|Thursday November 30th 2017|
|The Economics of Reform – Howard on Mortgage Finance|
|ICBA Statement on GSE Profit Sweep Discussions – icba.org|
|Fannie And Freddie Watch: The Latest News Out Of Washington – benzinga|
|How Tax Reform Could Accelerate GSE Reform And Not Necessarily In A Good Way – Forbes|
|Acting Ginnie Mae President Michael Bright Makes His Pitch to Have Ginnie be the Big Kahuna of Government MBS – Inside Mortgage Finance|
|U.S. Fed buys $3.4 billion of mortgage bonds, sells none – Reuters|
|Wednesday November 29th 2017|
|New filing in the Roberts case, click here to view.
Peter Chapman writes, “FHFA lawyer Howard Cayne at Arnold & Porter advised the Seventh Circuit about the Sixth Circuit’s decision to reject Ms. Robinson’s challenge of the Net Worth Sweep based on her APA claims and Judge Sleet’s decision to reject Messrs. Jacobs and Hindes’ state law claims to invalidate the Third Amendment.”
|New notation in the Bhatti case.
Peter Chapman writes, “The Court Clerk made a notation (Doc. 50) on the docket sheet indicating that Judge Schlitz has rescheduling the hearing on FHFA and Treasury’s motions to dismiss and the Bhatti Plaintiffs’ motion for summary judgment. The hearing will be held at 9:00 a.m. on Thurs., Dec. 21, 2017, in Minneapolis.”
|Fannie-Freddie Watchdog Stokes Quiet Fight With White House – Bloomberg|
|Fannie and Freddie are fighting with the Trump administration over $7.7B – The Real Deal|
|Short Takes: Watt and Treasury, is there a Deal? / GSE MBS Investors May Want More Yield… – Inside Mortgage Finance|
|Fannie Mae Completes Final Credit Insurance Risk Transfer Transaction of 2017 on $16 Billion of Single-Family Loans – fanniemae.com|
|Fannie Mae transfers $16 billion in credit risk for last transaction of 2017 – HousingWire|
|Tax reform threatens to drain GSEs’ dwindling capital – American Banker
Subscription required for access.
|Tuesday November 28th 2017|
|New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, “Judge Sleet published his Memorandum Opinion yesterday ruling that sec. 4671(f) of HERA blocks Messrs. Jacobs and Hindes’ lawsuit. I had the privilege of chatting with Gary Hindes following his participation on an Investor Roundtable at the 24th Annual Distressed Investing Conference yesterday in New York. I asked Mr. Hindes if he thought he’d take an appeal to the Third Circuit. “Oh, you betcha,” he said without a moment’s hesitation.”
|Powell Could Be The Next Fed Chair. Here’s What He Proposes For The Real Estate Market – Forbes|
|FHFA increases conforming loan limits for 2nd straight year – HousingWire|
|Designation of Fannie Mae and Freddie Mac as SIFIs – rstreet.org|
|Sleet Tosses Challenge to Fannie, Freddie Bailout Repayment – law.com
Subscription required for access.
|Monday November 27th 2017|
|According to @joelight the Delaware case has been dismissed – Twitter|
|Mnuchin Adopts Good Starting Points on GSE Reform – Investors Unite|
|Grace A. Huebscher Elected to Freddie Mac Board of Directors – Market Wired|
|Sunday November 26th 2017|
|What’s On my Mind! – Bill Maloni’s GSE Blog|
|Financial Services Conference – consumerfed.org
On Friday December 1st at 9:00 a.m. there is a conference session titled ‘Mortgage Finance After Fannie and Freddie’.
|Thursday November 23rd 2017|
|John Berlau, Competitive Enterprise Institute: Risking Taxpayers’ Money at Freddie Mac – heartland.org|
|Wednesday November 22nd 2017|
|New filing in the Robinson case, click here to view.
