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


July 2017
Monday July 31st 2017
A Pattern of Deception - Howard on Mortgage Finance
A cautionary note for those intent on gutting GSEs - American Banker
Additional Government Documents Unsealed in GSE Shareholder Case - Inside Mortgage Finance
New Docs Support Fannie Mae and Freddie Mac Shareholders in Court - Infowars
Fannie Mae Announces Scheduled Release of Second Quarter 2017 Financial Results - fanniemae.com
"Fannie Mae today announced plans to report its second quarter 2017 financial results on Thursday morning, August 3, 2017, before the opening of U.S. financial markets."

Sunday July 30th 2017
Michael Kimelman: How Obama committed "biggest theft in history" - Youtube
Amended Complaint Shows Government Lied To Public About GSEs - Seeking Alpha by Glen Bradford

Saturday July 29th 2017
Obama Looted Fannie Mae and Freddie Mac - American Thinker
Freddie Mac Announces Release Date for Second Quarter 2017 Financial Results - freddiemac.com
2Q results will be released on Tuesday, August 1st.
High Court Bid Planned by Fannie/Freddie Investors - cftn.news
Subscription required for full access.
H.R.3556 - To require Fannie Mae and Freddie Mac to engage in credit risk transfer transactions, and for other purposes - congress.gov
05/18/2017 - Sen. Corker makes his '75 days' comment to Treasury Secretary Mnuchin - C-SPAN (Video)

Friday July 28th 2017
New Documents Give Hope to Fannie Shareholders Seeking Redress - Bloomberg
Fannie And Freddie Investors Hope New Unsealed Court Documents Are The Smoking Gun They Need - benzinga.com
Mnuchin Mum on Trump Administration’s Plans for GSE Reform at Hearing - Inside Mortgage Finance
Fannie, Freddie reformer Rep. John Delaney running for president in 2020 - HousingWire
Obama’s “bailout” ripoff, PLUS: Our proud British past (Mike Kimelman, Kevin Donnelly) - therebel.media
This appears to be a podcast that you have to subscribe to. Concerning the GSEs, they state "Nobody is talking about this but it’s the biggest theft in human history."

Thursday July 27th 2017
New recording in the Robinson case.
Peter Chapman writes, "A recording of the oral arguments presented to the Sixth Circuit today is now available at https://goo.gl/ZxmZxr at no charge."
New filing in the Perry case, click here to view.
Peter Chapman writes, "Judge Lamberth received the D.C. Circuit's mandate this week, and a copy of the court filing recording that event is (linked above)."
New filing in the Rop case, click here to view.
Peter Chapman writes, "The Rop Plaintiffs filed their First Amended Complaint today, and a copy is attached to this e-mail message. Direct your attention to paragraphs 29, 34, 61, 62, 69, 74, 75, 77, 86, 89, 90, 96, 97, 101, 102 and 104 in the Amended Complaint if the latest revelations that have come to light in Fairholme v. U.S. make any difference."
Statement Of Steven T. Mnuchin Secretary, United States Department Of The Treasury Before The Committee On Financial Services, United States House Of Representatives - mondovisione.com
Mnuchin: Housing finance reform still a priority for Trump administration - HousingWire
Mnuchin says there can't be an "implicit" govt guarantee...via @ABWashBureau - Twitter
Fannie, Freddie Transfer $5.5B Through Popular CRT Program - Inside Mortgage Finance
Individuals With Access to Protected Information in Fairholme v. U.S. – glenbradford.com
In 2009, a former Treasury official tasked w helping devise the sweep told me...via @JoshRosner - Twitter
MBA's Mortgage Reform Voodoo Economics - Scribd
By Josh Rosner

