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"Ultimately, Truth Prevails"

February 2018
Friday February 16th 2018
New filings in the Rop case.
Peter Chapman writes, "Treasury shared a copy of the Delaware Supreme Court's recent decision in California v. Alvarez earlier this month to Judge Maloney. Yesterday, the Rop Plaintiffs responded to FHFA and Treasury's submissions of the California and PHH decisions. The Rop Plaintiffs tell Judge Maloney that its claims can't be derivative if HERA's succession provision is valid, and he should follow Judges Henderson and Kavanaugh's dissenting opinions saying CFPB (like FHFA) is unconstitutionally structured."
Don’t reinvent the wheel on housing finance: Restore Fannie and Freddie - American Banker
What We’re Hearing: Death, Taxes and the GSEs / Sweet Tax Cows / Not a Peep Out of Pershing Square and Fairholme / The Wrath of Jeb... - Inside Mortgage Finance
Hensarling Demands Watt Explain GSE Payments  -
Link to Letter
Jeb Hensarling challenges Fannie, Freddie regulator for allowing affordable housing payouts after bailout - Washington Examiner
Hensarling blames Watt for GSEs needing Treasury money, demands answers - HousingWire
Fannie and Freddie Seek Cash Infusions, Elevating Reform Agenda and Its Affordable Housing Hang-Up - Forbes
Treasury’s Take on Housing Finance Reform -
Access To Safe, Decent And Affordable Housing Threatened -
Freddie Mac Announces First NPL Sale of 2018 -

Thursday February 15th 2018
Freddie Mac 2017 Full Year Financial Results and 2017 Fourth Quarter Financial Results -
Freddie Mac Reports Full Year and Fourth Quarter 2017 Financial Results -
Freddie Mac reports $3.3 billion loss in Q4 - HousingWire
Freddie Mac joins Fannie Mae in needing federal funds because of accounting losses - Washington Examiner
Freddie Mac Reports $3.3B Q4 Loss - National Mortgage Professional
Freddie, Like Fannie, Sees 4Q Results Get Smacked Around Because of Tax Changes, Will Need a $312 Million Check from Treasury - Inside Mortgage Finance
Fannie/Freddie Need Your Money Again, But Not Like They Used To - Mortgage News Daily
Fannie Mae And Freddie Mac Q4 Earnings Recap -
Fannie, Freddie rear ugly heads from 10-year limbo -
Fannie and Freddie Seek Cash Infusions, Elevating Reform Agenda and Its Affordable Housing Hang-Up - Forbes
Hill Responds to Fannie Mae and Freddie Mac Bailout Request -
Entirely Preventable GSE Bailout Not Prevented - Seeking Alpha by Glen Bradford
GSE reform isn't dead, but it isn't going anywhere either - American Banker
Civil rights advocates oppose returning secondary mortgage market to Wall Street - The St. Louis American
Another Plea From Fannie Mae - The Wall Street Journal
Subscription required for access.
At $600K a Year, Fannie Mae CEO Tim Mayopoulos is Underpaid. GSE Worries About CEO ‘Succession’ Planning - Inside Mortgage Finance
Fannie Mae's (FNMA) CEO Tim Mayopoulos on Q4 2017 Results - Earnings Call Transcript - Seeking Alpha
Short Takes: Is Mel Watt Dropping Hints? / A Utility Model for Fannie and Freddie?... - Inside Mortgage Finance

