| 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 become ad-hoc housing adviser to a Clinton presidency? – HousingWire |
| To ease access to mortgages, we must reform mortgage servicing now – Urban Institute GSEs not mentioned. |
| Monday August 29th 2016 |
| New notation in the Pagliara v. Fannie Mae case. Peter Chapman writes, “Judge Sleet placed his stamp of approval on the parties’ agreed schedule today and the clerk made a notation on the court docket saying that.” |
| Stonewalling Discovery On The Net Worth Sweep – Forbes By Richard Epstein |
| 100% Of The GSEs For Zero Consideration Is Great For Tax Collectors – Seeking Alpha by Glen Bradford |
| GSEs’ New Forms Will Strengthen Originations: Moody’s – National Mortgage News |
| Fannie Mae July 2016 Monthly Summary – fanniemae.com |
| Prosecution of Financial Crisis Fraud Ends With a Whimper – NY Times |
| Sunday August 28th 2016 |
| The Fed Did Not Save Real Estate But Gives Banks Welfare Checks – Talk Markets |
| Significant Lawsuits Concerning Fannie Mae & Freddie Mac Net Worth Sweep – bankrupt.com |
| Friday August 26th 2016 |
| New order in the Deloitte case. Peter Chapman writes, “Judge Scola entered a paperless order today saying: ‘On August 24, 2016, Christopher S. Turner and Peter A. Wald requested to appear pro hac vice on behalf of the Defendant. The Clerk has informed the Court that Mr. Turner and Mr. Wald have appeared in more than three cases in a 365-day period. In accordance with Rule 4(b) of the Special Rules Governing the Admission and Practice of Attorneys, an attorney who appears more than three times in a 365-day period is presumed to be engaged in ‘general practice’ and must be a member of the bar of this Court to appear. However, the Court is willing to grant the motions if, as Rule 4(b) prescribes, Mr. Turner and Mr. Wald can provide good cause for the Court to waive or modify the prohibition. Therefore, Mr. Turner and Mr. Wald should supplement their motions by September 2, 2016. If they fail to do so, the Court will deny the motions.'” |
| 2nd filing in the Deloitte case, click here to view. Peter Chapman writes, “Judge Scola entered an order this afternoon welcoming Messrs. Ruthberg and McDonough.” |
| Freddie Mac’s Total Mortgage Portfolio Climbs Upward – DS News |
| How to Improve Fannie and Freddie’s Risk Sharing Effort – economy.com |
| Pershing Square Holdings 2016 Semiannual Report – Valuewalk |
| PwC reaches mid-trial deal in lawsuit by Taylor Bean trustee – Reuters Not GSE related. |
| Thursday August 25th 2016 |
| New filing in the Perry case, click here to view. Peter Chapman writes, “Charles Cooper, Esq., representing Fairholme, delivered a letter to the D.C. Circuit today expressing a different view of Judge Cacheris’ decision in Pagliara v. Freddie Mac.” |
| The Punitive Treatment Of GSE Investors: The Big Short, Goldman Sachs, Treasury And The FHFA – Seeking Alpha by Wayne Olson |
| Tom Sullivan on Fox Business – Youtube |
| Fannie Mae, Freddie Mac Extend Crisis-Era Refinance Program – Bloomberg |
| Gretchen Morgenson is staying on top of the GSEs – Twitter |
| Wednesday August 24th 2016 |
| New filing in the Perry case, click here to view. |
| New filing in the Pagliara v. Fannie Mae case, click here to view. |
| 2nd filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara, Fannie Mae and FHFA presented two stipulations to Judge Sleet this morning agreeing to extend the deadline for Mr. Pagliara to file his replies in support of his request to remand this case to the Delaware Chancery Court to Sept. 1 and Sept. 6.” |
