| 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 Chapman writes, “FHFA filed a cross-motion for summary judgment on the Collins Plaintiffs’ constitutional claim and a memorandum in opposition to the Collins Plaintiffs’ motion for summary judgment on that claim and in support of its cross-motion. FHFA argues that its structure comports with established precedent and is entirely constitutional. Moreover, FHFA says, even if FHFA were unconstitutional, the Third Amendment would still stand.” |
| Fannie And Freddie: Mnuchin Reveals New Clues – Seeking Alpha |
| Buffett: Government-sponsored mortgages important, but not… – CNBC Video |
| Buffett: Government sponsored mortgages important; Frannie a bad model – Seeking Alpha |
| Buffett feels government-backed 30-year mortgage ‘enormously important’ – The Fly |
| Sometimes a cigar is just a cigar – Bill Maloni’s GSE Blog |
| Exclusive: Obama Illegally Robbed Fannie, Freddie To Fund Obamacare – Infowars |
| Watch the Alex Jones Radio Show – infowars.com The GSE segment starts around 04:55:00. The host says the White House has been alerting the media to the GSE/Obamacare story. |
| Fannie And Freddie Were ‘Illegally Robbed’ By Obamacare, Infowars Claims In New Report – Benzinga |
| Short Takes: Letting the Single-Security Flag Fly at SFIG / Lots of Emails Regarding the GSEs / $10B of GSE Preferred Sold the Year Before Seizure / Maloni Responds… – Inside Mortgage Finance |
| The demise (we hope) of an ugly lawsuit – The Washington Post |
| Sunday February 26th 2017 |
| GSE Preferred Shareholders Win Remand On Contract Claims – Seeking Alpha by Glen Bradford |
| Friday February 24th 2017 |
| New filing in the Perry case, click here to view. Peter Chapman writes, “The D.C. Circuit entered an order, a copy of which is (linked above), that kind of got lost in this week’s drama. Contemplating that that the Institutional Plaintiffs and the Class Plaintiffs will request a rehearing before the full court, the court will withhold transmission of its decision to Judge Lamberth until seven days following the D.C. Circuit’s disposition of a timely rehearing petition. Weeks will pass before any activity occurs in Judge Lamberth’s courtroom.” |
| New filing in the Fairholme case, click here to view. Peter Chapman writes, “Fairholme and the government delivered a Joint Status Report Judge Sweeney this afternoon. Fairholme wants access to the remaining 11,000 it says were improperly withheld based on bogus privilege claims. The government has no intention of turning those 11,000 documents over to Fairholme unless ordered to do so. The government wants to move forward with briefing on its motion to dismiss rather than fuss with more documents. Fairholme wants to take a quick peek at the 11,000 documents before proceeding.” |
| New filing in the Jacobs and Hindes case, click here to view. Peter Chapman writes, “Judge Sleet entered a Memorandum Order this afternoon allowing Messrs. Jacobs and Hindes to amend their complaint to reshuffle their legal theories. Judge Sleet finds that notice of this reshuffling to other shareholders is not required. Once Messrs. Jacobs and Hindes likely file their amended complaint next week and FHFA and Treasury’s motions to dismiss that amended complaint will follow in late-March or April. “ |
| Mnuchin at Treasury Likely Lifts Changes of GSE Lawsuit Settling via @pgray41 – Twitter |
| Fairholme’s GSE Takings Claim May Be Harder After Circuit Ruling via @pgray41 – Twitter |
| Fannie & Freddie’s future likely in hands of court or legislature: CEO – CNBC Video |
| [Video] MBA CEO: The future of Fannie Mae and Freddie Mac reform – HousingWire |
| Redwood Trust CEO: We’re ready for Trump to bring private capital back to mortgages – HousingWire |
| What We’re Hearing: Okay, So Mnuchin is One of Them, But… – Inside Mortgage Finance |
| Fannie-Freddie bailout looms over White House via @RobTVDC – Twitter |
| Fannie Mae Announces Second Front-End Credit Insurance Risk Transfer Transaction – MarketWatch |
| Fannie Mae announces new front-end credit risk-sharing deal – HousingWire |
| The Bull Case for Fannie Mae (FNMA) and Freddie Mac (FMCC) Stock Is Still Alive – InvestorPlace |
| Thursday February 23rd 2017 |
| New filing in the Saxton case, click here to view. Peter Chapman writes, “Judge Reade has summoned the parties in Saxton v. FHFA to a hearing starting at 8:00 a.m. on Thurs., Mar. 23, 2017, in Cedar Rapids, Iowa, for a 3-1/2 hours of oral argument on FHFA and Treasury’s motions to dismiss.” |