Wednesday February 14th 2018
Fannie Mae Full Year and Fourth Quarter 2017 Results -
Fannie Mae Reports Fourth Quarter and Full-Year 2017 Financial Results -
Happy Valentine’s Day Taxpayers! Instead of Chocolate, Here’s a Bill for $3.7 Billion. - Investors Unite
Fannie Needs First U.S. Aid Since 2012 After Tax-Cut Loss - Bloomberg
Fannie Mae needs $3.7 billion from the Treasury thanks to tax cuts - Washington Examiner
Fannie needs first bailout funds since 2012 after tax-cut loss - American Banker
Fannie Mae needs billions from Treasury for the first time since 2012. What happened? - HousingWire
Fannie Mae to turn to taxpayers after $6.5 billion loss - MarketWatch
New GOP Tax Law Blows a Hole in Fannie Mae’s 4Q17 Results, FHFA Expected to Ask Treasury for $3.7B in Cash to Eliminate the ‘Net Worth’ Deficit - Inside Mortgage Finance
"Hidden in Fannie 4Q: new ROE standards that turn GSEs into utilities" via @KarenPetrou - Twitter
Subscription required to read the article in the tweet.
Tim Howard comments on @KarenPetrou's tweet - Howard on Mortgage Finance
Sanders lauds continuation of affordable housing funding -
Fannie Mae CEO: We will return to profit in 2018 - HousingWire
ICBA Statement on Fannie Mae Quarterly Loss -
Hensarling Criticizes Fannie Mae Bailout Request  -
Jeb Hensarling rips Fannie Mae's request for a $3.7 billion 'bailout' - Washington Examiner
Fannie's $3.7B drawdown not as bad as it looks, CEO says - National Mortgage News
Is VIX Manipulated or Hedged? - Bloomberg
Why The U.S. Government Should Guarantee Your Mortgages - Seeking Alpha
127 Mortgage Banking Executives Sign ‘Open Letter’ to Congress on GSE Reform - Inside Mortgage Finance
An Open Letter to Congress on GSE Reform -
Obamacare & GSEs- Key Players Trading Hats - Scribd
Not sure on the date of this one.

Tuesday February 13th 2018
Sen. Cory Gardner questions Mick Mulvaney on the GSEs via @ethan2369 - Twitter
President’s FY 2019 Budget Proposal (Video) -
GSEs come up at 01:12:15. This is the full video from the link above.
Washington is budgeting a $5.1 billion taxpayer bailout for Fannie and Freddie - MarketWatch
Subs: Interesting Treasury Budget Item for GSE’s - Valueplays
Short Takes: The Trump Budget and the GSEs (Not So Good) / No More GSE Money for Affordable Housing / Treasury Wants to ‘Right Size’ Federal Housing Programs... - Inside Mortgage Finance
Busted Preferred Showdown: PG&E Vs. Fannie/Freddy - Seeking Alpha
The Fed as a Piggy Bank?  Of Course! -
The article contains a brief GSE mention.
Fannie Mae hopes to shed more than $1 billion of delinquent loans - The Real Deal

Monday February 12th 2018
Treasury Strategic Plan 2018 - 2022 -
GSEs are discussed on pages 16 and 17.
The Budget for Fiscal Year 2019 -
Information on the GSEs on page 932.
Tim Howard comments on the White House budget - Howard on Mortgage Finance
Trump budget proposes to reduce deficit by raising g-fees - HousingWire
"Budget appears to include an extra $25.7 billion over 10 years from increasing guarantee fees charged by the GSEs..." via @joelight - Twitter
Fannie and Freddie Mortgages Face Higher Fees Under Trump Budget - Bloomberg
U.S. Housing Finance Reform: Why Fix What Isn’t Broken? -
Could Mel Watt Save the Day? - Bill Maloni's GSE Blog
Housing Advocates Worried about Sen. Corker’s GSE Reform Draft - Inside Mortgage Finance
Trump Budget: DTA Hits Mean Treasury Draws for Fannie and Freddie. White House Wants to Cut Contributions to the Housing Trust Fund - Inside Mortgage Finance
Freddie Mac Announces Release Date for Fourth Quarter and Full-Year 2017 Financial Results -
"Freddie Mac announced today that it plans to report its fourth quarter and full-year 2017 financial results before the U.S. financial markets open on Thursday, Feb. 15, 2018."

Saturday February 10th 2018
Fannie Mae and Freddie Mac Stock Top Stocks to Buy 2018 - Youtube
The video references this National Review article from 05/04/2016.