Peter Chapman writes, “The Sixth Circuit entered its opinion and order today affirming Chief Judge Caldwell’s decision dismissing Ms. Robinson’s complaint filed in the Eastern District of Kentucky.”
|FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs – fhfa.gov|
|Fannie Mae sells $124 million in non-performing loans to nonprofits – HousingWire|
|Fannie, Freddie Transfer $60 Billion in Credit Risk Through Q2 2017 – ABA Banking Journal|
|Tuesday November 21st 2017|
|A 40-Page GSE ‘Draft’ Bill is Circulating in the Senate – Inside Mortgage Finance|
|7th Cir. Holds State, Local Transfer Taxes Apply to Private Entities Doing Business With GSEs – Lexology|
|Mulvaney as CFPB head? Five things to know – National Mortgage News|
|Fannie Mae CEO Talks Fintech, Social Justice, Corporate Taxes – benzinga|
|Monday November 20th 2017|
|Corporate Tax Cut Could Expose Net Worth Sweep Folly – Investors Unite|
|Bill Ackman: Fannie, Freddie Have Increasing Odds Of A Positive Resolution – benzinga|
|Freddie Says 2017 on Track to be Best Year in a Decade – The MReport|
|Recap of 2017: The Best Year in a Decade – freddiemac.com|
|Saturday November 18th 2017|
|New filings in the Cacciapalle case (U.S. Supreme Court).
Peter Chapman writes, “The Rafter Plaintiffs and Pershing Square filed an amicus brief urging the High Court to accept the three petitions and reverse the D.C. Circuit’s decision, and a copy is attached to this e-mail message. “This Court’s intervention is necessary,” Pershing Square’s legal team at Jones Day says, “both to police the separation of powers and to protect private property from the grasping hand of the federal government, which seeks to insulate its lawless conduct from any judicial review.” The shareholders tell the Justices that FHFA’s reading of HERA making preserving and conserving optional and allowing dissipation if that’s what FHFA wants to do makes no sense and is contrary to what more than 100 years of legal tradition describes a conservator’s proper
Fannie Mae and Freddie Mac have elected to not to respond to respond to the Cacciapalle Plaintiffs’ petition.”
|New filings in the Perry case (U.S. Supreme Court).
Peter Chapman writes, “Investors Unite filed an amicus brief in support of Perry’s petition, and a copy is attached to this e-mail message. Michael Krimminger at Cleary Gottlieb forcefully tells the High Court, based on his experience at the FDIC and his participation in drafting HERA, that nobody ever imagined FHFA would take every step possible to prevent rehabilitation of its wards and then hide behind sec. 4617(f) to argue that nobody can question that improper action.
Fannie Mae and Freddie Mac have elected to not to respond to respond to Perry’s petition.”
|New filings in the Fairholme case (U.S. Supreme Court).
Peter Chapman writes, “Fannie Mae and Freddie Mac have elected to not to respond to respond to Fairholme’s petition.”
|Ackman’s Positive Look Over Fannie Mae – thebeartrapsreport.com|
|Friday November 17th 2017|
|Financial Services & E-Commerce: Financial Reg.: The Apotheosis of the Admin. State? – YouTube
Prof. Richard Epstein discusses the GSE takings case.
|Housing finance reform next on to-do list for Trump and Congress – National Mortgage News|
|What to do with Fannie Mae and Freddie Mac? – floridarealtors.org|
|Watt Likely Won’t Act on Zero Capital Buffer This Year, but Consensus Forming on a GSE Bill? – Inside Mortgage Finance|
|A duopsony built around rent-seeking – aei.org|
|How Fannie and Freddie Weathered 2017 – DS News|
|11/06/2017 – Steven Eisman // Will Technology Prevent the Next Economic Bubble ? – YouTube
Steven Eisman discusses the GSEs.
|Thursday November 16th 2017|
|New filing in the Bhatti case, click here to view.
Peter Chapman writes, “While getting ready to file its reply and objection due later today, FHFA’s local counsel discovered that it under-reported the number of words contained in its motion to dismiss filed in September. The original tabulation excluded 400 words appearing in the footnotes.”
|2nd filing in the Bhatti case, click here to view.
Peter Chapman writes, “Treasury filed its objection and reply this afternoon in Minneapolis. Treasury maintains its position that the Bhatti Plaintiffs’ complaint should be dismissed.”
|3rd filing in the Bhatti case, click here to view.
Peter Chapman writes, “FHFA filed its objection and reply this evening in Minneapolis. FHFA concedes nothing and forcefully advances its arguments that it’s 100% right and agitated shareholders are 100% wrong.”
|New order in the Fairholme case (U.S. Supreme Court).
