December 2015

Thursday December 31st 2015
The Largest Investor in GSE Common (Pershing Square) Still Seems Bullish, but… – Inside Mortgage Finance
Registration required, but it’s free to register.
Wall Street Journal op-ed ethers ‘toxic twins’ Fannie Mae, Freddie Mac – HousingWire
Wednesday December 30th 2015
Greedy Ass Retired Cops…STFU About the GSEs – Medium
Peter Wallison still isn’t coming around –
Fannie and Freddie Forever – WSJ
Opinion Journal: Fannie Mae’s ‘Risk-Free’ Bonds – WSJ Video
How does housing work in America? Fannie buys All of it. 2015 – Fannie Mae Shareholders Blogspot
Tuesday December 29th 2015
Fannie and Freddie Give Birth to New Mortgage Bond – WSJ
Fannie and Freddie: New Bonds With an Old Twist – WSJ
New Mortgage Securities Are Growing Business For Fannie, Freddie: WSJ – Barrons
Fannie, Freddie give birth to new mortgage bond – Seeking Alpha
Wall Street Breakfast: Santa Claus Rally Not Off The Table Yet – Seeking Alpha
Regulators Shouldn’t Rubber-Stamp Banks’ CRA Efforts – American Banker
A brief GSE mention.
A nice timeline of the major court cases from ‘obiterdictum’ – iHub
Is The Nonagency RMBS Market An Unloved Orphan? – Seeking Alpha
Monday December 28th 2015
Better Markets Goes to Court to Prevent Attempts by Certain Shareholders of Fannie Mae and Freddie Mac to Put Taxpayers on the Hook for their Losses – Better Markets
Maloni and Wallison Debate The GSEs – Fiderer on GSEs Blog
Martin Fridson Embraces The Big Lie To Challenge The Big Short – Fiderer on GSEs Blog
Fannie, Freddie Face Challenging Road on Rural Multifamily Goals – National Mortgage News
Lawless: The Obama Administration’s Unprecedented Assault on the Constitution and the Rule of Law – CATO Institute
Glen Bradford and Peter J. Wallison exchange emails –
03/27/2014 – Maybe … Freddie and Fannie weren’t the Main Cause of the Mortgage Crisis – Better Markets
Sunday December 27th 2015
Fannie and Freddie Here To Stay – Banker and Tradesman
Registration required.
Tampa Bay nonprofits rehabbing foreclosed homes under federal program – The Tampa Tribune
Friday December 25th 2015
How to rob a bank (from the inside, that is) –
A brief GSE mention, but more of a look at how the TBTF banks operate.
Forecast: Mortgage rates won’t rise, Fan-Fred will survive –
Thursday December 24th 2015
Merry Christmas From Senators Reid,Schumer and Brown Edit 1 12/24 Ethan –
FHFA Duty to Serve Webinar Presentation –
Is the Shady Stuff From “The Big Short” Era Still Going On? –
“We’ve nationalized a system that isn’t supposed to be nationalized and that is not sustainable”
12/16/2008 – Sen. Corker – $577 mil for Volkswagen, $0 for the Big 3! – Daily Kos
Wednesday December 23rd 2015
Fannie And Freddie Have Made $15B/annum Combined Since Conservatorship Started – Seeking Alpha by Glen Bradford
Fanniegate: The first sound they’ll hear is their heads hitting the floor – Amazon
eBook by Glen Bradford
Congressional Record: On January 2, 2018, FHFA Director Mel Watt may release GSEs from conservatorship – Fiderer on GSEs Blog
Maine Voices: Proposal to reduce shortage of affordable housing could benefit Mainers – Portland Press Herald
White Paper Raises a Thorny Issue: Could Fannie Mae Have Avoided Conservatorship? – Inside Mortgage Finance
Registration required to read the full article.
The White Paper was linked on this site on 10/24 and can be found here.
Anyone still watching FNMA? – Reddit
08/01/2011 – MBA Head Cozy with Banks While at the FHA – American Banker
08/21/2006 – GOP Candidate for US Senate (TN) Sued for Profiting Off Environmental Crime – Blogspot
Tuesday December 22nd 2015
‘Jumpstart GSE Reform’ will only prolong the conservatorships of Fannie and Freddie – The Hill
By Tim Pagliara
FHFA, Corker, THE BIG LIE! #FannieGate – Fannie Mae Shareholders Blogspot
Fannie Mae And Freddie Mac: Does The Budget Bill Matter? – Seeking Alpha
Words in bold near the end contradict what defendants said in yesterday’s Perry filing… –
Consolidated Appropriations Act, 2016 –
The GSE discussion starts at Section 702 in Division O.
Sen. Brown notes “Nor does this provision have any effect on the court cases and settlements currently underway challenging the validity of the third amendment.”
Sen. Corker discusses the GSE Jumpstart Act –
I linked to the Youtube video of Sen. Corker’s speech on Friday, 12/18. This is the transcript.