Friday February 9th 2018
New notation in the Robinson case (U.S. Supreme Court).
Peter Chapman writes, "The Clerk made a notation on the court docket this week indicating that Justice Kagan granted Ms. Robinson's request."
Corker-Warner Bill Would Perpetuate Fannie and Freddie’s Limbo - Morning Consult
Fannie Mae and Freddie Mac Have a New ‘Duty’ to Serve Rural America – Daily Yonder
FHFA OIG Takes Issue with Regulator’s Handling of Potential Conflicts Involving Fannie Mae Executives - Inside Mortgage Finance
Conference on the Taxpayer Protection Housing Finance Plan -
Occurs Tuesday, February 27, 2018
Fannie and Freddie May Be Totally Revamped in the Blink of an Eye - National Mortgage Professional

Thursday February 8th 2018
New filing in the Voacolo case, click here to view.
Peter Chapman writes, "Mr. Voacolo's lawyers mailed a copy of their client's complaint to the U.S. Attorney in Newark, N.J., today, and a copy of the court filing memorializing that event is (linked above)."
What An Overhaul Of Fannie Mae And Freddie Mac Would Mean For Commercial Real Estate - Forbes

Wednesday February 7th 2018
New filing in the Collins case, click here to view.
Peter Chapman writes, "The Collins Plaintiffs responded yesterday to Treasury's letter directing the Fifth Circuit's attention to the Delaware Supreme Court's decision in California v. Alvarez. The Collins Plaintiffs tell the Fifth Circuit that their claims have to be direct rather than derivative -- especially if HERA says shareholders can't stand in the GSEs' shoes, as FHFA and Treasury repeatedly argue."
Karen Petrou on How to Love a Mortgage Monopoly -
Fannie Mae Announces Scheduled Release of Fourth Quarter and Full-Year 2017 Financial Results -
"Fannie Mae today announced plans to report its fourth quarter and full-year 2017 financial results on Wednesday morning, February 14, 2018, before the opening of U.S. financial markets."
How FHFA could reform housing finance if Congress doesn't - American Banker
Subscription required for access.
Crisis looms in secondary mortgage market that could have harsh consequences for Cleveland home-buyers: Michael Pires (Opinion) -
Short Takes: The FHFA Version of Mick Mulvaney / Political Appointees at the FHFA? / Waiting on Hensarling’s GSE Draft... - Inside Mortgage Finance

Tuesday February 6th 2018
New filing in the Arrowood case, click here to view.
Peter Chapman writes, "Arrowood's first amended complaint was filed on Feb. 1 and docketed this morning."
New filings in the Collins case.
Peter Chapman writes, "FHFA provided the Fifth Circuit with a copy of the D.C. Circuit's decision in PHH v. CFBP late last week and the Collins Plaintiffs filed a response today. FHFA tells the appellate court that the PHH decision closely tracks the ruling from district court now under review. The Collins Plaintiffs urge the Fifth Circuit panel to carefully review and follow Judge Henderson and Kavanaugh's dissenting opinions in PHH because any government agency with no accountability to the President, Congress or the Courts can't be the right result."
New filing in the Robinson case (U.S. Supreme Court), click here to view.
Peter Chapman writes, "Ms. Robinson is asking the U.S. Supreme Court to extend her time to file a petition seeking review of the Sixth Circuit's decision to Mar. 22, 2018."
Chairman Hensarling’s False Choice on Affordable Housing and GSE Reform - Investors Unite
Statement of Secretary Steven T. Mnuchin Before the U.S. House Financial Services Committee -
Steven Mnuchin Mostly Meh on Market Drop -
Financial Stability Oversight (Full Video) -
Chairman Hensarling and Treasury Secretary Steven Mnuchin discuss the next FHFA Director -
Regulators will float proposal before revamping SIFI process: Mnuchin - American Banker
Tim Howard comments on Rep. Hensarling's new GSE strategy - Howard on Mortgage Finance
FHFA Finalizes 2018-2020 Housing Goals For Fannie Mae and Freddie Mac -
Short Takes: ...Fretting Over Fannie-Freddie Common / The GSE Message from Jeb and Steve... - Inside Mortgage Finance
Chairman of House Financial Services Subcommittee Pondering GSE Reform - Inside Mortgage Finance
Tim Howard comments on David Stevens' latest blog post - Howard on Mortgage Finance
Las Vegas in need of housing, finance reform - Las Vegas Sun

