March 2018

Friday March 30th 2018
Time’s up: GSE reform ain’t happening this year – American Banker
Treasury’s Vampire Strategy Towards Mortgage Giants Fannie Mae and Freddie Mac (Draw Lets Treasury Feed Off Of Fannie and Freddie Profits For Years To Come) – confoundedinterest.net
What We’re Hearing: Not Much Time Left for the GSE ‘Gang of Four’ / Don (Heart) Fannie and Freddie… – Inside Mortgage Finance
Fannie Mae Completes First Credit Insurance Risk Transfer Transaction of 2018 on $16.9 Billion of Single-Family Loans – PR Newswire
Table 1: Quarterly Draws on Treasury Commitments to Fannie Mae and Freddie Mac per the Senior Preferred Stock Purchase Agreements – fhfa.gov
The draw is documented on page 2.
Thursday March 29th 2018
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs – fhfa.gov
FHFA Report Details Progress on the 2017 Scorecard for Fannie Mae and Freddie Mac – fhfa.gov
FHFA: Here are 10 things the GSEs did to improve access to credit in 2017 – HousingWire
Risks of lax underwriting far outweigh the rewards, MBA chief warns – National Mortgage News
U.S. Fed buys $2.9 bln of mortgage bonds, sells none – kitco.com
A Lost Decade – American Action Forum
Wednesday March 28th 2018
NLIHC Joins Civil Rights and Other Stakeholder Groups on GSE Reform – nlihc.org
Column: End crony housing trust funds – detroitnews.com
New York foreclosure firm accused of cheating Fannie Mae out of millions – HousingWire
FHFA Announces June 2019 Implementation of the New Uniform Mortgage-Backed Security – fhfa.gov
Freddie Mac Statement on the June 2019 Implementation of the New UMBS – marketwired.com
Tuesday March 27th 2018
New filing in the Voacolo case, click here to view.
Peter Chapman writes, ‘FHFA delivered its motion to dismiss to Judge Martinotti (yesterday). FHFA echoes Treasury’s arguments and adds to
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February 2018

Wednesday February 28th 2018
A new lawsuit has been filed. Owl Creek v. U.S., click here to view.
Peter Chapman writes, “Owl Creek filed a lawsuit against the government in the U.S. Court of Federal Claims late last week. Owl Creek is represented by a team of corporate restructuring lawyers led by Bruce Bennett at Jones Day. Owl Creek owned approximately $2 billion of junior preferred stock in the GSEs acquired post-conservatorship and prior to imposition of the Net Worth Sweep. Count III of the complaint, at pp. 43-44, says HERA’s succession clause imposed duties on the government to honor the GSEs’ contracts and look out for non-controlling shareholders’ interests, and the government breached those duties. Count IV of the Complaint, at pp. 44-47, says the government breached its implied-in-fact contract with Owl Creek and other junior preferred shareholders.”
Peter Chapman further writes, “Owl Creeks’ team of lawyers at Jones Day has requested access to non-public discovery materials, and an updated chart showing who has access to those materials is (linked here).”
New note in the Collins case.
Peter Chapman writes, “Chief Judge Stewart and Judges Haynes and Willett are the three-judge panel who will hear argument in the Collins case before the Fifth Circuit one week from today in Fort Worth. See
http://www.ca5.uscourts.gov/clerk/calendar/1803/27.cthse.htm
“ICBA’s @HaynieRon on GSE reform: There are modifications and reforms that need to happen…” via @ICBA – Twitter
Get the Housing Industry Out of the U.S. Tax Code – Bloomberg View
The GSEs are not mentioned.
End of Watt’s Term as FHFA Director Seen as Leverage for Republicans in Congress – Inside Mortgage Finance
Freddie Mac Portfolio Up $2.4 Billion – The MReport
Fannie & Freddie Bailout Request Highlights Need for Housing Finance Reform – atr.org
From February 19th.
Tuesday February 27th 2018
New
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January 2018