White Paper Raises a Thorny Issue: Could Fannie Mae Have Avoided Conservatorship? – iHub via Inside Mortgage Finance
A recipe for housing disaster – Washington Post
This was yesterday’s Washington Post piece about the GSEs. Bill Maloni commented on the article, however his comment has not yet been approved for the article, and probably never will. I have posted it here with Bill’s permission.
“The Post’s long held anti-GSE editorial positions are hardly new, but it might be a little more cautious in its choice of heroes. Monday’s editorial heaped praise Senator Bob Corker (R-Tenn.) to whom you give credit for tying the federal government’s hands, if the courts happen to rule for plaintiffs suing the government over its handling of Fannie Mae and Freddie Mac. Where were you–editorially or on the news front–when its was reported that Senator Corker had more than 900 personal stock transactions in 2014 not filed with the appropriate Senate offices. There were no references ever to that matter in the Post? Where were you when the Wall Street Journal and other media reported that Senator Corker was late in reporting his 2015 trades as well, despite earning millions of investment dollars in those two years? Where was the Post in reporting that Corker actively traded in many financial service companies with business issues–and therefore lobbyists–coming before Corker’s Senate Banking Committee? The answer is the Post had nothing on those two matters either. Maybe Post editors and writers should pay a little more attention to the junior Senator from Tennessee.”
FHFA Moving Closer to Decision on Updating Fannie, Freddie Models – National Mortgage News
Washington Post: Recapitalizing Fannie, Freddie is a ‘recipe for housing disaster’ – HousingWire
Freddie Mac backstops more loans with massive insurance policies – HousingWire
Why a 15% drop in FNMFM but not FNMA or FMCC? – Reddit
Corkered Again “Trust Me” Edition – Video by @HousingPimp – Twitter
Monday December 21st 2015
Fiderer on GSEs and other stuff –
New blog from David Fiderer – added to the ‘Blogs’ section.
Here is the first post and the second post.
from omnibus 2015 – Fannie Mae Shareholders Blogspot
A recipe for housing disaster – Washington Post
FHFA Just Made it Easier for GSEs to Offer Green Loans –
Single Security and CSP Industry Advisory Group –
Individuals with Access to Protected Information in Fairholme v. U.S.
Updated from Saturday’s post.
Housing Finance at a Glance December 2015 –
GSEs Finish Credit Risk Sharing for 2015 on a Strong Note – DS News
FHFA Opens Door for Insurers to Offer Deeper Loss Coverage – National Mortgage News
Saturday December 19th 2015
Fannie And Freddie Both Need To Stay ‘In’, Or The Housing Market Will Be ‘Out’ – Seeking Alpha
Congress puts kibosh on Fannie share sales – NY Post
Home mortgage lenders easing up on home loans – CNBC
GSEs not specifically mentioned.
Individuals with Access to Protected Information in Fairholme v. U.S.
Friday December 18th 2015
Budget deal a blow to Frannie recapitalization advocates – Seeking Alpha
Fannie Mae: Budget Deal Provisions Make “Recap And Release” All The More Distant – Valuewalk
Not the Day for Fannie Mae – The Street
Spending Bill Rocks ‘Sex and Violence’ Part of Ackman’s Portfolio – The Street
Corker Applauds Inclusion of Jumpstart GSE Reform Provision in Omnibus – Youtube
The Dream Of A Permanent Conservatorship For Fannie and Freddie Is A Fools Game Edit: CRITICAL UPDATE Jumpstart GSE is done deal 12/18 –
With an update from yesterday’s post.
MBA Commends Inclusion of Jumpstart GSE Reform Provision in Spending Bill – Real Estate Rama
FICO: There is no Monopoly on the GSEs Credit Scoring Model – The MReport
12-15 Rosner Teleconference Transcript – Scribd
Thursday December 17th 2015
Fannie Mae: Progressive Activists Oppose S. 2038, The “Jumpstart GSE Reform Act” – Valuewalk
FHFA Releases 2016 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions –
FHFA releases 2016 goals for Fannie and Freddie – HousingWire
Director Watt: GSEs Must Focus on Liquidity, Credit Access and Common Securitization in 2016 – DS News
Old decision on GSEs may hamper Fed’s rate-hike effort – Reuters
Insertion of Jumpstart Language in Spending Bill Will Not Impede Legal Action Against Sweep – Investors Unite
Revolving Door Raises Ethics Questions in Housing Reform Debate – Inside Sources
Fannie Mae CEO: Achieved things no one thought possible – CNBC Video
Why Fannie Mae Revival Hopes Are Withering on Capitol Hill – WSJ
Corker: Omnibus protects Fannie, Freddie from ‘Wall Street hedge funds’ – Washington Examiner
Corker Statement on FHFA 2016 Scorecard –
Wednesday December 16th 2015
Fannie And Freddie In The Dock: Will Shareholders Find Relief Under State Or Federal Law? – Forbes
By Richard Epstein
Why Hindes/Jacobs Plaintiffs Will Prevail In The Fannie Mae And Freddie Mac Delaware Litigation (Part II) – Seeking Alpha
Fannie And Freddie: In Or Out, Part 2 – Seeking Alpha
Consolidated Appropriations Act, 2016 –
The Jumpstart GSE Reform Act made it into the Appropriations Bill. See page 1968.
