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"Ultimately, Truth Prevails"


October 2016
Monday October 31st 2016
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "Judge Moreno entered a final order dismissing this case on the terms specified in yesterday's stipulation."
Further Stalling on Fannie and Freddie Discovery - Forbes
By Richard Epstein
The Past, Present And Future Of Fannie And Freddie: Financial Crisis, Appeals And Restructured Future - Seeking Alpha by Wayne Olson
Agency MSR Transfer Market Gained Speed in 3Q16 - Inside Mortgage Finance
Short Takes: Trouble Ahead for the GSEs, Warns Former Audit Committee Director / A $3 Billion Capital Buffer Should Do the Trick - Inside Mortgage Finance
Conservative Think Tank Supports CFO Golden Parachute Appeal - Inside Mortgage Finance
Fannie mae – Should government intervene in the housing market? - Valuewalk
Fannie Mae’s Mortgage Portfolio Is Back to Contracting - DS News

Sunday October 30th 2016
New filing in the PricewaterhouseCoopers case, click here to view.
2nd filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "The Edwards Plaintiffs, PwC and FHFA entered into a stipulated voluntary dismissal of this litigation today. As part of that negotiated settlement, FHFA withdrew its motions for reconsideration and to compel production of a copy of the settlement agreement today. There's no telling what happened behind the scenes to make this happen. The easiest thing for Judge Moreno do to is to accept the filings as presented and close this case."
Happy Halloween, Nice Mask! Oh, you’re not wearing one? - Bill Maloni's GSE Blog

Saturday October 29th 2016
New Business Soars at Fannie Mae - Mortgage Daily
Subscription required for full access.

Friday October 28th 2016
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "The government delivered the praecipe to Judge Sweeney today to let her know that it doesn't intend to turn over any of the 56 documents to Fairholme at this time."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "The Federal Circuit received the government's Notice of Appeal concerning Judge Sweeney's Sept. 20 discovery order and docketed the appeal this afternoon. The appellate proceeding is now identified as Case No. 17-1122 in the Federal Circuit. This appeal is separate from the mandamus proceeding filed in the Federal Circuit earlier this week. As indicated in footnote 3 of the government's mandamus petition, the government doesn't believe this appeal is really necessary."
More filings in the Fairholme case.
17-104-0006
17-104-0007
17-104-0008
17-104-0009
17-104-0010
17-104-0011
17-104-0012
Peter Chapman writes, "Fairholme's legal team entered their appearances in the mandamus proceeding initiated by the government in the Federal Circuit."
Is it time to start panicking about Fannie Mae and Freddie Mac again? - Washington Post
"I can tell you that stripping the firms of their profits and their capital poses a huge risk. A risk far greater for the companies — and our financial system — than almost anyone recognizes."
Department Of Justice Petition For Secrecy Hurts GSE Shareholders - Seeking Alpha by Glen Bradford
Feds appeal decision to release #FannieGate memos - HousingWire
What We’re Hearing: A Two-Year Window to Fix Fannie and Freddie? / On Jan. 1, 2018, the GSE Piggybank Goes Dark / Treasury Loves GSE Earnings but not the GSEs - Inside Mortgage Finance
Fannie Mae September 2016 Monthly Summary - fanniemae.com
Fannie and Freddie Don't Meet Two Affordable Housing Goals: FHFA - National Mortgage News

Thursday October 27th 2016
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "A filed copy of the government's petition to the Federal Circuit for a writ of mandamus telling Judge Sweeney to deny Fairholme's motion to compel is (linked above)."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Gerard J. Sinzdak, Esq., will be representing the United States before the Federal Circuit, and a copy of his appearance form -- indicating this will be his first appearance in the Federal Circuit -- is (linked above)."
3rd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Abby Wright, Esq., will also be representing the United States before the Federal Circuit, and a copy of her appearance form is (linked above)."
4th filing in the Fairholme case, click here to view.
Peter Chapman writes, "The Federal Circuit has directed Fairholme to respond to the government's petition by Thurs., Nov. 2, and the Court has directed the United States to file a reply by Mon., Nov. 7, and submit copies of the 56 documents the government doesn't want to produce to the Federal Circuit for in camera review."
Fairholme Files Emergency Enforcement Motion Suggesting GSE Perry Ruling Imminent - Seeking Alpha by Glen Bradford
Feds Seek to Block Release of Fannie Mae and Freddie Mac Memos - Fortune
Fannie Mae Announces Scheduled Release of Third Quarter 2016 Financial Results - PR Newswire
Occurs next Thursday, 11/3.
Appeals Court to Decide on Government Document Release in Fannie Mae Dispute - WSJ

