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


March 2016
Thursday March 31st 2016
Fixing What Works - Howard on Mortgage Finance
Tim Howard: Fixing What Works - Urban Institute
Same article at the Urban Institute.
Housing will have its best year in a decade - freddiemac.com
Freddie Mac: 2016 will be housing's best year in a decade - HousingWire
Whitney Tilson: Analysis Of Fannie & Freddie; Buffett On Booms, Bubbles And A Party Invitation - Valuewalk
Fannie Mae – Bailout Lawsuit: Will Banks Ever Get a Fair Hearing Anywhere? - Valuewalk
Watchdog Chides FHFA for Lack of Oversight - The MReport
New filings in the Pagliara v. Freddie Mac case, Peter Chapman writes:
A Financial Interest Disclosure Statement (Doc. 7);
Appearances by Graciela M. Rodriguez, Esq., and Merritt E. McAlister, Esq., at King & Spalding (Docs 8 and 9);
Freddie Mac and FHFA's motion (Doc. 10) to stay Mr. Pagliara's lawsuit until the JPMDL rules on transfer and consolidation or, alternatively, to substitute FHFA for Freddie Mac, and Freddie and FHFA's memorandum (Doc. 11) in support of that request;
Freddie and FHFA's notice (Doc. 12) of a May 5, 2016, hearing date on request for a stay; and
Freddie Mac's motion (Doc. 13) to extend its deadline to respond to Mr. Pagliara's lawsuit to seven days after the court rules on the motion to stay and notice (Doc. 14) waiving oral argument on this expedited request.
Another filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "Magistrate Anderson entered an order today directing:
-- Mr. Pagliara must file any opposition to Freddie Mac and FHFA's motion to stay by Mon., Apr. 4, 2016;
-- Freddie Mac must file any reply by Tues., Apr. 5, 2016; and
-- Freddie Mac and FHFA's motion to to stay will be decided on the papers filed with the Court."
New filing in the Saxton case, click here to view.
Peter Chapman writes, "The defendants in Saxton v. FHFA filed a request today asking the U.S. District Court for the Northern District of Iowa to stay all proceedings in that case until 14 days after the MDL Panel makes its transfer and consolidation decision."
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "Two more lawyers from O'Melveny & Myers have shown up in Delaware to represent Fannie Mae -- Michael J. Walsh, Jr., and Jeffrey W. Kilduff."
New filings in the Fairholme case. Peter Chapman writes, "Hamish P.M. Hume, Esq., at Boies, Schiller & Flexner LLP, filed a motion (Doc. 304) under seal today in Fairholme v. U.S. asking Judge Sweeney to remove the protected information designations from documents lodged with the D.C. Circuit and cited in the merits briefs and, in the alternative, requesting modification of the protective order to permit reference to these materials at oral argument before the D.C. Circuit.
The docket sheet in the Court of Federal Claims indicates that responses to today's motion are due by Apr. 18, 2016 -- which would be a couple of days after the Court of Appeals hears oral arguments in Perry v. Lew, No. 14-5243 (D.C. Cir.).

Wednesday March 30th 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Alan Silverstein at Potter Anderson has joined the team of lawyers representing the Delaware Shareholders."
2nd filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Judge Sleet signed off on FHFA's proposed order staying Jacobs v. FHFA until the MDL Panel rules on whether the case should be transferred and consolidated."
New filing in the Judicial Panel for Multidistrict Litigation , click here to view.
Peter Chapman writes, "Notice of appearance by Alexander M. Johnson, Esq., at Brown Winick, et al., representing the Saxton Plaintiffs in Iowa"
2nd filing in the Judicial Panel for Multidistrict Litigation , click here to view.
Peter Chapman writes, "Notice of appearance by Michael A. Pittenger, Esq., at Potter Anderson, representing Jacobs & Hindes in Delaware"
3rd filing in the Judicial Panel for Multidistrict Litigation , click here to view.
Peter Chapman writes, "Notice of appearance by Tom Connally, Esq., at Hogan Lovells, representing Tim Pagliara"
4th filing in the Judicial Panel for Multidistrict Litigation , click here to view.
Peter Chapman writes, "Notice of appearance by Hanh V. Huynh, Esq., at Herrick Feinstein, representing Josh Angel"
Hillary’s Housing Advisers Lay Out Cleverly Crafted Proposal Which Guts Trust Funds And Mandates - timhoward717.com
Tell Me Sweet Little Lies - The Truth about Fannie and Freddie
Fannie Mae Monthly Summary February 2016 - fanniemae.com
Fannie Mae’s Mortgage Portfolio Wind Down Continues - DS News
Bankers Battle FHFA Plan to Let GSEs Buy Tax Credits - National Mortgage News
Delaware Bay Chairman's Open Letter to the President on Fannie Mae and Freddie Mac - PR Newswire
Mr. Hindes' letter to the President is making its way around the internet.