| Treasury’s Mnunchin: Committed to fixing Fannie Mae & Freddie – CNBC Video GSE talk at 01:24 |
| Steven Mnuchin: Housing reform is a priority for me – Fox Business Video |
| [WATCH] Treasury Secretary Mnuchin says expect GSE reform during Trump administration – HousingWire |
| Mnuchin On CNBC Talks Fannie Mae Reform “committed to not leaving these entities the way they are” – Valuewalk |
| Mnuchin’s Zeal for Fannie-Freddie Overhaul Tested by Ruling – Bloomberg |
| Fannie Mae and Freddie Mac: Let’s Get This Straight – Seeking Alpha |
| Fairholme Chief Bruce Berkowitz on GSE Legal Setback: ‘This is far from over.’ – Inside Mortgage Finance |
| Frannie: Privatization Is A Pipe Dream – Seeking Alpha |
| What If The Government Loosened Its Grip On Federal National Mortgage Association Fannie Mae – stocknewsunion.com |
| Fannie Mae’s Blackstone Deal Provokes Blowback – Mortgage News Daily |
| Mnuchin Stays Vague On Fannie And Freddie In New Interviews – Benzinga |
| Fannie-Freddie case puts spotlight on Mnuchin’s housing finance plans – The Real Deal |
| Wednesday February 22nd 2017 |
| New filing in the Fairholme case, click here to view. Peter Chapman writes, “Rather than delivering a Joint Status Report to Judge Sweeney, Fairholme and the government have asked for an extension until Friday to deliver that document. The parties tell Judge Sweeney they don’t see eye-to-eye concerning discovery. Judge Sweeney will likely enter an order approving the three-day extension later today.” |
| 2nd filing in the Fairholme case, click here to view. Peter Chapman writes, “Judge Sweeney granted the three-day extension.” |
| What Will Happen to GSEs Under the Trump Administration? – Yahoo Video featuring Josh Rosner |
| Fairholme Provides Update on Fannie Mae and Freddie Mac – Yahoo |
| Berkowitz on Frannie: “This is far from over” – Seeking Alpha |
| U.S. court deals setback to Miami investor fighting Fannie Mae and Freddie Mac – Miami Herald |
| Freddie Mac Has Fully Paid Back The Government: A Review Of Fannie And Freddie’s Q4 Results – Seeking Alpha |
| Fannie Mae and Freddie Mac Earned $20 Billion in 2016 — Will Investors Finally See Some of It? – The Motley Fool |
| 2 Ways Fannie And Freddie Shareholders May Still Have A Chance In Court – Benzinga |
| Opinions Are Free, But GSE Reform Will Likely Be Expensive – MortgageOrb |
| What Financial Reform Under Trump Might Mean for CRE – National Real Estate Investor |
| NAR Wants the GSEs to Reduce Fees, Complains to FHFA about Fannie Financing SFRs for Wall Street – Inside Mortgage Finance |
| Realtors say Fannie, Freddie moves are limiting inventory, pressuring prices – MarketWatch |
| Fannie And Freddie: Untouchable – Seeking Alpha |
| Fannie And Freddie: Was There A Big Buyer Yesterday? – Seeking Alpha |
| Tomorrow on @CNBC at 7am ET: Treasury Secretary Steven Mnuchin… – Twitter Treasury Secretary Mnuchin is also appearing at 8am ET on Fox Business News. |
| Treasury Secretary Steven Mnuchin Sees Tax Overhaul by August (WSJ) via @jstorres – Twitter “In his first week on the job, Mr. Mnuchin has spoken with around 10 foreign counterparts and other leaders, including International Monetary Fund Director Christine Lagarde. He also has met with Mel Watt, the director of the Federal Housing Finance Agency, the independent regulator of mortgage companies Fannie Mae and Freddie Mac…” |
| Don’t Despair; Hope for GSE Friends – Bill Maloni’s GSE Blog |
| Tuesday February 21st 2017 |
| New filing in the Perry case, click here to view. ( 1 page Judgement) |
| 2nd filing in the Perry case, click here to view. (Opinion) From page 5: We hold that the stockholders’ statutory claims are barred by the Recovery Act’s strict limitation on judicial review. We also reject most of the stockholders’ common-law claims. Insofar as we have subject matter jurisdiction over the stockholders’ common-law claims against Treasury, and Congress has waived the agency’s immunity from suit, those claims, too, are barred by the Recovery Act’s limitation on judicial review. As for the claims against FHFA and the Companies, some are barred because FHFA succeeded to all rights, powers, and privileges of the stockholders under the Recovery Act; others fail to state a claim upon which relief can be granted. The remaining claims, which are contract-based claims regarding liquidation preferences