April 2015

Thursday April 30th 2015
GSEs stress tested – Seeking Alpha
Leaked Treasury memo on Fannie, Freddie fuels fire for sweep critics – Housing Wire
Leaked Fannie (FNMA), Freddie (FMCC) Memo May Include a ‘Bombshell’, Dick Bove Says – StreetInsider
Fannie Mae’s Mortgage Portfolio Expands Again While Delinquency Rate Drops To 1.78 Percent – DS News
Wednesday April 29th 2015
Exclusive: Leaked Treasury Memo Counters Legal Claims – Inside Sources
Link to Leaked Memo (pdf)
Tuesday April 28th 2015
You Can’t Fix the Mortgage Market From Here – US News
Pershing Square 2015 European Investor Meeting [Slides] – Valuewalk
GSEs are on pages 43 and 44 of the presentation.
Monday April 27th 2015
Jousting with Grassley, Treasury Feints and Jukes – Bill Maloni Blog
Friday April 24th 2015
The Heavy Hand of US Market Intervention – Nick Timiraos tweet
Mortgage Industry Outlook Report – Hubspot (pdf)
User km provides comment to this report on timhoward717.com
Avoid These Stocks at All Costs – Motley Fool
“Biz Talk with Jim Campbell” – Will Fannie & Freddie Need Another Bailout – with the Former Chairman of the FDIC – WYBC (podcast)
Blackstone’s Single-Family Rental Venture Could Go Public in Next Two Years – REIT
Thursday April 23rd 2015
Freddie Debt Eases Derivative Use That Prompted New Bailout Talk – Bloomberg
Brian Deese’s 5Point Plan (Summer of ’12 or thereabouts): – Medium
Fannie Mae: Lenders expect boost from GSE 97% LTV products – Housing Wire
Michael Stegman’s private label RMBS revival plan – Real Estate Rama
from @NY1David
03/10/2014 – Berkowitz: Treasury’s Rationale for Fannie Bailout Fix Is ‘Nonsense’ – WSJ
11/02/2009 – Goldman Eyes Tax Credits Fannie Mae Doesn’t Need – NY Times
09/08/2008 – Transcript: Paulson on Fannie, Freddie Bailout – CNBC
Wednesday April 22nd 2015
Fannie And Freddie: Recent Developments Point To Privatization – Seeking Alpha by David Sims
Randy DeValk: WSJ Reporter or Treasury Official? Alliance pays WSJ big dividends – timhoward717
Bombshell: Treasury now claims Fannie, Freddie bailout wasn’t loan – Housing Wire
Hearing entitled “The Future of Housing in America: Increasing Private Sector Participation in Affordable Housing” – House.gov
Happening Thursday at 9:15 am.
New Fannie, Freddie Rules May Let Mortgage Insurers Take More of FHA-Led Market – The Street
Treasury Says GSEs Have an ‘Ongoing Financial Commitment’ to Taxpayers – The M Report
FHFA Walks Careful Line in Keeping GSE Fees Steady – National Mortgage News
Bank of America appeals $1.27 Billion ‘Hustle’ penalty – MarketWatch
The Legal Odds Are Shifting in the A.I.G. Case – NY Times
The Five Questions AIG Bailout Judge Wants Answered – Bloomberg
AIG Bailout Trial Judge Questions U.S. Over Taking Equity – Bloomberg
Judge seems skeptical of government’s AIG bailout terms – Courier-Journal
Judge sees ‘dilemma’ in government defense of AIG bailout – IU via Politico
Tuesday April 21th 2015
Fannie Says Better Growth For Rest of 2015 – Popular Economics Blog
CMLA Refocuses Attention on Recapitalization – Investors Unite
Should Fannie Mae and Freddie Mac Really Be AAA Rated? – 27WallSt
Mortgage experts take on Fannie, Freddie reform at American Mortgage Conference – Biz Journals
Status Quo On Housing Finance Keeps Failed System In Place – Forbes
Who Owns Fannie Mae And Freddie Mac? – NPR
Investors Grumble as Freddie Shifts Risk of Helping Homeowners – Bloomberg
Bondholders not shareholders
Treasury Department: Fannie, Freddie Bailout Wasn’t A Loan – WSJ
Here is a link to the response from Randall DeValk acting for the Treasury.
