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"Ultimately, Truth Prevails"


November 2017
Saturday November 18th 2017
New filings in the Cacciapalle case (U.S. Supreme Court).
17-578-0002
17-578-0003
17-578-0004
Peter Chapman writes, "The Rafter Plaintiffs and Pershing Square filed an amicus brief urging the High Court to accept the three petitions and reverse the D.C. Circuit's decision, and a copy is attached to this e-mail message. "This Court's intervention is necessary," Pershing Square's legal team at Jones Day says, "both to police the separation of powers and to protect private property from the grasping hand of the federal government, which seeks to insulate its lawless conduct from any judicial review." The shareholders tell the Justices that FHFA's reading of HERA making preserving and conserving optional and allowing dissipation if that's what FHFA wants to do makes no sense and is contrary to what more than 100 years of legal tradition describes a conservator's proper
role.
Fannie Mae and Freddie Mac have elected to not to respond to respond to the Cacciapalle Plaintiffs' petition."
New filings in the Perry case (U.S. Supreme Court).
17-580-0004
17-580-0006
17-580-0007
Peter Chapman writes, "Investors Unite filed an amicus brief in support of Perry's petition, and a copy is attached to this e-mail message. Michael Krimminger at Cleary Gottlieb forcefully tells the High Court, based on his experience at the FDIC and his participation in drafting HERA, that nobody ever imagined FHFA would take every step possible to prevent rehabilitation of its wards and then hide behind sec. 4617(f) to argue that nobody can question that improper action.
Fannie Mae and Freddie Mac have elected to not to respond to respond to Perry's petition."
New filings in the Fairholme case (U.S. Supreme Court).
17-591-0005
17-591-0006
Peter Chapman writes, "Fannie Mae and Freddie Mac have elected to not to respond to respond to Fairholme's petition."
Ackman's Positive Look Over Fannie Mae - thebeartrapsreport.com

Friday November 17th 2017
Financial Services & E-Commerce: Financial Reg.: The Apotheosis of the Admin. State? - YouTube
Prof. Richard Epstein discusses the GSE takings case.
Housing finance reform next on to-do list for Trump and Congress - National Mortgage News
What to do with Fannie Mae and Freddie Mac? - floridarealtors.org
Watt Likely Won’t Act on Zero Capital Buffer This Year, but Consensus Forming on a GSE Bill? - Inside Mortgage Finance
A duopsony built around rent-seeking - aei.org
How Fannie and Freddie Weathered 2017 - DS News
11/06/2017 - Steven Eisman // Will Technology Prevent the Next Economic Bubble ? - YouTube
Steven Eisman discusses the GSEs.

Thursday November 16th 2017
New filing in the Bhatti case, click here to view.
Peter Chapman writes, "While getting ready to file its reply and objection due later today, FHFA's local counsel discovered that it under-reported the number of words contained in its motion to dismiss filed in September. The original tabulation excluded 400 words appearing in the footnotes."
2nd filing in the Bhatti case, click here to view.
Peter Chapman writes, "Treasury filed its objection and reply this afternoon in Minneapolis. Treasury maintains its position that the Bhatti Plaintiffs' complaint should be dismissed."
3rd filing in the Bhatti case, click here to view.
Peter Chapman writes, "FHFA filed its objection and reply this evening in Minneapolis. FHFA concedes nothing and forcefully advances its arguments that it's 100% right and agitated shareholders are 100% wrong."
New order in the Fairholme case (U.S. Supreme Court).
Peter Chapman writes, "The Court entered an order today extending the time for parties to respond to Fairholme's petition through Dec. 20, 2017."
Fannie Mae, Freddie Mac conservatorship takes center stage - Florida Weekly
FHFA Announces Fannie Mae and Freddie Mac Will Re-enter LIHTC Market - fhfa.gov
Through Fannie Mae, US taxpayers provide backing for some rental home giants - ABC News