| New filings in the Deloitte case. Motion to Appear Pro Hac Vice Motion to Appear Pro Hac Vice Motion to Appear Pro Hac Vice Motion to Appear Pro Hac Vice Peter Chapman writes, “Miles N. Ruthberg, Esq., Kevin M. McDonough, Esq., Christopher S. Turner, Esq., and Peter A. Wald, Esq., at Latham & Watkins LLP, appeared today to represent Deloitte, and copies of their requests to appear pro hac vice are (linked above).” |
| Pagliara Freddie Mac Lawsuit Suffers Unconstitutional Blow – Seeking Alpha by Glen Bradford |
| Fannie Mae & Freddie Mac – The Nationalized Mortgage Market – Valuewalk |
| $2.8 billion in Fannie Mae, Freddie Mac mortgage servicing rights up for sale – HousingWire |
| The U.S. Government Basically Just Fined Itself $100,000 – Vanity Fair |
| To Settle SEC Case, Government Pays Itself $100,000 – WSJ |
| Court Denies Shareholder Access to Freddie Mac Records – The MReport |
| Tuesday August 23rd 2016 |
| 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. Peter Chapman writes, “Judge Cacheris entered an order this afternoon granting Freddie Mac’s motion to dismiss, determining that FHFA’s motion to substitute is moot, and dismissing Mr. Pagliara’s books and records complaint. Copies of Judge Cacheris’ order and written opinion are (linked above). Judge Cacheris says that HERA destroyed Mr. Pagliara’s right to inspect Freddie’s corporate records.” |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara has requested that Judge Sleet hear oral arguments on his motion to remand and FHFA’s motion to substitute.” |
| Consensus for Johnson-Crapo Exists Only Among Big Banks – Investors Unite |
| Fannie and Freddie Need Another Bailout? – The National Real Estate Post GSE talk starts at 4:47. |
| Federal court tosses #Fanniegate suit seeking to inspect Freddie Mac’s records – HousingWire |
| In A Blow to Fannie and Freddie Shareholders, Court Tosses Out Another Lawsuit – WSJ |
| Tim Pagliara tweets about the recent court ruling – Twitter |
| Fannie, Freddie revise mortgage app form for first time in 20 years – HousingWire |
| Statement of FHFA Director Melvin L. Watt on Redesigned, More Consumer-Friendly Uniform Residential Loan Application Form – fhfa.gov |
| Short Takes: A 25 Percent Chance Uncle Sam Will Lose the GSE Lawsuits… – Inside Mortgage Finance |
| A New Chance For Housing Finance Reform – Valuewalk |
| 08-23-16 – Doug Ryan w. Tim Farley – Box.com (audio) |
| Tim Howard comments on the CSP – Howard on Mortgage Finance |
| Monday August 22nd 2016 |
| New order in the Deloitte case. Visit glenbradford.com to view. |
| With Homeownership at an All-Time Low, Why Is the Federal Government Tying its Own Hands? – cfed.org “Risk-sharing creates market distortions and instability. It is a much better investment for the American people to make additional fixes to Fannie and Freddie, allow them to recapitalize, and update their structure and regulatory oversight…” |
| Howard, Rightfully, PO’d; Exposes Phony FHFA Tests – Bill Maloni’s GSE Blog |
| Former Fannie Mae CEO settles crisis-related lawsuit with SEC – Reuters David Fiderer wrote about this on 03/12/2016. |
| Fannie Reclaims (Some of the) Share it Lost in First-Time Homebuyer Market – Inside Mortgage Finance |
| Net Worth Sweep: Government Theft Of $100B+ Of Cash Money – Amazon A new book by G. Richard Bradford III. |
| Freddie Mac Preps for Issuance of Securities Under CSP – DS News |
| Friday August 19th 2016 |
| New filing in the Perry case, click here to view. Peter Chapman writes, “Hamish Hume, Esq., representing the Class Plaintiffs, sent the D.C. Circuit a letter yesterday advising it about the Federal Circuit’s decision in Piszel v. U.S. and explaining how the Federal Circuit’s decision supports the Class Plaintiffs’ position.” |
| FHFA Fails the Stress Test – Howard on Mortgage Finance |
| Federal Circuit in Piszel Guides D.C. Circuit on “Takings” – Valueplays |
| Nightmare on Main Street – The Economist |