Peter Chapman writes, “The Court entered an order today extending the time for parties to respond to Fairholme’s petition through Dec. 20, 2017.”
|Fannie Mae, Freddie Mac conservatorship takes center stage – Florida Weekly|
|FHFA Announces Fannie Mae and Freddie Mac Will Re-enter LIHTC Market – fhfa.gov|
|Through Fannie Mae, US taxpayers provide backing for some rental home giants – ABC News|
|Wednesday November 15th 2017|
|New filing in the Fairholme case (U.S. Supreme Court), click here to view.
Peter Chapman writes, “The Solicitor General wants the U.S. Supreme Court to extend the deadline for the government to respond to Fairholme’s petition to Dec. 20, 2017.”
|Calling No Legislative GSE Reform In 30 Days A Failure – Seeking Alpha by Glen Bradford|
|“Treasury’s Chris Campbell at a conference said UST plans to work with Congress…” via @joelight – Twitter|
|GSE reform in 2018? Mortgage finance positions of power in Washington up for grabs – HousingWire|
|Ackman Q3 Letter: Corker Resignation Is Bullish For Fannie – Valuewalk|
|Tuesday November 14th 2017|
|Pershing Square Capital Management, L.P. 3Q 2017 Quarterly Conference Call – webcaster4.com
GSE talk starts at 27:28.
|Things I am Thinking!! – Bill Maloni’s GSE Blog|
|Monday November 13th 2017|
|Treasury Secretary Mnuchin discusses the GSEs at the WSJ CEO Council (video) – Facebook
Start watching at 30:35.
|Tweets about Treasury Secretary Mnuchin’s GSE discussion.
Tweet #1 via @WSJPolitics
Tweet #2 via @WSJPolitics
Tweet #3 via @Fanniegate101
Tweet #4 via @Fanniegate101
|The Net Worth Sweep’s Moral and Practical Deficiencies – Investors Unite|
|Epic Congress Fail on Fannie and Freddie – The National Real Estate Post
Click the white play arrow to start the video.
|KBW: A Change to the GSE Dividend Sweep ‘Unlikely’ – Inside Mortgage Finance|
|What The New GOP Tax Plan Could Mean For Fannie Mae, Freddie Mac – benzinga|
|Fannie Mae announces winner of fifth reperforming loan sale transaction – HousingWire|
|Fannie Mae planning affordable-housing initiatives – mpamag.com|
|Saturday November 11th 2017|
|New order in the Perry case (U.S. Supreme Court).
Peter Chapman writes, “The Court entered an order this past week extending the time for parties to respond to Perry Capital’s petition through Dec. 18, 2017.”
|New order in the Cacciapalle case (U.S. Supreme Court).
Peter Chapman writes, “The Court entered an order this past week extending the time for parties to respond to the Cacciapalle Plaintiffs’ petition through Dec. 18, 2017.”
|Friday November 10th 2017|
|What We’re Hearing: The Wilbur Ross Story / Tapping Mortgage Expertise – Inside Mortgage Finance|
|As Promised: If the GOP Lowers the Corporate Tax Rate, the GSEs are in Deep Trouble – Inside Mortgage Finance|
|Winner Announced: Fannie Mae’s Non-Performing Loan Sale – DS News|
|Thursday November 9th 2017|
|New filing in the Fairholme case, click here to view.
Peter Chapman writes, “The parties presented Judge Sweeney with a proposed order establishing a quick peek protocol that, within the next 60 days, will bring jurisdictional discovery to an end or result in Fairholme filing a third motion to compel.”
|2nd filing in the Fairholme case, click here to view.
Peter Chapman writes, “Fairholme, Arrowood and Treasury entered present Judge Lambert with a stipulation for his stamp of approval that removes Treasury from this litigation at this time.”
|3rd filing in the Fairholme case, click here to view.
Peter Chapman writes, “Judge Sweeney entered an order this afternoon placing her stamp of approval on the parties’ quick peek protocol.”
|New filing in the Arrowood case, click here to view.