Wednesday November 15th 2017
New filing in the Fairholme case (U.S. Supreme Court), click here to view.
Peter Chapman writes, "The Solicitor General wants the U.S. Supreme Court to extend the deadline for the government to respond to Fairholme's petition to Dec. 20, 2017."
Calling No Legislative GSE Reform In 30 Days A Failure - Seeking Alpha by Glen Bradford
"Treasury’s Chris Campbell at a conference said UST plans to work with Congress..." via @joelight - Twitter
GSE reform in 2018? Mortgage finance positions of power in Washington up for grabs - HousingWire
Ackman Q3 Letter: Corker Resignation Is Bullish For Fannie - Valuewalk

Tuesday November 14th 2017
Pershing Square Capital Management, L.P. 3Q 2017 Quarterly Conference Call - webcaster4.com
GSE talk starts at 27:28.
Things I am Thinking!! - Bill Maloni's GSE Blog

Monday November 13th 2017
Treasury Secretary Mnuchin discusses the GSEs at the WSJ CEO Council (video) - Facebook
Start watching at 30:35.
Tweets about Treasury Secretary Mnuchin's GSE discussion.
Tweet #1 via @WSJPolitics
Tweet #2 via @WSJPolitics
Tweet #3 via @Fanniegate101
Tweet #4 via @Fanniegate101
The Net Worth Sweep’s Moral and Practical Deficiencies - Investors Unite
Epic Congress Fail on Fannie and Freddie - The National Real Estate Post
Click the white play arrow to start the video.
KBW: A Change to the GSE Dividend Sweep ‘Unlikely’ - Inside Mortgage Finance
What The New GOP Tax Plan Could Mean For Fannie Mae, Freddie Mac - benzinga
Fannie Mae announces winner of fifth reperforming loan sale transaction - HousingWire
Fannie Mae planning affordable-housing initiatives - mpamag.com

Saturday November 11th 2017
New order in the Perry case (U.S. Supreme Court).
Peter Chapman writes, "The Court entered an order this past week extending the time for parties to respond to Perry Capital's petition through Dec. 18, 2017."
New order in the Cacciapalle case (U.S. Supreme Court).
Peter Chapman writes, "The Court entered an order this past week extending the time for parties to respond to the Cacciapalle Plaintiffs' petition through Dec. 18, 2017."

Friday November 10th 2017
What We’re Hearing: The Wilbur Ross Story / Tapping Mortgage Expertise - Inside Mortgage Finance
As Promised: If the GOP Lowers the Corporate Tax Rate, the GSEs are in Deep Trouble - Inside Mortgage Finance
Winner Announced: Fannie Mae’s Non-Performing Loan Sale - DS News

Thursday November 9th 2017
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "The parties presented Judge Sweeney with a proposed order establishing a quick peek protocol that, within the next 60 days, will bring jurisdictional discovery to an end or result in Fairholme filing a third motion to compel."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Fairholme, Arrowood and Treasury entered present Judge Lambert with a stipulation for his stamp of approval that removes Treasury from this litigation at this time."
3rd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Judge Sweeney entered an order this afternoon placing her stamp of approval on the parties' quick peek protocol."
New filing in the Arrowood case, click here to view.
Peter Chapman writes, "Fairholme, Arrowood and Treasury presented Judge Lambert with a stipulation for his stamp of approval that removes Treasury from this litigation at this time."
How home ownership could get whacked by Washington - CNBC
Mnuchin at the Economic Club of New York today said Fannie-Freddie reform...via @joelight - Twitter
As U.S.'s Lack of Homebuilding Nears Crisis, Fannie Offers Help - Bloomberg
Fannie Mae wants to make it easier to build a home - The Real Deal
Senate GOP plan would delay corporate tax cut until 2019, breaking with Trump - The Washington Post
It is unclear how this could affect the GSEs DTAs.
Wants permanent solution for Fannie + Freddie Mac.  Will be a priority next year. #ECNYMnuchin via @EconClubNY - Twitter
ICBA: GSE reform will be a heavy lift - Scotsman Guide
Fannie Mae selling $1.23bn in NPLs to Goldman Sachs subsidiary - HousingWire
Third hearing on housing finance reform focuses on increased competition - Financial Regulation News