| ‘navycmdr’ emails Judge Steele – Investors Hub |
| Fannie, Freddie will run out of money by Jan. 1, 2018 – mpamag.com |
| Thursday August 18th 2016 |
| New filing in the Piszel case, click here to view. Peter Chapman writes, “The U.S. Court of Appeals for the Federal Circuit issued its decision today affirming dismissal of the lawsuit filed by Mr. Piszel, Freddie’s former CFO, in the Court of Federal Claims. The Federal Circuit agrees with Mr. Piszel that the rights under his employment contract were a cognizable Fifth Amendment property interest. The Federal Circuit disagrees with the government’s position that a breach of contract suit was a prerequisite to asserting a takings claim. The Federal Circuit faults Mr. Piszel for not filing a breach of contract suit against Freddie Mac in Virginia state court before the statute of limitation expired and for not alleging in his complaint filed in the Court of Federal Claims that a lawsuit in Virginia would have been futile.” |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “FHFA renewed its request to displace the shareholders suing PwC, and a copy of the agency’s renewed motion to substitute is (linked above). FHFA reworked its argument that the Edward Plaintiffs’ aiding and abetting breach of fiduciary duty claims are derivative at pages 10-12 and FHFA enhanced its “all means all” argument at pages 14-16.” |
| 2nd filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “Judge Moreno entered an order this afternoon directing that: — PwC file its response to the Edwards Plaintiffs’ remand request by Sept. 14; — the Edwards Plaintiffs file any reply in support of their remand request by Sept. 30; and — all motions to dismiss and answers be filed by Oct. 24.” |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “FHFA delivered its Opposition to Mr. Pagliara’s remand request to Judge Sleet this afternoon. FHFA urges Judge Sleet to decide its substitution motion before considering the remand request. FHFA tells Judge Sleet that he has to determine the identity of proper plaintiff before he can decide which court should hear the case.” |
| 2nd filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Fannie Mae delivered a response opposing remand to the Delaware Chancery Court to Judge Sleet this afternoon. Fannie Mae says the federal court is the right court to hear — and dismiss — Mr. Pagliara’s books and records demand. Fannie Mae says that it elected to follow Delaware’s corporate governance practices, but never made Delaware its home. Fannie Mae tells Judge Sleet that it wants FHFA’s substritution request decided before the court acts on the remand request. |
| 3rd filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “A Declaration by Zi-Xiang Shen, Esq., one of Fannie Mae’s Delaware lawyers, in support of Fannie Mae’s response (is linked above).” |
| Fannie Mae And Freddie Mac’s Coup D’état – Seeking Alpha by Glen Bradford |
| Everybody Has a Plan for Fannie and Freddie But Nothing Gets Done – Bloomberg |
| Comradely capitalism – The Economist |
| Tim Howard discusses Fannie Mae’s charter – Howard on Mortgage Finance |
| FHFA Further Adjusts Multifamily Lending Caps for Fannie Mae and Freddie Mac – fhfa.gov |
| Appeals Court Rules In GSE Case–But Not That GSE Case – WSJ |
| Wednesday August 17th 2016 |
| New filing in the Roberts case, click here to view. Peter Chapman writes, “Deepthy Kishore entered her appearance today on behalf of the U.S. Treasury.” |
| New filing in the Deloitte case, click here to view. (Joint Motion) |
| 2nd filing in the Deloitte case, click here to view. (Disclosure Statement) |