Wednesday July 26th 2017
New filing in the Perry case, click here to view.
Peter Chapman writes, "The D.C. Circuit issued its mandate this week to formally pass jurisdiction over over GSE shareholder litigation back to Judge Lamberth."
Fiscal Year 2018 Treasury Department Budget Request - C-SPAN
Treasury Secretary Mnuchin talks about the GSEs at the 31 minute mark.
The New York Times and Rolling Stone Smeared A Retired Civil Servant - Breitbart
Carney Tries (and fails) To Claim The NYT and Rolling Stone “Smeared” Ugoletti - Valueplays
Whalen: Future of Fannie, Freddie not the real issue with GSE reform - HousingWire
Tim Howard comments on the administrative impact of the newly released documents - Howard on Mortgage Finance
Here’s what it looks like when the foreclosure ‘pig’ moves through the housing-crisis ‘python’ - MarketWatch
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs - fhfa.gov
July 26, 2017 Investors Unite Teleconference with Tim Pagliara and Cooper & Kirk Partner, Pete Patterson - Investors Unite

Tuesday July 25th 2017
Unsealed documents show Fannie, Freddit bailout details - CNBC Video
Featuring Josh Rosner and Dick Bove.
Newly Released Documents Show Government Misled Public on Fannie/Freddie Takeover - Rolling Stone
By Matt Taibbi
Fanniegate: The Cover-Up Unravels – HINDESight
By Gary Hindes
New Docs Undermine Government's Legal Defense Of GSE NWS - Seeking Alpha by Glen Bradford
More Damaging Documents Released Against Government in GSE Lawsuit - Inside Mortgage Finance
Unsealed Court Docs Paint Fannie/Freddie as Congressional Cash Cow - Mortgage News Daily
Greta Van Susteren tweets that we need an investigation into Fannie and Freddie - Twitter
Secret Treasury Documents Shed Light On Changes To Bailout of Fannie and Freddie - Breitbart
Fannie, Freddie are irrelevant to a government-backed mortgage system - National Mortgage News
By Christopher Whalen
Freddie Mac Monthly Volume Summary June 2017 - freddiemac.com
Fannie Docs Release Show Stunning Scope of Government Dishonesty - Valuewalk
Gangster Government Revisited - powerlineblog.com
Increased Black Homeownership Focus Of NAREB Convention In New Orleans - prnewswire.com
Occurs from July 28 - August 1. Mel Watt will be speaking.

Monday July 24th 2017
New filings in the Collins case.
17-20364-00514082225
17-20364-00514082332
17-20364-00514084623
Peter Chapman writes, "Treasury asked the Fifth Circuit for 30 additional days to file its brief. The Court granted Treasury 20 additional days. Treasury's brief is now due Sept. 8. FHFA is asking the Fifth Circuit for a similar extension to Sept. 8 to file its brief."
New filing in the Deloitte case, click here to view.
Peter Chapman writes, "The Eleventh Circuit entered an order Friday extending the deadline for the Edwards Plaintiffs to file their opening brief to Oct. 2, 2017."
New filing in the Sammons v. U.S. (W.D. Texas) case, click here to view.
Peter Chapman writes, "Mahesha P. Subbaraman at Subbaraman PLLC in Minneapolis filed a notice of appearance in the Fifth Circuit today on Mr. Sammons' behalf. Mr. Subbaraman's Web site at http://www.subbaramanpllc.com/ indicates that he's an appellate lawyer. "
New filing in the Rop case, click here to view.
Peter Chapman writes, "Judge Maloney entered an order this afternoon denying the Rop Plaintiffs' motion to file their Amended Complaint under seal. Judge Maloney will allow the Rop Plaintiffs to file a redacted version."
New filings in the Jacobs and Hindes case.
15-00708-0072
15-00708-0073
Peter Chapman writes, "Messrs. Jacobs and Hindes are asking Judge Sleet to entertain oral argument on FHFA, Fannie and Treasury's motions to dismiss. A copy of that request (Doc. 73), filed today, is (linked above). Last week, R. Charlie Merritt, representing Treasury, entered his appearance, and a copy of that notice (Doc. 72) is also (linked above)."
U.S. Foresaw Better Return in Seizing Fannie and Freddie Profits - NY Times
By Gretchen Morgenson
Unsealed Documents - fanniefreddiesecrets.org
Click on the heading 'Unsealed Documents - July 19, 2017
More Documents, More Proof of a Scheme to Illegally Pilfer Fannie and Freddie - Investors Unite
Newly unsealed documents reveal real reason for Fannie, Freddie profit sweep - HousingWire
Tim Howard comments on the newly unsealed documents - Howard on Mortgage Finance
Treasury &FHFA Documents Demonstrating Obama Admin Violation of Law – Scribd
By Josh Rosner
Freddie Mac going 'anti-home owner' by investing in rental... - CNBC Video
Josh Rosner and Dick Bove try to discuss the newly unsealed documents
Largest financial crime in U.S history... via @BlackPacificCap - Twitter
An excerpt from the CNBC video.
Proof Positive Obama Administration Stole Dividends From Fannie And Freddie Shareholders - Infowars
Corruption Exposed! This Could Be THE END for Obama’s Legacy! - truthfeed.com
Investors Unite: Media Teleconference at 9:30am EDT Tuesday on Unsealed Documents with Plaintiff Attorney - prnewswire.com
Building a mortgage meltdown for the rental market - NY Post
Court of Chancery Dismisses Complaint Seeking to Enforce a Stockholder’s Section 220 Demand - The National Law Review
The article discusses the Pagliara v. Fannie Mae case.
How Freddie’s single-family rental strategy differs from Fannie’s - National Mortgage News

