August 2015

Monday August 31st 2015
WH and Other Odds and Ends – Bill Maloni Blog
The American Enterprise Institute, Crony Capitalism, and Research Integrity (Or How to Hit the Pause Button on Your Mission Statement) – Medium
Making Homeownership Less Exclusive – The Atlantic
Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) Is Back In Focus –
Enter fake information for access.
@CGasparino is no fan of $FNMA – Twitter
Baby boomers are not selling off homes, but impacting economy in other ways – Deseret News National
Ron Kirk did not discuss the GSEs with President Obama per @JoeLight – Twitter
GSE Buyback Activity Slows Again in 2Q15; A New Low – Inside Mortgage Finance
Registration required, but it’s free to register.
Support grows for Rep. Marsha Blackburn’s H.R. 1673, the “Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015” – CEI
The Mirage of Wednesday November 4th 2015Fannie Mae-White House Truce Talks – WSJ
Frannie bear skeptical of settlement chatter – Seeking Alpha
Fannie Mae: Pressure Builds For A Negotiated Settlement – Bove – Valuewalk
At bloggerheads: The latest #FannieGate rumor challenged by the media – Housing Wire
Fannie Mae July 2015 Monthly Summary –
Monday Morning Cup of Coffee: When will mortgage lending pick up? – Housing Wire
Freddie Mac Issues Outlook for 2015 and 2016 – 24/7 Wall St
Freddie Lifts 2015 Origination Outlook by $100 Bil – Mortgage Daily
Registration required. I don’t have access, but the first paragraph looks promising.
Saturday August 29th 2015
Fannie Mae and Freddie Mac settlements loom on horizon – NY Post
White House: Request to Review Fannie, Freddie Documents Was Standard — Market Talk – iBloomberg
Friday August 28th 2015
Is a Fannie and Freddie settlement near? – CNBC
Bove: Is a Fannie, Freddie settlement near? – Yahoo
Same article from CNBC with Yahoo comments.
Is a Fannie and Freddie settlement near in #FannieGate? – Housing Wire
CEI’s Coalition Letter to Prevent New Bailouts of Fannie and Freddie –
Congress Urged to Pass Bill to Protect Taxpayers from Another Fannie Mae and Freddie Mac Bailout – DS News
NY Post with an upcoming #FannieGate story – Twitter
Mortgage/Housing Spotlight: “Normal” or Not, Market & Policy Conditions Improving – Capital Alpha Partners (pdf)
Somewhere Over The Rainbow: Discovery, Near-Term Catalysts And The Appeal – Seeking Alpha
The U.S. foreclosure crisis was not just a subprime event – PBS
GSEs are not specifically mentioned.
Thursday August 27th 2015
Buying a Home Just Got Easier for Cash-Strapped Families – Time
Trending Thursday: Fed chills on Great Fall of China? – Housing Wire has Piszel court documents which were filed today
Freddie Mac’s diagnosis: Housing markets are in stable condition – Inman
Wednesday August 26th 2015
STATEMENT: CAP’s Julia Gordon on Fannie Mae Introducing a New Affordable Lending Mortgage Product – American Progress
September 6,7 Conservatorship Anniversary –
Ackman Letter To Investors: Bullish On Fannie; Bearish On Herbalife – Valuewalk
America’s Homebuyers Being Targeted as Washington’s Latest ‘Pay-For’ Piggy Bank – Huffington Post
Freddie Mac: Housing market nearing stability – Housing Wire
Tuesday August 25th 2015
Demarco and Stevens Reversals Prompted By Shift Within Administration: Amazing Grace –
The great propoganda machine turneth –
RBS loses bid to toss US regulator’s mortgage bond lawsuit – The Economic Times
Royal Bank of Scotland Loses Bid to Have FHFA’s MBS Suit Dismissed – DS News
Fannie Mae Announces Improved Affordable Lending Product –
Fannie Mae Unveils Mortgage Program to Help Minority Borrowers – WSJ
Fannie Mae just made it easier to get a mortgage – Housing Wire
What is the Fannie Mae HomePath? – Total Mortgage
MBA: Housing demand to surge over next 10 years – Housing Wire
Monday August 24th 2015
Property Rights Under Fire: Why the Government Must Compensate Fannie Mae and Freddie Mac’s Shareholders – Townhall Finance
Legal Filings Clash, Now POTUS Wants In – Bill Maloni Blog
Monday Morning Cup of Coffee: What will the end of Fannie and Freddie look like? – Housing Wire
RBS loses bid to toss U.S. regulator’s mortgage bond lawsuit – Reuters
Overview of Fannie Mae and Freddie Mac Credit Risk Transfer Transactions –
Capital Follows the Rule of Law – Investors Unite
Same article from Valuewalk
MBA’s Stevens Pushes for Ending GSE Conservatorships – Inside Mortgage Finance
Registration required, but it’s free to register.
