| Friday September 30th 2016 |
| New filing in the Fairholme case. Peter Chapman writes, “The parties delivered a Joint Status Report (Doc. 336) to Judge Sweeney this afternoon telling her what parts of her Sept. 20 Opinion they agree should be kept under seal.” |
| 2nd filing in the Fairholme case, click here to view. |
| 3rd filing in the Fairholme case, click here to view. Peter Chapman writes, “Michael Sammons filed a Motion to Intervene in Fairholme v. U.S. and took some swipes at Judge Sweeney. In response, Judge Sweeney denied his motion. Copies of Mr. Sammons’ Motion and Judge Sweeney’s Order are (linked above).” |
| New filing in the PricewaterhouseCoopers case, click here to view. |
| 2nd filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs filed their Replies this afternoon in support of their request to remand their lawsuit to Florida state court. In short, the Edwards Plaintiffs argue that HERA doesn’t insulate PwC from litigation and FHFA has no business interjecting itself into litigation to which it and the GSEs are not parties.” |
| Berkowitz: Fairholme Turnaround? – Youtube Bruce Berkowitz on Consuelo Mack Wealthtrack |
| Exclusive: Fannie and Freddie Received Marching Orders from the FHFA: Have the Same G-Fees – Inside Mortgage Finance |
| Judge Orders Government to Produce More Documents In GSE Shareholder Case, Shows Signs of Annoyance – Inside Mortgage Finance Subscription required for access. |
| Does Heartland v NLRB Provide Clues for Perry Upcoming Decision? – ValuePlays |
| Toward a New Secondary Mortgage Market – Milken Institute By Michael Bright and Ed DeMarco |
| Ninth Circuit Holds that Fannie Mae and Freddie Mac Are Not Agents of the Government Under the False Claims Act – JD Supra |
| BRIEF-Freddie Mac to sell last STACR offering of 2016 – Reuters |
| Thursday September 29th 2016 |
| Response to FHFA on Credit Risk Transfers – Howard on Mortgage Finance |
| Perry Capital – Even In Liquidation Won’t Sell GSE Preferreds… Yet – Seeking Alpha by Glen Bradford |
| FHFA Second Quarter Foreclosure Prevention Report Shows Continuing Progress on Foreclosure Preventions – fhfa.gov |
| Freddie risk-sharing notes double U.S. securitized index returns – Bloomberg |
| Fannie Mae Monthly Summary August 2016 – fanniemae.com |
| BRIEF-Fannie Mae book of business increased at a compound annualized rate of 3.8 percent in August – Reuters |
| A reflection on too big to fail – The Hill The Hill removed the original article. The link goes to the cached version. |
| Congressmen Give Blistering Critique of Wells Fargo CEO – Courthouse News “You screwed student loan holders, credit unions, Fannie Mae, Freddie Mac, mortgage holders, African Americans, Hispanics, healthcare workers, on and on and on,” said Rep. Michael Capuano of Massachusetts. |
| Bruce Berkowitz On Fannie Mae & Freddie Mac – Valuewalk “Consuelo Mack WealthTrack “Fairholme Turnaround?” premiering nationwide beginning tomorrow Friday, September 30 at 7:30 p.m. ET on public television (check local listings**) and on wealthtrack.com, features an exclusive interview with a deep value investor whose outstanding long-term track record has been seriously tested in recent years, Fairholme Fund’s Bruce Berkowitz.” |
| Wednesday September 28th 2016 |
| FAQ3: Fannie And Freddie, Questions And Concerns From Interested Readers, Opportunities, Challenges, And Risks – Seeking Alpha by Wayne Olson |
| Morning Money – Politico Scroll down to ‘Perry to Continue with GSE Lawsuit’ |
| A More Promising Road to GSE Reform: Why It Leads to a Government Corporation – Urban Institute |
| Freddie Mac Announces New Mortgage Risk-Sharing Program – Fox Business |
| FHFA Offers Insight Into GSE Foreclosure Prevention – DS News |
| MBA Statement on Freddie Mac’s Credit-Risk Transfer Offering – Real Estate Rama |
| Tuesday September 27th 2016 |