Tuesday March 29th 2016
New filing in the Judicial Panel for Multidistrict Litigation (JPMDL), click here to view.
Peter Chapman writes, "The Plaintiffs in Roberts v. FHFA, pending in the N.D. Ill., entered their appearance today in MDL No. 2713, suggesting that they'll weigh in on whether they think transfer and consolidation of the cases challenging the Third Amendment is a good or bad idea."
2nd filing in the Judicial Panel for Multidistrict Litigation (JPMDL), click here to view.
Peter Chapman writes, "Robert B. Craig, Esq., representing Ms. Robinson, whose complaint is pending in the E.D. Ky., entered his appearance in MDL 2713 today."
New filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "Taylor T. Lankford, Esq., at King & Spalding LLP, entered his appearance today on behalf of Freddie Mac."
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.
4th filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "More lawyers from King & Spalding have appeared in Virginia to represent Freddie Mac."
5th filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "Freddie Mac advised the U.S. District Court for the Eastern District of Virginia this afternoon that FHFA has advised the JPMDL that it wants to transfer Mr. Pagliara's lawsuit."
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "Fannie Mae advised the U.S. District Court for the District of Delaware this afternoon that FHFA has advised the JPMDL that it wants to transfer Mr. Pagliara's lawsuit."
2nd filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "FHFA is asking Judge Sleet to stay proceedings in Pagliara v. Fannie Mae until the MDL Panel rules on transfer and consolidation of similar lawsuits challenging the Third Amendment. Because Judge Sleet has stayed Jacobs v. FHFA, it is more probable than not that this case will also be stayed."
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA delivered a Proposed Order to Judge Sleet this afternoon memorializing his decision to stay Jacobs v. FHFA until the MDL panel rules on whether to transfer and consolidate."
Jim Millstein: An Administrative Plan to Restructure and Reform the GSEs - Urban Institute
Two New Issues Concerning Fannie Mae – Richard Bove - Valuewalk
Freddie Mac: How Long Will This Farce Persist? - Valuewalk
Santelli Exchange: Lessons from the crisis - CNBC Video
CNBC's Rick Santelli speaks to Josh Rosner, Graham Fisher & Co. about lessons in taxpayer protections after the financial crisis.
Housing Finance Reform Incubator - Urban Institute
Morning Money - Politico
Scroll down to GSE Reform Fight Keeps Raging!
Proposal to Reform GSEs Aims to Circumvent Stalling Legislation - DS News
A Simple Solution to GSE Reform: A Fourth Amendment
A letter to members of Congress.

Monday March 28th 2016
In the Jacobs and Hindes case, Peter Chapman writes, "A notation on the docket sheet in Jacobs v. FHFA made today says:
Minute Entry for proceedings held before Judge Gregory M. Sleet -- Telephone Conference held on 3/28/2016. Discussion regarding the recent MDL-related filings and how to proceed with the pending motions to dismiss. The Court will stay the case until the MDL Panel rules on the pending motion to transfer. Defendant Federal Housing Finance Agency is directed to file a form of order staying this case, and the recently filed related case once it is assigned to Judge Sleet.
The "recently filed related case" refers to Pagliara v. FNMA filed in the Delaware Chancery Court. Fannie Mae has exercised its right to remove that case from the state court to the U.S. District Court."
Concerning the Judicial Panel on Multidistrict Litigation, Peter Chapman previously wrote,
"If the parties move quickly, the Panel may be able to consider FHFA's Motion to Transfer at its hearing scheduled for May 26, 2016, in Chicago. If that date doesn't work, the Panel's next bi-monthly hearing will be held on July 28, 2016, in Seattle."
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "Fannie Mae exercised its right today to remove Pagliara v. Fannie Mae from the Delaware Chancery Court to the U.S. District Court for the District of Delaware.
We should anticipate seeing Mr. Pagliara file a motion to remand the case from federal court back to state court where it belongs and Fannie Mae's arguments about why the case should stay in federal court and be dismissed.
Interestingly, Fannie Mae is represented by lawyers at O'Melveny & Myers in this proceeding rather than the team of lawyers at Bancroft we've seen to date in litigation challenging the Third Amendment."
New filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "Freddie Mac exercised its right today to remove Pagliara v. Freddie Mac from the Virginia Circuit Court to the U.S. District Court for the Eastern District of Virginia.
We should anticipate seeing Mr. Pagliara file a motion to remand the case from federal court back to state court where it belongs and Freddie Mac's arguments about why the case should stay in federal court and be dismissed."
New filing in the Judicial Panel for Multidistrict Litigation, click here to view.
Peter Chapman writes, "FHFA filed a Notice today with the Judicial Panel on Multidistrict Litigation pulling Pagliara v. Fannie Mae and Pagliara v. Freddie Mac into its request for transfer and consolidation."
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.
Peter Chapman writes, ""FHFA's lawyers at Arnold & Porter entered their appearances in Roberts v. FHFA today."
Fannie Mae, Freddie Mac Exceed Risk-Sharing Goals - DS News
Proposed Fannie/Freddie Reform Skips Shareholders - TheStreet
Housing-industry experts’ proposal seeks to stoke conversation over GSE reform - Scotsman Guide
Why Clinton won’t talk GSE reform - Politico
11/04/2014 - Open Letter to the President of the United States and the United States Congress

Saturday March 26th 2016
Politicians designed a future crisis to facilitate mortgage finance reform - OC Housing News
Politicians intentionally set up Fannie Mae and Freddie Mac to fail so they could reform mortgage finance without fear of voter backlash."
Shareholder Sues to Inspect Fannie, Freddie Bailout Records - Bloomberg BNA
04/23/2013 - Theodore B. Olson: Treasury's Fannie Mae Heist - WSJ.com

Friday March 25th 2016
A Risk-Sharing Postscript - Howard on Mortgage Finance
Principal Reduction Door still Ajar - Mortgage News Daily
GSE Reform: ‘Let’s Not Wait Until the Next Crisis’ - DS News
Is Fannie Mae profiteering off riskier borrowers? - OC Register
Corker: Fort Campbell vital to mission - The Leaf Chronicle
Bob Corker comments on the GSEs.
Mixed Reviews for GSE Trust Fund Contribution - The M Report
MBA creates 'task force' to design secondary mortgage market of the future - HousingWire

