November 2016

Wednesday November 30th 2016
New filing in the Collins case, click here to view.
Peter Chapman writes, “Judge Atlas entered an order this afternoon welcoming Mr. Zimpleman to her court.”
Wilbur Ross: TPP is not going to happen – Fox Business Video
Start at 04:55. “We’ve got to get Fannie and Freddie out of government ownership. It makes no sense that these are owned by the government and have been controlled by the government for as long as they have.”
– Steven Mnuchin
Watch Trump’s picks for Treasury and Commerce explain their plans – CNBC Video
Fannie, Freddie need to get out of government ownership: Mnuchin – Reuters
Fannie and Freddie Should Exit Government Grip, Mnuchin Says – Bloomberg
Fannie Mae And Freddie Mac May Be Privatized By Incoming Treasury Secretary Mnuchin – Forbes
Incoming Treasury Chief Mnuchin: Resolving Fannie and Freddie a Top Priority. Share Prices Soar! – Inside Mortgage Finance
Why Fannie Mae and Freddie Mac Are Soaring by 30% Today – The Motley Fool
Trump Treasury pick: Fannie Mae and Freddie Mac will be privatized – HousingWire
Fannie and Freddie: Maybe This Time it’s Different – TalkMarkets
What’s the Future for Fannie and Freddie? – Bloomberg Video
Featuring Chris Whalen and Josh Rosner
Trump Makes Fannie Mae And Freddie Mac Shareholders Great Again – Valuewalk
Next Treasury Sec promises tax cuts, roll-back of Dodd-Frank, getting out of GSEs – Seeking Alpha
FNMA – jetpacks engaged – Reddit
Why are FNMA and FMCC booming so much right now? – Reddit
What Fannie Mae And Freddie Mac Do, And Why The Government Helps Them Do It – Benzinga
What Treasury Nominee Steven Mnuchin Means for the Mortgage Market – WSJ
Fannie, Freddie surge as Treasury-pick Mnuchin advocates their release from government control – MarketWatch
Mnuchin wants U.S. to sell
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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
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September 2016

Friday September 30th 2016
New filing in the Fairholme case. Peter Chapman writes, “The parties delivered a Joint Status Report (Doc. 336) to Judge Sweeney this afternoon telling her what parts of her Sept. 20 Opinion they agree should be kept under seal.”
2nd filing in the Fairholme case, click here to view.
3rd filing in the Fairholme case, click here to view.
Peter Chapman writes, “Michael Sammons filed a Motion to Intervene in Fairholme v. U.S. and took some swipes at Judge Sweeney. In response, Judge Sweeney denied his motion. Copies of Mr. Sammons’ Motion and Judge Sweeney’s Order are (linked above).”
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 filed their Replies this afternoon in support of their request to remand their lawsuit to Florida state court. In short, the Edwards Plaintiffs argue that HERA doesn’t insulate PwC from litigation and FHFA has no business interjecting itself into litigation to which it and the GSEs are not parties.”
Berkowitz: Fairholme Turnaround? – Youtube
Bruce Berkowitz on Consuelo Mack Wealthtrack
Exclusive: Fannie and Freddie Received Marching Orders from the FHFA: Have the Same G-Fees – Inside Mortgage Finance
Judge Orders Government to Produce More Documents In GSE Shareholder Case, Shows Signs of Annoyance – Inside Mortgage Finance
Subscription required for access.
Does Heartland v NLRB Provide Clues for Perry Upcoming Decision? – ValuePlays
Toward a New Secondary Mortgage Market – Milken Institute
By Michael Bright and Ed DeMarco
Ninth Circuit Holds that Fannie Mae and Freddie Mac Are Not Agents of the Government Under the False Claims Act – JD Supra
BRIEF-Freddie Mac to sell last STACR offering of 2016 – Reuters
Thursday September 29th 2016
Response to FHFA on Credit
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August 2016

Wednesday August 31st 2016
In the Robinson case, Peter Chapman writes, “The Clerk made a notation on the docket sheet today saying: ‘***FILE SUBMITTED TO CHAMBERS of Judge Caldwell for review’.”
New filing in the Saxton case, click here to view.
Peter Chapman writes, “The Saxton Plaintiffs expressed their disagreement with the significance and applicability of Judge Cacheris’ decision in Pagliara v. Freddie Mac in a filing delivered to Chief Judge Reade in Iowa this morning.”
Fannie Mae: Mortgage Serious Delinquency rate declined in July, Lowest since May 2008 – Calculated Risk Blog
New Fitch Ratings for Fannie Mae’s CAS Notes – DS News
Here’s “clear evidence” the credit box is way too tight – HousingWire
Tuesday August 30th 2016
New filing in the Deloitte case, click here to view.
Peter Chapman writes, “FHFA delivered its Reply in support of its substitution request to Judge Scola yesterday. While the substitution request is now fully briefed, it won’t be considered until mid-October at the earliest as Judge Scola has indicated he will rule on the Shareholders’ Remand request first, and briefing about that topic won’t be completed until Oct. 12.”
New filing in the Saxton case, click here to view.
Peter Chapman writes, “FHFA tendered a copy of Judge Cacheris’ decision in Pagliara v. Freddie Mac to Chief Judge Reade in Iowa this morning, telling her that this is new case law in support of the government’s motions to dismiss the Saxton Plaintiffs’ lawsuit.”
New filing in the Robinson case, click here to view.
Peter Chapman writes, “FHFA tendered a copy of Judge Cacheris’ decision in Pagliara v. Freddie Mac to Chief Judge Caldwell in Kentucky this morning, telling her that this is new case law in support of the government’s motions to dismiss Ms. Robinson’s lawsuit.”
Will the Urban Institute
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July 2016