Wednesday January 31st 2018
Redline Comments On Bob Corker’s GSE Bill Draft 29 – Scribd
By Josh Rosner
Corker’s GSE Bill Raises a Host of Questions. Five or Six MBS Guarantors Need to be Up and Running For it to Work – Inside Mortgage Finance
“Elizabeth Warren throwing some pretty cold water on the draft Corker-Warner housing overhaul…” via @peteschroeder – Twitter
Housing Policy Didn’t Cause the 2007 Crash – The Wall Street Journal
Subscription required for access.
Tim Howard comments on the Corker/Mnuchin meeting – Howard on Mortgage Finance
Tim Howard comments on the Draft of C-W 2.0 – Howard on Mortage Finance
Blog: Treasury’s Mnuchin talks GSE reform – Scotsman Guide
Trump speech bodes ill for banks’ D.C. priorities – American Banker
Mayor, Senator…Now What? – chattanoogapulse.com
Milken Institute White Paper: GSE duopoly must end, enabling new firms to compete with Fannie Mae (or any successors) – ValueWalk
Tuesday January 30th 2018
New filing in the Cacciapalle case (U.S. Supreme Court), click here to view.
Peter Chapman writes, “The Class Plaintiffs delivered a reply brief to the High Court today reminding the Justices that there is a split of authority among the Circuit Courts of Appeal that requires resolution.”
New filing in the Fairholme case (U.S. Supreme Court), click here to view.
Peter Chapman writes, “Fairholme delivered a reply brief to the U.S. Supreme Court today urging the Justices to accept its appeal for review and rein in the unlimited power FHFA thinks it has under HERA.”
New filing in the Perry case (U.S. Supreme Court), click here to view.
Peter Chapman writes, “Perry Capital delivered a reply brief to the High Court today. Perry tells the Justices that review is warranted to halt the “lawless government overreach” exemplified by the Net Worth Sweep and to prevent the
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December 2017

Friday December 29th 2017
Time to reform Fannie and Freddie is now – American Banker
Fannie and Freddie regain capital reserves; withhold billions from Treasury – HousingWire
What We’re Hearing: The Biggest Story of 2018? Fannie and Freddie, Of Course… – Inside Mortgage Finance
MBS Analysis: Looks Like the GSEs are Taking Market Share from FHA – Inside Mortgage Finance
Tax Overhaul Tops Tumultuous Year for Finance, With GSE Reform Possible in 2018 – Morning Consult
Thursday December 28th 2017
Better luck next year… – Bill Maloni’s GSE Blog
FHFA seeks input on GSE credit scoring system – Dodd Frank Update
Subscription required for access.
Fannie and Freddie make more money per employee than almost any other company – HousingWire
Expected on GSE Reform: Reconstituted Versions of Fannie and Freddie but… – Inside Mortgage Finance
Wednesday December 27th 2017
Schroder GAIA Paulson Merger Arbitrage Quarterly Fund Update Third Quarter 2017 – schroders.com
Private Capital, Not Crony Government Housing Trust Funds, Should Finance Housing Markets – The Daily Signal
Credit risk transfer bonds rise to one of best performing debts of 2017 – HousingWire
Investors are betting billions that your neighbor won’t default on his mortgage in 2018 – The Real Deal
Tuesday December 26th 2017
Fannie and Freddie Continue in Limbo while Congress Looks for a Permanent Fix for the Housing Finance Market – cato.org
50 Companies to Watch – Bloomberg
GSEs are number 21.
The Next Big Trade for Bond Investors Is Betting on U.S. Homeowners – Bloomberg
Add civil rights voices to housing policy reforms – The Philadelphia Tribune
10 top mortgage stories of 2017 – National Mortgage News
GSEs are on slide 10.
Federal Housing Finance Agency, Treasury reinstate capital reserves for Fannie, Freddie – Financial Regulation News
Financials, Fannie And Freddie: One Analyst’s Big Ideas For
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November 2017