Thursday March 24th 2016
The Judges Are Appealing: Crafting Economic Arguments That Lead To Victory At The Appeals Court - Seeking Alpha by Wayne Olson
jtimothyhoward comments on the paper, 'A More Promising Road to GSE Reform' - Howard on Finance
Mr. Howard also mentions he has his own paper coming out soon.
This plan to overhaul Fannie Mae and Freddie Mac just might pass Congress - MarketWatch
Housing Experts Float Proposal to Merge GSEs - National Mortgage News
Statement from NAHB Chairman Ed Brady on Housing Finance Reform Plan - Real Estate Rama
President's top housing advisor Michael Stegman leaves office - HousingWire
Lawmakers Object to Discounts on Nonperforming Loan Sales - National Mortgage News
The Impact of HAMP on GSE-Backed Loans - DS News

Wednesday March 23rd 2016
Government Privacy Protection Needs To Stop At Financial Market Door - Forbes
Michael Stegman, White House housing adviser, to leave Friday via @JonAPrior - Twitter
Obama’s Top GSE Advisor Michael Stegman Calls it a Day - Inside Mortgage Finance
Register for free to read.
Jeb Backs Cruz - politico.com
Scroll down to 'White House Housing Adviser to Leave'
A More Promising Road to GSE Reform - economy.com
By Parrott, Ranieri, Sperling, Zandi, and Zigas
Fannie Mae and Freddie Mac: If You Can’t Kill Them, Merge Them? - WSJ
Paper proposes next steps for GSEs - Seeking Alpha
Former Obama Officials and MBS Co-Inventor: Merge Fannie and Freddie - Inside Mortgage Finance
Fannie Mae and Freddie Mac Dominate – by Far – in Condo Financing - Inside Mortgage Financing

Tuesday March 22nd 2016
Fannie Mae, Freddie Mac finally set to reduce mortgage balances - HousingWire
FHFA: Debt Reduction is ‘Still Under Consideration’ - DS News
Prepared Remarks of Melvin L. Watt Director of FHFA at Women in Housing and Finance Public Policy Luncheon - FHFA
Goldman Sachs subsidiary buys massive NPL portfolio from Fannie Mae - HousingWire
Sen. Corker bites back at watchdog group's second ethics complaint against him - Chattanooga Times Free Press
Bob Corker Would Have Been Better Off Just Starting His Own Hedge Fund - dealbreaker.com
Sen. Bob Corker's bets on hedge funds need to be looked into, says watchdog group - Yahoo
By Bethany McLean
Fannie, Freddie to cut mortgage balances for many - MarketWatch
Same WSJ article from yesterday.

Monday March 21st 2016
New filing in the Judicial Panel on Multidistrict Litigation, click here to view.
2nd filing in the Judicial Panel on Multidistrict Litigation, click here to view.
Peter Chapman writes, "The Department of Justice filed its appearance in MDL 2713 today and filed a Response favoring FHFA's request for transfer and consolidation"
Self-Awarded, Exclusive Dividends As Part Of Conservator Powers: Perry Capital Appeal Says No - Seeking Alpha by Glen Bradford
Fannie, Freddie to Cut Mortgage Balances for Thousands of Homeowners - WSJ
Former Fannie Mae CFO Howard Criticizes Economics of GSE Risk-Sharing Deals - Inside Mortgage Finance
Housing, Housing Policy, and Housing Finance: Time for a Re-Assessment - Social Science Research Network
The author advocates for shrinking the roles
 of the GSEs.
Fannie and Freddie Stakes Not Likely to Improve for Ackman Anytime Soon - The Street
CfA Files SEC and Ethics Complaints Against Sen. Robert Corker (R-TN) for Concealing Lucrative Financial Holdings - CfA
Same article from Valuewalk.
Supplemental Information on Senator Robert P. Corker, Jr. - documentcloud.org
Group urges scrutiny of Sen. Bob Corker for hedge fund ties - The Hill
Group files second ethics complaint against Sen. Corker - Knoxville News Sentinel
New ethics complaint filed against Sen. Bob Corker over stock trades - Times Free Press

Sunday March 20th 2016
Barry Ritholtz’s Masters in Business: Bethany McLean Interview - Bloomberg
GSE talk starts at 17:38.
10/15/2015 - Fairholme Funds, Inc. v. United States: Litigation Discovery and the Most Transparent Administration in History - The Federalist Society

Friday March 18th 2016
New filing in the Saxton case, click here to view.
2nd filing in the Saxton case, click here to view.
Peter Chapman writes, "FHFA and Treasury filed their Motions to Dismiss the Saxton Plaintiffs' Amended Complaints this afternoon."
New update to the Jacobs and Hindes case. Peter Chapman writes, "The Clerk made a notation on the docket sheet in Jacobs v. FHFA this morning that Judge Sleet's teleconference with the lawyers will be held at 2:00 p.m. on Mon., Mar. 28."
Sperling Sinks Fangs In Hillary/Bethany Nails It - timhoward717.com
Public Policy Luncheon with Director Mel Watt, FHFA - whfdc.org
Director Watt will speak to a variety of topics and initiatives related to housing finance, on 3/22.
What We’re Hearing:...Former FHFA Chief DeMarco: Congress Should Take a Close Look at FHA and Ginnie Mae... - Inside Mortgage Finance
GSE Funds Finally Flow Into Government-Mandated Affordable Housing Programs; GOP Not Happy - Inside Mortgage Finance
Fannie Mae Announces its Largest Credit Insurance Risk Transfer Transaction to Date - fanniemae.com
Fannie Mae announces largest Credit Insurance Risk Transfer deal - HousingWire
Fannie Mae Brings Private Capital Into the Housing Market in a Big Way - DS News