Wednesday October 26th 2016
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Fairholme submitted an emergency order to Judge Sweeney yesterday evening seeking enforcement of her Sept. 20 order directing the government to produce the 56 documents she said aren't privileged. Fairholme wants to share these 56 documents with the D.C. Circuit. The government intends to ask the Federal Circuit to review Judge Sweeney's Sept. 20 order."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Judge Sweeney entered an order this afternoon directing the government to disclose by close of business on Fri., Oct. 28, what it intends to do with respect to the 56 documents the government was told to turn over to Fairholme and turn over any documents that won't be subject to an appeal to the Federal Circuit no later than Tues., Nov. 1."
3rd filing in the Fairholme case, click here to view.
Peter Chapman writes, "The Federal Circuit entered an order this afternoon substituting Mr. Sammons' corrected brief for his original filing and directing the Appellees to calculate the due date for their responses from today."
4th filing in the Fairholme case, click here to view.
Peter Chapman writes, "Our government has advised Judge Sweeney that it intends to seek review of her Sept. 20 decision by the U.S. Court of Appeals for the Federal Circuit."
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "The Edwards Plaintiffs submitted their response to FHFA's motions for reconsideration and a copy of the settlement agreement yesterday evening. The Edwards Plaintiffs tell Judge Moreno there's nothing for him to do because the case has concluded and he has no jurisdiction to do anything further. The Edwards Plaintiffs suggest that Judge Moreno should also cancel the hearing he scheduled for Oct. 31."
2nd filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "FHFA delivered its reply in support of its motions to Judge Moreno this afternoon. FHFA says the Edwards Plaintiffs are wrong in their interpretation of applicable case law and tells Judge Moreno that he has jurisdiction to consider FHFA's pending motions."
New filing in the Roberts case, click here to view.
2nd filing in the Roberts case, click here to view.
Peter Chapman writes, "According to two minute entries docketed today, Judge Chang:
(A) welcomed Fairholme's lawyers from Cooper & Kirk;
(B) invited the parties to respond to Fairholme's motion by Nov. 2;
(C) invited Fairholme to file a reply by Nov. 7; and
(D) rescheduled the upcoming status hearing for 10:30 a.m. on Mon., Nov. 14. "
FHFA's Emergency Motion To Compel Production Of GSE Settlement Agreement - Seeking Alpha by Glen Bradford
U.S. Angered as Freddie Mac Auditor Settles Investor Suit - Fortune
Government Stonewalling Sweeney Order…. - Valueplays
Roger Altman pushing campaign on GSE reform in the Wikileaks Podesta emails via @JoshRosner - Twitter
How to spot accounting fraud for dummies by @aspit - Twitter
Short Takes: What a Trump White House Means for the GSEs... - Inside Mortgage Finance
Housing Finance Reform: Access and Affordability in Focus - Medium
By Counselor Antonio Weiss and Assistant Secretary for Economic Policy Karen Dynan
Obama Treasury says Fannie, Freddie reform must guarantee affordability - Washington Examiner
Mark Warner Says Housing Bailout Should Not Continue to Put Taxpayers at Risk - wvtf.org