07/26/2013 – Summers nomination fear: Market jitters – Has the economy already peaked? – Democrats blur line on tax policy – Politico
Corker and Warner dine with Blackrock execs in ’13.
Monday April 20th 2015
In this corner, from Iowa, weighing…. – Bill Maloni Blog
The incredible shrinking deficit is no more – Washington Examiner
Obama’s Three Premises – American Thinker
Rep. Blackburn Asks Colleagues to Support Her Bill on Fannie & Freddie Reserve – Investors Unite
and same article from Valuewalk
Fannie Mae economist: Economic momentum will boost housing markets – Housing Wire
The Authority to End the GSEs Conservatorship Sits with FHFA, Intentionally – Investors Unite
and the Valuewalk article
Is this any way to run a mortgage market? – Housing Wire
Jon Prior tweet – talks about Paul Volcker and the GSEs
What Fannie Mae’s and Freddie Mac’s Fee Changes Mean To You – WSJ
Sunday April 19th 2015
Fannie Mae, Freddie Mac model to be exported to China – Want China Times
Mel Watt’s Taxpayer Guarantee – WSJ
Saturday April 18th 2015
gseopinions.com – Top Analyst/Journalist Positions on Reformed GSEs and Adherence to Rule of Law
@hill_matt created this site. Looks like a great reference. Thanks Matt!
Mortgage Insurers Don’t Get Their Wish in New GSE Capital Rules – National Mortgage News
A Fannie Mae Primer (Or Why My Great Aunt Edna’s Eating Bear Meat 3 Times a Day) – Medium
08/20/2014 – Documents Reveal Government Saw Gold in Fannie Mae/Freddie Mac Profit ‘Sweep’ – NLPC
Friday April 17th 2015
The Government Might Leave Fannie Mae and Freddie Mac Alone – Motley Fool
I’m not sure why this is news now. Sen. Shelby made these comments on March 25th.
Is it really risky business at Fannie, Freddie? – Housing Wire
Freddie, Fannie Got Off-Track With Business Model: Rosner – Bloomberg Video
What may happen if conservatorship of Fannie is ended – Brad Barker Tweet
Fannie and Freddie Restart Risky ‘Affordable Housing’ Programs – Fox Business
Gaining Traction: Fannie and Freddie Flirt with Re-privatization – Wharton.Upenn.edu
Fannie Mae Prices $1.01 Billion Multifamily DUS REMIC (FNA 2015-M7) Under Its GeMS™ Program – PR News Wire
Results of Fannie Mae and Freddie Mac Guarantee Fee Review – FHFA.gov
FHFA leaving g-fees alone, revising primary mortgage insurance requirements – Housing Wire
GSEs Revise Requirements for Private Mortgage Insurance Eligibilty – The M Report
Thursday April 16th 2015
David Abrams Waiting For Obama To Leave Office For Fannie, Freddie Payout – Valuewalk
This is the article from yesterday’s Valuewalk tweet.
Regulatory Obstacles to Mortgage Credit – Testimony before the Senate Committee on Banking, Housing, and Urban Affairs (pdf) – Senate.gov
Has Senator Grassley Been Co-opted by Hedge Funds? – Bloomberg Video
Home Builders Seek Congressional, Regulatory Action to Ease Tight Credit Conditions – NAHB
Clinton Housing Policy Wrecked Economy, Not 1% – IBD
What’s the Next Potential Road Block and When did the Taking Occurred? – TH717.wordpress.com
U.S. Fed buys $10.3 billion of mortgage bonds, sells $1.5 billion – Reuters
Wednesday April 15th 2015
Fannie And Freddie: Regulated Utilities, Cost Of Capital And Rate Of Return – Seeking Alpha by David Sims
Fannie And Freddie’s 100% Tax Gets The Spotlight – Seeking Alpha by Glen Bradford
Exclusive: U.S. Senate Banking panel launches new investigative team – Reuters
Not GSE related…yet.
Fannie Mae launches major first-time homebuyer assistance program – Housing Wire
3 former Freddie Mac execs settle SEC disclosures lawsuit – Washington Post
“The gradual recovery of the housing market has made the companies profitable again, and they have fully repaid the government loans.”