Thursday March 17th 2016
New filing in the Pagliara v. Fannie Mae case, click here to view.
2nd filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "The two documents show that a copy of the Complaint in Pagliara v. Fannie Mae was served on Fannie May this week, and courtesy copies of the papers filed to date were delivered to Vice Chancellor Montgomery-Reeves."
In the Jacobs and Hindes case, Peter Chapman notes, "The Clerk made a notation on the docket sheet in Jacobs v. FHFA this afternoon that Judge Sleet has directed the lawyers to organize a teleconference at 10:00 a.m. on Mon., Mar. 28, 2016, and patch his chambers into the the call once everybody's assembled. The purpose of the call is to discuss the government's motions to dismiss (which are now fully briefed) and the transfer notice FHFA delivered to the Court earlier this week."
Former Government Officials Upbeat about Eventually Killing Fannie and Freddie - Investors Unite
Same article from Valuewalk.
All Eyes on FHFA as GSE Capital Wanes; Tweaking the Timing of the 'Earnings Sweep' Could Buy Some Time - Inside Mortgage Finance
Subscription required.
The three Judges have been appointed for the Perry Appeal - timhoward717.com
How long until housing reform happens? - HousingWire
Questions Linger: Is Fraud on Freddie and Fannie Fraud on the Government  - Lexology

Wednesday March 16th 2016
New filing in the Jacobs and Hindes case, click here to view.
2nd filing in the Jacobs and Hindes case, click here to view.
3rd filing in the Jacobs and Hindes case, click here to view.
4th filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA delivered a Notice to the U.S. District Court for the District of Delaware today advising the Court that it has asked the Judicial Panel on Multidistrict Litigation to consolidate Jacobs v. FHFA into In re: Third Amendment Litigation, Pending No. 28 (JPMDL), and transfer that case with others challenging the Net Worth Sweep to the U.S. District Court for the District of Columbia for coordinated pretrial proceedings."
5th filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA's local counsel delivered the letter to Judge Sleet today confirming that the Notice advising the Court about the filings with the JPMDL neither requests nor requires any action by Judge Sleet."
New filing in the Saxton case, click here to view.
2nd filing in the Saxton case, click here to view.
3rd filing in the Saxton case, click here to view.
4th filing in the Saxton case, click here to view.
Peter Chapman writes, "FHFA delivered a Notice to the U.S. District Court for the Northern District of Iowa today advising the Court that it has asked the Judicial Panel on Multidistrict Litigation to consolidate Saxton v. FHFA into In re: Third Amendment Litigation, Pending No. 28 (JPMDL), and transfer that case with others challenging the Net Worth Sweep to the U.S. District Court for the District of Columbia for coordinated pretrial proceedings."
New filing in the Roberts case, click here to view.
2nd filing in the Roberts case, click here to view.
Peter Chapman writes, "Kara Allen at Chuhak & Tecson, P.C., entered her appearance as local counsel for FHFA and Mr. Watt today."
Concerning the Judicial Panel on Multidistrict Litigation, Peter Chapman writes,
"The MDL proceeding initiated by FHFA yesterday will now be identified as MDL No. 2713.
The Panel directed today that:
-- Appearances are due on or before Mar. 30, 2016;
-- Corporate disclosure statements must be filed on or before Mar. 30, 2016; and
-- Responses to FHFA's Motion to Transfer must be filed on or before Apr. 6, 2016.
If the parties move quickly, the Panel may be able to consider FHFA's Motion to Transfer at its hearing scheduled for May 26, 2016, in Chicago. If that date doesn't work, the Panel's next bi-monthly hearing will be held on July 28, 2016, in Seattle."
New filing in the Judicial Panel on Multidistrict Litigation, click here to view.
Peter Chapman writes, "FHFA filed a Motion today for permission to file the Amended Complaints in Saxton v. FHFA and Robinson v. FHFA under seal with the JPMDL. A notation on the MDL docket (Doc. 6) indicates the motion was granted."
Fannie’s Regulators Have Been Lying For Over A Decade - Fiderer on GSEs
Housing Finance Reform: Step-by-Step - Milken Institute
By Ed DeMarco
Talking about the CSP, "We are two years away from having a modern securitization infrastructure that ultimately can replace Fannie and Freddie’s outdated and proprietary infrastructures."
Fannie and Freddie and the 10% Moment - WSJ
Making a Bagholder - Episode 2 - Youtube
Private-Sector Securitization Begins its Comeback With JPMorgan Chase RMBS Deal - DS News
U.S. Rep. Louise Slaughter calls for changes in approach to troubled mortgages - Greece Post
Royce Looks to End GSEs’ Housing Trust Fund Payments - Real Estate Rama
Hensarling on Fannie Mae and Freddie Mac’s $180 Million Transfer to the Housing Trust Fund - Real Estate Rama