Wednesday November 8th 2017
New filing in the Roberts case, click here to view.
Peter Chapman writes, "David Thompson at Cooper & Kirk sent a letter to the Seventh Circuit this week pointing the judges to the section of the PSPAs that prevents the GSEs from paying down the liquidation preference on Treasury's senior preferred stock."
Property Rights of Fannie and Freddie Shareholders—Including Small Investors—Must Be Respected - cei.org
Fannie Mae and Freddie Mac Still Endanger U.S. Economy - cei.org
Blog: GSE debate inches forward - Scotsman Guide
Treasury’s GSE Plan Still a ‘Work in Progress.' No Balance Sheet Allowed? - Inside Mortgage Finance
Mapping the Course Toward Housing Finance Reform - mba.org
Backing Fannie and Freddie with funny money - The Washington Times

Tuesday November 7th 2017
New filing in the Rop case, click here to view.
Peter Chapman writes, "FHFA submitted its brief yesterday evening in opposition to the Rop Plaintiffs' motion for summary judgment and in support of the agency's motion to dismiss the Rop Plaintiffs' complaint. FHFA says the agency is constitutionally structured and urges Judge Maloney to find that the Rop Plaintiffs' claims lack merit."
Sustainable Housing Finance, Part III - Youtube
Sustainable housing finance - AEI
By Peter J. Wallison
Long-Time GSE Critic Peter Wallison Doesn’t Disappoint: Kill Fannie and Freddie, He Urges - Inside Mortgage Finance
Under Review: The Need for Housing Finance Reform - DS News

Monday November 6th 2017
New filings in the Rop case.
17-cv-00497-0034
17-cv-00497-0035
Peter Chapman writes, "Treasury filed a reply brief in support of its motion to dismiss the Rop Plaintiffs' complaint and a brief opposing the Rop Plaintiffs' summary judgment request. Treasury tells Judge Maloney that it did nothing wrong and he, like every other court to date, should block shareholder challenges to the Net Worth Sweep. Treasury maintains its position that the constitutional infirmities the Rop Plaintiffs see concerning FHFA don't hold water and provide no basis to invalidate the Third Amendment. Treasury urges Judge Maloney to grant its motion to dismiss and deny the Rop Plaintiffs' motion for summary judgment."
GSE Jumpstart Expires In Less Than 60 Days - Seeking Alpha by Glen Bradford
Federal Taxpayers Should Not Cover Guarantees in Any Future Mortgage-Backed Securities Market - The Daily Signal
House subcommittee examines need for housing finance reform - Financial Regulation News
Fannie, Freddie Conservatorship Takes Center Stage as Next Housing Finance Regime Comes Into Focus - RIS Media
Fairholme Funds, Inc. v. United States: Court Compels Production for Plaintiffs' Quick Peek over Defendant's Objection - The National Law Review

Friday November 3rd 2017
An Overview of Litigation Landscape as Several Cases Advance in Court - Investors Unite
FHFA’s g-fee calculation ignores the law - American Banker
According to Christopher Whalen, GSE receivership is discussed frequently at the White House - Twitter
Tim Howard responds to GSE receivership talk - Howard on Mortgage Finance
BAC vs FNMA stock analysis shows that Fannie Mae could support $150 billion valuation with GSE reform - BNL Finance
Government Backstop Necessary for Sustainable Mortgage Market? - DS News
Trump team targets special 'QM' status for GSEs - National Mortgage News
Hearing entitled “Sustainable Housing Finance: The Role of Ginnie Mae in the Housing Finance System” - house.gov
Occurs Thursday, November 9, 2017 9:00 AM

