to Register. Or click this @DoNotLose tweet to view.
Monday Morning Cup of Coffee: Risky home lending really on the comeback? - HousingWire
Quicken Asks Mortgage Insurance Firms to Cut a Deal on MI - Inside Mortgage Finance
Finally, Signs of Credit Loosening in the GSE Market - iHub via Inside Mortgage Finance
Congressman John Shimkus (R-IL) responds to a GSE email - iHub
Fairholme's website has select news articles and court filings - fairholmefunds.com
Sunday February 7th 2016
Fannie And Freddie Are America's Underdogs And They Have The History To Prove It - Seeking Alpha
This is an expanded version of Friday's Seeking Alpha article.
This Isn't The Beginning Of Another Financial Crisis - Forbes
Reposting from yesterday. I'd like to point out Bill Maloni's comment after the article. I have copied a similar version of the comment here with Bill's permission:

"Once again, poor Peter is peddling his soggy potatoes which have been rebuffed/rejected by many knowledgeable U.S. financial observers.
 
Before starting, let me note that Fannie and Freddie contributed to the 2008 problem—by purchasing PLS (see below) -- but they hardly were the cause of that debacle. Even the Congress's 1992 imposition of affordable housing goals wasn't the problem, except for ideologues who disdain government involvement in the economy, which is Peter’s lurking issue.
 
The Fannie and Freddie mortgages and the mortgage securities they issued between 1992 and 2005 had an exemplary small default and foreclosure level, because they were cautiously and carefully underwritten despite the “goals.”  (Read the works of David Fiderer and/or Barry Ritholz.)

That record is there for anyone willing to read government and media reports to review and verify.
 
Here is where friend Peter gets in trouble and resorts to “weasel wording” and political bloviating.
 
Peter choses to ignore Wall Street’s calamitous and failed GSE-cloning campaign—from @2004 through 2007—going it alone without Fannie and Freddie; excluding the GSE systems (providing more money for the banks and IBs); to underwrite its own mortgages, using brokers paid by the loan; issue $2.7 Trillion of its own mortgage backed securities (called Private Label Securities or PLS), and get those bonds falsely rated by their captive rating agencies.

Those mortgage backed securities sold worldwide, failed very quickly when the US mortgage market softened and were the major problem, which made our economic woes an international one.
 
Fannie’s and Freddie’s loans/MBS had three times better performance, even in the downturn. (Think about why the banks required over $500 Billion in TARP assistance and the GSEs, only $187 Billion, with most of that now questioned because of the fact each could have accessed the market for debt in 2008?)
 
It’s also important to note that only F&F had Treasury a Treasury repayment scheme where the principle “borrowed” never can be repaid, which is why they since have given the Treasury over $240 Billion. Much of that number and the government's unique demands are now subject to more than 20 lawsuits (and raising the question of what two Administration’s Treasury secretaries were attempting to achieve)?
 
When Peter Wallison begins acknowledging those facts and the non-government responsibility, i.e. private sector, for the financial mess eight years ago, then I might be encouraged to read some of his commentary."

Saturday February 6th 2016
My Take On The Third Amendment Sweep Litigation - Fiderer on GSEs
This Isn't The Beginning Of Another Financial Crisis - Forbes
By Peter J. Wallison
New mortgage companies have ties with subprime lenders - Seattle Times
Thoughts on Delaware amicus curiae brief - Howard on Mortgage Finance
Reposting from Wednesday. Good comments after the article.

Friday February 5th 2016
Fincher and Mulvaney Press FHFA and Treasury on Risks of Sweep - Investors Unite
In Hoc Signo Vinces... What Market Signs Are You Watching? - Seeking Alpha
"The circumstances surrounding Fannie and Freddie symbolize the war on the American Dream. Hence, Fannie and Freddie are Americas Underdogs."
Fannie (FNMA) and Freddie Tick Higher as New GSE Letter Suggests Return of Capital Retention Conversation - Compass Point - Street Insider
Why the 20-Year Mortgage Is the Answer to Housing Finance Mess - American Banker
By Ed Pinto
Wall Street pulls back from mortgage market that Fed made boring - Chicago Tribune
Fairholme Pushes for Government to Release Documents - Inside Mortgage Finance
Registration required.
FEDERAL NATIONAL MORTGAGE ASSN (OTCBB:FNMA) Sellers Covered 8.41% of Their Shorts - FDA News Alert

Thursday February 4th 2016
@JonAPrior tweets about raising GSE capital levels - Twitter
Suspended Preferred Stock Dividends Reflect Fear Of Operating Failure At 5 Companies - Seeking Alpha by David Sims
House GOP Launches Salvoes at GSEs, FHA, CFPB... - Inside Mortgage Finance
Registration required. The article discusses how Republicans on the House Financial Services Committee pushed through their version of fiscal year 2017 budget views and estimates (BVE). The BVE can be found here. The GSEs start on the bottom of page 5.
Fannie Mae, Freddie Mac Unveil New IDR Process - bidnessetc.com
American Banking Hegemony, A View From Europe - Worldcrunch
Their view isn't exactly correct.
Calling for Change: Cities Nationwide Protest Agency Distressed Loan Sales Practices - DS News
01/09/2014 - Timothy Howard "The Mortgage Wars" - Youtube
Timothy Howard discusses his book.