| New filing in the Arrowood case, click here to view. Peter Chapman writes, “Paul Clement and Stephen Potenza advised the U.S. District Court yesterday evening that they’ve withdrawn as counsel to Fannie Mae (which is now represented by O’Melveny & Myers).” |
| The Big Banks Shouldn’t Inherit Our Housing Finance System – American Banker |
| Richard Perry Walks Away, Hoping for a Shot at Vindication – Bloomberg |
| Booming MBS Issuance and Uptick in Rates Should Translate into Stellar 3Q Results for Fannie and Freddie. Right? – Inside Mortgage Finance |
| Freddie Mac Rolls Out Front-End Risk-Sharing Pilot; But No Benefit for Lenders – Inside Mortgage Finance |
| Risk-sharing pilot expands role of private insurers – Scotsman Guide |
| When it comes to credit scores, safety and soundness should be the primary goal – The Hill |
| Senators Propose Bill to Include Municipal Debt as Liquid Assets – Bloomberg A brief GSE mention. |
| Will Mortgage Bonds Be the Next Disaster—Again? – Valuewalk |
| Monday September 26th 2016 |
| New filing in the Robinson case, click here to view. Peter Chapman writes, “Chief Judge Caldwell entered a written judgement today to close out Ms. Robinson’s case on the Kentucky court’s docket.” |
| New filing in the Jacobs and Hindes case, click here to view. Peter Chapman writes, “FHFA, Fannie Mae and Freddie Mac oppose Messrs. Jacobs and Hindes’ Motion to Amend their Complaint to the extent that request contemplates that the GSEs will provide shareholders with notice of dismissal of Counts III through X by filing a Form 8-K. FHFA and the GSEs remind Judge Sleet about HERA’s succession provision to say no notice is necessary, notice of a partial dismissal isn’t required anyway, and if notice is required then Messrs. Jacobs and Hindes should foot the bill.” |
| 2nd filing in the Jacobs and Hindes case, click here to view. Peter Chapman writes, “Treasury objects to Messrs. Jacobs and Hindes adding new unjust enrichment claims to their complaint for a variety of reasons.” |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “Judge Scola entered an order this afternoon welcoming Messrs. Turner and Wald at Latham & Watkins to represent Deloitte.” |
| New filing in the Arrowood case, click here to view. |
| 2nd filing in the Arrowood case, click here to view. Peter Chapman writes, “Representing Fannie Mae, Messrs. Walsh and Kilduff at O’Melveny & Myers entered their appearances this afternoon in Arrowood v. Fannie Mae in the U.S. District Court for the District of Columbia.” |
| New filing in the Perry case, click here to view. |
| 2nd filing in the Perry case, click here to view. Peter Chapman writes, “Paul Clement and David Zachary Hudson advised the D.C. Circuit this afternoon that they’ve withdrawn as counsel to Fannie Mae (which is now represented by OMelveny & Myers). Mr. Clement and some other lawyers from Bancroft are joining Kirkland & Ellis.” |
| Will Congress Grease Big Bank Takeover of Fannie and Freddie? – Investors Unite |
| Fannie Mae Announces Winner of Fifth Community Impact Pool of Non-Performing Loans – PR Newswire |
| Sweating Out A Ruling On Fannie And Freddie – Palisades Hudson Financial Group LLC |
| Mortgage Insurers Net Semi-Win for Bigger Piece of Freddie Loans – Bloomberg |
| Short Takes: …CHLA Weighs In on Front-End Risk-Sharing… – Inside Mortgage Finance |
| Perry Capital Closing Flagship Fund After Almost Three Decades – Bloomberg Plans for his position in the GSEs are mentioned. |
| Time For Change: GSE Credit-Risk Sharing on the Front End – The MReport |
| Sunday September 25th 2016 |
| Delaying Discovery May Come With Sanctions – Fannie And Freddie Lawsuits – Seeking Alpha by Glen Bradford |
| Good collection of GSE articles from ‘mrfidlsticks’ – timhoward717.com |
| Friday September 23rd 2016 |
| In the Perry case, Peter Chapman writes, “Fairholme delivered a letter (Doc. 1637216) under seal to the D.C. Circuit yesterday advising the Court of additional authorities. Fairholme’s letter presumably discusses Judge Sweeney’s discovery-related Opinion and Order dated Sept. 20, which is also under seal at this time.” |