Thursday November 2nd 2017
New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations case, click here to view.
Peter Chapman writes, "The Class Plaintiffs asked Judge Lamberth for permission to file a second amended complaint late yesterday.
The second amended complaint:
(A) adds direct claims against FHFA and the Companies for breach of fiduciary duties (pars. 86-93 and 166-177);
(B) adds claims against FHFA based on the fact that the Net Worth Sweep is barred by Delaware and Virginia law applicable to preferred stock (pars. 94-97 and 178-192);
(C) shows Judge Lamberth what's been uncovered in discovery that was previously unavailable to him (pars. 11, 40, 52-55, 61-65 and 68-70);
(D) names Fannie Mae and Freddie Mac as defendants with respect to all claims (to the extent they were not already named) (pars. 124-192);
(E) backs away from claims against Treasury for the time being; and
(F) withdraws the Taking claim previously made in District Court.
We should anticipate seeing an order from Judge Lamberth granting the Class Plaintiffs' unopposed request in the coming days or weeks, and FHFA, Fannie and Freddie filing their motion to dismiss the Class Plaintiffs' amended complaint on Jan. 10, 2018."
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Fairholme asked Judge Lamberth for permission to file its amended complaint late yesterday, and a copy of Fairholme's request. Fairholme's amended complaint shows Judge Lamberth the evidence it found during jurisdictional discovery contradicting Mario Ugoletti's sworn statement that nobody at FHFA, Fannie and Freddie had talked -- prior to implementation of the Net Worth Sweep -- about reversing deferred tax asset accounting entries on the GSEs' books that would generate massive profits for Treasury's sole benefit."
New filing in the Arrowood case, click here to view.
Peter Chapman writes, "Arrowood asked Judge Lamberth for permission to file its first amended complaint late yesterday."
Fannie Mae Reports Net Income of $3.0 Billion and Comprehensive Income of $3.0 Billion for Third Quarter 2017 - fanniemae.com
Fannie Mae 10-Q - Seeking Alpha
Fannie Mae makes $3bn; one-third of single family now private-risk transfer - HousingWire
Short Takes: GSE Reform? What’s the Rush? / Calabria, an FHFA Director Candidate?... - Inside Mortgage Finance
Fannie Mae Transitions Business - The MReport
Republican tax plan will trigger another Fannie, Freddie bailout - HousingWire
Realtors®: Fannie Mae, Freddie Mac Conservatorship Takes Center Stage As Next Housing Finance Regime Comes Into Focus - prnewswire.com
Everything You Need To Know About Jerome Powell, Trump's Pick For Federal Reserve Chairman - Benzinga
Sustainable Housing Finance: Private Sector Perspectives...Part II - Youtube

Wednesday November 1st 2017
Fifth Annual Housing Finance Symposium - Youtube
Mark Calabria speaks at 3:49:22 with introduction by Jim Parrott
Mark Calabria: Trump administration "committed" to ending conservatorship - HousingWire
@MarkCalabria says process of figuring out what to do with Fannie, Freddie has "just begun."...via @JoeLight - Twitter
"If it was easy to get them out of conservatorship, it would have been done already." Says Trump admin still committed to dealing with issue via @joelight - Twitter
@MarkCalabria We are committed to not handing over the GSEs in conservatorship to the next administration. via @MortgageLaurie - Twitter
Rep. Hensarling to Retire. Speculation Immediately Begins on FHFA, CFPB Jobs - Inside Mortgage Finance
Rep. Hensarling will push deregulation until retirement - The Hill
Fannie Mae Monthly Summary September 2017 - fanniemae.com
Fannie Mae Issues September Volume Summary - mortgagenewsdaily.com
Delinquencies up for Fannie Mae - DS News
Hearing entitled “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform, Part II” - house.gov
Occurs Thursday, November 2, 2017 2:00 PM
Hearing entitled “Sustainable Housing Finance, Part III” - house.gov
Tuesday, November 7, 2017 10:00 AM








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