Ocwen May Hand Bad-Mortgage Contracts to Fannie Mae, Freddie Mac – Bloomberg
Is Fannie’s new homebuyer assistance another step toward GSE bailout? – Housing Wire
Fannie, Freddie to Lower Fees for Some Borrowers – WSJ
[Google search]
GSEs to lower fees only modestly – Seeking Alpha
Valuewalk tweet
I’m not sure what article this came from.
Hearing entitled “The Future of Housing in America: Increasing Private Sector Participation in Affordable Housing” – House.gov
This is happening on Thursday at 9:15 am.
We need reform that will protect 30-year mortgage, taxpayers – The Hill
Carney, Delaney and Himes trying to gain support for their bill.
Tuesday April 14th 2015
Treasury Official Goes Rogue and the Shot Heard Around The World. (Gimme Shelter) – timhoward717
Bill Ackman Makes New Herbalife Claims, Calls Student Loans A Bubble Worry – Forbes
Some GSE talk near the end.
The U.S. Housing Market: Ready to Bloom; Ripe for Reform? (Video) – Livestream.com
Housing finance reform talk starts around the 1 hour mark.
Dimensions of Supply and Demand: Spring Real Estate Market Outlook – Slideshare.net
This is the presentation from today’s Housing Policy Council event.
#HousingBloom tweets. The panel did read a question or two from the twitter feed – twubs.com
Fannie Mae: Dave Stevens Doesn’t Understand Investors, Or The Rule Of Law – Valuewalk
IU article from yesterday.
SEC Reaches Settlement with Former Freddie Mac Executives – WSJ
[Google search]
Ex-Freddie Mac Officials Settle SEC Suit Over Subprime Loans – Bloomberg
How to Revive The Private Mortgage Market – WSJ
[Google search]
GSEs in Conservatorship Seen as Working ‘Pretty Well’ for Lenders – Google Groups via Inside Mortgage Finance
Scroll down to the post by crownjewels.
Monday April 13th 2015
New Player, New Games? – Bill Maloni Blog
The Grassley Letter in Broader Context – CRT Capital
This was linked in Bill Maloni’s blog.
While Waiting for Discovery to End and Depositions to Begin, Lets Review the Facts – TH717.wordpress
TH717.wordpress is not affiliated with timhoward717.com
Housing Policy Council featuring CoreLogic – The U.S. Housing Market: Ready to Bloom; Ripe for Reform? – Eventbrite
Michael Stegman is speaking here on Tuesday and it starts at 8:30 am. Follow on twitter with hashtag #housingbloomHere is another article about the event. The speakers viewpoints are anti-GSE.
Dave Stevens Doesn’t Understand Investors, or the Rule of Law – Investors Unite
Lawrence Delevingne tweet
The tweet is a quote from Bill Ackman at the 13D Conference. Lawrence is a reporter for CNBC.com.
JonAPrior tweet
G-fees expected to be announced this week.
Budget Gap in U.S. Widens as Spending Tops Record Revenue – Bloomberg
Because the GSEs didn’t send enough money.
Purchase mortgage application volume reaches highest level since July 2013 – MPA Mag
Sunday April 12th 2015
Does Dave Stevens speak for everyone at the MBA? This commenter says no. – timhoward717
I can’t speak to the authenticity of this commenter.
Fannie Mae: Powerful Senate Judiciary Chairman Questions The Feds – Valuewalk
IU article.
02/13/2013 – No, Marco Rubio, government did not cause the housing crisis – Washington Post
Saturday April 11th 2015
Poor take-up of long term mortgages – Stuff.co.nz
I found this piece of information. “In the US home loan mortgage broking house Freddie Mac had 76 percent of its securities on 30-year terms, with a further 18 percent are on 15 year fixed rate terms.”
02/17/2010 – GSE Losses As Shadow Bailout – Rortybomb.wordpress
“Lawmakers, particularly Democrats, leaned on Fannie and Freddie to buy and hold those troubled debts, hoping that removing them from the system would help the economy recover.”
“He (Hank Paulson) wanted to use the troubled companies to unlock the frozen credit market by allowing Fannie and Freddie to buy more mortgage-backed securities from overburdened banks.”
More proof the GSEs were used to bail out the TBTF banks. This article also references some good articles within it.