Friday July 21st 2017
Small Lenders United in Opposition to Big Bank Plans to Replace Fannie and Freddie - Investors Unite
The reason small lenders are leery of GSE reform - American Banker
Fannie Mae prices $1.35 billion credit risk sharing transaction - mpamag.com
Fannie, Freddie Head to Another Record Year - cmalert.com
CUNA housing reform principles brought to Senate Banking Committee - cuna.org
Brown Opening Statement at Committee Hearing on Housing Finance Reform: Maintaining Access for Small Lenders - senate.gov
Small lenders fear GSE reform would resurrect bulk discounts for big banks - American Banker
Subscription required for full access.

Thursday July 20th 2017
Housing Finance Reform: Maintaining Access for Small Lenders - senate.gov
With video
ICBA to Congress: Enact Fair and Prudent Housing Finance Reform - icba.org
Small lenders to Congress: Here’s the GSE reform we don’t want to see - HousingWire
Small lenders grab spotlight on reform debate - Scotsman Guide
Idaho Banker: High Time for GSE Reform - ABA Banking Journal
Fannie-Freddie Reform Hinges on Keeping Small Lenders Happy - Bloomberg
GSE’s Further Establishing Dominance - DS News
Single Security Praised by Urban Institute - Mortgage News Daily
Freddie Mac Follows Fannie Mae to Rental Market, With Affordability as Goal - NY Times
U.S. Fed buys $6.5 billion of mortgage bonds, sells $250 million - Reuters

Wednesday July 19th 2017
New filing in the Bhatti case, click here to view.
Peter Chapman writes, "Judge Schiltz entered an order yesterday directing the Bhatti Plaintiffs to file an amended complaint containing less than 10,000 words by Aug. 4; establishing this briefing schedule for FHFA and Treasury's motions to dismiss and the Bhatti Plaintiffs' motion for summary judgment:
-- FHFA and Treasury's motions to dismiss due by Sept. 15;
-- Bhatti Plaintiffs' response and motion for summary judgment due by Oct. 16;
-- FHFA and Treasury's reply and response due by Nov. 16; and
-- Bhatti Plaintiffs' reply due by Dec. 1; and
and setting these matters for hearing at 9:00 a.m. on Fri., Dec. 22, in Minneapolis."
New filing in the Collins case, click here to view.
Peter Chapman writes, "The Collins Plaintiffs delivered their opening brief to the Fifth Circuit today. The Collins Plaintiffs ask the Fifth Circuit to review these three issues:
(A) whether FHFA’s status as an independent agency headed by a single Director violates the separation of powers, thus requiring vacatur of its decision to impose the
Net Worth Sweep;
(B) whether FHFA exceeded its statutory authority as conservator by imposing the Net Worth Sweep, which prevents the Companies from preserving capital or being restored to soundness and solvency; and
(C) Whether 12 U.S.C. § 4617(f) bars Plaintiffs’ claim that Treasury violated its own obligations under HERA and the APA by imposing the Net Worth Sweep."
New filing in the Robinson case, click here to view.
Peter Chapman writes, "Ms. Robinson's lawyers advised the Sixth Circuit that in its opening brief filed in Saxton v. FHFA in the Eighth Circuit last month, Treasury concedes that HERA "instruct[s] the conservator to act in 'the best interests of the regulated entity or the Agency,'" and that statement is inconsistent with Treasury's position that FHFA can do whatever it wants."
New filings in the Deloitte case.
17-12852-0007
17-12852-0008
Peter Chapman writes, "The Eleventh Circuit told the parties to go talk to Judge Scola about changing the case caption in an order entered this week, and the Edwards Plaintiffs ask the Eleventh Circuit for a 60-day extension to file their opening brief."
PIMCO: Non-Agency Changes Needed Before GSE Reform - Inside Mortgage Finance
Federal Housing Finance Agency Proposes GSE Goals - jdsupra.com
Mortgages: The Danger of Capital-Free GSEs - nuwireinvestor.com
Freddie Mac Follows Fannie Mae to Rental Market, With Affordability as Goal - NY Times
If Housing is So Affordable, Why Doesn’t It Feel That Way? - freddiemac.com
Housing Finance Reform: Maintaining Access for Small Lenders - senate.gov
Occurs July 20 at 10:00 am