Watt Doubles Down On Failed Fannie, Freddie Housing Quotas –
Sunday August 23rd 2015
Useful August timeline –
05/01/2014 – MBA’s David Stevens on Fannie-Freddie Legislation – Bloomberg Video
David Stevens discussing the Johnson Crapo bill.
12/16/2011 – For the Last Time, Fannie and Freddie Didn’t Cause the Housing Crisis – The Atlantic
Saturday August 22nd 2015
Thoughts and Ideas on the Mortgage Finance Industry – David Stevens Blog
David supports reforming the GSEs and not eliminating them. I’ve posted older David Stevens’ articles below.
Read David Stevens’ GSE comments from May in RealEstateRama.
Read Trevor Thompson’s analysis of those comments from May.
Read David Stevens’ LinkedIn article about the GSEs from April
Investors Unite 4/13/2015 – Dave Stevens Doesn’t Understand Investors, or the Rule of Law
Investors Unite 3/25/2015 – Dave Stevens Flip Flops
Investors Unite 3/24/2015 – Even Dave Stevens is Talking about Capital!
Divisiveness of Dodd-Frank is Evident Five Years After Its Passage – DS News
A brief GSE mention.
Fannie Mae and Freddie Mac Surpass FHFA Credit Risk Transfer Goals – The M Report
Friday August 21st 2015
Cognitive Dissonance, Fannie Mae And Freddie Mac, Greed, Spite And Ulterior Political Motives – Seeking Alpha by Wayne Olson
Fannie Mae and Freddie Mac Have Now Paid Taxpayers $239 Billion, but What About Their Investors? – Fox Business
Same article from Motley Fool yesterday, reprinted at Fox Business
Why The F Is This Criminal Writing For The WSJ? –
Fannie Revamp Should Be Part of 2016 Debate, DeMarco Says in WSJ – Bloomberg
Fannie Mae: Obama’s Interesting Golf Buddy… – Valuewalk
Same article from Valuewalk
FHFA: Fannie, Freddie risk-sharing bonds are here to stay – Housing Wire
Fannie and Freddie Shares Still Look Unappealing – WSJ
Fannie Mae and Freddie Mac are Exceeding Credit Risk Transfer Goals – DS News
Thursday August 20th 2015
The Saga Of Fannie And Freddie: Legal Updates And Firm Liquidations – Seeking Alpha by Glen Bradford
Endowment Spending and Bank Earnings – BloombergView
Fannie Mae and Freddie Mac Have Now Paid Taxpayers $239 Billion, but What About Their Investors? – Motley Fool
Fannie, Freddie Risk-Transfer Bonds Give Investors New Scare – Bloomberg
Trending Thursday: Mortgage apps, cash sales down but home sales up? Huh? – Housing Wire
Fannie Mae Announces Winning Bids for its Second Sale of Non-Performing Loans –
2nd Fairholme Shareholder Letter – iHub
@hill_matt found an additional redacted Ugoletti deposition – Twitter
Not really. But it is funny.
Why a New Mortgage-Reduction Program Is Likely Too Little, Years Too Late – WSJ
Put Fannie and Freddie Out of Taxpayers’ Misery –
Ed DeMarco, one of the principle architects of the Third Amendment sweep, wants to dissolve the GSEs and hand it over to ‘other market participants’ via the CSP. Yeah, great idea.
Wednesday August 19th 2015
Shareholders File Lawsuit in Delaware – Investors Unite
same article from Valuewalk
The CEOs of Fannie and Freddie deserve a raise – Housing Wire
Shaky Ground: The Strange Saga of the U.S. Mortgage Giants Paperback by Bethany McLean due out September 14, 2015 – Amazon
Fairholme shareholder letter – Google Groups
Why Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) Can Take A Financial Hit? –
Submit a fake name and email address for access.