Tuesday October 25th 2016
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "FHFA filed an emergency motion this afternoon asking Judge Moreno to compel the Edwards Plaintiffs to give it a copy of their settlement agreement with PwC, and FHFA wants a copy by Oct. 28."
New filing, click here to view.
Peter Chapman writes, "Mr. Sammons paid the $500 filing fee today to prosecute his petition for a write of mandamus from the Federal Circuit today, and a copy of his receipt is (linked above)."
New filings in the Fairholme case.
17-1015-0006
17-1015-0007
17-1015-0008
17-1015-0009
17-1015-0010
17-1015-0011
Peter Chapman writes, "The lawyers representing the United States and Fairholme entered their appearances in Mr. Sammons' appeal to the Federal Circuit, and copies of those filings are (linked above)."
New filings in the Roberts case.
16-02107-0053
16-02107-0054
16-02107-0055
16-02107-0056
Peter Chapman writes, "Fairholme's lawyers at Cooper & Kirk, PLLC, submitted their motions to appear pro hac vice in Judge Chang's court today, and copies of those filings are (linked above)."
Getting Real About Reform - Howard on Mortgage Finance
Congress should overhaul Fannie and Freddie, report - The Hill
The GSEs are mentioned in the Wikileaks Podesta emails via @DoNotLose - Twitter
Douglas Holtz-Eakin discusses the GSEs in the Wikileaks Podesta emails via @DoNotLose - Twitter
GSE top guns weigh in on risk sharing - Scotsman Guide
Watt remains mum on recapitalizing GSEs - Scotsman Guide

Monday October 24th 2016
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "Judge Moreno entered an order this morning directing the parties to convene for a hearing at 9:00 a.m. on Mon., Oct. 31, in Miami."
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, "Fairholme wants permission to appear as amicus curiae in Roberts v. FHFA today, and copies of Fairholme's four filings related to this matter are (linked above). Fairholme brings Judge Sweeney's Sept. 20 decision granting its motion to compel to Judge Chang's attention and urges Judge Chang to delay ruling on the pending motions to dismiss until the government produces the documents Judge Sweeney told it to. Keith L. Gibson, Esq., at Locke Lord LLP serves as local counsel to Fairholme. Fairholme will appear before Judge Chang at 9:00 a.m. on Thurs., Oct. 27, to present its request."
Respectively Is Implicit In 4617(A)(2) To Judge Ginsburg - Seeking Alpha by Glen Bradford
CBO Analysis Reveals Benefits of GSE Capital Retention - Investors Unite
Fannie Mae Announces Day 1 Certainty Initiative - PR Newswire
Fannie Mae streamlines U.S. mortgage underwriting - Reuters
Prepared Remarks of Melvin L. Watt, Director of FHFA at Mortgage Bankers Association Annual Convention and Expo 2016 - FHFA.gov
FHFA pivots to affordable housing, single-family rentals - HousingWire
Fannie & Freddie Shareholders Want Billions - Courthouse News Service
Short Takes: FHFA Chief Mel Watt: Embrace Change, Folks... - Inside Mortgage Finance
CBO Says Even if GSE Plaintiffs Prevail, Treasury Would Still Get Most of the Earnings of Fannie and Freddie - Inside Mortgage Finance
Fannie and Freddie: Recapping Them Would Cost the Government Billions - Wall Street Journal
New MBA Chair Eager to Confront Gaps in Diversity, Technology - National Mortgage News
GSE Shareholders Fighting for Their Day in Court - The MReport

Sunday October 23rd 2016
Pointless, Ridiculous, Or Dangerous? - American Action Forum
07/06/2016 - Douglas Holtz-Eakin: “I hate the GSEs; they are the scum of the Earth in my opinion.” - Medium.com
@FannieMae has a big announcement for Monday - Twitter

Saturday October 22nd 2016
New court filing, click here to view.
2nd court filing, click here to view.
Peter Chapman writes, "Michael Sammons initiated a second proceeding before the U.S. Court of Appeals for the Federal Circuit this past week, asking the Federal Circuit to issue a writ of mandamus saying that the U.S. Court of Federal Claims doesn't have constitutional authority to consider takings claims against the United States."
Fannie Mae to Do Front-End Risk Sharing with Mortgage Insurers - National Mortgage News
More GSE Capital, Less Chance of a Bailout - The MReport