and dividend rights, are remanded to the district court for further proceedings. Peter Chapman writes, ‘”[C]ontract-based claims regarding liquidation preferences and dividend rights,” the three-judge panel directs, “are remanded to the district court for further proceedings.” Opinion at 5. The D.C. Circuit sees “no need to remand the claims for the district court to consider a fuller administrative record.” Id. at 33, n. 12. The class plaintiffs secured the D.C. Circuit’s permission to ask Judge Lamberth for his permission to “amend the[ir] complaint to add” new “direct fiduciary breach claims regarding the Fannie Mae Third Amendment.” Id. at 61. The D.C. Circuit instructs Judge Lamberth to “evaluate . . . under the correct legal standard . . . whether the Third Amendment violated the reasonable expectations of the parties at the various times the class plaintiffs purchased their shares.” Id. at 68.’ |
| New filing in the Fairholme case, click here to view. Peter Chapman writes, “Our government filed its Response in the Court of Federal Claims today explaining to Judge Sweeney why is should not be required to pay the legal fees Fairholme incurred to obtain access to the dozens of sample documents the Federal Circuit says the government improperly withheld. Because the government has now turned over the dozens of documents the Federal Circuit says should have been turned over earlier, the government says that should obviate the need to reimburse any of Fairholme’s legal fees. And, besides, the government says, more time talking about how to apportion costs will only multiply them, and that would be a waste of collective resources. Our government urges Judge Sweeney to brush this trivial matter aside.” |
| Investors Unite: D.C. Circuit Acknowledges Shareholders have Direct Contract Rights – Investors Unite |
| Hedge Funds Can’t Sue Over Investments in Fannie and Freddie – Bloomberg |
| Fannie, Freddie Plunge After Court Rules Hedge Funds Can’t Sue – ZeroHedge |
| Fannie, Freddie profit sweep affirmed in appeal – Seeking Alpha |
| Frannie now down nearly 40% following court decision – Seeking Alpha |
| Fannie and Freddie plunge after court rules hedge funds can’t sue the government over collecting their profits – Business Insider |
| Steven Mnuchin May Now Be Fannie Mae And Freddie Mac Investors’ Last Hope – Benzinga |
| Court rejects hedge funds claims in Fannie, Freddie profit sweep – HousingWire |
| Fannie Mae, Freddie Mac shares plunge after court’s ruling – The Washington Post |
| Government Wins Flexibility on Fannie and Freddie (WSJ) via @AaronBack – Twitter |
| Frannie story isn’t over – BofA – Seeking Alpha |
| With Split Decision in Appeals Court, Shareholders Should Continue to Press their Rights – Investors Unite |
| Why Fannie Mae (FNMA) Stock & Freddie Mac (FMCC) Stock Are Worth Buying After 35% Collapse – BNL Finance |
| Federal appeals court ruling on Fannie, Freddie… via @QTRResearch – Twitter |
| Adam Spittler (@aspit) highlights Judge Brown’s dissent of the Perry decision in a series of tweets. Tweet #1, Tweet #2, Tweet #3, Tweet #4, Tweet #5, Tweet #6, Tweet #7, Tweet #8, Tweet #9, Tweet #10 |
| Fannie, Freddie Dividend Policy Implications via @pgray41 – Twitter |
| GSEs: President Trump Continuing Appropriation Approved By Obama – Seeking Alpha |
| Fannie Mae Teases The Market With Huge Profits – Seeking Alpha |
| Monday February 20th 2017 |
| Mnuchin Must Bring Transparency to Fannie Mae and Freddie Mac – cei.org |
| Happy Presidents’ Day 2017 – Bill Maloni’s GSE Blog |
| Fannie Mae Closes 2016 with Record Multifamily Volume of $55.3 Billion – A Strong Testament to its DUS Lender Partnerships – PR Newswire |
| Sunday February 19th 2017 |
| Lenders, agents wary of Trump changes to Fannie and Freddie – Sarasota Herald-Tribune |
| Friday February 17th 2017 |
| Fannie Mae Reports Annual Net Income of $12.3 Billion and Comprehensive Income of $11.7 Billion for 2016 – fanniemae.com “Company Reports Net Income of $5.0 Billion and Comprehensive Income of $4.9 Billion for Fourth Quarter 2016” |
| Fannie Mae 10-K – Seeking Alpha |
| Fannie Mae’s (FNMA) CEO Tim Mayopoulos on Q4 2016 Results – Earnings Call Transcript – Seeking Alpha |
| Fannie Mae reports 4Q results – Seeking Alpha |
| Fannie Mae reports annual net income of $12.3 billion – HousingWire |
| A Blowout 4Q16 Profit for Fannie Mae: $5 Billion; $3.9 Billion in Gains from Derivatives – Inside Mortgage Finance |