| In the Deloitte case, Peter Chapman writes, “Judge Scola doesn’t want to hear anything more about Judge Cacheris’ decision denying Mr. Pagliara access to Freddie Mac’s books and records. Accordingly, Judge Socla entered a paperless order (Doc. 44) this afternoon denying FHFA’s motion to tell him more; the docket entry says: ‘PAPERLESS ORDER: On September 1, 2016, the Court granted the Plaintiffs leave to file a surreply in order to address a case cited by the Federal Housing Finance Agency in 34 its response in its response in support to 15 its motion to substitute as plaintiff. The Court only granted the motion because the case, Pagliara v. Federal Home Mortgage Corporation, 2016 WL 4441978 (E.D. Va. Aug. 23, 2016), was decided after the Plaintiffs had filed 20 their response in opposition. The Federal Housing Finance Agency now 39 moves for leave to file a reply to 38 the Plaintiffs’ surreply because the Plaintiffs “mischaracterize[] the Pagliara decision.” The Court denies 39 the motion. The Federal Housing Finance Agency and the Plaintiffs have now had the opportunity to address the Pagliara case. The Court is capable of reading the parties’ arguments and interpreting the case without any further briefing. Signed by Judge Robert N. Scola, Jr. on 9/23/2016. (kbr) (Entered: 09/23/2016)'” |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara filed his Answering Brief in Opposition to FHFA’s Supplemental Substitution Motion this afternoon. Mr. Pagliara stresses that Judge Sleet must determine whether he has jurisdiction — or whether this case should be sent back to the Delaware Chancery Court — before making any of the other decisions FHFA encourages him to make.” |
| 2nd filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “A Declaration by C. Barr Flinn, Esq., at Young Conaway Stargatt & Taylor, LLP (is linked above).” |
| Bruce Berkowitz with CNBC’s Kelly Evans Full Interview – Dropbox |
| Berkowitz: Fannie and Freddie should honor contracts – CNBC Video |
| Bruce Berkowitz: Fannie And Freddie Should Honor Contracts – Valuewalk |
| Judge Rules in Favor of Fairholme, Orders U.S. Government to Release More Fannie Mae Documents – Valuewalk |
| Deja Vu: Fannie And Freddie Lower Lending Standards – Seeking Alpha |
| Groups ask senators to nix piecemeal GSE reform – Scotsman Guide |
| What We’re Hearing: GSE Loan Limits to Move Higher?… – Inside Mortgage Finance |
| Fannie Mae to Trigger ‘Seismic Event’ for Underwriting – National Mortgage News |
| Soloway v. United States – glenbradford.com This is an unrelated lawsuit filed against the U.S. Government where the Plaintiff is alleging a 5th Amendment Taking during foreclosure proceedings. The brief, filed by the U.S. Government, states, “The Court Should Dismiss The Complaint Against The United States Because FHFA Is Not The United States For Purposes of the Tucker Act When It Acts As A Conservator.” (pg. 5) |
| Thursday September 22nd 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. |
| 3rd filing in the Pagliara v. Freddie Mac case, click here to view. Peter Chapman writes, “The Clerk for the U.S. District Court for the Eastern District of Virginia advised the Clerk of the Court for the U.S. Court of Appeals for the Fourth Circuit today about Mr. Pagliara’s appeal, and the appellate proceeding is now identified as proceeding No. 16-2090 by that tribunal. Copies of the administrative documents prepared and docketed by the courts today are (linked above).” |
| Fairholme’s sealed letter to Perry Capital Appeal’s Court via @DoNotLose – Twitter |
| Government Sponsored Enterprise Investor Tim Pagliara Appeals Dismissal Of Freddie Mac Case To 4th Circuit – Seeking Alpha by Glen Bradford |
| Fannie Mae Completes Two Credit Insurance Risk Transfers – DS News |