Friday October 21st 2016
New filing in the Collins case, click here to view.
2nd filing in the Collins case, click here to view.
Peter Chapman writes, "The Collins Plaintiffs asked the Clerk to issue summonses yesterday (see Doc. 2), and the Clerk did so today according to the Court docket.
The Honorable Nancy F. Atlas has been assigned to this case. At https://en.wikipedia.org/wiki/Nancy_Friedman_Atlas is Wikipedia's bio of Judge Atlas.
Judge Atlas entered an Order (Doc. 3) this afternoon directing the parties to appear for a pretrial conference at 1:30 p.m. on Tues., Jan. 3, 2017, in Houston, to argue any then-pending pretrial motions (e.g., FHFA's predictable substitution motion, FHFA and Treasury's predictable motions to dismiss, and any other clever pretrial motions)."
A Conversation with GSE Leadership with Opening Remarks by FHFA Director Mel Watt - mba.org
Occurs on 10/24 at 11:00 AM - 12:30 PM.
Moody's says DoJ preparing complaint alleging rating violations - Reuters
Mortgage Industry Divided Over GSE Risk-Sharing Deals - National Mortgage News
GSEs could avoid bailouts with capital buffers - Scotsman Guide
Karen Petrou on the Connection between More FRB MBS and a Whole New U.S. Financial System - fedfin.com

Thursday October 20th 2016
New lawsuit filed. Collins v. FHFA, click here to view.
Peter Chapman writes, "A new lawsuit challenging the Third Amendment was filed today. The lawsuit is captioned Collins v. FHFA and was filed in the Southern District of Texas. Proceeding under the Administrative Procedures Act, the Shareholder-Plaintiffs ask the Court to vacate and set aside the Net Worth Sweep."
The Effects of Increasing Fannie Mae's and Freddie Mac's Capital - cbo.gov
CBO: Fannie Mae and Freddie Mac should keep $5 billion in profits per year - HousingWire
Budget office: Letting Fannie, Freddie raise capital would reduce bailout risk - Washington Examiner
GSEs need greater taxpayer protection upfront - The Hill
Fannie Mae Issues $17.9 Billion of Multifamily MBS in the Third Quarter of 2016 - fanniemae.com
The Corruption of Bob Corker? - Rocky Top Politics
This is the first part of a five part series. The GSEs are not yet mentioned.

Wednesday October 19th 2016
New filing in the Piszel case, click here to view.
Peter Chapman writes, "Mr. Sammons entered his appearance in Piszel v. U.S. as an amicus curiae this morning, and a copy of his appearance notice is (linked above)."
2nd filing in the Piszel case, click here to view.
Peter Chapman writes, "Mr. Sammons delivered his Amicus Brief to the Federal Circuit this morning challenging the U.S. Court of Federal Claims' jurisdiction to decide constitutional takings claims."
3rd filing in the Piszel case, click here to view.
Peter Chapman writes, "The Federal Circuit entered an order this afternoon accepting Cato Institute and Southeastern Legal Foundation's Amucus Brief."
GSE Out Of Court Settlement More Likely Than Not - Seeking Alpha by Glen Bradford

Tuesday October 18th 2016
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "The Edwards Plaintiffs and PwC delivered the attached Stipulation to Judge Moreno this afternoon for his stamp of approval. The Stipulation suggests the Edwards Plaintiffs decided to withdraw their lawsuit, agreed not to sue again, and no money will change hands."
FHFA Tries To Prevent GSE Lawsuit Settlement For Accounting Fraud - Seeking Alpha by Glen Bradford
GSEs and the Election - Bill Maloni's GSE Blog
Nonbank Lenders Fearful of Privatized Common Securitization Platform - National Mortgage News
BRIEF-Freddie Mac prices $478 mln STACR offering - Reuters