| Fannie Mae to Send $5.5 Billion to Treasury as Profits Rise – Fox Business |
| Fannie, Freddie paying $10 billion in dividends to Treasury – MarketWatch |
| GSE Profits Put Taxpayers More Than $78 bln Ahead – Mortgage News Daily |
| What We’re Hearing: Huge GSE Profits, Don’t Get Used to It… – Inside Mortgage Finance |
| Could Latest Fannie and Freddie Earnings Releases Signal a Halt to Sweep? – Investors Unite |
| Tim Howard comments on Fannie Mae’s earnings report – Howard on Mortgage Finance |
| ICBA: Let Fannie, Freddie Build Capital – icba.org |
| Freddie Mac’s (FMCC) CEO Don Layton on Q4 2016 Results – Earnings Call Transcript – Seeking Alpha |
| House members’ letter to Mel Watt about Blackstone deal – Scribd |
| Thursday February 16th 2017 |
| New filing in the Robinson case, click here to view. Peter Chapman writes, “The Sixth Circuit agreed to modify the briefing schedule in Robinson v. FHFA, so: — FHFA and Treasury’s opening briefs are due Apr. 12, 2017; and — Ms. Robinson’s reply brief is due by Apr. 26, 2017.” |
| Freddie Mac Reports Net Income of $7.8 Billion for Full-Year 2016; Comprehensive Income of $7.1 Billion – freddiemac.com Comprehensive Income of $3.9B for 4Q16 |
| Freddie Mac to Pay U.S. $4.5 Billion After Reporting Profit – Bloomberg |
| Freddie Mac beats by $0.19, beats on net interest income – Seeking Alpha |
| Freddie Mac profits again on higher g-fees, smart market plays – HousingWire |
| Freddie Mac to pay Treasury $4.5B after profit doubles – Yahoo |
| Freddie Mac Hits an Earnings Grand Slam in 4Q16: $4.8 Billion in Net Income; Gains from Derivatives Top $6.3 Billion – Inside Mortgage Finance |
| FAS 133 for non accountants. Its “Yuge” for $Fmcc and $fnma via @aspit – Twitter |
| Freddie Mac Earnings Surprise: FAS 133 And What It Means – Seeking Alpha by Glen Bradford |
| 2016 financial results: Our total guarantee portfolio increased 5 percent to $1.91 Trillion [email protected] – Twitter |
| $FMCC’s “dividend obligation” has now become a “scheduled” dividend obligation…via @QTRResearch – Twitter |
| Tim Howard comments on the word ‘scheduled’ in Freddie Mac’s earnings report – Howard on Mortgage Finance |
| Latest Documents Confirm Government Scheme to Snag GSE Profits – Investors Unite Link to the newly released documents – fanniefreddiesecrets.org Click on the heading ‘Unsealed Documents – February 9, 2017’ |
| Short Takes: What Does Bruce Berkowitz Think?… – Inside Mortgage Finance |
| What Will Happen To Fannie And Freddie? – GlobeSt.com |
| Wednesday February 15th 2017 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs tugged on Judge Scola’s robe again today, asking him to reverse his ruling on FHFA’s substitution motion. The Edwards Plaintiffs tell Judge Scola he made a mistake because he never focused on how shareholders were harmed by Deloitte’s negligence.” |
| Protected Designation Removal: First Positive GSE Omen Of New Administration – Seeking Alpha by Glen Bradford |
| Fannie Mae and Freddie Mac: dreaming spirals – Financial Times You may have to open the link in a ‘Private’ or ‘InCognito’ window to view. |
| Initial Comments to ‘Reply in Support of Fairholme’s…’ via @JoshRosner – Twitter |
| Ending the lost decade of housing – The Hill |
| Wall Street Rule Changes Will Move Slowly in Senate, Crapo Says – Bloomberg “he [Crapo] hopes to work with the Trump administration to develop a plan to overhaul mortgage giants Fannie Mae and Freddie Mac…” |
| Crapo: ‘Toxic’ Senate Will Take Time to Address Housing Finance Reform – National Mortgage News |
| How the new treasury secretary can prove he’s serious about the job – The Washington Post |
| obiterdictum summarizes the recent court filings – Investors Hub |
| Tuesday February 14th 2017 |
| New filing in the Perry Case, click here to view. (Fairholme’s unopposed motion) |
| 2nd filing in the Perry Case, click here to view. (Fairholme’s reply) |
| 3rd filing in the Perry Case, click here to view. |
| 4th filing in the Perry Case, click here to view. Peter Chapman writes, “Four documents were delivered to the D.C. Circuit today: (A) Fairholme’s unopposed motion to unseal its third motion (Doc. 1659133, filed Feb. 2, 2017) to supplement the record; (B) Fairholme’s reply in support of its third motion (Doc. 1659133) asking the D.C. Circuit to review more discovery materials; (C) the Class Plaintiffs’ letter pooh-poohing FHFA’s excitement about Judge Scola’s decision dismissing the Edwards Plaintiffs’ lawsuit against Deloitte; and (D) the Class Plaintiffs’ letter alerting the Court to (i) the U.S. Supreme Court’s recent decision in Lightfoot v. Cendant and (ii) a recent decision by the Delaware Supreme Court’s decision in Dieckman v. Regency discussing the implied covenant of good faith and fair dealing.” |