Friday April 10th 2015
Time Out! Clarification on GSE Reform – Linkedin
MBA’s Stevens: Time for a clarification on Fannie, Freddie reform – Housing Wire
Same article from HW. Some comments after the article.
Time In! Clarification on GSE Reform – Linkedin
by Glen Bradford
Government’s hijacking of Fannie & Freddie profits leave GSEs at risk – Resource Investor
Bove takes issue with Carney view on Frannie – Seeking Alpha
Nomura and RBS await judge ruling on FHFA mortgage lawsuit – Housing Wire
FHFA, Nomura Trial Over Mortgage-Backed Securities Winding Down – The M Report
The real impact of Fannie Mae’s Collateral Underwriter – Housing Wire
A nation of renters: Why it’s so hard for Americans to buy a home – Fortune
Thursday April 9th 2015
Clarification about yesterday’s Sen. Grassley’s letter.
Sen. Grassley sent out two letters. Yesterday, I linked to the one he sent to Attorney General Eric Holder. He also wrote a second letter to Treasury Secretary Jack Lew.
Grassley Seeks Transparency Over Administration Decisions on Fannie, Freddie Earnings, Expresses Concern Over Apparent Invocation of Executive Privilege – Senate.gov
This is the news release sent out by Sen. Grassley’s office.
Nomura First to Fight U.S. Toxic Debt Claims at Trial – Bloomberg
Strangely, the author wrote a column on March 13 2015 with the same exact headline.
Grassley Seeks Transparency Over Administration Decisions on Fannie, Freddie – Political News
Justice Department gives Sen. Grassley a lesson on how to do his job – Washington Post
Not GSE related, but this could be why Sen. Grassley gave the administration less than 2 weeks to respond.
Fannie Mae Shareholders Now Have Allies In Both Houses – Valuewalk
Questioning The Legality And Legitimacy Of Responses To The 2008 Financial Crisis – Valuewalk (video)
Dick Bove Calls Out WSJ for Bad Math on Fannie (FNMA), Freddie (FMCC) – Street Insider
Senator Rand Paul responds to a constituent regarding the GSEs – timhoward717
Why the government is keeping a lid on Fannie, Freddie profit sweep – MPA Mag
Charles Grassley Finds Answers Behind Tweak Of Bailout Terms With Federal Home Loan Mortgage Corp (OTCBB:FMCC) And Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) – Journal Transcript
Greenlining’s 22nd Annual Economic Summit – Greenlining.org
Director Watt is speaking here on May 8th.
Fannie And Freddie: Political Quagmire Needs To Become Compromise – Seeking Alpha
Small Lenders Raise Concerns about the Future of GSE Cash Windows – timhoward717 via American Banker
Community lenders ask Treasury for some Fannie, Freddie profits – Housing Wire
Powerful Senate Judiciary Chairman to Feds: Tell Me Why, Exactly, Are You Exerting Executive Privilege Over Fannie & Freddie and Profit Sweep Documents? – Investors Unite Blog
Nomura blasts U.S. agency at mortgage bond trial’s close – Yahoo Finance
Pershing Square Capital Management, L.P. London Annual Investor Meeting – PSCM Events
This one is huge! This is dated for April 28th, and Ackman’s Total Return Swaps with UBS end on April 30. The share price must be above $3.53 for Ackman to profit. See obiterdictum’s iHub explanation here. I would expect a lot of GSE talk during this one.
Wednesday April 8th 2015
Rep. Grassley’s letter to the DOJ – NY Times
This is the letter referenced in Gretchen Morgenson’s article yesterday.
Rafferty Capital Dick Bove Highlights ‘Gargantuan’ News on Fannie Mae (FNMA) – Street Insider
Mr. Lew and Holder: Tear down this wall of secrecy on Fannie, Freddie profit sweep – Housing Wire
Trey Garrison knocks it out of the park.
Fannie Mae Conservatorship: Grassley Wants Answers – Valuewalk
U.S. Senator Calls for More Transparency from DOJ, Treasury Regarding GSE Profits – DS News
Senator Grassley Emerges From 32 month Coma To Realize 3rd Amendment Sweep Is Lawless/ No Coincidences – timhoward717
Arthur Caprio tweet – Twitter
I don’t know who this is, or if this tweet is trustworthy.