FHFA Adopts Final Rule on 2015-2017 Housing Goals for Fannie Mae and Freddie Mac –
U.S. housing regulator targets more support for poor borrowers – Yahoo
FHFA releases future affordable housing goals for Fannie, Freddie – Housing Wire
Low-Income Housing Goals Set for Fannie Mae and Freddie Mac – NY Times
Watt’s FHFA Bumps Up Fannie-Freddie Low-Income Housing Goal – Bloomberg
FHFA Announces Final Rule for Fannie Mae, Freddie Mac Affordable Housing Goals – DS News
Fannie, Freddie Regulator Leaves Affordable-Housing Targets Little Changed –
Potential Action from FHFA for Principal Reduction on GSE Loans Seen as Too Late – iHub via Inside Mortgage Finance
12/17/2013 – Declaration of Mario Ugoletti
This is a court filing in the Perry case from 2013. It is Mario Ugoletti’s declaration in which he said the DTAs were not discussed prior to the Third Amendment (see point 20). I have also added this to the Court Filings page.
Tuesday August 18th 2015
August 17, 2012, The Net Worth Sweep, And Fairholme’s 16 Questions – Seeking Alpha
Principal Reduction and the GSEs – Urban Institute
Significant Lawsuits Concerning Fannie Mae & Freddie Mac Net Worth Sweep –
Fannie Mae offloads more credit risk to insurers – Housing Wire
Fannie Closes Credit Risk-Sharing Deal on $8.1B Loan Pool – National Mortgage News
National Association of Real Estate Brokers Supports FHFA Steps to Expand Homeownership – RealEstateRama
04/23/2014 – Discouraging Private Capital by Changing the Rules at the Finish Line: Fannie Mae and Freddie Mac by Gary Hindes
03/23/2012 – Gretchen Morgenson: Wall Street Really Does Enjoy A Different Set of Rules Than The Rest of Us – Peak Prosperity
This was making the rounds today. Note it is from 2012.
Monday August 17th 2015
The Sneaky Path We Took To A Socialist Mortgage Market – Forbes
When Is A Raisin Like An Investment Return? When The Government Takes It Away – Daily Caller
Riddle me this: When is a raisin like Fannie, Freddie investment return? – Housing Wire
Allies Can Disagree…… – Bill Maloni Blog
Has Our Government Become Too Addicted to Fannie and Freddie’s Profits? – Investors Unite
Same article from Valuewalk
Five Factors Driving the Future for Fannie Mae and Freddie Mac – National Mortgage News
Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2015 Update – Seeking Alpha
The article touches on Pershing’s GSE position. Also note the author is long FNMA.
4 Guys Golfing – Fannie Mae Shareholders Blogspot
03/23/2015 – Obama’s Bizarre Executive Privilege Claim Over Fannie And Freddie – Daily Caller
Sunday August 16th 2015
09/11/2008 – Foreign Bondholders – and not the U.S. Mortgage Market – Drove the Fannie/Freddie Bailout – Money Morning
Saturday August 15th 2015
Are Ford and GM the New Fannie Mae and Freddie Mac? – 24/7 Wall St
Bill Maloni comments on the GSEs and manufactured housing –
Friday August 14th 2015
What a court ruling on raisins might mean for Fannie and Freddie – via
Renting in America has never been this expensive – Fannie Mae Shareholder Blogspot
…Trump profits from Fannie Mae investment … – Politico
Fannie Mae and Freddie Mac Are Turning Up Efforts to Sell Non-Performing Loans – DS News
@realDonaldTrump was wrong about the GSEs in 2011 – Twitter
U.S. Appeals Ruling That A.I.G. Bailout Terms Were Too Harsh – NY Times
Thursday August 13th 2015
Titanic Consequences If Obama Defies Black America/Government Running Out Of Places To Hide –
The four papers authored by Trevor Thompson are linked below.