Peter Chapman writes, “Fairholme, Arrowood and Treasury presented Judge Lambert with a stipulation for his stamp of approval that removes Treasury from this litigation at this time.”
|How home ownership could get whacked by Washington – CNBC|
|Mnuchin at the Economic Club of New York today said Fannie-Freddie reform…via @joelight – Twitter|
|As U.S.’s Lack of Homebuilding Nears Crisis, Fannie Offers Help – Bloomberg|
|Fannie Mae wants to make it easier to build a home – The Real Deal|
|Senate GOP plan would delay corporate tax cut until 2019, breaking with Trump – The Washington Post
It is unclear how this could affect the GSEs DTAs.
|Wants permanent solution for Fannie + Freddie Mac. Will be a priority next year. #ECNYMnuchin via @EconClubNY – Twitter|
|ICBA: GSE reform will be a heavy lift – Scotsman Guide|
|Fannie Mae selling $1.23bn in NPLs to Goldman Sachs subsidiary – HousingWire|
|Third hearing on housing finance reform focuses on increased competition – Financial Regulation News|
|Wednesday November 8th 2017|
|New filing in the Roberts case, click here to view.
Peter Chapman writes, “David Thompson at Cooper & Kirk sent a letter to the Seventh Circuit this week pointing the judges to the section of the PSPAs that prevents the GSEs from paying down the liquidation preference on Treasury’s senior preferred stock.”
|Property Rights of Fannie and Freddie Shareholders—Including Small Investors—Must Be Respected – cei.org|
|Fannie Mae and Freddie Mac Still Endanger U.S. Economy – cei.org|
|Blog: GSE debate inches forward – Scotsman Guide|
|Treasury’s GSE Plan Still a ‘Work in Progress.’ No Balance Sheet Allowed? – Inside Mortgage Finance|
|Mapping the Course Toward Housing Finance Reform – mba.org|
|Backing Fannie and Freddie with funny money – The Washington Times|
|Tuesday November 7th 2017|
|New filing in the Rop case, click here to view.
Peter Chapman writes, “FHFA submitted its brief yesterday evening in opposition to the Rop Plaintiffs’ motion for summary judgment and in support of the agency’s motion to dismiss the Rop Plaintiffs’ complaint. FHFA says the agency is constitutionally structured and urges Judge Maloney to find that the Rop Plaintiffs’ claims lack merit.”
|Sustainable Housing Finance, Part III – Youtube|
|Sustainable housing finance – AEI
By Peter J. Wallison
|Long-Time GSE Critic Peter Wallison Doesn’t Disappoint: Kill Fannie and Freddie, He Urges – Inside Mortgage Finance|
|Under Review: The Need for Housing Finance Reform – DS News|
|Monday November 6th 2017|
|New filings in the Rop case.
Peter Chapman writes, “Treasury filed a reply brief in support of its motion to dismiss the Rop Plaintiffs’ complaint and a brief opposing the Rop Plaintiffs’ summary judgment request. Treasury tells Judge Maloney that it did nothing wrong and he, like every other court to date, should block shareholder challenges to the Net Worth Sweep. Treasury maintains its position that the constitutional infirmities the Rop Plaintiffs see concerning FHFA don’t hold water and provide no basis to invalidate the Third Amendment. Treasury urges Judge Maloney to grant its motion to dismiss and deny the Rop Plaintiffs’ motion for summary judgment.”
|GSE Jumpstart Expires In Less Than 60 Days – Seeking Alpha by Glen Bradford|
|Federal Taxpayers Should Not Cover Guarantees in Any Future Mortgage-Backed Securities Market – The Daily Signal|
|House subcommittee examines need for housing finance reform – Financial Regulation News|
|Fannie, Freddie Conservatorship Takes Center Stage as Next Housing Finance Regime Comes Into Focus – RIS Media|
|Fairholme Funds, Inc. v. United States: Court Compels Production for Plaintiffs’ Quick Peek over Defendant’s Objection – The National Law Review|
|Friday November 3rd 2017|
|An Overview of Litigation Landscape as Several Cases Advance in Court – Investors Unite|
|FHFA’s g-fee calculation ignores the law – American Banker|
|According to Christopher Whalen, GSE receivership is discussed frequently at the White House – Twitter|
|Tim Howard responds to GSE receivership talk – Howard on Mortgage Finance|
|BAC vs FNMA stock analysis shows that Fannie Mae could support $150 billion valuation with GSE reform – BNL Finance|
|Government Backstop Necessary for Sustainable Mortgage Market? – DS News|
|Trump team targets special ‘QM’ status for GSEs – National Mortgage News|
|Hearing entitled “Sustainable Housing Finance: The Role of Ginnie Mae in the Housing Finance System” – house.gov
Occurs Thursday, November 9, 2017 9:00 AM
|Thursday November 2nd 2017|
|New filing in the Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations case, click here to view.