| 3rd filing in the Deloitte case, click here to view. (Notice of Similar Actions) Peter Chapman writes, “The Edwards Plaintiffs and Deloitte have agreed: — Deloitte will respond to the Edwards Plaintiffs’ remand motion by Sept. 14; — the Edwards Plaintiffs will file their reply in support of remand by Oct. 12; and — if the remand request is denied, Deloitte will respond to the Edwards Plaintiffs’ Complaint within 30 days following that decision; and ask Judge Scola to place his stamp of approval on that briefing schedule. Additionally, the Edwards Plaintiffs delivered a disclosure document to the court today confirming that none of them has a parent corporation and that no publicly held corporation owns more than 10% of its stock. Further, the Edwards Plaintiffs delivered a notice to Judge Scola today advising him that their case is related to Edwards v. PwC. |
| New filing in the PricewaterhouseCoopers case, click here to view. (Disclosure Statement) |
| 2nd filing in the PricewaterhouseCoopers case, click here to view. (Notice of Similar Actions) Peter Chapman writes, ” The Edwards Plaintiffs delivered a disclosure document to the court today confirming that none of them has a parent corporation and that no publicly held corporation owns more than 10% of its stock. Additionally, the Edwards Plaintiffs delivered a notice to Judge Moreno today advising him that their case is related to Edwards v. Deloitte.” |
| GSE reform is a philosophical posture, not a policy – Global Capital |
| @micah_morrison tweets about #FannieGate again – Twitter |
| ‘Ron’ emails Judge Steele – timhoward717.com |
| Freddie Mac officially offers forbearance to Louisiana flood victims – HousingWire |
| Fannie Mae Prices New Issue 5-Year Benchmark Notes® due August 17, 2021 – fanniemae.com |
| Tuesday August 16th 2016 |
| New filing in the Voacolo case, click here to view. (Notice of Appearance) |
| 2nd filing in the Voacolo case, click here to view. (Notice of Appearance) |
| 3rd filing in the Voacolo case, click here to view. (Stipulation) Peter Chapman writes, “Howard Cayne and Asim Varma at Arnold & Porter entered their appearance on behalf of FHFA today, and presented the Court with a stipulation providing that (i) Fannie, FHFA and Treasury will file dispositive motions by Sept. 20, (ii) responses will be due Oct. 20, and (iii) replies will be due Nov. 18. Copies of the notices of appearance and stipulation are (linked above).” |
| 4th filing in the Voacolo case, click here to view. Peter Chapman writes, “David Bergman at Arnold & Porter also entered his appearance on behalf of FHFA today.” |
| Peter Chapman continues, “FYI — This case has been assigned to the Honorable Rudolph Contreras, whose bio is posted at http://www.dcd.uscourts.gov/content/district-judge-rudolph-contreras and https://en.wikipedia.org/wiki/Rudolph_Contreras and who was annoyed earlier this year by the State Department’s delays in releasing Mrs. Clinton’s e-mail.” |
| New order in the Voacolo case. Peter Chapman writes, ‘Judge Contreras entered a Minute Order this afternoon saying: “The Court construes the parties’ filing as a joint motion and reminds the parties that they cannot ‘stipulate’ to the issuance of a court order. It is hereby ORDERED that Defendants shall file their dispositive motions on or before September 20, 2016; Plaintiff shall respond to Defendants’ dispositive motions on or before October 20, 2016; and Defendants shall file replies in support of their dispositive motions on or before November 18, 2016. It is FURTHER ORDERED that Plaintiff shall respond to [Doc.] 6 Defendants’ Notice of Related Cases on or before August 26, 2016. It is FURTHER ORDERED that replacement counsel for Plaintiff shall enter an appearance on or before August 26, 2016. At that time, Plaintiff shall proceed pro se unless and until he obtains replacement counsel. SO ORDERED.”‘ |