Thursday November 30th 2017
The Economics of Reform – Howard on Mortgage Finance
ICBA Statement on GSE Profit Sweep Discussions – icba.org
Fannie And Freddie Watch: The Latest News Out Of Washington – benzinga
How Tax Reform Could Accelerate GSE Reform And Not Necessarily In A Good Way – Forbes
Acting Ginnie Mae President Michael Bright Makes His Pitch to Have Ginnie be the Big Kahuna of Government MBS – Inside Mortgage Finance
U.S. Fed buys $3.4 billion of mortgage bonds, sells none – Reuters
Wednesday November 29th 2017
New filing in the Roberts case, click here to view.
Peter Chapman writes, “FHFA lawyer Howard Cayne at Arnold & Porter advised the Seventh Circuit about the Sixth Circuit’s decision to reject Ms. Robinson’s challenge of the Net Worth Sweep based on her APA claims and Judge Sleet’s decision to reject Messrs. Jacobs and Hindes’ state law claims to invalidate the Third Amendment.”
New notation in the Bhatti case.
Peter Chapman writes, “The Court Clerk made a notation (Doc. 50) on the docket sheet indicating that Judge Schlitz has rescheduling the hearing on FHFA and Treasury’s motions to dismiss and the Bhatti Plaintiffs’ motion for summary judgment. The hearing will be held at 9:00 a.m. on Thurs., Dec. 21, 2017, in Minneapolis.”
Fannie-Freddie Watchdog Stokes Quiet Fight With White House – Bloomberg
Fannie and Freddie are fighting with the Trump administration over $7.7B – The Real Deal
Short Takes: Watt and Treasury, is there a Deal? / GSE MBS Investors May Want More Yield… – Inside Mortgage Finance
Fannie Mae Completes Final Credit Insurance Risk Transfer Transaction of 2017 on $16 Billion of Single-Family Loans – fanniemae.com
Fannie Mae transfers $16 billion in credit risk for last transaction of 2017 – HousingWire
Tax reform threatens to drain GSEs’ dwindling capital –
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October 2017

Tuesday October 31st 2017
Freddie Mac Reports Both Net Income and Comprehensive Income of $4.7 Billion for Third Quarter 2017 – freddiemac.com
Another Quarterly Treat for Treasury, Another Trick on Everyone Else – Investors Unite
Freddie Mac set to pass along $4.7B to U.S. after Q3 results – Seeking Alpha
Freddie Mac made billions in 3Q banner earnings, reaches “$1 trillion of mortgages” – HousingWire
Thanks to Legal Settlement, Freddie Mac has Blowout 3Q17: $7.19 Billion Profit (Pre-Tax); Almost $1B in Hurricane-Charges – Inside Mortgage Finance
Short Takes: Keeping an Eye on GSE Hurricane Charges / The Tax Bite / In the End, Treasury Wins No Matter What… – Inside Mortgage Finance
@FreddieMac 10-Q sweep language Q3 (above) v 2Q 2017 via @presvnconsv – Twitter
Freddie Mac’s (FMCC) CEO Don Layton on Q3 2017 Results – Earnings Call Transcript – Seeking Alpha
Investors Unite Teleconference on Legal Updates – Investors Unite
Occurs Wednesday, November 1, 2017, at 10:00 a.m. ET.
Treasury Stole Fannie Mae, Freddie Mac Stock, 7th Circ. Told – law360.com
Subscription required for full access.
House Financial Services Chairman Jeb Hensarling will not run for re-election in 2018 – CNBC
Vocal, powerful critic of Wall Street rules leaving Congress – Reuters
GSEs mull news of Hensarling retirement – Seeking Alpha
Residential Mortgage Finance Symposium – events.sfindustry.org
Occurs Tuesday and Wednesday of next week.
Monday October 30th 2017
New filing in the Roberts case.
Peter Chapman writes, “An audio recording of the hearing before the Seventh Circuit this morning is now available at http://media.ca7.uscourts.gov/sound/external/cc…mp3 at no charge.”
Fannie Mae Announces Scheduled Release of Third Quarter 2017 Financial Results – prnewswire.com
“Fannie Mae today announced plans to report its third quarter 2017 financial results on Thursday morning, November 2, 2017, before the opening of U.S. financial markets.”
NAMB Policy Position
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September 2017