The GSEs’ Shrinking Role in the Multifamily Market – Urban Institute (pdf)
“Given recent volume declines, policymakers and regulators should consider maintaining or increasing GSEs’ role in the multifamily market.”
The Government Doesn’t “Own” Fannie Mae & Freddie Mac – Valuewalk
Same IU article from Tuesday, with some comments.
Will Federal Home Loan Mortgage Corp (OTCBB:FMCC) Need Another Bailout? – Journal Transcript
Taxpayers Might Need to Bail Out Fannie Mae and Freddie Mac Again – Accounting Today
Fannie Mae announces first-ever sale of non-performing loans – Housing Wire
Given Green Light, Fannie and Freddie Begin Selling Non-Performing Loans to Private Investors – Costar
Fannie and Freddie Molehill Mistaken for a Mountain – WSJ
[Google search – click the top link]. Right on cue comes Carney with another hit piece.
America on the road to another housing crisis? – Yahoo Finance via Fox Business Video
GSEs not mentioned, however the panel was complaining about 3% down mortgages.
The Fairholme Fund 3/31/15 (pdf)
This shows how the Fairholme fund has its assets divided up. A user on twitter said the GSE portion has increased. I can’t find anything to support or disprove that.
Tuesday April 7th 2015
Interview with MBA President David Stevens – National Real Estate Post
GSE talk starts at 8:20. The GSE segment is a must watch.
How We Nationalized America’s Banks – Palisades Hudson Financial Group
Is Freddie Mac an Incredible Value Stock? 3 Reasons Why FMCC Will Be Tough to Beat – Tale of the Tape – Yahoo Finance
I’m sure this was written by an algorithm.
Did Affordable Housing Policy Cause the Financial Crisis and Can It Happen Again – Investors Unite
David Sims live blogs today’s event with Peter J. Wallison and moderated by Mark A. Calabria.
The mobile-home trap: How a Warren Buffett empire preys on the poor – Seattle Times
This was posted Saturday, but the article was updated today. Again, this is the secondary mortgage market with no government involvement.
Jon Prior tweets about affordable housing funds – Twitter
Is Housing Catching a Spring Chill? – Redfin Blog
Fannie Mae: Gov’t Preps For Trial Before Sweeney – Valuewalk
I’ve included the court filing mentioned in this link in the ‘Court Filings’ section.
The Government Doesn’t “Own” Fannie & Freddie – Investors Unite
Charles Grassley Questions Diversion of Fannie and Freddie Earnings – NY Times
@GMorgenson wasn’t lying when she said ‘Stay Tuned’ about her next GSE piece.
10/10/2014 – 5 Reasons the Gov’t Might Lose the AIG Lawsuit – The National Review
Monday April 6th 2015
Easter and Passover 2015: Allow the Truth To Guide Us To Victory For All – timhoward717
Why are Feds siphoning off profits? – Richmond Times-Dispatch
Freddie Mac Announces Inaugural Actual Loss Transaction for the STACR Program – Yahoo Finance
Ackman Liquidates Mystery Short, Down In March With Einhorn – Valuewalk
A brief mention of the GSEs.
Berkowitz: `No Debate’ Fannie, Freddie Are Private – Bloomberg Video
Obama Shuts the Door on Housing Transparency – Newsmax
You can thank the author, @jberlau, on twitter. He has already responded to a few of us!
Whistleblowers: Citigroup Falsely Represented Up to 80% of Mortgages Sold to Fannie and Freddie in 2007 – The Real News Video with Transcript
Democrats in their own words Covering up Fannie Mae, Freddie Mac scandal – Youtube
This was from some years back and only proves the GSEs have always been highly politicized.
Sunday April 5th 2015
Another bailout for Fannie and Freddie – CDA Press
“For the government to jeopardize their (the GSEs) operations by siphoning off their profits seems a bit like sabotage to housing”. Written by Kim Cooper, real estate broker and spokesman for the Coeur d’Alene Association of Realtors.
Fannie Mae: Ignoring Rule of Law Imperils Financial System, Former FDIC Chair On IU Member Call – Valuewalk
From IU on Wednesday.