| New filing in the PricewaterhouseCoopers case, click here to view. |
| 2nd filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “Michelle Holmes Johnson at White & Case entered her appearance on behalf of PwC today. Additionally, the Edwards Plaintiffs and PwC have agreed: — PwC will respond to the Edwards Plaintiffs’ remand motion by Sept. 14; — the Edwards Plaintiffs will file their reply in support of remand by Oct. 12; and — if the remand request is denied, PwC will respond to the Edwards Plaintiffs’ Complaint within 30 days following that decision.” |
| New GSE Accounting Fraud Lawsuit Legal Filing Great For Shareholders – Seeking Alpha by Glen Bradford |
| Why The Government’s Wall Of Secrecy Must Fall – Google Groups via Law360 |
| Clinton hires former Fannie Mae lobbyist to transition team – NY Post |
| Interesting tweet from @timpagliara – Twitter |
| @micah_morrison seems interested in #FannieGate – Twitter Mr. Morrison is a Chief Investigative Reporter for Judicial Watch. |
| Monday August 15th 2016 |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs are asking Judge Moreno to remand their lawsuit against PwC to state court.” |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs are asking Judge Scola to remand their lawsuit against Deloitte to state court.” |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “FHFA repeats is “all means all” argument in a Reply delivered to Judge Sleet today. FHFA argues that it — and it alone, according to HERA — stands in Mr. Pagliara’s shoes to inspect Fannie Mae’s books and records, and urges Judge Sleet to substitute it for Mr. Pagliara in the lawsuit he filed in Delaware.” |
| Cats and Dogs (Summer is s-l-o-w, but I still have GSE opinions) – Bill Maloni GSE Blog |
| How Much Capital Is Enough? – Bipartisan Policy Center |
| The Return of the $2 Trillion Mortgage Market – freddiemac.com |
| Freddie Mac: Mortgage lending will top $2 trillion this year – HousingWire |
| Why The Government’s Wall Of Secrecy Must Fall – Law 360 Subscription required for full access |
| @CEOsenson tweets about US government market manipulation – Twitter |
| Freddie Mac August 2016 Outlook – Yahoo |
| Sunday August 14th 2016 |
| Government’s 2011 Plan To Deal With GSE Public Preferreds Exposed – Seeking Alpha by Glen Bradford |
| PwC faces 3 major trials that threaten its business – MarketWatch GSEs are not mentioned. |
| Friday August 12th 2016 |
| New filing in the Roberts case, click here to view. Peter Chapman writes, “The Roberts Plaintiffs delivered their Response to FHFA and Treasury’s motions to dismiss their amended complaint to the Court in Chicago this evening, countering the government’s legal arguments in support of tossing the Roberts Litigation at this early juncture. FHFA and Treasury have until Sept. 14 to file their replies.” |
| Awaiting Further Developments: Critical Events, Discovery, History Lessons, Fannie And Freddie, And The Endless Summer – Seeking Alpha by Wayne Olson |
| Opinions – U.S. Court of Appeals for the D.C. Circuit – uscourts.gov Bookmark this link. The Perry appeal decision, when released, will probably show up here. |
| The Mandate Continues: GSE Mortgage Portfolios Down to $637 Billion – Inside Mortgage Finance |
| Thursday August 11th 2016 |
| Tim Rood on Fox Business – Youtube |
| Brace Yourselves, America: The Next Huge Housing Bailout Could Be Coming – Zero Hedge |
| Romantic Relationship With Fannie Mae CEO Prompted Firing of Fifth Third Lawyer – WSJ |
| Wednesday August 10th 2016 |
| New filing in the Voacolo case, click here to view. Peter Chapman writes, “Thomas D. Zimpleman entered his appearance on behalf of the U.S. Treasury today, presumably getting ready to get ready to file a motion to dismiss on or before Aug. 25.” |