Friday September 29th 2017
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, “Messrs. Jacobs and Hindes don’t see eye-to-eye with FHFA and Treasury. Messrs. Jacobs and Hindes tell Judge Sleet that, to the extent FHFA and Treasury proffer purported facts that aren’t supported by what FHFA and Treasury have said elsewhere, he should disregard those fake facts.”
New filing in the Roberts case, click here to view.
Peter Chapman writes, “The U.S. Court of Appeals for the Seventh Circuit has scheduled up to 40 minutes of oral argument concerning the Roberts Plaintiffs’ appeal starting at 9:30 a.m. on Mon., Oct. 30, 2017, in Chicago.”
Dividends on Enterprise Draws from Treasury – fhfa.gov
Fannie-Freddie Keep Giving Profits to U.S. Amid Talks on Changes – Bloomberg
Karen Petrou on Beware of Behemoths without Buffers – fedfin.com
Letter from Director Watt to Sherrod Brown via @DoNotLose – Twitter
What You Need to Know About Jerome Powell’s Views – Fox Business
H.Con.Res. 71: Establishing the congressional budget for the United States Government for fiscal year 2018 and setting forth the appropriate budgetary levels for fiscal years 2019 through 2027. – govtrack.us
Not sure when this text was introduced. Perform a word search for ‘fannie’.
GSE Reforms – American Action Forum
Monthly Summary August 2017 – fanniemae.com
Thursday September 28th 2017
Why We Fight On: A Parent’s Lament about the Sweep’s Impact on a Girl’s College Plan – Investors Unite
Second Circuit Affirms Judgment in Fed Suit Over Housing Crisis-Era Securities – New York Law Journal
Nomura, RBS lose bid to overturn $839 million mortgage bond award – Reuters
Fannie Mae Announces Two Credit Insurance Risk Transfer Transactions on $23 Billion of Single-Family Loans – prnewswire.com
Fannie Mae transfers risk on $23 billion in single-family loans – HousingWire
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August 2017

Thursday August 31st 2017
Fannie Mae Monthly Summary July 2017 – fanniemae.com
When the federal government took over Fannie Mae and Freddie Mac – The Washington Post
Wednesday August 30th 2017
New filing in the Fairholme case, click here to view.
Peter Chapman writes, “Caroline J. Anderson entered her appearance in the District Court on behalf of Treasury in Fairholme v. FHFA this morning.”
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, “Joel McElvain has withdrawn his appearance on behalf of Treasury in this matter.”
New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, click here to view.
Peter Chapman writes, “Caroline Anderson, representing Treasury, entered her appearance in the consolidated class action proceeding this afternoon.”
New filing in the Arrowood case, click here to view.
Peter Chapman writes, “Caroline Anderson, representing Treasury, entered her appearance in Arrowood v. Fannie Mae this afternoon.”
2nd filing in the Arrowood case, click here to view.
Peter Chapman writes, “Joel McElvain has withdrawn his appearance on behalf of Treasury in this matter.”
New filing in the Perry case, click here to view.
Peter Chapman writes, “Joel McElvain has withdrawn his appearance on behalf of Treasury in this matter.”
Fannie and Freddie say appraisals are not always necessary – The Washington Post
For Sale: Freddie’s Largest RPLs – DS News
Tuesday August 29th 2017
New filings in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations
Notice of Appearance
Notice of Appearance
Notice of Appearance
Peter Chapman writes, “Stacey Grigsby, Jonathan Shaw and Alexander Platt at Boies Schiller Flexner entered their appearances today in the consolidated class action proceeding before Judge Lamberth on behalf of Joseph Cacciapelle.”
New filing in the Rop case, click here to view.
Peter Chapman writes,
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July 2017