| Understanding the GSEs Fannie Mae and Freddie Mac – The World Beast |
| Wednesday September 21st 2016 |
| New filing in the Voacolo case, click here to view. |
| 2nd filing in the Voacolo case, click here to view. Peter Chapman writes, “Treasury and FHFA and Fannie Mae delivered their motions to dismiss Mr. Voacolo’s lawsuit to Judge Contreras yesterday evening. Treasury, FHFA and Fannie Mae tell Judge Contreras that Mr. Voacolo’s lawsuit is as flawed as the complaints filed by Perry Capital, Continental Western and Ms. Robinson and should meet the same demise.” |
| Update in the PricewaterhouseCoopers case. Peter Chapman writes, “Judge Moreno confirmed this afternoon that the Edwards Plaintiffs’ reply in support of remand is due by Sept. 30, 2016.” |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “FHFA filed a Reply in support of its Renewed Substitution Motion this past Friday. FHFA relies on HERA’s broad unambiguous language and tells Judge Moreno there are no exceptions to the transfer of all GSE shareholder rights to FHFA.” |
| New filing in the Pagliara v. Freddie Mac case, click here to view. Peter Chapman writes, “Mr. Pagliara delivered a Notice of Appeal to the District Court today indicating that he will take an appeal from Judge Cacheris’ decision dismissing his books and record lawsuit to the U.S. Court of Appeals for the Fourth Circuit.” |
| Motion To Compel: Granted – Great News For All GSE Investors – Seeking Alpha by Glen Bradford |
| A Really Big Short Still Awaits – fee.org |
| Those Advocating For Winding Down Fannie Mae, Freddie Mac Held Financial Interest – Valuewalk |
| Short Takes: Hillary to Turn GSEs Into Public ‘Utilities’?… – Inside Mortgage Finance |
| Fanniegate, The Sequel, Gets Two Thumbs Down – Mortgage Orb |
| Judge Orders Govt. to Produce More GSE-Related Docs, Shows Signs of Frustration – Inside Mortgage Finance |
| Miami investors win access to secret documents in Fannie Mae fight – Miami Herald |
| Fannie Mae Announces Two Credit Insurance Risk Transfer Transactions on $14.4 Billion of Single-Family Loans – Yahoo |
| Tuesday September 20th 2016 |
| New entry in the docket sheet in the Fairholme case. It reads, “**SEALED** OPINION AND ORDER granting 270 Motion to Compel. By no later than October 14, 2016, defendant shall file a memorandum with the court explaining why the court should not require defendant to pay plaintiffs’ reasonable expenses incurred in making the motion, including attorney’s fees. Signed by Judge Margaret M. Sweeney. (sp) (Entered: 09/20/2016)” Peter Chapman writes, “Because the document (Doc. 335) is under seal, it is not available to the public at this time. A redacted copy should appear on the docket in the coming days or weeks.” |
| New filing in the Voacolo case, click here to view. Peter Chapman writes, “Jeffrey W. Kilduff, Esq., at O’Melveny & Myers, entered his appearance this morning on behalf of Fannie Mae.” |
| 2nd filing in the Voacolo case, click here to view. Peter Chapman writes, “Michael J. Walsh, Jr., Esq., also entered his appearance on behalf of Fannie Mae this morning.” |
| Judge Sweeney Again Insists the Government Produce Documents – Investors Unite |
| Major Development: Motion To Compel Granted In Fairholme Lawsuit – timhoward717.com |
| CMLA Opposes Piecemeal GSE Reform – thecmla.com |
| Mortgage Trade Groups Fear an ‘October Surprise’ on the GSE CSP – Inside Mortgage Finance |
| Freddie Mac September 2016 Outlook – Yahoo |
| Monday September 19th 2016 |
| New notation in the Pagliara v. Fannie Mae case. Peter Chapman writes, “Judge Sleet placed his stamp of approval on the parties’ Stipulation this afternoon giving Mr. Pagliara until Sept. 23 to respond to FHFA’s Supplemental Substitution Motion.” |
| GSE Reform Should Follow Ginnie Mae Model: Tozer – National Mortgage News |
| Global bond issuance highest in nearly a decade – Seeking Alpha |
| GSEs to raise conforming loan limits in 2017? – HousingWire |