Sunday July 31st 2016
Tim Howard discusses the impact of a GSE draw from Treasury – Howard on Mortgage Finance
The Week Ahead: Sizing Up the GSEs’ Financial State – DS News
Stop pretending America’s housing boom had nothing to do with lending standards – Twitter via FT Alphaville
GSEs are not mentioned.
Friday July 29th 2016
New filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, “FHFA and Freddie Mac delivered their Reply to Judge Cacheris this evening. Judge Cacheris will hear oral arguments on FHFA and Freddie’s Motions to substitute and dismiss at 10:00 a.m. on Thurs., Aug. 4, 2016, in Alexandria, Va.”
New filing in the Roberts case, click here to view.
Peter Chapman writes, “FHFA delivered a memorandum in support of its motion to dismiss on July 13, raising its capital classification argument and saying that the Congress blessed the Third Amendment late last year.”
2nd filing in the Roberts case, click here to view.
Peter Chapman writes, “The Roberts Plaintiffs delivered a motion to Judge Chang this morning asking the Court to unseal its amended complaint.”
Will FNMA and FMCC Bring Extraordinary Returns to Investors This Summer? – Forbes
Abductive Reasoning: The Government Theft Of Fannie Mae And Freddie Mac – Seeking Alpha by Glen Bradford
Fannie And Freddie Changes; Jumbo Market Altering And Not For The Better – Mortgage News Daily
Fannie Mae Announces Scheduled Release of Second Quarter 2016 Financial Results – PR Newswire
Rate Plunge at End of 2Q16 Means GSEs Likely Took Hits on Their Derivatives; But Strong G-Fee Revenue May Soften the Blow – Inside Mortgage Finance
Commercial Mortgage Securitization Took a Tumble in 2Q16; Non-Agency Issuance Hits Four-Year Low – Inside Mortgage Finance
Thursday July 28th 2016
BRIEF-Fannie Mae Releases June 2016 Monthly
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June 2016

Thursday June 30th 2016
New filing in the Robinson case, click here to view.
Peter Chapman writes, “Ms. Robinson filed her response to FHFA’s recently advanced you-can’t-challenge-capital-classification argument, urging Judge Thapur to ignore this sideshow.”
New filing in the Saxton case, click here to view.
Peter Chapman writes, “The Saxton Plaintiffs delivered their Response to FHFA and Treasury’s Motions to Dismiss the shareholders’ Amended Complaint challenging the Net Worth Sweep. The Saxton Plaintiffs urge Chief Judge Reade to deny the government’s Motions to Dismiss and allow their lawsuit to proceed to trial.”
The Novel Procedural Complexities in Perry Capital v. Lew – Forbes
By Richard Epstein
U.S. Seeks to Cut Investor Dominance in Buying Soured Mortgages – Bloomberg
Short Takes: …A GSE Price Cut, Not an FHA One?… – Inside Mortgage Finance
Fannie Mae, Freddie Mac resolve just 24% of non-performing loans – HousingWire
Fannie Mae’s Mortgage Portfolio Value Tumbles – DS News
Former FHFA head wants to turn Fannie, Freddie into insurance companies – The Real Deal
Wednesday June 29th 2016
New notation in the Deloitte case. Peter Chapman writes, “Judge Scola entered a paperless order (Doc. 17) giving the Edwards Plaintiffs until Aug. 1 to respond to FHFA’s renewed substitution motion.”
Why Housing Reform Still Matters – Milken Institute
By Michael Bright and Ed DeMarco
Fannie-Freddie Would Be Lender-Owned in DeMarco’s Plan – Bloomberg
Ex-FHFA Chief Makes Case for Radical Housing Reform – DS News
FHFA Examiners Worry About Inability of GSEs to Build Capital; Risk-Transfer Costs a Concern Too – Inside Mortgage Finance
Groups say Fannie and Freddie are gouging home buyers with add-on fees – Washington Post
Fannie Mae, Freddie Mac look for more ways to share credit risk – HousingWire
Supreme Court to Hear Case Involving Where Fannie Can Be Sued – National Mortgage News
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May 2016