Tuesday July 18th 2017
New filing in the Bhatti case, click here to view.
Peter Chapman writes, "FHFA and Treasury sent Judge Schiltz a letter yesterday following a conference call with his Courtroom Deputy. FHFA and Treasury tell Judge Schiltz that they won't be able to file joint motions to dismiss and supporting briefs. The letter disclosed that the Bhatti Plaintiffs intend to file an amended complaint."
A new court action has been initiated. Cause of Action Institute v. DOJ. Click here to view.
Peter Chapman writes, "Cause of Action Institute filed a complaint in the U.S. District Court for the District of Columbia today seeking access, pursuant to the Freedom of Information Act, to all records transmitted from FHFA, Treasury and other agencies, to the House Committee on Financial Services. Chairman Hensarling, supposedly, has directed FHFA, Treasury, and other agencies to shield those records from public view."
Perry Reissue Legal Win For Fannie and Freddie Plaintiffs - Seeking Alpha by Glen Bradford
On Second Thought…Federal Court Concedes a Little on Shareholder Damage Claims - Investors Unite
Building A Better America A Plan for Fiscal Responsibility - house.gov
See the top of page 26.
Fannie Mae and Freddie Mac Would Be Privatized Under Proposed House Budget - The Street
Spot the difference between 2016 version of the House Budget vs 2017...via @Alec_Mazo - Twitter
The Future of Housing: Protecting Taxpayers and Ensuring a Robust Secondary Housing Market - pepperdine.edu
Occurs July 25th 8:30 - 9:30 PDT
Capital Buffer: Any Solution Will Be Dependent Upon The GSEs Being Capitalized (Fanniegate) (Volume 3) - Amazon
A new book by G Richard Bradford III
Housing Opinion GSE reform done right ensures a level playing field for all - National Mortgage News

Monday July 17th 2017
New filings in the Perry case.
14-5243-1684471
14-5243-1684473
Peter Chapman writes, "The D.C. Circuit reissued its opinion in Perry v. Mnuchin today. Copies of the reissued opinion (Doc. 1684473) and an order explaining the changes (Doc. 1684471) are (linked above).
The sentence on page 68 of the Feb. 21 opinion citing Nemec for the proposition that, "What is arbitrary or unreasonable depends upon 'the parties' reasonable expectations at the time of contracting,'" has been deleted from the reissued opinion, and the D.C. Circuit tells Judge Lamberth at page 69 of the reissued opinion that he may need to hear more from the parties about GSE shareholders' reasonable expectations as he revisits GSE shareholder' claims for breach of contract and breach of the implied covenant of good faith and fair dealing regarding liquidation preferences and the claim for breach of the implied covenant with respect to dividend rights."
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Treasury delivered its reply brief to Judge Sleet today. Our government sings its favorite "shareholders can't sue us" and "Delaware corporate law is irrelevant" ditties."
2nd filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA and Fannie Mae delivered their reply brief to Judge Sleet today. FHFA and Fannie Mae repeat their 4617(f) anti-injunction and shareholder succession arguments, say federal law controls, and add that even if Delaware and Virginia law were applicable, the Net Worth Sweep is permissible."
Pursuit of Shareholder Rights Alive and Well as Sixth Circuit Considers Appeal - Investors Unite
Opinion: MBA’s reform plan works - Scotsman Guide
UI: Single-Security Efforts Alleviated GSE Pricing Disparities - Inside Mortgage Finance