| Fannie Mae – A Look At Some Top Officials And Their Holdings Raises Questions – Valuewalk |
| GSEs Have A Strong August; Market Share Gains? – Inside Mortgage Finance Register for free for access. |
| Credit Unions Voice Concerns over GSE CSP Project. A Level Playing Field? – Inside Mortgage Finance |
| Brief Update/ Memorial Post For Dan Coming This Week – timhoward717.com |
| $3.2 billion Fannie Mae, Freddie Mac MSR portfolio hits the market – HousingWire |
| Saturday September 17th 2016 |
| More Confident Than Ever before – timhoward717.com |
| Freddie risk-sharing notes double U.S. securitized index returns – Bloomberg |
| 06/03/2014 – Treasury stealing from Fannie and Freddie shareholders – The Hill |
| Friday September 16th 2016 |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs presented the Motion to Judge Moreno this morning, asking him to confirm that their Reply in suport of their remand request is due by Sept. 30.” |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs presented the Motion to Judge Scola today, asking him to confirm that their Reply in support of their remand request is due by Oct. 12.” |
| New Order in the Deloitte case. Peter Chapman writes, “Judge Scola entered a paperless order (Doc. 43) this afternoon confirming that the Edwards Plaintiffs’ reply is due by Oct. 12.” |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara and FHFA asked Judge Sleet this afternoon for his stamp of approval on a stipulation extending Mr. Pagliara’s time to respond to FHFA’s Supplemental Substitution Motion to Sept. 23.” |
| Fairholme Filing Regarding Recent Kentucky Case Decision – Valuewalk |
| Fannie Mae elects Ryan Zanin to the board – Reuters |
| Thursday September 15th 2016 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “Deloitte filed its Response opposing remand of the Edward Plaintiffs’ lawsuit to state court yesterday evening. Deloitte echoes FHFA’s position that shareholder complaints turn on questions of federal rather than state law.” |
| New filing in the PricewaterhouseCoopers case, click here to view. |
| 2nd filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “FHFA opposes remand of the Edwards Plaintiffs’ lawsuit to state court and urges Judge Moreno to decide its substitution motion in its favor before considering remand. Copies of FHFA’s seemingly duplicate filings are (linked above). Although the two documents look virtually identical, Doc. 38 is 2,152 bytes larger than Doc. 39.” |
| New filing in the Roberts case, click here to view. Peter Chapman writes, “FHFA and Treasury filed their Joint Reply yesterday evening. FHFA and Treasury (i) sing another round of “HERA insulates us from litigation,” (ii) direct Judge Chang’s attention to Judge Lamberth’s decision dismissing Perry v. Lew, (iii) say the time to challenge the PSPAs expired in Sept. 2014, (iv) argue that HERA gave FHFA all shareholder rights, (v) tell the Court they have no duties to shareholders, and (vi) unfurl their capital classification flag one more time. As previously indicated, Judge Chang has asked the parties to convene for a status hearing on Nov. 1 in Chicago.” |
| New filing in the Saxton case, click here to view. Peter Chapman writes, “The Saxton Plaintiffs tendered their Response to Chief Judge Reade this morning expressing their opposing view about the significance of Chief Judge Caldwell’s decision dismissing Ms. Robinson’s lawsuit.” |
| New Order in the Voacolo case. Peter Chapman writes, “Judge Contreras entered a Minute Order this afternoon directing Mr. Voacolo to file a response by Sept. 29, 2016, to the Notice of Related Cases filed by FHFA and Treasury on Aug. 10, 2016.” |
| GSE Accounting: Pro Government Legal Filings Are Unnerving – Seeking Alpha by Glen Bradford |
| Sharing Risk with Risky Players Like Wells Fargo – Investors Unite |