Monday October 17th 2016
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "FHFA asked Judge Moreno to reconsider his order denying its motion to substitute this afternoon. FHFA argues that the Edwards Plaintiffs don't have the right to settle their lawsuit against PwC and FHFA explains that substitution of FHFA for the Edwards Plaintiffs will result in PwC paying nothing because FHFA will dismiss the lawsuit promptly following substitution."
New filing in the Piszel case, click here to view.
Peter Chapman writes, "Kimberly S. Hermann, Esq., at Southeastern Legal Foundation entered her appearance in Piszel v. U.S. today, and a copy of her Appearance is (linked above)."
2nd filing in the Piszel case, click here to view.
Peter Chapman writes, "Ilya Shapiro at Cato Institute entered his appearance in Piszel v. U.S. today, and a copy of that notice is (linked above)."
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Mr. Sammons delivered a corrected copy of his informal brief to the Federal Circuit today, and a copy of that filing is (linked above)."
Even Big Lenders Have Questions about Front-End Risk Sharing - Investors Unite
Bond investors concerned about Freddie Mac "Deep MI" credit risk-sharing program - HousingWire

Saturday October 15th 2016
New filings in the Piszel case.
Amicus Brief
Entry of Appearance
Entry of Appearance
Entry of Appearance
Entry of Appearance
Peter Chapman writes, "In an Amicus Brief filed this week, the Cato Institute and Southeastern Legal Foundation tell the Federal Circuit that the decision in Piszel v. U.S. represents an unwarranted expansion of the government's power to interfere with private contracts, and encourage the court to reconsider its decision. A copy of the Amicus Brief is (linked above) as well as Appearances entered by Andrew Buttaro, Esq., and W. Scott Hastings, Esq., at Locke Lord LLP, and David G. Cabrales, Esq., and Lucas C. Wohlford, Esq., at Gardere Wynne Sewell LLP, representing Cato and SLF."

Friday October 14th 2016
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Fairholme tells Judge Sweeney the 31-day extension is unwarranted in its objection. Fairholme confirms that the government hasn't turned over one of the 56 documents Judge Sweeney ordered it to produce. Assuming the government is contemplating asking the Federal Circuit to review Judge Sweeney's Sept. 20 order, Fairholme shows Judge Sweeney that in other recent cases the government made similar requests in less than 30 days."
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Judge Sweeney gave the government the additional 31 days it requested. The government's explanation is due by Nov. 14. Judge Sweeney tells Fairholme to file any response no later than Dec. 21."
The Smaller GSE Accounting Lawsuit Alleging Fraud Was Settled - Seeking Alpha by Glen Bradford
Bond Investors Question U.S. Pilot Program for Mortgage Insurers - Bloomberg
ICBA Letter on Single Family Credit Risk Transfer Request for Input - icba.org
Big Banks Claim Larger Share of GSE Business During 3Q16 - Inside Mortgage Finance

Thursday October 13th 2016
New filing in the Deloitte case, click here to view.
2nd filing in the Deloitte case, click here to view.
Peter Chapman writes, "The Edwards Plaintiffs delivered their replies to FHFA and Deloitte's remand objections to Judge Scola yesterday. The Edwards Plaintiffs tell Judge Scola that he shouldn't listen to FHFA about remanding the lawsuit against to Deloitte to state court because FHFA has no standing to be heard at this juncture. The Edwards Plaintiffs' reply to Deloitte's objection challenges the proposition that nobody owes any duties to GSE shareholders."
New filing in the Pagliara v. Freddie Mac case, click here to view.
2nd filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "The briefing schedule in the Fourth Circuit has been extended by a month. The the new schedule sets:
(x) Dec. 15 as the deadline for Mr. Pagliara to file his Opening Brief and an Appendix;
(y) Jan. 18 as the deadline for Freddie Mac and FHFA to file their Responses; and
(z) Feb. 1 as the outside deadline for Mr. Pagliara to file a Reply."
New filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "Judge Moreno entered the Order this afternoon denying as moot all pending motions in Edwards v. PwC. In accordance with yesterday's Notice, the case has indeed been settled and the settlement papers should be filed next week."
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Messrs. Jacobs and Hindes are asking Judge Sleet to entertain oral argument on their motion to amend their complaint."
New filing in the Fairholme case, click here to view.
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "Mr. Sammons entered his appearance in his appeal to the Federal Circuit from Judge Sweeney's order and filed his informal brief with the Court earlier this week."
3rd filing in the Fairholme case, click here to view.
Peter Chapman writes, "The government wants 31 additional days to explain why it should not be required to pay Fairholme's costs to bring the motion to compel."
President Bush Insisted Fannie and Freddie Would be Owned by Shareholders - Investors Unite
Fannie, Freddie, The CFPB Court Decision, And The Appeal: The Waiting Continues - Seeking Alpha by Wayne Olson
Government fuels next housing collapse with unstable mortgages - NY Post
MBA Pushes for ‘Front-End’ Risk Transfers on GSE Loan Sales - Inside Mortgage Finance
Tim Howard discusses the sale of under-performing/non-performing/reperforming loans - Howard on Mortgage Finance
What’s Behind Fannie Mae’s Reperforming Loans Sale? - DS News
Small Lenders Worry GSE Moves Will Leave Them Behind - National Mortgage News
10/17/2010 - The Subprime Debacle: Act 2 - John Mauldin's Weekly E-Letter - WikiLeaks
MBA makes case for front-end risk-sharing - Scotsman Guide