Tuesday March 15th 2016
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "According to the document, summonses were issued in Pagliara v. Fannie Mae yesterday and are being served on Fannie Mae."
New filings from FHFA:
Federal Housing Finance Agency’s Motion for Transfer of Actions to the U.S. District Court for the District of Columbia
Memorandum of Law in Support of Federal Housing Finance Agency’s Motion to Transfer for Coordinated or Consolidated Pretrial Proceedings Under 28 U.S.C. § 1407
Schedule of Actions
Peter Chapman writes, "Tired of battling cases in courthouses scattered across the country, FHFA turned to the Judicial Panel on Multidistrict Litigation today, asking that tribunal to consolidate:
Jacobs v. FHFA, Case No. 15-cv-708 (D. Del.);
Roberts v. FHFA, Case No. 16-cv-2107 (N.D. Ill.);
Saxton v. FHFA, Case No. 15-cv-47 (N.D. Iowa); and
Robinson v. FHFA, Case No. 15-cv-109 (E.D. Ky.);
into one master MDL proceeding and transfer that consolidated action to the U.S. District Court for the District of Columbia for coordinated pretrial proceedings.
This action will take on a life of its own before the JPMDL, with the parties debating whether consolidation is appropriate and to what Court and Judge any consolidated proceeding should be transferred.
Notices will be filed by FHFA in each of the four cases to alert those courts that FHFA took this action today. There will be lots and lots of paperwork as a result."
Additional filing from FHFA:
Exhibit 1
Peter Chapman writes, "We haven't seen Exhibit 1 to FHFA's Memorandum in Support filed with the JPMDL today, and a copy of that demand letter from Brus Chambers LLC to Fannie Mae is aboe. We've seen all of the other Exhibits to FHFA's Memo."
New filing in the Roberts case, click here to view.
2nd filing in the Roberts case, click here to view.
Peter Chapman writes, "Kristen E. Hudson at Chuhak & Tecson, P.C., in Chicago, entered her appearance as local counsel for FHFA and Mr. Watt today."
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.
6th filing in the Roberts case, click here to view.
Peter Chapman writes, "FHFA delivered a notice to the U.S. District Court for the Northern District of Illinois today advising the Court that it has asked the Judicial Panel on Multidistrict Litigation to consolidate Roberts v. FHFA into In re: Third Amendment Litigation, Pending No. 28 (JPMDL), and transfer that case with others challenging the Net Worth Sweep to the U.S. District Court for the District of Columbia for coordinated pretrial proceedings."
New filing in the Robinson case, click here to view.
2nd filing in the Robinson case, click here to view.
3rd filing in the Robinson case, click here to view.
4th filing in the Robinson case, click here to view.
Peter Chapman writes, "FHFA delivered a notice to the U.S. District Court for the Eastern District of Kentucky today advising the Court that it has asked the Judicial Panel on Multidistrict Litigation to consolidate Robinson v. FHFA into In re: Third Amendment Litigation, Pending No. 28 (JPMDL), and transfer that case with others challenging the Net Worth Sweep to the U.S. District Court for the District of Columbia for coordinated pretrial proceedings."
A New Lawsuit Seeks To Inspect Books And Records Of Fannie Mae Under DGCL - Seeking Alpha by Glen Bradford
Delaware Corporate Law Once Again Invoked In Fannie Mae And Freddie Mac Litigation - Seeking Alpha
Shareholder Tim Pagliara Demands Access to Freddie Mac and Fannie Mae Corporate Records - Bidness Etc
Executive of GSE ‘Shareholder Rights Group’ Sues, Seeking Access to Fannie/Freddie Corporate Records - Inside Mortgage Finance
Nashville financier sues federal mortgage giants, seeks corporate records - Biz Journals
Shareholder to Fannie Mae and Freddie Mac: Show Me the Corporate Records - DS News
Update from Joshua Angel - The Truth About Fannie and Freddie
The troublesome competition among Fannie Mae, Freddie Mac, and FHA - AEI
Counsel’s Corner: Digging Deeper Into the 9th Circuit Court Decision on GSEs - DS News
JP Morgan prepares massive mortgage bond deal - HousingWire
Welcome back: JPMorgan preps MBS deal - Seeking Alpha
IU Hosts Teleconference on Pagliara Lawsuit against Fannie, Freddie - Investors Unite
Replay Dial-In: Telephone: (800) 475-6701: International: (320) 365-3844: Access Code: 389114