| Federal Judge Dismisses Another GSE Shareholder Lawsuit – National Mortgage News The article discusses the Robinson case, and Judge Caldwell’s ruling. |
| 03/11/2016 – Ninth Circuit Provides New Ammunition To Fannie And Freddie Shareholders – The Daily Caller |
| Wednesday September 14th 2016 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “FHFA opposes remanding the Edwards Plaintiffs’ lawsuit to state court. Federal law is controlling, FHFA says, and urges Judge Scola to rule on FHFA’s substitution request before considering the shareholders’ remand request.” |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “PwC delivered its Response opposing remand of the Edwards Plaintiffs’ lawsuit to state court, and a copy of that filing (excluding Exhibits A through Q, which are copies of 1996 through 2007 Offering Circulars) is (linked above). PwC argues that federal court is the right place for this lawsuit because federal law controls. Besides, PwC adds, GSE shareholders have no rights since FHFA stepped into their shoes. PwC suggests that Judge Moreno doesn’t need to read anything other than HERA to dispose of the remand request.” |
| FHFA Notices Saxton: FHFA Has No Fiduciary Duties To Shareholders – Seeking Alpha by Glen Bradford |
| Short Takes: Does Anyone Recall What Happened on Sept. 6, 2008? / The Second Coming of the GSEs… – Inside Mortgage Finance |
| And now, a case of really bad Republican timing – The Washington Post The article contains a brief Fannie Mae and Freddie Mac mention. |
| Four inconvenient truths about Fannie and Freddie – R Street Reposting from yesterday. Good comments after the article. |
| Tuesday September 13th 2016 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “FHFA has more to tell Judge Scola about Judge Cacheris’ decision and is asking for permission to file a reply to the Edwards Plaintiffs’ sur-reply.” |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara has asked Judge Sleet to entertain oral argument on his request to remand his books and records suit to the Delaware Chancery Court.” |
| New filing in the Saxton case, click here to view. Peter Chapman writes, “FHFA alerted Chief Judge Reade in Iowa this afternoon about Chief Judge Caldwell’s decision dismissing Ms. Robinson’s lawsuit.” |
| GSE Land: Lamberth Guides Pratt, Cacheris, Robinson And Now Sleet – Seeking Alpha by Glen Bradford |
| Four inconvenient truths about Fannie and Freddie – R Street |
| Can We Afford A Housing Boom? – Valuewalk |
| Monday September 12th 2016 |
| New filing in the Perry case, click here to view. |
| 2nd filing in the Perry case, click here to view. Peter Chapman writes, “Howard Kayne, Esq., representing FHFA, and Charles Cooper, Esq., representing Fairholme, delivered letters to the D.C. Circuit in the past couple of days telling the D.C. Circuit why it should and shouldn’t pay attention to Chief Judge Caldwell’s decision dismissing Robinson v. FHFA.” |
| New filing in the Jacobs and Hindes case, click here to view. Peter Chapman writes, “Judge Sleet decided today that he won’t certify the questions Messrs. Jacobs and Hindes pose to the Delaware and Virginia state courts. Judge Sleet has decided, in light of Judge Lamberth’s decision, the answers to the questions Messrs. Jacobs and Hindes pose about the legality of a preferred security that vacuums up all of a company’s profits aren’t important.” |
| This Is The Song That Never Ends – GSE Edition – Seeking Alpha by Glen Bradford |
| Finance, Economics, Regulatory Takings, And The Fannie Mae And Freddie Mac Litigation – Seeking Alpha by Wayne Olson |
| Karen Petrou on How Old-Style Marxist Analysis Uncovers the Future of U.S. Housing Finance – Federal Financial Analytics |
| Republicans want more frequent discussion of ending Fannie, Freddie limbo – MarketWatch |
| Judge’s ‘Paint By Numbers’ Decision Will Not Deter Shareholders – Investors Unite |
| Freddie Mac Auctioning Five More Pools Of NPLs – MortgageOrb |