Wednesday October 12th 2016
New filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, "The U.S. Court of Appeals for the Fourth Circuit has directed the parties in Pagliara v. Freddie Mac to participate in a mediation session on Tues., Nov. 1, with Frank C. Laney. Mr. Laney's bio is posted at http://law.campbell.edu/page.cfm?id=570&n=frank-c-laney."
The Rocky Road to GSE Reform - robertstoweengland.com
CUNA letter on FHFA’s RFI on Single-Family Credit Risk Transfer - cuinsight.com
Why is the Center for American Progress Picking Federal Housing Finance Agency? via @DoNotLose - Twitter
Will FHFA Raise Agency Caps Again in the Fourth Quarter? - National Real Estate Investor
Fannie Mae to sell $1.39 billion in non-performing loans - HousingWire

Tuesday October 11th 2016
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "Mr. Pagliara is asking Judge Sleet to entertain oral argument on FHFA's Supplemental Substitution Motion."
GSE Investors 11,292 Reasons To Smile - Seeking Alpha by Glen Bradford
Court: CFPB Structure “Unconstitutional”….. FHFA Structured the Same Way - Valueplays
Cheat Sheet: What CFPB Constitutionality Ruling Means for Banks - American Banker
"The ruling calls into question the constitutionality of the OCC and FHFA"
Jackson: Garrett-Gottheimer House race draws big bucks from Realtor group - NorthJersey.com
Fannie Mae Announces Pilot Sale of Reperforming Loans - Yahoo
Fannie Mae to sell $806 million in re-performing loans - HousingWire

Monday October 10th 2016
United States Department Of Justice Weighs On GSE Accounting Lawsuits - Seeking Alpha by Glen Bradford
What was the President Told About the Net Worth Sweep? - Investors Unite
Eight Years and Counting: Exploring the Conservatorship of the GSEs - DS News
Deutsche Bank: A Freddie Mac And Fannie Mae Wannabe - Seeking Alpha
Short Takes: ...The GSE Net Worth Sweep: What did President Obama Know? - Inside Mortgage Finance
President George W. Bush discusses the GSEs with a CNN reporter in 2008 - WikiLeaks
Perform a word search for 'Fannie Mae' to find the excerpt below.
"GEORGE BUSH: Government action, if you are talking about bailing out, if your question is should the government bailout private enterprise, the answer is no it shouldn't. And by the way, the decisions on Fannie Mae and Freddie Mac, I hear some people say it is a bailout, I don't think it is a bailout. The shareholders still own the company. That's why I said we want this to continue to be a shareholder-owned company."