Monday March 14th 2016
New Lawsuit. Pagliara v. Fannie Mae. Click here to view.
Peter Chapman writes, "Tim Pagliara (the gentleman at Investors Unite) filed a lawsuit today in the Delaware Chancery Court demanding that Fannie Mae allow him to inspect the company's books and records."
More filings in Pagliara v. Fannie Mae.
Verification
Exhibits A - G
Supplemental Information Pursuant to Rule 3(a) of the Rules of the Court of Chancery
On the Supplemental Information Peter Chapman writes, "Mr. Pagliara's lawyers filed the Supplemental Information form attached to this e-mail message today, which encourages the Chancery Court not to treat Mr. Pagliara's lawsuit as a run-of-the-mill case."
Motion for Expedited Proceedings
[Proposed] Order Granting Expedited Proceedings
Peter Chapman writes, "Mr. Pagliara filed a Motion for Expedited Proceedings this morning urging the Chancery Court to act quickly -- like by early-May 2016."
Letter to Chancellor Bouchard
Peter Chapman writes, "Further encouraging the Chancery Court to act quickly on Mr. Pagliara's complaint, his lawyers delivered the attached letter to Chancellor Bouchard today."
2nd new Lawsuit. Pagliara v. Freddie Mac. Click here to view.
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "FHFA, Fannie and Freddie don't agree with the Delaware Shareholders' interpretation about the significance of the Ninth Circuit decision in Adams v. Aurora."
New filing in the Cacciapalle case, click here to view.
Peter Chapman writes, "The Plaintiffs in Caccipalle v. U.S. have signed onto the briefing schedule proposed by the government and Fairholme in late-January."
New filing in the Robinson case, click here to view.
2nd filing in the Robinson case, click here to view.
Peter Chapman writes, "FHFA and Treasury filed their Reply Briefs in support of their Motions to Dismiss Robinson v. FHFA today.
HERA, FHFA contends, insulates it from any challenge to anything by anybody. Treasury says that HERA precludes shareholders' ability to question FHFA and Treasury's actions.
The government's motions to dismiss are now fully briefed and Judge Thapur will convene a hearing if he wishes to and rule on them when he's ready to do so."
Pagliara Files Suit in Delaware - Valueplays
Same article from Valuewalk.
Tim Pagliara Files Suit to Inspect Fannie Mae and Freddie Mac Corporate Records - Investors Unite
Pagliara v. Fannie Mae, Freddie Mac Documents - Investors Unite
IU Hosts Teleconference on Pagliara Lawsuit against Fannie, Freddie - Investors Unite
Occurring Tuesday, March 15 at 2:00 pm EDT.
An Open Letter to the President - Delaware Bay LLC
By Gary Hindes
Rule of Law? Fannie Mae investor appeals to 'Prof.' Obama - philly.com
Watchdogs' mortgage spat stems from bigger DC fail - ubs.wallst.com
Associations: G-Fees Should Not Be Used as a Funding Offset - ABA Banking Journal
From March 11.
Mortgage industry pressing for permanent ban on g-fee raids - Scotsman Guide
Fannie Mae and Freddie Mac Make First Contribution to Housing Trust Fund - DS News
Royce Looks to End GSEs' Housing Trust Fund Payments - house.gov
J.P. Morgan Readies Mortgage-Backed Deal - WSJ

Sunday March 13th 2016
Mend, Don’t End, Fannie and Freddie - Washington Monthly
A massive feature by Bethany McLean.
Dan Mudd's Provocative Refusal To Settle The SEC's Stupid Case - Fiderer on GSEs
Silence Is Not Always Golden - The Truth About Fannie and Freddie
Acquiescing - The Truth About Fannie and Freddie
Obama is setting us up for another housing crash - NY Post
Why was no one prosecuted for contributing to the financial crisis? New documents reveal why - Yahoo
By Bethany McLean
John Kasich opines on the GSEs - CNN
"we had the government, Fannie Mae and Freddie Mac, encouraging people to buy homes that they couldn't afford."

Friday March 11th 2016
New filing in the Washington Federal case, click here to view.
Peter Chapman writes, "The Plaintiffs in Washington Federal v. U.S. have signed onto the briefing schedule proposed by the government and Fairholme in late-January."
Ninth Circuit Provides New Ammunition To Fannie And Freddie Shareholders - The Daily Caller
Will feds’ wall of secrecy in Fannie Mae case fall? - SF Chronicle
GSEs’ Expenses Are Way Up; Where Did the Money Go? - DS News
@NickTimiraos tweets about the GSEs, Tweet #1, Tweet #2, Tweet #3
The Biggest Problem with Reviving the Non-Agency Market: Lack of Demand - Inside Mortgage Finance
Fannie and Freddie Give $186M to Affordable Housing Fund - American Banker
Subscription required.
02/16/2016 - Liberty’s Nemesis: The Unchecked Expansion of the State - Youtube
This is a must watch.
Richard A. Epstein discusses a chapter he wrote in the book, Liberty’s Nemesis: The Unchecked Expansion of the State, at the 38:45 mark.
Here is the article in the NYU journal Mr. Epstein references near the end of his talk. 

Thursday March 10th 2016
New filings in the Roberts case.
Affidavit of Service - FHFA
Affidavit of Service - US Attorney General
Affidavit of Service - US Attorney's Office
Affidavit of Service - Dept. of the Treasury
Affidavit of Service - Melvin Watt
Affidavit of Service - Jacob Lew
$60 Billion Of Deferred Tax Assets At Freddie Mac Subject To Allegations Of Manipulation - Seeking Alpha by Glen Bradford
Guardian Angel? - The Truth About Fannie and Freddie
First They Came For Fannie and Freddie And I Did Not Speak Out Because……? - timhoward717.com
The Clerk of the Court for the Federal Circuit made a notation... - GlenBradford.com
No capital for Fannie Mae, Freddie Mac by 2017 - Mortgage Professional America
How Federal Lending Programs Served as a Big Shadow Stimulus - WSJ