Wednesday February 3rd 2016
New website: Howard on Mortgage Finance
Created by J. Timothy Howard, former CFO of Fannie Mae. I added it to the 'Blogs' section.
Here is today's post: Thoughts on Delaware amicus curiae brief
Treasury May Stop Taking All Of Fannie And Freddie's Capital - Seeking Alpha by Glen Bradford
KBRA Director: ‘Top Four’ Banks Will Exit Residential Lending or ‘Down Size’ - iHub via Inside Mortgage Finance
What Republicans and Bernie Sanders get wrong about Wall Street - Washington Post
"The fact, as Barry Ritholtz points out, is that it was the big banks, not mortgage giants Fannie Mae and Freddie Mac, who started making so many of the subprime loans that ultimately doomed the economy."
MBA Applauds FHFA, Fannie Mae and Freddie Mac Announcement of Independent Dispute Resolution Program - Real Estate Rama
Taxpayers and Homeowners Share the Same Risk Regardless of Politics - Huffington Post
Fannie Mae, Freddie Mac Pumped Out Record $90b in Multifamily Lending Last Year - bisnow.com
Banks Get Concession on Mortgage Fights With Fannie, Freddie - Bloomberg
Wells Fargo officially reaches $1.2B settlement over its FHA lending - HousingWire

Tuesday February 2nd 2016
More Congressional Oversight of Administration’s Secrecy is Needed - Investors Unite
Same article from Valuewalk
FAIRX 2015 Annual Report - fairholmefundsinc.com
"Indeed, newly discovered evidence – which shows the government’s defense to be outright false – was subsequently presented to the D.C. Circuit Court (under seal as required)"
Bruce Berkowitz: Peter Lynch touted Fannie Mae as “the best business, literally, in America.” - Valuewalk
Freddie Mac Announces Record Support for Very Affordable Rental Housing in 2015 - Yahoo
Cities to Fannie Mae – Cease and Desist - Valuewalk
Fannie Mae, Freddie Mac finalize rep and warrants policies - HousingWire
FHFA Allows for Third Parties to Solve Loan Repurchase Disputes - DS News
Big banks retreating from home loan business - Yahoo via CNBC
Tweet from @JonAPrior - Twitter
House passes Messer-Maloney bill to encourage municipal bond investments by addressing regulatory misstep - house.gov
"Level 2A assets include U.S. agency securities, such as securities issued by Fannie Mae and Freddie Mac (the GSEs), as well as mortgage-backed securities (MBS) guaranteed by the GSEs. Level 2A assets are subject to a 15% haircut under the LCR (so if a bank owns a $100 agency security, only $85 counts towards its total HQLA)."

Monday February 1st 2016
Why conservatorship of Fannie and Freddie must end - HousingWire
Reprinted today, but this article was originally written on December 11, 2015.
The Bubble and the Crisis: A Picture Book - Fiderer on GSEs
Monday Morning Cup of Coffee: Fannie, Freddie crystal ball just got cloudier - HousingWire
Fannie Mae and lenders end 2015 with a bang - HousingWire
Fannie Mae and its Lenders Close 2015 with Top DUS Flow Volume of $42.3 Billion in Multifamily Loans - fanniemae.com
Fannie and Freddie Have a Duty to Serve Manufactured Housing Borrowers - National Mortgage News
Fannie Mae to release latest Desktop Underwriter update in June - HousingWire
The Hawkeye Hustle: Presidential Candidates Still Dancing Around Housing Policy - DS News
Freddie Mac Further Expands Credit Risk Sharing Initiatives - DS News
Falling Fast: UPB of Fannie Mae’s Mortgage Portfolio Plummets - DS News
Short Takes: ...President Trump Might Free the GSEs - Inside Mortgage Finance
Registration required, but it's free to register.
@JoshRosner tweets about the GSEs and the debt limit - Twitter
12/11/2015 - Newsmax Prime | Robert Shapiro talks about Fannie Mae and Freddie Mac loans - Youtube








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