Friday October 7th 2016
Bruce Berkowitz: A Legal Scholar Comments on Judge Sweeney’s Favorable Ruling - Valuewalk
10-6-16 IU Legal Call Audio - Investors Unite
This is the same call as the Dropbox link from yesterday.
Housing Finance Needs Clean Break from Government Subsidy - American Banker
Is it now time to finally raise conforming loan limits? - HousingWire
What We’re Hearing: The Best Place for an LO? Answer: At a Nonbank / How Wells Fargo Grades its LOs / Remember FM Watch?... - Inside Mortgage Finance

Thursday October 6th 2016
New filings in the Pagliara v. Freddie Mac case.
16-2090-0003
16-2090-0004
16-2090-0005
16-2090-0006
16-2090-0007
16-2090-0008
16-2090-0009
16-2090-0010
16-2090-0011
16-2090-0012
16-2090-0013
16-2090-0014
16-2090-0015
Peter Chapman writes, "Eleven documents were docketed in the Fourth Circuit appellate proceeding today, all of which are (linked above):
(A) Corporate affiliation disclosure documents by Freddie Mac (Doc. 3), FHFA (Doc. 11), and Mr. Pagliara (Doc. 13);
(B) Notices of Appearance by counsel to Freddie Mac (Docs. 4, 5, 6 and 7), counsel to FHFA (Docs. 9 and 10), and counsel to Mr. Pagliara (Doc. 12);
(C) an Amended Caption Notice adding FHFA as a Movant and Appellee (Doc. 8);
(D) a Docketing Statement (Doc. 14) articulating two issues for the appellate tribunal to consider:
(1) whether HERA transfers all direct rights of shareholders, including suits to enforce those direct rights; and
(2) whether Mr. Pagliara pleaded a proper purpose to justify the inspection of corporate books and records under Virginia law; and
(E) a Briefing Order (Doc. 15) setting:
(x) Nov. 15 as the deadline for Mr. Pagliara to file his Opening Brief and an Appendix;
(y) Dec. 19 as the deadline for Freddie Mac and FHFA to file their Responses; and
(z) Jan. 2 as the outside deadline for Mr. Pagliara to file a Reply."
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, "Messrs. Jacobs and Hindes filed a Reply in support of their Motion to Amend their Complaint this evening. Messrs. Jacobs and Hindes tell Judge Sleet adding unjust enrichment claims to their Complaint doesn't create any delay because there's been no meaningful progress in this case in the past year. Additionally, Messrs. Jacobs and Hindes say shareholder notice is required in this case and directing the GSEs to file a Form 8-K is the most effecient and effective means of providing that notice."
Discovery Made Simple In Fannie And Freddie - Forbes
By Richard Epstein
GSE Purchase Business Hit Post-Crash High in 3Q16 - Inside Mortgage Finance
Register for free for access.
Fairholme Says GSE Document ‘Floodgate’ About to Open; At Stake: $2.4 Billion of Fannie/Freddie Jr. Preferred - Inside Mortgage Finance
Opinion: Huge egos undermine star fund managers - MarketWatch
No Privilege for Feds' Memos on Fannie Mae - Courthouse News Service
The Obama Administration is Gearing up to Cause Another Mortgage Meltdown - Texas Insider
A Simpler Path to Housing Finance Reform? - National Mortgage News
Investors Unite Legal Call - Dropbox (.mp3)