Wednesday March 9th 2016
New Court case. Edwards, et al. v. PriceWaterhouseCoopers. Click here to view.
New filing in the Perry case, click here to view.
2nd filing in the Perry case, click here to view.
Peter Chapman writes, "Perry, Fairholme and Arrowood delivered their Final Briefs in Perry v. Lew to the D.C. Circuit yesterday. The Final Opening Brief is a virtual carbon copy of the Initial Opening Brief (Doc. 1560037) filed on June 29, 2015; the difference is that this Final Brief contains citations to the Joint Appendix. The Final Reply Brief is new, and it is a redacted version. In line with Bruce Berkowitz's comments at the Harbor Investment Conference yesterday, the Institutional Plaintiffs focus the Court's attention on the power granted to FHFA and Treasury under HERA and contend those agencies exceeded the power the Congress conferred on them. The Institutional Plaintiffs urge the D.C. Circuit to reverse Judge Lamberth's decision and remand the cases with instructions to vacate the Net Worth Sweep."
3rd filing in the Perry case, click here to view.
4th filing in the Perry case, click here to view.
Peter Chapman writes, "The Class Plaintiffs delivered their Final Briefs in Perry v. Lew to the D.C. Circuit yesterday. The Final Opening Brief is a virtual carbon copy of the Initial Opening Brief (Doc. 1560310) filed on June 30, 2015; the difference is that this Final Brief contains citations to the Joint Appendix. The Final Reply Brief is new. The Class Plaintiffs urge the D.C. Circuit to reverse Judge Lamberth's decision, say that sec. 4617(f) of HERA does not fully insulate FHFA from all litigation, and allow them to proceed with their common law claims based on well-established law."
New filing in the Fisher case, click here to view.
Peter Chapman writes, "The Plaintiffs in Fisher v. U.S. have signed onto the briefing schedule proposed by the government and Fairholme in late-January."
New docket notation in the Piszel case. Peter Chapman writes, "The Clerk of the Court for the Federal Circuit made a notation (Doc. 46) on the docket sheet in Piszel v. U.S. today indicating that Mr. Rella will be arguing on Mr. Piszel's behalf, he will have 13 minutes to present his argument, and will be given two minutes for any rebuttal at the hearing on Apr. 7."
Risk Sharing, Or Not - Howard on Mortgage Finance
Fund manager on Fannie and Freddie: People are going to call this 'The Big Lie' - Business Insider
Same article from Yahoo.
Private-label securities market languishes at 90% off peak - HousingWire
It’s Nice to Have Goals and Initiatives, but They’re Costing the GSEs Plenty - Inside Mortgage Finance
Big Banks Paid $110 Billion in Mortgage-Related Fines. Where Did the Money Go? - WSJ
Brenda Gaines - The Truth About Fannie and Freddie
Harbor Conference (Very) Brief Notes - Valuewalk
LGCB - Associate General Counsel Position Overview - freddiemac.jobs
A new job listing from Freddie Mac. Preferred skills include 'experience complying with NYSE governance requirements.'

Tuesday March 8th 2016
Deloitte & Touche As Part Of A Conspiracy To Destroy Fannie Mae - Fiderer on GSEs
GSE reform is happening: Are people paying attention? - HousingWire
@JonAPrior tweets that a Perry Capital exec is hosting a Clinton fundraiser - Twitter
Elizabeth Warren Is Not On The Ballot And Her Agenda Is In Trouble - Huffington Post
MBA Says Lack of GSE Reform Leading to Increased Problems, Potential Treasury Draw - Inside Mortgage Finance
Subscription required.

Monday March 7th 2016
New filing in the Perry case, click here to view.
Peter Chapman writes, "Perry's request that the Court accept its Supplemental Appendix was granted this morning."
2nd filing in the Perry case, click here to view.
Peter Chapman writes, "FHFA filed its Final Brief in Perry v. Lew this afternoon, arguing that Judge Lamberth's decision should be affirmed. FHFA maintains that HERA says it owes no duty to GSE shareholders, and says that shareholders must quietly sit on the sidelines during conservatorship."
New filing in the Saxton case, click here to view.
Peter Chapman writes, "Magistrate Scoles entered an Order this morning reinstating a stay of the deadline to file an Administrative Record in Saxton v. FHFA. If FHFA and Treasury's anticipated motions to dismiss are denied, the Court will revisit an Administrative Record's necessity."
New filing in the Fairholme case, click here to view.
Lawyers in the Roberts case are applying for access to the Protected Information. Filed Friday.
Why Framing Is Important In Valuing GSE Litigation - Seeking Alpha
@DoNotLose tweets about Gov't selective ignorance - Twitter
Fannie Mae: Who Owns the U.S. Mortgage Markets? - Valuewalk
Harbor Investment Conference
Occurs Tuesday, March 8th.
The Whistleblowers' Third Lemon Award Is to Fannie and FHFA - Huffington Post
Non-Agency MBS Reform Efforts Make Slow Progress As Investors Outline Principles for Deal Agent Role - Inside Mortgage Finance
Subscription required.

Sunday March 6th 2016
Troll Alert: The @WSJ ‘s Latest on GSE Litigation - Valueplays
Same article from Valuewalk.
Fannie and Freddie Shareholders Suffer Stinging Legal Setbacks - WSJ

Saturday March 5th 2016
Individuals with Access to Protected Information in Fairholme v. U.S. – GlenBradford.com
Government officials will not pursue criminal charges against Citigroup - HousingWire

Friday March 4th 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "The Delaware Shareholders have asked Judge Sleet to entertain oral argument on their Application for Certification."
New filing in the Saxton case, click here to view.
Peter Chapman writes, "Magistrate Scoles entered an order granting the Saxton Plaintiffs's request to file their opposition to FHFA and Treasury's request to stay submission of an Administrative Record. The Saxton Plaintiffs also filed their opposition (Doc. 73) under seal this afternoon."
New filing in the Perry case, click here to view.
Peter Chapman writes, "Treasury filed its Final Brief in Perry v. Lew this afternoon, arguing that Judge Lamberth's decision should be affirmed. Treasury recycles many arguments we've read before. Starting at page 50, Treasury says (i) it has no fiduciary duty to the GSEs or their shareholders, (ii) GSE shareholders have no contractual claims against Treasury, and (iii) no purpose would be served by supplementing the Administrative Record or anybody looking at any of the materials Fairholme has lodged with the D.C. Circuit."
Let the Sunshine of Disclosure Disinfect Fannie Mae Litigation - National Review
Government’s Position in Delaware Case Upended by Ruling in 9th Circuit - Investors Unite
Same article from Valuewalk.
Treasury Response to Rep. Fincher - WSJ
Those Shoes - The Truth About Fannie and Freddie
Rep. Garrett discusses causes of 2008 economic collapse at CPAC - NorthJersey.com
NAR Supports Crapo's G-fee Bill - realtor.org
Lawmakers to HUD and FHFA: Get with the Program - DS News