Monday July 31st 2017
A Pattern of Deception – Howard on Mortgage Finance
A cautionary note for those intent on gutting GSEs – American Banker
Additional Government Documents Unsealed in GSE Shareholder Case – Inside Mortgage Finance
New Docs Support Fannie Mae and Freddie Mac Shareholders in Court – Infowars
Fannie Mae Announces Scheduled Release of Second Quarter 2017 Financial Results – fanniemae.com
“Fannie Mae today announced plans to report its second quarter 2017 financial results on Thursday morning, August 3, 2017, before the opening of U.S. financial markets.”
Sunday July 30th 2017
Michael Kimelman: How Obama committed “biggest theft in history” – Youtube
Amended Complaint Shows Government Lied To Public About GSEs – Seeking Alpha by Glen Bradford
Saturday July 29th 2017
Obama Looted Fannie Mae and Freddie Mac – American Thinker
Freddie Mac Announces Release Date for Second Quarter 2017 Financial Results – freddiemac.com
2Q results will be released on Tuesday, August 1st.
High Court Bid Planned by Fannie/Freddie Investors – cftn.news
Subscription required for full access.
H.R.3556 – To require Fannie Mae and Freddie Mac to engage in credit risk transfer transactions, and for other purposes – congress.gov
05/18/2017 – Sen. Corker makes his ’75 days’ comment to Treasury Secretary Mnuchin – C-SPAN (Video)
Friday July 28th 2017
New Documents Give Hope to Fannie Shareholders Seeking Redress – Bloomberg
Fannie And Freddie Investors Hope New Unsealed Court Documents Are The Smoking Gun They Need – benzinga.com
Mnuchin Mum on Trump Administration’s Plans for GSE Reform at Hearing – Inside Mortgage Finance
Fannie, Freddie reformer Rep. John Delaney running for president in 2020 – HousingWire
Obama’s “bailout” ripoff, PLUS: Our proud British past (Mike Kimelman, Kevin Donnelly) – therebel.media
This appears to be a podcast that you have to subscribe to. Concerning the GSEs, they state “Nobody is
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June 2017

Friday June 30th 2017
New filing in the Fairholme case, click here to view.
Peter Chapman writes, “The parties delivered their status report to Judge Sweeney this afternoon. Unless Fairholme finds it necessary to file another motion to compel, the parties anticipate that discovery will draw to a close by Mon., Aug. 3, 2017.”
9 Years Later: Addressing The Housing Finance Conundrum – Seeking Alpha
Coalition renews pitch to recapitalize GSEs – Scotsman Guide
Fannie and Freddie face fragmentation – mpamag.com
Thursday June 29th 2017
Principles of Housing Finance Reform – senate.gov
Housing finance system needs updates, not overhaul – American Banker
Securities-Level Backstop Threatens Taxpayer Protection – Morning Consult
Op-Ed: To reform the housing market, get rid of these two bloated behemoths – CNBC
Fannie Mae Should Rethink Its Plans to Expand Role in Housing Finance Sector – The Daily Signal
Senate Opens Legislative Season On Fannie And Freddie Ignoring Theft Of Shareholder Value – Infowars
Senate committee takes first steps in making GSE reform a key priority – HousingWire
Short Takes: Sen. Crapo: Recap & Release is Not a Solution / MBA Chimes In as Well… – Inside Mortgage Finance
House Panel May Take Up GSE Reform After All – Inside Mortgage Finance
Bob Corker: Fannie Mae and Freddie Mac can be reformed this year
FHFA Proposes 2018-2020 Housing Goals For Fannie Mae and Freddie Mac – fhfa.gov
FHFA proposes new housing goals for Fannie, Freddie – HousingWire
Federal agency holds closed-door meeting about single-family rentals – revealnews.org
Opinion GSE reform done right ensures a level playing field for all – National Mortgage News
GSE Status Quo No Longer an Option – The MReport
GSE reform rises again – Scotsman Guide
Senator Sees ‘Consolidation’ on GSE Overhaul Principles – Morning Consult
Letter: 30-year fixed mortgage provided stability and
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