| Friday September 9th 2016 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs delivered their Surreply to Judge Scola today, explaining why FHFA’s analysis of Judge Cacheris’ decision is less than 100% correct.” |
| New filing in the Jacobs and Hindes case, click here to view. Peter Chapman writes, “Messrs. Jacobs and Hindes’ lawyers advised Judge Sleet today that FHFA and Fannie Mae: (a) object to the shareholder-plaintiffs’ request to add the unjust enrichment claims to their complaint; and (b) won’t consent to notifying shareholders about dismissal of Counts III through X from the original complaint by filing a Form 8-K with the Securities and Exchange Commission.” |
| New filing in the Robinson case, click here to view. Peter Chapman writes, “Chief Judge Caldwell released her decision today dismissing Ms. Robinson’s lawsuit challenging the Net Worth Sweep. The Kentucky court says that sec. 4617(f) of HERA fully insulates FHFA and Treasury from judicial review and adopts much of Judge Lamberth’s reasoning to conclude that the government has done nothing improper.” GSE Links note: This was the same court case in which Judge Thapar recused himself. |
| US government keeps interfering in $26 trillion housing market – The Australian |
| Court Throws Out Another Lawsuit Over Fannie and Freddie Profits – WSJ |
| Court Deals a Blow to Hopes of GSE Investors – The MReport |
| Another Frannie investor lawsuit tossed – Seeking Alpha |
| First Multi-Servicer NPL Sale Announced by Freddie Mac – DS News |
| Thursday September 8th 2016 |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “Charles S. Devant, Esq., at Sedgwick LLP entered his appearance yesterday.” |
| Fannie And Freddie Investors File Amended Delaware Complaint – Seeking Alpha by Glen Bradford |
| Common Securitization Platform is Nearly Complete but Why is it Needed? – Investors Unite |
| Wednesday September 7th 2016 |
| New filing in the PricewaterhouseCoopers case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs oppose FHFA’s renewed substitution request, and a copy of yesterday’s filing expressing their opposition is (linked above). The Edwards Plaintiffs tell Judge Moreno, in short, that HERA doesn’t insulate PwC from litigation and Judge Cacheris’ decision in Pagliara v. Freddie Mac left the door wide open for just this type of action they’ve brought.” |
| New filing in the Jacobs and Hindes case, click here to view. Peter Chapman writes, “David Jacobs and Gary Hindes asked Judge Sleet today for permission to amend their class action complaint filed in Delaware. Messrs. Jacobs and Hindes want to dismiss Counts III through X from their original complaint (alleging derivative breach of contract and other similar claims), and add Counts III and IV alleging unjust enrichment.” |
| A Solution In Search of a Problem – Howard on Mortgage Finance |
| NAFCU airs concerns with FHFA about common securitization platform – nafcu.org |
| Why it’s gotten so hard for many people to get a mortgage – MarketWatch |
| Tuesday September 6th 2016 |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara filed his Reply Brief in support of his remand request this afternoon. Mr. Pagliara tells Judge Sleet that he has no jurisdiction to consider anything FHFA has said in its papers and the Delaware Chancery Court is the only court that should be considering his demand to examine Fannie Mae’s books and records.” |
| The Myth of “Private Gains and Public Losses” – The Delaware Bay Company By Gary E. Hindes |
| Role of Mortgage Insurance Companies and Benefits of Risk Sharing Overrated – Investors Unite |
| 10 Bold Predictions for the Future of the Mortgage Industry – National Mortgage News |
| Fannie and Freddie face a new threat – Washington Examiner |
| Have You Checked Your Risk Level Lately? – WSJ |
| A Look Back at Eight Years of Conservatorship of the GSEs – DS News |
| Investors Unite Chief Loses Argument to Inspect Freddie Mac’s Records – Inside Mortgage Finance |