| 2nd filing in the Voacolo case, click here to view. Peter Chapman writes, “The government advised the court today that Mr. Voacolo’s case is related to Perry v. Lew, Case No. 13-cv-1025 (D.D.C.), which is now under appeal.” |
| GSE Investors Battle To Expose Kangaroo Courts And Potemkin Villages – Seeking Alpha by Glen Bradford |
| Housing moves into the campaign spotlight – The Hill |
| Corker urges Congress to refocus on housing finance reform – The Hill |
| BRIEF-Freddie Mac announces issuance of a new five-year reference notes security – Reuters |
| Tuesday August 9th 2016 |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “Judge Moreno entered an order today reopening the Edwards Plaintiffs’ lawsuit against PwC and directing PwC to file a response to the Edwards Plaintiffs’ complaint by Aug. 23, 2016.” |
| A long overdue decision: a continued call for the DC Circuit to invalidate the Net Worth Sweep – Valuewalk |
| JPMorgan Gives Fannie, Freddie a $4.6 Billion Run for Their Money – The Street |
| Corker Says Fannie And Freddie Stress Test Highlights Need For Housing Finance Reform – The Chattanoogan |
| A few changes by Congress could make housing more affordable: A letter to the editor – nola.com |
| July Brings a Surge in New GSE Business, Thanks to Strong Purchase Market – Inside Mortgage Finance |
| Monday August 8th 2016 |
| New filing in the Roberts case, click here to view. (Amended Complaint) |
| 2nd filing in the Roberts case, click here to view. (Judges Order) Peter Chapman writes, “Judge Change entered an order today unsealing the Roberts Plaintiffs’ Amended Complaint.” |
| The DC Circuit Should Invalidate The Net Worth Sweep Of Fannie/Freddie Assets – Forbes By Richard Epstein |
| Far Less Than Meets the Eye – Howard on Mortgage Finance |
| Tick Tock: Time Dwindles Before GSE Legal Ruling In Appeals Case – Seeking Alpha by Glen Bradford |
| With High Voter Anxiety, Party Platforms Find Agreement on Increased Homeownership – Inside Sources |
| Fannie and Freddie Will Be Profitable After Their Next Bailouts, Too – Bloomberg |
| FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests – fhfa.gov |
| Fannie, Freddie Could Need as Much as $126 Billion in Crisis – Bloomberg |
| Fannie Mae, Freddie Mac would need another bailout in severe economic crisis – HousingWire |
| Fannie Mae Board of Directors Resignations – conferencecalltranscripts.org |
| LendingClub’s Quarterly Loss Widens; CFO Dolan Steps Down – Bloomberg “Fannie Mae Chief Executive Officer Timothy Mayopoulos, whose resume includes stints at some of the world’s largest banks, will join the board.” |
| Don’t Free Freddie and Fannie – US News & World Report |
| Friday August 5th 2016 |
| Without Freddie and Fannie, could 30-year mortgage be a thing of the past? – Miami Herald |
| What could replace Freddie Mac and Fannie Mae? – Miami Herald |
| Fannie And Freddie: Analysis Of Q2 Earnings – Seeking Alpha by Leslie Luk |
| The Endless Summer, Fannie And Freddie, Recent Developments, And Frequently Asked Questions – Seeking Alpha by Wayne Olson |
| What We’re Hearing: Killing the GSEs Is Not an Option, Really… – Inside Mortgage Finance |
| Maybe it’s my deodorant?? – Bill Maloni’s GSE Blog |
| Move over FHA: Dallas home buyers offered new low-down mortgages – Dallas Business Journal |
| Are Nonprofit Loan Buyers Really Good for the Mortgage Market? – National Mortgage News |
| Brue Berkowitz: Without Fannie and Freddie, goodbye fixed rate mortgages – Valuewalk |
| Thursday August 4th 2016 |
| New filing in the Pagliara v. Fannie Mae case, click here to view. |