| New filing in the Robinson case, click here to view. Peter Chapman writes, “Treasury wants 30 additional days to file its response brief in the Sixth Circuit. Ms. Robinson has graciously agreed to that 30-day delay.” |
| New filing in the Roberts case, click here to view. Peter Chapman writes, “Judge Chang entered an order today advancing the status hearing in Roberts v. FHFA to Mar. 23, 2017.” |
| Fannie Mae Earnings: With Mnuchin Confirmed, Could We Get A Surprise? – Seeking Alpha |
| Steve Mnuchin Likes Fannie Mae And Freddie Mac – Seeking Alpha |
| Freddie Mac Announces Release Date for Fourth Quarter and Full-Year 2016 Financial Results – Yahoo “Freddie Mac announced today that it plans to report its fourth quarter and full-year 2016 financial results before the U.S. financial markets open on Thursday, Feb. 16, 2017.” |
| Fannie Mae selling off $1.76 billion in non-performing loans – HousingWire |
| A Victory for Trump Is a Victory for Big-Name Traders – NY Times |
| Monday February 13th 2017 |
| It’s official: Steven Mnuchin sworn in as Treasury Secretary – HousingWire |
| Confirmed, 53-47: Exec. Cal. #12, Steven Mnuchin, to be secretary of the treasury via @senategopfloor – Twitter |
| Senate Confirms Steve Mnuchin as Trump’s Treasury Secretary – Bloomberg |
| Senate confirms former banker Mnuchin as Treasury secretary – Yahoo |
| Senate confirms Steven Mnuchin as Treasury secretary – CNBC |
| Vote for Trump’s Treasury pick heads to Senate – HousingWire |
| The Week Ahead: Senate Expected to Vote on Mnuchin Appointment – The MReport |
| Trump Admin: Look out, here come the Judge(s) – Bill Maloni’s GSE Blog |
| Regulators deny JPMorgan Chase, Redwood Trust securitization innovation – HousingWire |
| Are GSE Loan Sellers Finally Easing up on Credit Standards? – Inside Mortgage Finance |
| Short Takes: Mark Calabria, a Player in GSE Reform?… – Inside Mortgage Finance |
| Kroll Bond Rating Agency Publishes Research: A Short History of American Housing Finance – Business Wire |
| Future of Fannie Mae and Freddie Mac – C-SPAN |
| Sunday February 12th 2017 |
| Future of Fannie Mae and Freddie Mac – C-SPAN The program airs Monday, 2/13, at 9:00 am EST. |
| Friday February 10th 2017 |
| New filing in the Robinson case, click here to view. Peter Chapman writes, “Brian W. Barnes, Esq., at Cooper & Kirk, entered his appearance in Robinson v. FHFA pending in the Sixth Circuit today.” |
| 2nd filing in the Robinson case, click here to view. Peter Chapman writes, “Ms. Robinson filed her Opening Brief in the Sixth Circuit this evening. Ms. Robinson challenges Chief Judge Caldwell’s reasoning in her decision dismissing her lawsuit against FHFA and Treasury filed ion Kentucky, telling the Sixth Circuit that FHFA and Treasury exceeded their authority under HERA and turns all common understanding of a conservator’s role on its head. Ms. Robinson urges the Sixth Circuit to reverse Chief Judge Caldwell’s decision and allow her lawsuit against FHFA and Treasury to proceed to trial.” |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “Judge Scola entered an order this evening dismissing the Edwards Plaintiffs’ lawsuit against Deloitte based on FHFA’s request standing in those shareholders’ shoes. Judge Scola doesn’t care about whatever else the Edwards Plaintiffs might want to say.” |
| Fed’s Bullard says GSE reform could lead Fed to dump Fannie, Freddie holdings – HousingWire |
| Pence Appointment Makes Frannie ‘Recap And Release’ Less Likely – Cowen – Seeking Alpha |
| Trump’s Treasury pick clears procedural Senate vote – The Hill |
| On 2/13, at approximately 7:00 p.m., the Senate will VOTE on confirmation of Exec. Cal. #12, Steven Mnuchin…[email protected] – Twitter |
| Will Fannie and Freddie Go Private? – ten-x.com From 1/31. |
| Thursday February 9th 2017 |
| New filing in the Piszel case, click here to view. Peter Chapman writes, “The Federal Circuit declined Mr. Piszel’s request for a rehearing before the full court.” |