Wednesday October 5th 2016
New filing in the Deloitte case, click here to view.
2nd filing in the Deloitte case, click here to view.
Peter Chapman writes, "Thomas Zimpleman, Esq., representing the United States, entered his appearance yesterday in the Edwards Plaintiffs' lawsuit against Deloitte. Copies of Mr. Zimpleman's Notice of Appearance and the government's Statement of Interest are (linked above). The government tells Judge Scola that it owes no fiduciary or other duty to GSE shareholders under applicable federal law and state law is irrelevant."
New filing in the PricewaterhouseCoopers case, click here to view.
2nd filing in the PricewaterhouseCoopers case, click here to view.
Peter Chapman writes, "Thomas Zimpleman, Esq., representing the United States, entered his appearance yesterday in the Edwards Plaintiffs' lawsuit against PwC. Copies of Mr. Zimpleman's Notice of Appearance and the government's Statement of Interest are (linked above). The government tells Judge Moreno that it owes no fiduciary or other duty to GSE shareholders under applicable federal law and state law is irrelevant."
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "The U.S. Court of Appeals for the Federal Circuit received and docketed Mr. Sammons' appeal this morning as Case No. 17-1015."
Fannie Mae, Freddie Mac Investors Win Round Against Government - Fortune
Wells Fargo Scandal A Setback To Lobbying Efforts By Big Banks - Huffington Post
TOMORROW: Investors Unite Legal Call - Investors Unite
Occurs Thursday, 10/6 at 10:30 am EDT.
Sweeney’s Thoughtful Rationale for Sweeping Away Government’s Privilege Claims - Investors Unite
Judge’s Ruling in GSE Shareholder Case Finds No Reason to Keep Government Docs Hidden - Inside Mortgage Finance
Freddie Mac sells off $1 billion in NPLs to familiar private investors - HousingWire
Illegal Stock Tips and Risky Loans - Bloomberg
Scroll down to 'Fannie and Freddie.'
New Ruling Gives GSE Investors Hope - The MReport
Fannie Mae: Bruce Berkowitz Hails “Favorable Ruling” in Court - Valuewalk
Verdict Is Coming In Hard Against The Obama Administrations Outrageous Secrecy Surrounding GSEs/Doc 19 In Focus - timhoward717.com

Tuesday October 4th 2016
New filing in the Piszel case, click here to view.
Peter Chapman writes, "Mr. Piszel wants all of the judges in the Federal Circuit to review the three-judge panel's decision dated Aug. 18, 2016, that affirmed Judge Griggsby's decision in the Court of Federal Claims to dismiss Mr. Piszel's takings claim against the government. The Federal Circuit may ask the government to respond to Mr. Piszel's petition or the Court may make its rehearing decision based solely on Mr. Piszel's petition."
Judge Sweeney Ties Pre-Conservatorship Blackrock Documents To Capital Injection Forecasts - Seeking Alpha by Glen Bradford
Order To Compel Reveals President Obama Linked Directly To Plot To Hijack Fannie And Freddie - timhoward717.com
Money Market Funds Continue to Show the Love for GSE Debt - Inside Mortgage Finance
Register for free for access.
Harlem clergy enter mortgage-reform fray, saying 'Our Loans Matter' - Politico
Lex: Fannie and Freddie: redemptions song via @FinancialTimes - Twitter
John Yoo: The ultra-secret Obama White House ignores our Constitution (again) - Fox News
Court Orders U.S. to Release Documents on Mortgage Giants - NY Times
Monday October 3rd 2016
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, "FHFA delivered its Reply in support of its supplemental substitution motion to Judge Sleet today. FHFA argues that Judge Cacheris' decision in Pagliara v. Freddie Mac is preclusive and that substitution should be decided before remand."
New filing in the Fairholme case, click here to view.
Peter Chapman writes, "Mr. Sammons filed a Notice of Appeal this afternoon indicating that he intends to take an appeal from Judge Sweeney's order denying his motion to intervene to the U.S. Court of Appeals for the Federal Circuit."
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, "A redacted version of Judge Sweeney's Sept. 20 Opinion and Order granting Fairholme's Motion to Compel is (linked above)."
Sweeny Denies Government “Privilege” Claims Including White House Communications - Valueplays
GSE Shareholders: Waiting To See Redacted 81 Page Court Order - Seeking Alpha by Glen Bradford
New York Clergy Worries About GSEs Being Dismantled. Resurrect and Release? - Inside Mortgage Finance
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Freddie Mac CIO Helps Turn Around The Company And Drive Innovation - Forbes
Treasury And Fannie's & Freddie's Management Deemed Criminal Association - Seeking Alpha
Atlantic Exchange featuring Timothy J. Mayopoulos - The Atlantic
Analysis: GSE ‘Patch’ and High Cost Limits Account for 25% of their Business - Inside Mortgage Finance
FHFA 2017 Annual Performance Plan - fhfa.gov

Sunday October 2nd 2016
Congress goes home to campaign - Bill Maloni's GSE Blog

Saturday October 1st 2016
New York Clergy letter to Senator Schumer
Tim Howard responds to the latest DeMarco/Bright GSE paper - Howard on Mortgage Finance








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