Thursday March 3rd 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "The Delaware Shareholders delivered a letter to Judge Sleet yesterday to alert him that the U.S. Court of Appeals for the Ninth Circuit published an opinion late last month saying that Fannie and Freddie are private companies, not federal instrumentalities, and that the conservatorship placed FHFA "in the shoes of Fannie Mae and Freddie Mac, and gives the FHFA their rights and duties, not the other way around."
"This holding," the Delaware Shareholders say, is contrary to Treasury and FHFA's arguments that federal law, not state law, governs the conservator's power to implement the Net Worth Sweep as a term of preferred stock, and that FHFA has authority under HERA to act as it sees fit without regard to whether Fannie Mae and Freddie Mac themselves have power under state law to issue preferred stock having the terms of the Net Worth Sweep."
New filing in the Perry case, click here to view.
Supplemental Appendix (S.A. 1-57)
Peter Chapman writes, "Perry is asking the D.C. Circuit to accept a Supplement to the Joint Appendix, adding three documents we've previously seen."
New filing in the Saxton case, click here to view.
Peter Chapman writes, "The Saxton Plaintiffs tell the Court in Iowa that they intend to oppose FHFA and Treasury's request to reinstate a stay of the deadline to file an Administrative Record. Since the Saxton Plaintiffs will need to refer to some of the confidential discovery materials uncovered in Fairholme v. U.S, they ask the Court for permission to file their opposition under seal."
Freddie Mac: Shareholders Preparing to Sue PricewaterhouseCoopers - Troubled Company Reporter
The 9th Circuit May Have Just Decided The Delaware GSE Cases….For Plaintiffs - Valueplays
Same article from Valuewalk.
#FannieGate: 9th Circuit rules that Fannie and Freddie are private companies - HousingWire
Possible victory for plaintiffs in GSE case - Seeking Alpha
Did the 9th Circuit Just Signal Victory for GSE Investors? - DS News
2015 Scorecard Progress Report March 2016 - FHFA.gov
Fannie Mae: Cheap Value Stock Or Overpriced Speculation? - Seeking Alpha
The Recapitalization Of GSEs Is Gaining Momentum With Sanders' Campaign - Seeking Alpha
Here's an Idea – Let's Make the Banks Responsible - FX Street
@JonAPrior tweets about the GSEs using alternative credit scoring models - Twitter
GSEs still looking into 'feasibility' of alternate credit score models - HousingWire

Wednesday March 2nd 2016
Allegations Of Government Forced Accounting Fraud Surface In Fanniegate Saga - Seeking Alpha by Glen Bradford
The Fannie-Freddie Debacle Continues - Huffington Post
Joshua J. Angel's Letter to the Fannie Mae and Freddie Mac Board of Directors
You may remember Mr. Angel from his previous work, Government Perfidy and Mismanagement of the GSEs in Conservatorship.
Dick Bove Warns Of Summer Mortgage Crisis In U.S. - Yahoo
Tim Howard discusses the Deloitte lawsuit - Howard on Mortgage Finance
Fannie Mae’s Mortgage Portfolio Kicks Off 2016 With Rare Expansion - The M Report
Mortgage giants headed for crisis - The Hill
Lots of comments after this article.
Fairholme Fund Cuts Bank of America, Buys Lands' End - Guru Focus
"The guru raised his stake in Fannie Mae (FNMAS) by 7.10%. The deal had an impact of 0.55% on the portfolio."
Former Fannie Mae CEO to face SEC charges for subprime mortgages - HousingWire
03/01/2015 - After the Deal: Fannie, Freddie, and the Financial Crisis Aftermath - Berkeley Law

Tuesday March 1st 2016
New Court Case. Edwards, et al. v. Deloitte. Click here to view.
Court filing in the Meridian v. FMCC case. Click here to view.
Director Watt's Letter to Reps. Fincher and Mulvaney - WSJ
Ethics Questions Mount for MBA President Dave Stevens - Investors Unite
Same article from Valuewalk.
Bernie Sanders A Likely Win At Flint With Address Of Fannie Mae, NAACP - Seeking Alpha
Analysis: Why is the NLPC Targeting David H. Stevens? - National Mortgage Professional
Ex-Fannie Mae CEO loses bid to toss SEC fraud case - Reuters
MBA responds to "unfounded allegations" by ethics group - HousingWire
Will FHFA Chief Mel Watt Pull the Recapitalization Lever? - Inside Mortgage Finance
Short Takes: A Third of Respondents Believe Only One GSE Will Survive / Sell One GSE, Keep One GSE... - Inside Mortgage Finance
"Meanwhile, there is plenty of chatter in the industry these days that the Obama administration wants to “fix” Fannie and Freddie before leaving town."
MBA: A Treasury ‘Draw’ for the GSEs is Looming Large - Inside Mortgage Finance
Treasury-sponsored group releases plan to revive private mortgage securities - Scotsman Guide
Freddie Mac & Fannie Mae: Evolving the American Dream - Commercial Property Executive








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