| New filing in the Arrowood case, click here to view. Peter Chapman writes, “Judge Sweeney entered an order today nixing the proposed briefing schedule in Arrowood v. U.S. and giving the parties the opportunity to propose a new briefing schedule after a discovery and briefing schedule is nailed down in Fairholme v. U.S.” |
| New filing in the Reid case, click here to view. Peter Chapman writes, “Judge Sweeney entered an order today nixing the proposed briefing schedule in Reid v. U.S. and giving the parties the opportunity to propose a new briefing schedule after a discovery and briefing schedule is nailed down in Fairholme v. U.S.” |
| New filing in the Rafter case, click here to view. Peter Chapman writes, “Judge Sweeney entered an order today nixing the proposed briefing schedule in Rafter v. U.S. and giving the parties the opportunity to propose a new briefing schedule after a discovery and briefing schedule is nailed down in Fairholme v. U.S.” |
| New filing in the Perry case, click here to view. Peter Chapman writes, “FHFA delivered a corrected copy of its opposition to Fairholme’s request to present more discovery materials to the D.C. Circuit in Perry v. Lew yesterday, and a copy of that corrected filing (which now includes a Certificate of Compliance) is (linked above).” |
| New filing in the Jacobs and Hindes case, click here to view. (Doc. 59) |
| 2nd filing in the Jacobs and Hindes case, click here to view. (Doc. 60) Peter Chapman writes, “Myron Steele, Esq., representing Messrs. Jacobs and Hindes in their lawsuit pending in Delaware, sent Judge Sleet two letters today. One letter (Doc. 59) tells Judge Sleet that FHFA’s enthusiasm about the applicability of Judge Scola’s decision ordering FHFA substituted for Deloitte misses the mark and explains why. The second letter (Doc. 60) tells Judge Sleet the U.S. Supreme Court’s recent decision in Lightfoot v. Cendant says Fannie Mae can sue and be sued in both federal and state courts, and questions why Treasury thinks this case constitutes additional authority applicable to this case.” |
| New filing in the Collins case, click here to view. Peter Chapman writes, “The Collins Plaintiffs filed their Memorandum in Opposition to Treasury and FHFA’s Motions to Dismiss their complaint pending in Texas. A copy of the Memorandum is (linked above), and a copy of the Appendix is posted at http://bankrupt.com/misc/16-cv-03113-0032-Appendix.pdf because it’s rather bulky. The Collins Plaintiffs’ Memorandum make it clear to Judge Atlas that the notion that FHFA can’t ever be sued for anything is just plain wrong, and Judge Lamberth goofed when he said that in Perry v. Lew. The Collins Plaintiffs explain to Judge Atlas that FHFA doesn’t own all of the rights attendant to their GSE securities despite FHFA’s desire to say otherwise. The Collins Plaintiffs tell Judge Atlas that FHFA’s “New Capital Paradigm” argument articulated to the D.C. Circuit for the first time during oral argument before that tribunal is nothing more than a fantasy. The Collins Plaintiffs pursue their argument that FHFA’s structure violates our Nation’s Constitution.” |
| 2nd filing in the Collins case, click here to view. Peter Chapman writes, “The Collins Plaintiffs presented a Motion for Summary to Judge Atlas today asking her to rule on their constitutional claim. If Judge Atlas were to grant this motion, most, if not all, of FHFA and Treasury’s Motions to Dismiss and the arguments in the Collins Plaintiffs’ Memorandum in Opposition would be washed away. FHFA and Treasury can be expected to file replies in support of their motions to dismiss and objections to the Collins Plaintiffs’ new motion for summary judgment in the coming days.” |
| Why America needs a public option for mortgages – The Week |
| Short Takes: Time to Sell GSE ‘Juniors’? / Bruce Berkowitz, True Believer / What Fannie, Freddie and Sears Have in Common… – Inside Mortgage Finance |
| BlackRock Executive Craig Phillips Could Play a Role in GSE Reform – Inside Mortgage Finance |
| Fed’s Bullard Says Fiscal Uncertainty Should Delay Rate Hike – Bloomberg “He added that reform of housing agencies known as government sponsored enterprises, or GSEs, could be a catalyst for the Fed to replace its holdings of mortgage-backed securities with Treasuries.” |
| Pence hires libertarian Calabria as chief economist – Politico |
| Why FMCC & FNMA Stock Are The Next AMD – BNL Finance |
| Foreclosure Prevention Report November 2016 – fhfa.gov |
| Fitch: Trump tax cuts could force another Fannie Mae, Freddie Mac bailout – HousingWire |