Peter Chapman writes, “The Class Plaintiffs asked Judge Lamberth for permission to file a second amended complaint late yesterday.
The second amended complaint:
(A) adds direct claims against FHFA and the Companies for breach of fiduciary duties (pars. 86-93 and 166-177);
(B) adds claims against FHFA based on the fact that the Net Worth Sweep is barred by Delaware and Virginia law applicable to preferred stock (pars. 94-97 and 178-192);
(C) shows Judge Lamberth what’s been uncovered in discovery that was previously unavailable to him (pars. 11, 40, 52-55, 61-65 and 68-70);
(D) names Fannie Mae and Freddie Mac as defendants with respect to all claims (to the extent they were not already named) (pars. 124-192);
(E) backs away from claims against Treasury for the time being; and
(F) withdraws the Taking claim previously made in District Court.
We should anticipate seeing an order from Judge Lamberth granting the Class Plaintiffs’ unopposed request in the coming days or weeks, and FHFA, Fannie and Freddie filing their motion to dismiss the Class Plaintiffs’ amended complaint on Jan. 10, 2018.”
|New filing in the Fairholme case, click here to view.
Peter Chapman writes, “Fairholme asked Judge Lamberth for permission to file its amended complaint late yesterday, and a copy of Fairholme’s request. Fairholme’s amended complaint shows Judge Lamberth the evidence it found during jurisdictional discovery contradicting Mario Ugoletti’s sworn statement that nobody at FHFA, Fannie and Freddie had talked — prior to implementation of the Net Worth Sweep — about reversing deferred tax asset accounting entries on the GSEs’ books that would generate massive profits for Treasury’s sole benefit.”
|New filing in the Arrowood case, click here to view.
Peter Chapman writes, “Arrowood asked Judge Lamberth for permission to file its first amended complaint late yesterday.”
|Fannie Mae Reports Net Income of $3.0 Billion and Comprehensive Income of $3.0 Billion for Third Quarter 2017 – fanniemae.com|
|Fannie Mae 10-Q – Seeking Alpha|
|Fannie Mae makes $3bn; one-third of single family now private-risk transfer – HousingWire|
|Short Takes: GSE Reform? What’s the Rush? / Calabria, an FHFA Director Candidate?… – Inside Mortgage Finance|
|Fannie Mae Transitions Business – The MReport|
|Republican tax plan will trigger another Fannie, Freddie bailout – HousingWire|
|Realtors®: Fannie Mae, Freddie Mac Conservatorship Takes Center Stage As Next Housing Finance Regime Comes Into Focus – prnewswire.com|
|Everything You Need To Know About Jerome Powell, Trump’s Pick For Federal Reserve Chairman – Benzinga|
|Sustainable Housing Finance: Private Sector Perspectives…Part II – Youtube|
|Wednesday November 1st 2017|
|Fifth Annual Housing Finance Symposium – Youtube
Mark Calabria speaks at 3:49:22 with introduction by Jim Parrott
|Mark Calabria: Trump administration “committed” to ending conservatorship – HousingWire|
|@MarkCalabria says process of figuring out what to do with Fannie, Freddie has “just begun.”…via @JoeLight – Twitter|
|“If it was easy to get them out of conservatorship, it would have been done already.” Says Trump admin still committed to dealing with issue via @joelight – Twitter|
|@MarkCalabria We are committed to not handing over the GSEs in conservatorship to the next administration. via @MortgageLaurie – Twitter|
|Rep. Hensarling to Retire. Speculation Immediately Begins on FHFA, CFPB Jobs – Inside Mortgage Finance|
|Rep. Hensarling will push deregulation until retirement – The Hill|
|Fannie Mae Monthly Summary September 2017 – fanniemae.com|
|Fannie Mae Issues September Volume Summary – mortgagenewsdaily.com|
|Delinquencies up for Fannie Mae – DS News|
|Hearing entitled “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform, Part II” – house.gov
Occurs Thursday, November 2, 2017 2:00 PM
|Hearing entitled “Sustainable Housing Finance, Part III” – house.gov
Tuesday, November 7, 2017 10:00 AM