GSEs Making Push to Clear NPLs From Portfolios, Help Borrowers With Loss Mitigation – DS News
Is NY Times reporter Gretchen Morgenson planning another GSE article? Stay tuned. – Twitter
11/06/2014 – Fannie-Freddie CEOs Tout Their Own Housing-Finance Fixes – Bloomberg
Saturday April 4th 2015
Hedgies paint a pretty first quarter picture – NY Post
Warren Buffett’s mobile home empire preys on the poor – Public Integrity
This what mortgage financing looks like with no government involvement.
Fannie Mae: Fact Checking John Carney – Valuewalk
Same article from Thursday. I include it for any comments.
Fannie Mae: Investors Being Heard ‘Round Capitol Hill On Blackburn Bill – Valuewalk
Again, same article from Thursday.
07/09/2013 – U.S. Government Liable for Losses of Fannie Mae and Freddie Mac Investors – Restore Fannie Mae
Friday April 3rd 2015
Thanks to Refis, A Sweet Issuance Quarter for Fannie and Freddie – timhoward717 via IMF Pubs
Investors Unite fires back at WSJ columnist in Fannie, Freddie recap row – Housing Wire
How The Fannie Mae, Freddie Mac Conservatorship Has Undermined The Resolution Process – Valuewalk
Nothing new in this link, just a reprint of the William Isaac and Bob Kerrey paper.
Sweeney Court Transcript from 03/31/2015- iHub
04/01/2014 – Fannie Mae, Freddie Mac: Were they ever broken? – Realty Trac
Thursday April 2nd 2015
Investors Being Heard ‘Round Capitol Hill on Blackburn Bill – Investors Unite Blog
Tell Your Representatives to Support HR 1673 – Investors Unite
Please use this form to continue to send messages to your representatives. Investors Unite has made it very easy.
Collingwood Group’s Rood Warns That Another GSE Draw on Treasury May Be Coming – DS News
Fannie Mae & Freddie Mac: Too Profitable To Dump? – Realty Trac
Fannie and Freddie Get a New Fan – The National Real Estate Post
Good video and comments in this link.
Former Senator, Ex-FDIC Chair Denounce FHFA’s Conservatorship of GSEs – DS News
Recapitalizing Fannie and Freddie is a Bad Deal for Taxpayers – WSJ
This is Carney’s latest hit piece.
Fact Checking John Carney – Investors Unite
Fannie Mae to sell non-performing loans – Housing Wire
Former FDIC Chairman Criticizes Lack of GSE Reform – The M Report
Wednesday April 1st 2015
A Step in the Right Direction for Fannie Mae and Freddie Mac Shareholders – The Motley Fool
David Sims Webcast – Weak ADP Data, William Isaac’s WSJ Opinion Piece – Youtube
Ignoring Rule of Law Imperils Financial System, Former FDIC Chair on IU Member Call – Investors Unite
How the Fannie and Freddie Conservatorship Has Undermined the Resolution Process
– Investors Unite By William Isaac and Senator Bob Kerrey (pdf)
Investors Unite Call with William Isaac – Youtube
New Bill Would Let Fannie Mae Recapitalize By Another Name – Valuewalk
Government’s reckless lending putting US on track for another housing bubble – Fox News
Here’s all you need to know about this article, it contains the phrase “A sensible congressman, Rep. Jeb Hensarling (R-Texas)…”
Fannie and Freddie breaking the law? – Fox Business (video)
This is @CGasparino and @MarkCalabria talking about how the 3rd amendment is illegal.
Yesterday Fairholme filed an order with the court to allow Joseph A. Orlando to view protected information. iHub user Obiterdictum lays out who exactly Joseph A. Orlando is and why Fairholme called on him.
The Housing Origins Of Both The Great Recession And Wealth Inequality – Forbes
Fannie Mae’s Mortgage Portfolio Contracting; Delinquency Rate Falls to 1.83 Percent – DS News
FICO Creates New Credit Metric for Risky Consumers – WSJ
The link brings you to a google search, however click the first result. This will allow full access to the article. If I link directly to the article, it will prompt for a login. I will use this same method in the future.
HUD’s Castro to Realtors: We want alternatives to traditional credit scoring – Housing Wire
Will mistakes from last housing crisis be repeated? – Fox Business Video
Tim Rood on Neil Cavuto’s show. Tim Rood was the Director and Principal of Fannie Mae’s eBusiness Division