Friday July 14th 2017
New filings in the Rop case.
17-cv-00497-0011
17-cv-00497-0012
17-cv-00497-0013
Peter Chapman writes, "The Rop Plaintiffs filed a motion this afternoon asking the Court for permission to file its amended complaint under seal. Copies of the Rop Plaintiffs' motion, brief in support, and a related certificate are (linked above). The Rop Plaintiffs also filed a copy of their amended complaint under seal."
The Fed's Notion of Normalcy Is Hardly Normal - Bloomberg Quint
Governor Powell's Housing Speech Markup by Josh Rosner - Scribd
What We’re Hearing: Fairholme’s Berkowitz: Watt Will Fix the GSE ‘Zero Capital’ Problem... - Inside Mortgage Finance
Mortgage investors unfazed as Fed balance sheet plan looms - Reuters

Thursday July 13th 2017
Housing Finance Reform: Maintaining Access for Small Lenders - senate.gov
Occurs July 20th at 10:00 am.
Experts weigh in: Is American housing policy at a historic crossroads? - HousingWire
Monetary Policy and the Economy - C-SPAN (video)
FHFA’s MBS litigation offers 25 billion reasons why government should hire private law firms - Reuters
Short Takes: A Big Earnings Boost for Fannie and Freddie?... - Inside Mortgage Finance
Fannie Mae Off to Hot Start, Freddie Mac Pushing Past Market ‘Disruption’ That Slowed Its First Quarter Production - REBusiness Online
U.S. Fed buys $5.7 billion of mortgage bonds, sells none - Reuters

Wednesday July 12th 2017
New filing in the Saxton case, click here to view.
Peter Chapman writes, "The Clerk for the Eighth Circuit released the Saxton Plaintiffs' reply brief today. The Saxton Plaintiffs include a chart on pages 15 and 16 showing that FHFA and Treasury's justifications for the Net Worth Sweep do not agree with the factual allegations in the Saxton Complaint. As a result, the Saxton Plaintiffs argue, Judger Reade's dismissal of their lawsuit should be reversed and the District Court should review evidence in a trial to determine which version of the story surrounding the Net Worth Sweep is correct."
New filing in the Rop case, click here to view.
Peter Chapman writes, "Judge Maloney placed his stamp of approval on the parties' briefing schedule today."
FHFA Announces $5.5 Billion Settlement with Royal Bank of Scotland - fhfa.gov
RBS finally settles multibillion-dollar lawsuit with FHFA over mortgage-backed securities - HousingWire
Willy Walker on Dodd-Frank, CMBS and the Forthcoming Economic Renewal - Commercial Observer
Federal Housing Finance Agency should proceed with caution on chattel loan pilot program, NAFCU says - Financial Regulation News
Progress on the single security is an unheralded success - Urban Institute

Tuesday July 11th 2017
New filing in the Rop case, click here to view.
Peter Chapman writes, "FHFA and Treasury have advised the Rop Plaintiffs -- no surprise -- that they intend to file motions to dismiss the complaint. The Rop Plaintiffs -- no surprise again -- have advised FHFA and Treasury that they intend to move for summary judgment. With that complicated briefing in mind, the parties have agreed to a briefing schedule stretching to Dec. 4, 2017, and a copy of their request for Judge Maloney to rubber stamp that timetable is (linked above)."
More GSE Cases Filed Arguing that the FHFA’s Structure is Unconstitutional - Inside Mortgage Finance
Will Rep. Hensarling Deal on GSE Reform? - Inside Mortgage Finance