How Republicans Would Destroy Fannie and Freddie if They Win the Presidency
by Trevor Thompson –
Fannie and Freddie: A Critical Issue for Hillary 2016 by Trevor Thompson –
Articles and Studies Demonstrating that Fannie and Freddie Did Not Cause the Crisis by Trevor Thompson –
New Disclosures in the Fairholme Trial Eviscerate the Government Defense by Trevor Thompson –
Enron And Watergate Used In GSE Legal Docs Filed By Government – Seeking Alpha
John Carney’s Plan to Put Banks in Charge of the Mortgage Market…Because Nothing Will Go Wrong With That Idea – Investors Unite
Same article from Valuewalk
Trending Thursday: End Fannie, Freddie — because big banks will fill the void, right? – Housing Wire
FHFA to Push Fannie, Freddie into Manufactured Housing – National Mortgage News
Fake crisis needed to prompt reforms at the GSEs – OC Housing News
Freddie Mac Announces Sixth NPL Transaction of 2015 –
Wednesday August 12th 2015
A Simple Summary Of The Cases: The Ongoing GSE Expropriation Litigation – Seeking Alpha
Mortgage Lenders Still Playing it Safe on Loans Sold to Fannie and Freddie – iHub via IMF
Tuesday August 11th 2015
Peekaboo Fannie Mae, Freddie Mac Accounting May Have Helped Circumvent Fifth Amendment – Valuewalk
Good News For Fannie And Freddie Shareholders? – Mortgage Orb
GSE loan counts and volumes are running well ahead of 2014 – Scotsman Guide
How will we know when the mortgage market has fully recovered? – Urban Institute
@RedState tweeted out The Hill article from yesterday. They have over 158,000 followers – Twitter
Bernie Sanders (maybe) writes a letter about the GSEs –
Bill Ackman Is ThisClose To Appointing Himself Managing Editor Of The Wall Street Journal – DealBreaker
Dick Bove: ‘Right here We Are in 2015 Taking a look at One other Potential Mortgage Disaster’ – Observer Chronicle
U.S. banking regulator wins revival of mortgage bond lawsuits –
Includes a section about a possible avenue for the Nomura case appeals.
Monday August 10th 2015
After earning billions in profits, Fannie, Freddie reform further than ever – MarketWatch
The future of Fannie and Freddie – The Hill
“Summer breeze, makes me feel fine…..” – Bill Maloni Blog
Pershing Square 2Q15 Quarterly Conference Call [LIVE] – Valuewalk
Pershing Square Capital Management, L.P. 2Q 2015 Quarterly Conference Call – PSCM Events
Bill Ackman slams the Wall Street Journal for publishing ’embarrassing’ articles about 2 of his favorite investments – Business Insider
Collingwood Group White Paper: The Mortgage Industry is Ripe for Disruption –
You can use a fake email address to Download the White Paper.
Wells Fargo Hires Key Aid As Sen Warner Calls For “Reform” At Fannie Mae / Freddie Mac – Valuewalk
Remember, Wells Fargo has already tried lobbying to phase out the GSEs.
Sunday August 9th 2015
2 Things You Must Know Before Investing in Fannie Mae or Freddie Mac – Motley Fool
Friday August 7th 2015
GSE Litigation Could Be Decided in Delaware Court……Soon – Valueplays
Same article from Valuewalk
Fannie Mae GC: Call Me When I’m Not Sending You Work – Bloomberg BNA
timhoward717 on why the Perry case was suspended –
Additional comments from timhoward717
Thursday August 6th 2015
Fannie Mae Second Quarter 2015 Results –
Fannie Mae Reports Net Income of $4.6 Billion and Comprehensive Income of $4.4 Billion for Second Quarter 2015
Fannie Mae posts $4.6B profit in 2Q; paying $4.4B dividend – Yahoo Finance
Fannie Mae posts $4.6B profit in 2Q; paying $4.4B dividend – Yahoo Finance
This is somehow the same article but with a different link. I include it for the comments.
Fannie Mae reports Q2 results – Seeking Alpha
Fannie Mae’s net income jumps to $4.6B in 2Q – Housing Wire
@PTasher notes that including tax, the GSEs have sent over $12 Billion to the government this quarter – Twitter
Fannie Mae to Send $4.4 Billion to Treasury Department – WSJ
Fannie Mae Reports Strong Second Quarter; To Pay $4.4 Bil Dividend – Valuewalk
Fannie Mae to send $4.4 billion to Treasury Department after 27% rise in profit – MarketWatch
Another Strong Quarter For the GSEs, Another Profitable Pay-Out to Treasury – Investors Unite
Same article from Valuewalk
‘Cynical abuse’: White House slams GOP banking reform bill – Washington Examiner
Trending Thursday: Will the jobs report be a blow to housing, rate hikes? – Housing Wire
Why Fannie’s 3% Down Payment Mortgages Have Been Slow to Take Off – National Mortgage News
@NY1David tweets about this
06/25/2015 – The Treasury Will Profit From Derivatives And Higher Interest Rates – Seeking Alpha
“Expect Fannie Mae to report about $4.5 billion or more…” David Sims called it back in June.