Monday February 5th 2018
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Fairholme filed a copy of its amended complaint this afternoon."
New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, click here to view.
Peter Chapman writes, "The Class Plaintiffs filed their second amended complaint this afternoon."
Waiting for Mr. Corker - Howard on Mortgage Finance
Fannie Mae (FNMA) & Freddie Mac (FMCC) – Where Did The Money Go? - ValueWalk
Freddie, Fannie, Finis? -
Short Takes: Ginnie is Good, but is it That Good? / Brunts Bolts Freddie for USB... - Inside Mortgage Finance
Open Mind on GSE Reform -
GSE reform bill could be Congress' last chance - Scotsman Guide
The New Fannie and Freddie on the Way - The National Real Estate Post
Fairholme Funds (Bruce Berkowitz) 2017 Annual Report And Portfolio Manager's Letter - Seeking Alpha

Sunday February 4th 2018
The man had a VISION worth considering... - Bill Maloni's GSE Blog

Friday February 2nd 2018
Civil rights, affordable housing groups bash bipartisan Fannie, Freddie reform bill - Washington Examiner
Clock running out to get housing finance reform moving - American Banker
Subscription required for access.
What We’re Hearing: ...Investors Unite Weighs in on the Corker Bill (Not Happy) / Mnuchin’s GSE Plan - Inside Mortgage Finance
GSE Credit-Risk Transfers Slowed Significantly in 4Q17 - Inside Mortgage Finance
NAR Wants FHFA to Reduce G-Fees, LLPAs - Inside Mortgage Finance
“Thus far, this legislative proposal was developed with little to no input from civil rights groups and affordable housing advocates..." via @RobTVDC - Twitter

Thursday February 1st 2018
New filings in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations.
Peter Chapman writes, "Judge Lamberth entered orders this morning approving the parties' plan to wrap up briefing on the amended complaints by Mar. 16."
New filing in the Collins case, click here to view.
Peter Chapman writes, "The Department of Justice provided the Fifth Circuit with a copy of a decision from the Delaware Supreme Court last week saying that issue preclusion bars shareholders pursuing derivative claims from relitigating issues that were decided against other shareholders in an earlier derivative suit. The decision, the government says, provides further support to Treasury's argument that issue preclusion bars the Collins Plaintiffs from relitigating issues that were decided against GSE shareholders by Judge Lamberth and upheld by D.C. Circuit."
New filing in the Bhatti case, click here to view.
Peter Chapman writes, "FHFA delivered a copy of yesterday's 6-3 decision from the D.C. Circuit in PHH v. CFPB finding no constitutional defect in the way Congress structured that bureau."
New filing in the Rop case, click here to view.
Peter Chapman writes, "FHFA delivered a copy of yesterday's decision in PHH v. CFPB Judge Maloney today."
Can Bob Corker Pass Housing Reform? - Seeking Alpha by Glen Bradford
Corker-Warner Bill Again Negates Shareholder Rights - Investors Unite
Fairholme 2017 Annual Report -
Berkowitz: On Fannie Mae “I expect further gains from any Trump Administration-led initiative” - ValueWalk
Trump White House Working on a ‘Short List’ to Replace FHFA Director Mel Watt? - Inside Mortgage Finance
Housing Finance Reform Waits for the Democrats to Show Up. (Don’t Hold Your Breath) - Inside Mortgage Finance
The Fairholme case before the U.S. Supreme Court has been Distributed for Conference of 2/16/2018 -
Why Fannie May and Freddie Mac Should be Subject to FOIA, and How it Could Happen - San Diego Free Press
The Epic Story of Fannie and Freddie: Is There an End in Sight? -
FHFA’s 2018 Goals: Liquidity, Stability, Access in Housing Finance - The MReport
GSE bill would expand competition and Ginnie Mae - Scotsman Guide
Rethinking the Mortgage Industry: Is There a Better Way to Subsidize? -
Secy Mnuchin: Congress Should Tackle Fannie, Freddie Or Treasury Will -

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