| 2nd filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara delivered a brief opposing FHFA’s motion to substitute to Judge Sleet in Delaware this afternoon. Additionally, a declaration by one of Mr. Pagliara’s Delaware lawyers is posted at (bankrupt.com, first link above) because it’s a large compilation of scanned documents. Mr. Pagliara challenges and points out the illogic of FHFA’s “all means all” position that HERA intended that the regulator stepped into shareholders’ shoes. |
| New filing in the Pagliara v. Freddie Mac case, click here to view. Peter Chapman writes, “Judge Cacheris entertained oral arguments this morning. At today’s hearing before Judge Cacheris, Mr. Cayne, representing FHFA, stressed “all means all” when HERA says FHFA acquired shareholders’ rights. Mr. Connally, representing Mr. Pagliara, said that “all” is less than everything because otherwise FHFA would have cancelled the shares and executed a release of all shareholder claims. So “all” means something and the additional phrase in HERA about affecting the GSE assets means something as well. Judge Cacheris suggested this is a matter of first impression for the Court to decide (indicating he’s being asked to interpret rather than read the statute). Judge Cacheris asked about the Delaware proceedings and was told they are moving in slow motion. Freddie’s lawyers from King & Spalding said nothing at today’s hearing.” |
| New filing in the Roberts case, click here to view. Peter Chapman writes, “According to the filing (linked above), the Roberts Plaintiffs will present their unopposed motion to unseal their amended complaint to Judge Chang at 8:30 a.m. on Tues., Aug. 9, 2016, in Chicago.” |
| Physician, Heal Thyself – The Delaware Bay Company By Gary E. Hindes |
| Fannie Mae Reports Net Income of $2.9 Billion and Comprehensive Income of $2.9 Billion for Second Quarter 2016 – fanniemae.com |
| Fannie Mae to pay $2.9B to Treasury next month – Seeking Alpha |
| Fannie Mae misses by $0.44, beats on revenue – Seeking Alpha |
| Fannie Mae’s (FNMA) CEO Timothy Mayopoulos on Q2 2016 Results – Earnings Call Transcript – Seeking Alpha |
| Fannie Mae Results Cast Pall on Shareholder Lawsuits – WSJ |
| Trouble Looms Ahead for Fannie After Strong 2Q – National Mortgage News |
| FannieGate In Court Of Appeals: Excursus 1 – Profitability Of GSEs – Seeking Alpha by Jeremy Cain |
| GSE Upside: PricewaterhouseCoopers Showed FHFA How To Implement Capital Draws – Seeking Alpha by Glen Bradford |
| The Time Has Come to Turn the GSEs into Utilities – American Banker |
| A Quiet Surprise: FHFA Sets ‘Minimum Base’ G-Fee for Fannie Mae and Freddie Mac – Inside Mortgage Finance |
| Wednesday August 3rd 2016 |
| New filing in the Saxton case, click here to view. Peter Chapman writes, “Treasury also delivered its Reply in support of its motion to dismiss the Saxton Plaintiffs to the Iowa court this week. Treasury likes many of FHFA’s reasons about why the Saxton Plaintiffs’ should be dismissed and disputes the Saxton Plaintiffs’ arguments about why it should be dragged into litigation.” |
| New order in the Deloitte case. Peter Chapman writes, Judge Scola entered a paperless order this afternoon granting FHFA’s request to delay filing of its Reply Memorandum to Aug. 29.” |
| @FreddieMac’s Earning Surprise – collingwoodllc.com |
| @RepMikeCapuano comments on Freddie Mac’s earnings – Twitter |
| Building on the Johnson-Crapo Consensus – Bipartisan Policy Center By Michael A. Stegman |
| Law school dean: U.S. Supreme Court decision to take up Fannie Mae case not surprising – Northern California Record |
| Tuesday August 2nd 2016 |
| New filing in the Roberts case, click here to view. Peter Chapman writes, “The Roberts Plaintiffs advised Judge Chang that they will appear before him on Wed., Aug. 17, in Chicago, to ask him to place his stamp of approval on their request to unseal their Amended Complaint.” |