| Fannie Mae exec with ties to Mnuchin is among candidates for consumer protection boss – CNBC |
| NAFCU Expresses Support for H.R. 916 Bill – DS News |
| Fed buys $8.5 billion of mortgage bonds, sells none – Reuters |
| Cooper withdraws from solicitor general consideration – Politico |
| Wednesday February 8th 2017 |
| New filing in the Perry case, click here to view. Peter Chapman writes, “Treasury delivered a response to the D.C. Circuit today, and a copy of the corrected filing is (linked above). It appears that corrected filing (Doc. 1660072): — includes a Certificate of Compliance that was omitted from the initial filing (Doc. 1659994); and — now includes a page number at the bottom of the Certificate of Service.” |
| Chuck Cooper emerges as Trump’s likely choice for solicitor general – Yahoo |
| Fannie Mae Announces Scheduled Release of Fourth Quarter and Full-Year 2016 Financial Results – PR Newswire “Fannie Mae today announced plans to report its fourth quarter and full-year 2016 financial results on Friday morning, February 17, 2017, before the opening of U.S. financial markets.” |
| Fannie Mae: Looks Like I Am Eating Crow As Steve Mnuchin Appears Likely To Be Confirmed – Seeking Alpha |
| Tax Cuts Could Mean Frannie Need For Treasury Draws – Fitch – Seeking Alpha |
| Growing Concern that Trump’s Tax Cut Could Hammer Fannie and Freddie – Inside Mortgage Finance |
| Bill reintroduced to permanently bar using Fannie, Freddie g-fees for federal spending – HousingWire |
| Congressmen: G-fees should be banned from use on federal spending – Mortgage Professional America |
| House reintroduces bill to end “FICO monopoly” at Fannie Mae and Freddie Mac – HousingWire |
| Trump’s move to end Dodd-Frank disaster all about helping small biz – NY Post |
| Some mortgage bankers push release of Fannie Mae and Freddie Mac – US Finance Post |
| Tuesday February 7th 2017 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “”Deloitte tells Judge Scola it does not oppose FHFA’s request that the Edwards Plaintiffs’ lawsuit be dismissed with prejudice.” |
| New filing in the Perry case, click here to view. Peter Chapman writes, “Treasury filed its opposition to Fairholme’s motion to supplement the record before the D.C. Circuit. Treasury says the additional documents are unnecessary, and describes it thinks why two of the documents Fairholme wants to add to the record are superfluous. Treasury again asserts that it’s motives for crafting and implementing the Net Worth Sweep are irrelevant.” |
| New filing in the Perry case, click here to view. |
| Mnuchin Could Surprise Wall Street And Main Street – Forbes |
| Two Ideas That Can Revive the American Dream – Bloomberg |
| 38 F&F Pfds – Imgur |
| Tentative Senate schedule (con’t): Mnuchin cloture: 2-3 am Friday. Mnuchin confirmation: 9-10 am Saturday via @ChadPergram – Twitter |
| Former Ginnie Mae president: An open letter to Dr. Carson – HousingWire |
| Decade After Crisis, No Resolution for Fannie and Freddie – NY Times |
| Monday February 6th 2017 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “FHFA filed a response to the Edwards Plaintiffs’ latest filing today. FHFA urges Judge Scola to, in short, ignore the Edwards Plaintiffs, rule on the pending motion to dismiss, and euthanize this litigation.” |
| New filing in the Perry case, click here to view. Peter Chapman writes, “FHFA chimed in yesterday to say (A) the Perry v. Lew should now be captioned Perry v. Szubin and (B) there’s no need for the D.C. Circuit to look at any more documents obtained by Fairholme in discovery in its lawsuit pending before Judge Sweeney.” |
| Fairholme’s Big Win On Discovery – Forbes By Richard Epstein |
| GSEs; Leaving DJT Alone for a Bit – Bill Maloni’s GSE Blog |
| Privatizing Fannie and Freddie Yields 3 Investment Opportunities – The Street |
| Gary Cohn: Fannie Mae, Freddie Mac Reform Will Be High on Mnuchin’s Agenda – American Bankruptcy Institute Subscription required for access. |
| Tim Howard talks about GSE capital requirements – Howard on Mortgage Finance |
| Mortgage industry pushes to free Fannie and Freddie from the federal government – Washington Examiner |
| The Treasury Should Revive the Snow Plan for Limiting GSE Debt Issuance – Cato Institute |
| Saturday February 4th 2017 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs advised Judge Scola yesterday that, on or before Feb. 15, they intend to seek reconsideration of his substitution order and oppose FHFA’s motion to dismiss.” |