Monday July 10th 2017
New filing in the Deloitte case, click here to view.
Peter Chapman writes, "The Edwards Plaintiffs, without objection from FHFA and Deloitte, ask the Eleventh Circuit to re-caption the appellate proceeding to reflect that FHFA was substituted for the Edwards Plaintiffs."
NAMB Pres Fred Kreger on NAR GSE Proposal - The National Real Estate Post
A Breakout Quarter for Nonprime MBS; $1.08 Billion of Deals in 2Q17 - Inside Mortgage Finance
Bruce Berkowitz On Fannie, Freddie And Sears [ TRANSCRIPT] - Valuewalk
From a conference call held on June 29th.
Link to pdf file - fairholmefundsinc.com
This is quite possibly the key point for the whole week - futuresmag.com
"Some of you will recall the only reason Obamacare exists is that Fannie Mae and Freddie Mac have been looted to the tune of billions..."
Fletcher: More competition in mortgage market will result in more affordable housing - jsonline.com
Good comment after the article.
One Voice on GSE Reform - LinkedIn

Saturday July 8th 2017
July 8: Repent and reform! A collection of current thoughts on changing Fannie & Freddie – maybe next year? - robchrisman.com

Friday July 7th 2017
Any Solution Will Be Dependent Upon The GSEs Being Capitalized - Seeking Alpha by Glen Bradford
Sounding The ‘Alarm’ on Fannie Mae and Freddie Mac - Huffington Post
Jerome Powell has some curious ideas about housing finance - Financial Times
Free registration may be required for access.

Thursday July 6th 2017
New filings in the Perry case.
Class Plaintiffs’ Motion for Leave to File a Reply To FHFA’s Response to their Petition for Panel Rehearing
Class Plaintiffs’ Reply in Support of their Petition for Panel Rehearing
Peter Chapman writes, "The Class Plaintiffs delivered a short reply to the D.C. Circuit yesterday pointing out the major flaws in FHFA's novel theory that GSE shareholders' rights mutate as the securities change hands in the secondary market. Copies of the Class Plaintiffs' request to file the reply and the reply are (linked above)".
The Case for Housing Finance Reform - federalreserve.gov
Housing finance reform: Remarks by Federal Reserve Governor Jay Powell - AEI
Fed Governor Powell: Here are 5 principles for housing finance reform - HousingWire
Fed Governor Powell: It’s Now or Never on GSE Reform - Inside Mortgage Finance
Fed's Powell says current US housing finance system 'unsustainable' - CNBC
Fed official warns it's 'now or never' for reforming Fannie and Freddie - Washington Examiner
Small lenders have a big stake in GSE reform - Scotsman Guide
Changes to credit scoring making it easier to buy a home? - Fox Business Video
Featuring Collingwood Group Chairman Tim Rood
The Spirit Of The Charter In Exchange For Public Mission - vignote.blogspot.co.at
FHFA Quietly Holds a Forum on SFR. More GSE Deals in the Works? - Inside Mortgage Finance
The Mortgage Professor: Manufactured housing: A new role for Fannie and Freddie?
U.S. Fed buys $3.7 billion of mortgage bonds, sells none - Reuters

Wednesday July 5th 2017
New order in the Piszel case.
Peter Chapman writes, "The High Court entered an order Monday extending the time to file responses to Mr. Pizel's petition to Aug. 9, 2017."
This Senate Effort Could Lead to Another Housing Bubble - The Daily Signal
Tim Howard comments on his recent meeting with David Stevens - Howard on Mortgage Finance
GSE Reform: Don’t Forget the Federal Home Loan Bank System - Inside Mortgage Finance
RBS on brink of settling chunk of pre-crisis US mortgage probe - Sky News
[Counterpoint] Here's how small lenders can support GSE reform - HousingWire
Will housing finance reform hurt small banks? - National Mortgage News
Subscription required for full access.

Monday July 3rd 2017
Fannie Mae Monthly Summary May 2017 - fanniemae.com
Fannie Mae Issues May Volume Summary - Mortgage News Daily
Blog: GSE reform returns to center stage - Scotsman Guide
Are Fannie Mae and Freddie Mac Headed for Splitsville? - habitatmag.com

Saturday July 1st 2017
FHFA Finds New Way to Irk GSE Shareholders - Turnarounds & Workouts
Creditors of Financial Institutions Beware — Perry v. Mnuchin Marks a Significant Expansion of the Government’s Power to Expropriate - kramerlevin.com








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