Wednesday August 5th 2015
Morning Briefing: Strong pace for commercial mortgages in second quarter –
Freddie Riding High on Brisk Business, Clean Credits – National Mortgage News
DS News Webcast: Wednesday 8/5/2015 – DS News
Flush with cash, Freddie Mac keeps paying the Treasury –
Watchdog Finds FHFA’s HFE Commission Program Is Not Meeting Its Objective – DS News
FMCC Freddie Mac by the numbers Q2 earnings 2015 #Fanniegate FHFA $41 Fair market value! – Fannie Mae Shareholder Blogspot
M&T in Talks to Settle U.S. Probe of Federally Insured Mortgages – Bloomberg
Freddie Mac’s Q2 Earnings: Driven By Derivative Gains And The Reversal Of Credit Loss Reserves – Seeking Alpha
Tuesday August 4th 2015
Reverend Sharpton: The Time To Act Is Now/ McFarland Further Exposes Ugolettis Perjurious Lies –
Freddie Mac News Release –
“Freddie Mac Reports Net Income of $4.2 Billion, Comprehensive Income of $3.9 Billion for Second Quarter 2015”
Freddie Mac reports Q2 results – Seeking Alpha
Freddie Mac posts $4.2B profit in 2Q; paying $3.9B dividend – Yahoo Finance
Freddie Mac to Send $3.9 Billion to Treasury Department – WSJ
Freddie Mac Posts $4.2B Profit in 2Q; Paying $3.9B Dividend – ABC News
Freddie Mac net income soars 700% to $4.2 billion – Housing Wire
Freddie Mac sends another $3.9B to taxpayers – Washington Business Journal
Freddie Mac higher after big quarter – Seeking Alpha
Freddie Mac’s (FMCC) CEO Don Layton on Q2 2015 Results – Earnings Call Transcript – Seeking Alpha
Fannie Mae and Freddie Mac Shareholders Just Got Some Good News – Motley Fool
Former Rep. Mel Watt disappeared into new job. Now he’s back –
“He’s (Watt) not supposed to push the president’s agenda.”
Commercial Mortgages Rise 29% Y-O-Y – Globe St
Fiorina blames Fannie and Freddie, porn-watching regulators for the financial crisis – Washington Examiner
GSE Jumbo Share Rising With Heavy Refi Volume – iHub via Inside Mortgage Finance
Monday August 3rd 2015
Sharpton: Let’s act now to give everyone a chance at homeownership and the American dream – Washington Post
Al Sharpton has the President’s ear.
Al Sharpton at the White House
Giuliani’s claim the White House invited Al Sharpton up to 85 times
Bad GSE Things Happen in Threes – Bill Maloni Blog
Mortgages: Don’t Be Fooled By The Averages – Valuewalk
Congress and Mortgages – NY Times
Freddie Mac Sets Release Date for Second Quarter 2015 Financial Results – Freddie Mac
Monday Morning Cup of Coffee: G-fees won’t pay for highways – Housing Wire
Fannie Mae: Who Doesn’t Have Access To Protected Information? – Valuewalk
@JonAPrior tweets about the revolving door between the gov’t and the TBTF banks – Twitter
Industry Analyst Defends Massive Pay Hike for Fannie Mae and Freddie Mac CEOs – DS News
Fiorina Says U.S. Government Should Get Out Of Mortgage Business – Bloomberg
Discovery Materials “Completely Discredit Government’s Defense” – Valueplays
Misunderstanding the mortgage crisis – Washington Post
Sunday August 2nd 2015
Bill Clinton Caused The Financial Crisis: Wallison’s lies imperil Hillary “16” –
Larry Kudlow Podcast – WABC Radio
This was from last week, click on the July 25th show. The GSE segment starts at 1:18:00.
Saturday August 1st 2015
16 Answers To Fairholme’s 16 Questions On The GSEs – Seeking Alpha by Glen Bradford
Fannie Mae Monthly Summary –
Freddie Mac Cuts Delinquent Loan Exposure – Seeking Alpha
A Slack Lifeline for Drowning Homeowners – NY Times
Pershing Square 2Q 2015 Quarterly Conference Call –