March 2017

Friday March 31st 2017
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, “FHFA’s lawyers at Richards & Layton entered their appearance today in the Delaware Chancery Court.”
New filing in the Perry case, click here to view.
Peter Chapman writes, “The Class Plaintiffs want the three-judge panel in D.C. to modify its ruling in Perry v. Mnuchin to make it clear that “[t]he relevant expectations for the breach of implied covenant claims are the expectations of the shareholders who purchased preferred or common shares in the Enterprises when those shares were issued, not the subsequent expectations of shareholders who purchased shares in the secondary market.” A copy of the Class Plaintiffs’ rehearing petition is (linked above).
That fallacious attempt to discriminate among GSE shareholders based on the dates they purchased their shares is also buried in our government’s supplemental motion to dismiss posted at http://gselinks.com/Court_Filings/Fairholme/13-465-0161.pdf delivered to Judge Sweeney on June 8, 2015. Briefing on that narrow topic was stayed in accordance with Judge Sweeney’s order posted at http://gselinks.com/Court_Filings/Fairholme/13-465-0240.pdf entered on Sept. 9, 2015.”
Time to Fix Fannie and Freddie – The Weekly Standard
The Next Move on Fannie and Freddie Won’t Come from Capitol Hill – Investors Unite
Daily Treasury Statement – fms.treas.gov
The Daily Treasury Statement will show if the GSE dividend payment has been made.
According to this table from the FHFA, the payment was made, or is scheduled to be made, on 3/31/2017.
PHH to Lose CEO; Fannie/Freddie Changes–Their Future Remains Uncertain – Mortgage News Daily
Fannie, Freddie may write down $21 billion due to U.S. tax cut: BMO – Reuters
What We’re Hearing: Uncle Sam’s Cash Cow: Mortgages / Time to Kill the GSE CRT Deals? / Should a Conservator Conserve?… – Inside Mortgage Finance
Fannie
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February 2017

Tuesday February 28th 2017
New filing in the Collins case, click here to view.
2nd filing in the Collins case, click here to view.
Peter Chapman writes, “FHFA and Treasury delivered their replies in support of their motions to dismiss the Collins Plaintiffs’ complaint to Judge Atlas. Congress, FHFA says, made it clear that the agency is insulated from lawsuits and there are no exceptions applicable to GSE shareholders. Treasury maintains its position that Judge Atlas has no jurisdiction to entertain the Collins Plaintiffs’ complaint and it should be dismissed.”
New filing in the Saxton case, click here to view.
Peter Chapman writes, “Judge Reade entered an order this morning advising FHFA and Treasury’s lawyers that their local lawyers in Cedar Rapids are not required to attend the hearing on Mar. 23.”
Deferred Reform, and Deferred Taxes – Howard on Mortgage Finance
An Ugly Editorial from the Washington Post – Investors Unite
Lawsuit: Obama Robbed Private Investors To Fund Obamacare – Infowars
QuickTake: The Future of Fannie Mae and Freddie Mac – Bloomberg
Picking up a Head of Steam: Congressional Interest in GSE Reform? – Inside Mortgage Finance
Fannie and Freddie Keep Lending in 2017 – National Real Estate Investor
Obamacare Robs from Fannie and Freddie to Stay Afloat – Youtube
Fannie-Freddie bailout looms over White House – Politico
Fannie Mae Monthly Summary January 2017 – fanniemae.com
Monday February 27th 2017
New filing in the Collins case, click here to view.
Peter Chapman writes, “Judge Atlas entered an order today directing the parties to file a Joint Discovery and Case Management Plan by Apr. 10, 2017, and summoning the parties to her courtroom for a get-together on Apr. 17.”
2nd filing in the Collins case, click here to view.
3rd filing in the Collins case, click here to view.
Peter
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January 2017

Tuesday January 31st 2017
New filing in the Perry case, click here to view.
Peter Chapman writes, “Fairholme’s lawyers alerted the D.C. Circuit to the Federal Circuit’s decision upholding most of Judge Sweeney’s discovery-related rulings. Fairholme tells the D.C. Circuit that it is now obvious that the administrative record on which Judge Lamberth based his opinion dismissing the District Court litigation was incomplete.”
New filing in the Fairholme case, click here to view.
Peter Chapman writes, “Judge Sweeney entered an order this afternoon confirming that the government can withhold production of eight of the 56 allegedly privileged documents she reviewed in her chambers at Fairholme’s request. A copy of Judge Sweeney’s order entered this afternoon is (linked above). A chart identifying the eight secret documents and the 48 documents the government needs to provide to Fairholme’s lawyers is (linked here).”
2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, “Judge Sweeney entered a second order today directing the parties to file a joint status report on or before Mon., Feb. 21, 2017 (which is a non-existent date, but why quibble?) how they want to proceed to complete jurisdictional discovery and briefing of the government’s motion to dismiss.”
In the Fairholme case, Peter Chapman notes, “According to Judge Sweeney’s order (Doc. 351) dated Dec. 13, 2016, the government is scheduled to provide its explanation about why it shouldn’t be required to pay Fairholme’s legal fees required to obtain access to the 48 documents that the Federal Circuit said yesterday aren’t privileged by Mon., Feb. 20.”
New filing in the Pagliara v. Fannie Mae case, click here to view.
Peter Chapman writes, “FHFA sent Judge Sleet a letter this afternoon telling him that the U.S. Supreme Court’s decision in Lightfoot v. Cendant is irrelevant.”
New
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December 2016

Friday December 30th 2016
New filing in the Perry case, click here to view.
Peter Chapman writes, “Fairholme doesn’t agree with FHFA’s interpretation of the recent El Paso decision, and a copy of Mr. Cooper’s letter to the D.C. Circuit expressing that is (linked above).”
New filing in the Robinson case, click here to view.
2nd filing in the Robinson case, click here to view.
Peter Chapman writes, “Three events occurred today in Ms. Robinson’s appeal pending in the Sixth Circuit:
(A) Gerard J. Sinzdak, Esq., entered his appearance (Doc. 17) as another DOJ lawyer representing Treasury;
(B) the Clerk made a notation (Doc. 18) on the docket saying the “Mediation Office is no longer involved in this appeal”; and
(C) Ms. Robinson filed an unopposed motion (Doc. 19) asking the Court to extend the deadline to file her opening brief to Feb. 10, 2017.
Copies of Docs. 17 and 19 are (linked above).”
New filing in the Roberts case, click here to view.
Peter Chapman writes, “Judge Chang entered a Minute Order yesterday rescheduling the status hearing for 11:00 a.m. on Feb. 16, 2017.”
How Wall Street could cash in on President Trump – The Week
What We’re Hearing: 10 Mortgage Firms to Keep an Eye on in 2017 – and Why – Inside Mortgage Finance
Thursday December 29th 2016
New filing in the Fairholme case (Sammons Appeal), click here to view.
Peter Chapman writes, “The Federal Circuit entered an order today accepting Mr. Sammons’ Supplemental Reply Brief.”
Treasury Department Officials: Obama Supports ‘Explicit’ Guaranty on a ‘Defined Class’ of MBS – $FNMA $FMCC – Reddit
To Privatize (or Not) Fannie and Freddie, That is the Question – Inside Mortgage Finance
Fed buys $3.2 billion of mortgage bonds, sells none – Reuters
Fannie Mae Monthly Summary November 2016 –
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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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