| Senate GOP threatens weekend work to confirm Cabinet nominees – The Hill “Senate Republican Whip John Cornyn (Texas) on Friday said the plan is to confirm Education Secretary nominee Betsy DeVos on Tuesday and then vote on Sen. Jeff Sessions (R-Ala.), Rep. Tom Price (R-Ga.) and Steven Mnuchin…” |
| Thoughts on Fannie Turning Rentals Into MBS – Mortgage News Daily |
| Friday February 3rd 2017 |
| Cohn on plans for GSEs and Mnuchin via @timdillen1 – Twitter |
| Exiting A Nationalization That Doesn’t Have An Off Ramp: A Roadmap To Ending The Expropriation Of GSE Equity Investors – Seeking Alpha by Wayne Olson |
| Gary Cohn: Fannie Mae, Freddie Mac reform will be high on Mnuchin’s agenda – HousingWire |
| With A Stoke Of The Pen, Donald Trump Will Wave Goodbye To The Dodd Frank Act – Forbes |
| Trump is reportedly going to sign executive orders on Friday to repeal two huge Wall Street regulations – Business Insider |
| Fannie, Freddie reform is an ‘early priority’ for Trump, adviser says – Washington Examiner |
| What We’re Hearing: Mnuchin Has Been Concentrating on the GSE Issue… – Inside Mortgage Finance |
| Housing’s Drag on the Economy – Weekly Standard “Removing Fannie and Freddie from their current limbo and recapitalizing them one way or another could boost financing for housing construction. This would doubly benefit blue-collar workers, not only creating jobs but also providing more affordable homes as well.” |
| Kase Capital Annual Letter – Valuewalk Whitney Tilson is the Managing Partner of Kase Capital. He discusses his investment in Fannie Mae on page 10. |
| Thursday February 2nd 2017 |
| New filing in the Perry case, click here to view. Peter Chapman writes, “In a letter addressed to the D.C. Circuit today, the Justice Department minimizes the significance of Monday’s mandamus ruling by the Federal Circuit. The government reiterates it’s position that documents (and any improper motives they might describe) aren’t important because HERA fully insulates Treasury and FHFA from shareholder litigation.” |
| New docket entry in the Perry case. Peter Chapman writes, “The docket sheet in Perry v. Lew indicates that Fairholme filed a motion (Doc. 1659133) under seal this afternoon in the D.C. Circuit. Fairholme is asking the D.C. Circuit to take judicial notice of more documents and asking for permission to further supplement the record before the D.C. Circuit.” Additional info from @aspit – Twitter |
| New notation in the Piszel case. Peter Chapman writes, “The Clerk made a notation (Doc. 96) on the docket sheet yesterday indicating that the government delivered the 18 paper copies to the Court.” |
| Mnuchin vote results to move to official confirm vote via @aspit – Twitter |
| Investors’ Victory in GSE Case May Be Turning Point Against Treasury – National Mortgage News |
| Fitch: Fannie Mae, Freddie Mac reform may be put on back-burner – HousingWire |
| A Different GSE Dilemma: Not ‘Too Big to Fail’ but ‘Too Big to Sell’ – Inside Mortgage Finance |
| Fannie Mae-Freddie Mac Should Be Utilities, Trade Group Says – Investor’s Business Daily |
| Wednesday February 1st 2017 |
| New notation in the Piszel case. Peter Chapman writes, “The Clerk made a notation (Doc. 95) on the docket sheet today indicating that the government neglected to file required paper copies of its response opposing Mr. Piszel’s rehearing request and that the paper copies should be delivered to the Court by today or tomorrow.” |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “To wrap this matter up, FHFA, standing in the Edwards’ Plaintiffs’ shoes, filed a motion today that Deloitte does not oppose to dismiss this litigation.” |
| Fannie Mae’s $1 billion Blackstone deal draws fire – Politico |
| Mortgage Bankers Call for End of Government Control of @FannieMae, @FreddieMac – collingwoodllc.com |
| Fairholme Letter: We’re Not Speculators; Only the ‘Disingenuous’ Would be Against a GSE Recap – Inside Mortgage Finance |
| Bruce Berkowitz Comments on Fannie Mae and Freddie Mac – Yahoo Comments are taken from Fairholme’s Annual Report, posted yesterday. |
| Mnuchin, Price, Sessions Advance in Senate as Democrats Boycott – Bloomberg |
| Senate Finance Committee votes to confirm Tom Price and Steve Mnuchin without Dems via @FoxBusiness – Twitter With video. |
| Fannie Mae’s Mortgage Portfolio Continues to Fall – The MReport |