| Fannie Mae sells $1 billion in NPLs to Goldman Sachs subsidiary, private equity – HousingWire |
| Secondary Market Seeks Balance Between Private and Public Capital – National Mortgage News |
| Monday September 5th 2016 |
| Happy Labor Day, America! – Bill Maloni’s GSE Blog |
| Sunday September 4th 2016 |
| FHFA Falsely Floccinaucinihilipilificates Fannie Mae, Freddie Mac And Their Shareholders – Seeking Alpha by Glen Bradford |
| Friday September 2nd 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, “FHFA delivered a Supplemental Substitution Motion and Memorandum in Support to Judge Sleet this afternoon, arguing that Judge Cacheris’ decision in Pagliara v. Freddie Mac that Freddie Mac shareholders have no inspection rights is binding in the Delaware books and records action and that substitution of FHFA is appropriate because only FHFA enjoys the shareholder inspection rights Mr. Pagliara asserts.” |
| 3rd filing in the Pagliara v. Fannie Mae case, click here to view. (Letter to Judge Sleet) |
| 4th filing in the Pagliara v. Fannie Mae case, click here to view. (Judge Cacheris Memorandum Opinion) Peter Chapman writes, “FHFA’s local counsel sent a letter to Judge Sleet this afternoon transmitting a copy of Judge Cacheris’ decision in Pagliara v. Freddie Mac.” |
| Fees Meant to Shield GSEs from Risk Are Hurting Homebuyers – American Banker |
| Why No Punishment for Financial Executives? Fannie Mae Is Case Study – NY Times |
| Thursday September 1st 2016 |
| New filing in the Deloitte case, click here to view. Peter Chapman writes, “Deloitte’s local counsel delivered the supplement to Judge Scola yesterday to explain why it looks like Messrs. Turner and Wald have appeared in more than three cases in the S.D. Fla. in the past 365 days but haven’t really.” |
| 2nd filing in the Deloitte case, click here to view. Peter Chapman writes, “The Edwards Plaintiffs are asking Judge Socla for permission to file a two-page sur-reply to FHFA’s Reply in support of its substitution request to address the recent decision in Pagliara v. Freddie Mac. The Edwards Plaintiffs tell Judge Scola that FHFA does not object to this request and Deloitte takes no position on it.” |
| In the Deloitte case, Peter Chapman writes, “Judge Scola entered a paperless order this afternoon saying: ‘The Court grants the Plaintiffs’ Motion for Leave to File a Surreply. By September 9, 2016, the Plaintiffs may file a two-page surreply addressing Pagliara v. Federal Home Loan Mortgage Corporation, No. 16-cv-337, 2016 WL 4441978 (E.D. Va. Aug. 23, 2016).'” |
| New filing in the Robinson case, click here to view. Peter Chapman writes, “Ms. Robinson delivered a Response to FHFA’ Notice concerning the Pagliara decision to the Kentucky court today. Not surprisingly, Ms. Robinson disagrees with FHFA’s interpretation of Judge Cacheris’ decision. The Clerk made a second “***FILE SUBMITTED TO CHAMBERS of Judge Caldwell for review” notation on the docket sheet today. “ |
| New filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “Mr. Pagliara delivered a Reply Brief in support of his remand request to Judge Sleet this afternoon. Mr. Pagliara presents more complicated — perhaps more nuanced — arguments to Judge Sleet than those presented to other courts elsewhere. Mr. Pagliara contends — without equivocation — that his demand for access to Fannie Mae’s books and records should be remanded to the Chancery Court.” |
| 2nd filing in the Pagliara v. Fannie Mae case, click here to view. Peter Chapman writes, “The Declaration by one of Mr. Pagliara’s lawyers submitted to Judge Sleet this afternoon is (linked above).” |
| Fanniegate: FHFA’s Circular Reasoning Defeats Its Earlier Arguments – Seeking Alpha by Glen Bradford |
| @JacobGaffney, Editor-in-chief of HousingWire, tweets about #FannieGate – Twitter |
| 05/09/2016 – My 2 cents on Fannie and Freddie – Linkedin |