Tuesday May 31st 2016
New filing in the Fairholme case, click here to view.
Peter Chapman writes, “Rather than filing the Joint Status Report Judge Sweeney asked to be filed Friday, Fairholme and the government ask Judge Sweeney for permission to file that Report late and simultaneously tell her that they believe she should release her Order (Doc. 326) dated May 20, 2016, from seal.”
Mounting Trail Of Evidence Proves Fanniegate Community Is Probably More Right Than Wrong – Seeking Alpha by Glen Bradford
Are Banks Eliminating Fannie Mae & Freddie Mac Holdings? – Valuewalk
Republicans set to unveil plan to replace Dodd-Frank – HousingWire
Letter To Mel Watt On Fannie Mae & Freddie Mac’s Capital Buffers – Valuewalk
@JoshRosner tweeted out the same letter.
The Administration Constitution in Exile – wmlawreview.org
The Third Amendment is discussed on page 960.
What is Driving the GSE Default Rate Down? – DS News
Recap of R Street’s May 26 GSE reform conference – rstreet.org
GSEs Remain in Full Gear – Scotsman Guide
The Obama Administration’s Disrespect For The Rule Of Law Hits A New Low – Forbes
Corker: Fed probe won’t hurt me with Trump – Politico
Tim Howard discusses Fannie Mae’s revenue streams – Howard on Mortgage Finance
Monday May 30th 2016
Judge Seeks More on GSE Profit Sweep – DS News
Now Below 2016 Cap, Fannie Mae Portfolio Shrinks Further – DS News
08/14/2012 – Do Vets Benefit When Fannie Mae And Freddie Mac Profit? – Veterans United Network
Saturday May 28th 2016
Are the Clintons the real housing crash villains? – CNBC
Buyer beware: New state law allows riskier investment options for local governments – The Morning Call
Bruce Berkowitz’s Noteworthy Q1 Moves in Financial Stocks – Insider Monkey
The article does not mention a change in the positions
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April 2016

Saturday April 30th 2016
Revolvers Beware: A Good Credit Score Might Not Be Enough For A Mortgage – Forbes
NO HELP Bank Meddling by feds may lead to bad outcome – Paducah Sun
Subscription required, but you can sort of read it without subscribing.
The Big Short(sighted), a New Movie by Congressman Lynch – TownHall
Friday April 29th 2016
Dick Bove: Where will the mortgage money come from? – HousingWire
Freddie Mac may need another taxpayer bailout next week – MarketWatch
Freddie Mac Sets Release Date for First Quarter 2016 Financial Results – Market Wired
“The company will hold a conference call at 9:00 a.m. Eastern time (ET) on Tuesday, May 3, 2016, to discuss the company’s results…”
Republicans Ready for GSE Reform? – REFinBlog
3 Companies Fighting Uncle Sam In Court (HAL, MSFT, FNMA) – InvestorPlace
Fannie Mae Monthly Summary March 2016 – fanniemae.com
A Year After Baltimore Protests, Racial Wealth Gap Remains at the Core of Economic Frustration – Huffington Post
“…there is still much that can be done, including additional reforms to Fannie Mae and Freddie Mac to allow them to rebuild capital and ensure they are serving communities of color”
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.
3rd filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, “FHFA’s lawyers from Arnold & Porter entered their appearances in the Eastern District of Virginia yesterday. Later today, FHFA and Freddie Mac should be filing their Reply in support of their request to stay Mr. Pagliara’s lawsuit.”
4th filing in the Pagliara v. Freddie Mac case, click here to view.
Peter Chapman writes, “FHFA and Freddie Mac filed their Reply today again arguing that
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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
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February 2016

Monday February 29th 2016
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, “Timothy Howard encourage Judge Sleet to accept his Amicus Brief and allow the facts he relates to illuminate the absurdity of the limitless power FHFA and Treasury believe HERA granted to them. A copy of Mr. Howard’s filing is attached to this e-mail message.”
New filing in the Saxton case, click here to view.
2nd filing in the Saxton case, click here to view.
Peter Chapman writes, “Magistrate Scoles approved FHFA and Treasury’s request to file their Motion to Reinstate a Stay of the Deadline to File an Administrative Record and a Brief in support of that request under seal and file a redacted version for public consumption. Following entry of that order, FHFA and Treasury filed the sealed and redacted versions of their Motion. FHFA and Treasury stick to their positions that no facts make any difference in this case because HERA insulates them from all shareholder litigation.”
Treasury and its Allies Imprison Fannie and Freddie with Math That Doesn’t Add Up – Investors Unite
Same article from Valuewalk.
Investigation of David H. Stevens for Possible Violations of Federal Ethics Law – Scribd
The official letter.
Ethics Group Urges Inquiry of Mortgage Banking Lobbyist Who Led F.H.A. – NY Times
By Gretchen Morgenson
Watchdog group demands investigation of MBA head – MPA
Freddie Mac and Fannie Mae Not Considered Government Agents Under the FCA – The FCA Insider
Fannie/Freddie Earnings Up in 2015 as More Earnings Come from MBS Guaranty Fees – Inside Mortgage Finance
Subscription required.
Fannie Mae Monthly Summary January 2016 – fanniemae.com
@JonAPrior tweets about the PLS market reboot – Twitter
@USTreasury tweets about the PLS market – Twitter
Mortgage-Bond Reform Proposal to Melt 8-Year Freeze Advances
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