| New filing in the Pagliara v. Freddie Mac case, click here to view. Peter Chapman writes, “Michael Kientzle at Arnold & Porter entered his appearance in Pagliara v. Freddie Mac today on behalf of FHFA.” |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “FHFA tells Judge Scola it needs more time to file a Reply Memorandum to the Edwards Plaintiffs’ Response filed yesterday. FHFA says it needs until Aug. 29 to file its Reply. A copy of FHFA’s unopposed request for 18 additional days to file its Reply is (linked above).” |
| Freddie Mac Reports Net Income of $1.0 Billion for Second Quarter 2016; Comprehensive Income of $1.1 Billion – freddiemac.com |
| Freddie Mac to pay another $1B to Treasury – Seeking Alpha |
| Freddie Mac’s (FMCC) CEO Don Layton on Q2 2016 Results – Earnings Call Transcript – Seeking Alpha |
| Hopes Dim For Freddie Mac Shareholders – WSJ |
| Freddie Mac Profit Declines on Rates – WSJ |
| Freddie Mac’s Income Swings Back Up – DS News |
| GSE Conservatorship: Looks Like A Nationalization, Smells Like A Nationalization – Seeking Alpha by Glen Bradford |
| Freddie Mac Profit Shows Taxpayer Bailout Risk Is More Remote – Bloomberg |
| Average G-Fee for 2015: 59 BPs. FHFA Chief Tells Industry Agency is Consistently ‘Re-Evaluating’ the Charges – Inside Mortgage Finance |
| Newly Unsealed Documents Show How Treasury Violated HERA – Investors Unite |
| Fannie and Freddie Secrets New documents posted. Click on the August 2, 2016 link. |
| Section 4617(b)(2) Does Not Apply to Direct Claims – th717.wordpress.com |
| Parrot Admits Net Worth Sweet “A Treasury-Driven Process” – Valueplays |
| Monday August 1st 2016 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs delivered their Response to Judge Scola today opposing FHFA’s renewed substitution motion. The Edwards Plaintiffs argue tht (i) their claims are direct claims against Deloitte, (ii) FHFA has a debilitating conflict of interest, and (iii) shareholders suing Deloitte doesn’t restrain or affect FHFA’s exercise of powers or functions as conservator.” |
| New filing in the Pagliara v. Fannie Mae case, click here to view. (Motion to Remand) |
| 2nd filing in the Pagliara v. Fannie Mae case, click here to view. (Opening Brief in Support of Motion to Remand) Peter Chapman writes, “In response to FHFA’s motion to substitute, Mr. Pagliara asks Judge Sleet to send his lawsuit requesting access to Fannie Mae’s books and records back to the Delaware Chancery Court. Mr. Pagliara says removal of his lawsuit to federal court was improper and Judge Sleet lacks jurisdiction to do anything except send the case back to the Chancery Court. Copies of that motion and a memorandum in support of that request are (linked above).” |
| New filing in the Perry case, click here to view. Peter Chapman writes, “The D.C. Circuit entered an order this afternoon accepting the Class Plaintiffs’ Brief in Reply to the FDIC’s Amicus Brief.” |
| New filing in the Saxton case, click here to view. Peter Chapman writes, “FHFA delivered its Reply in support of its motion to dismiss the Saxton Complaint to the Iowa court today. The GSEs’ regulator’s arguments don’t deviate from those we’ve read before.” |
| Fannie Mae and Freddie Mac – Bloomberg |
| Motive? – The Truth about Fannie and Freddie |
| The hidden risk in Ginnie Mae mortgage-backed securities – Valuewalk |
| Mortgage Principal Forgiveness Policy Is a Bad Idea – The Heritage Foundation |
| Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 2015 – FHFA.gov |
| Mel Watt Letter to Consumer groups via @joelight – Twitter |
| Republicans vs. Democrats: what each party says about housing finance reform – HousingWire |
| Fairholme 2016 Semi-Annual Report – fairholmefundsinc.com |