Or see this comment from ‘matthill’ for the full text of the Jumpstart Act –
Corker Slips “Jump Start” Act in Omnibus Bill…..It’s Irrelevant – Valueplays
Investors Unite: Jumpstart Does Not Prevent Settlement with Shareholders – Investors Unite
Josh Rosner, Housing Policy Experts Call For Recapping and Reforming Fannie and Freddie, Oppose Jumpstart GSE Reform Language in Omnibus – PR Newswire
Fannie Mae, Freddie Mac lower as spending bill blocks privatization – MarketWatch
Federal spending bill makes recapitalization of Fannie, Freddie far less likely – HousingWire
CHLA calls for GSE Recap per @JoeLight – Twitter
The Dream Of A Permanent Conservatorship For Fannie and Freddie Is A Fools Game –
Fannie Mae – Jumpstart GSE Reform: Industry Experts & Consumer Advocates Express Grave Concerns – Valuewalk
Proposed Rule Pushes More People to Fannie and Freddie, Increasing Taxpayer Risk – Townhall
Omnibus Bill Bars Govt Sale of Fan, Fred Stock — Market Talk – iHub via Dow Jones Newswires
Tuesday December 15th 2015
GSE Reform: Something Old, Something New, And Something Borrowed – Valuewalk
78 page paper By Joshua Rosner.
Read the Executive Summary here – Scribd
Listen to the Conference Call that occured today with Joshua Rosner – Twitter
Fannie Mae And Freddie Mac Reform – New White Paper – Something Old, Somethng New, Something Borrowed – Valuewalk
CfA Calls on DOJ to Investigate Obama Admin Officials for Revolving Door Violations – Campaign For Accountability
Fannie Mae: CfA Calls For Investigation Into Three Ex Obama Admin Officials – Valuewalk
Fannie Mae: Corker Fails To Disclose Millions In Income Since 2007 – Valuewalk
By Tim Pagliara
Fixing Fannie and Freddie for Good – NY Times
Fannie and Freddie called upon to securitize more low-income loans – HousingWire
U.S. looks to expand financing in underserved housing markets – Yahoo
FHFA Duty to Serve Webinar –
Senator Bob Corker joins growing list of Congressmen skirting financial laws –
Sen. Bob Corker earned millions more than first reported –
Surveyed ABS Investors Want to Deep-Six Pricing Benchmark –
With comments from MBS analysts.
Reform Before Recapitalization – David Stevens Blog
David Stevens responds to the NY Times article.
Pershing Square Q3 Letter to Investors –
Monday December 14th 2015
Tilson On Why He Is Long Fannie & Freddie – Tilson On Why He Is Long Fannie & Freddie – Valuewalk
The Continuing Fight Over Fannie and Freddie, and the Real Problem of US Mortgages –
Interesting tweet from @DoNotLose – Twitter
Bonds, Plastic and Boiler Rooms – BloombergView
Scroll down to the Fannie and Freddie section.
December 15 GSE Reform Media Call – PR Newswire
Occuring Tuesday at 9:30 am EST, with Joshua Rosner among others.
‘Jumpstart GSE Reform’ Bill is Still Alive, With a Possible Sunset Provision – iHub via Inside Mortgage Finance
Conservative and Progressive Opposition to the Jumpstart GSE Reform Bill – Investors Unite
Same article from Valuewalk.
Fannie And Freddie: In Or Out – Seeking Alpha
‘Sustainable’ Investing Strategist on Sectors to Watch in 2016 – The Street
Corker acknowledges millions in ‘filing errors’ – politico
Corker: ‘Filing Error’ to Blame For $2M Missing in Income – Newsmax
Liberal “Republican” Busted Concealing Millions Of Dollars In Income –
Sen. Bob Corker earned millions more than first reported – USA Today
Sen. Bob Corker earned millions more than first reported – The Tennessean
Read this one before it disappears!
Fannie Mae: Corker’s Filing Errors Latest in a String of Unexplainable Behavior – Valuewalk
Prominent Tennessee Senator Fails To Disclose Millions In Hedge Fund, Real Estate Investments – Zero Hedge
Sen. Corker undervalued his wealth by millions – The Hill
Sunday December 13th 2015
Sen. Bob Corker Failed to Properly Disclose Millions of Dollars in Income – WSJ
10/12/2008 – Private sector loans, not Fannie or Freddie, triggered crisis –
Saturday December 12th 2015
Fannie and Freddie’s Government Rescue Has Come With Claws – NY Times
Another excellent article from Gretchen Morgenson
Fannie and Freddie’s Propaganda War – WSJ
There are some good comments after the article.
2 New Blockbuster Changes To Fannie Mae Loans – Forbes
Oppose Misguided GSE Legislation (“Jumpstart GSE Reform Act”) in FY2016 Omnibus –
GSE Critics Main Talking Points – with Bullshit-Free Rebuttal – GSE Opinions
Friday December 11th 2015
Affordable housing advocates on why conservatorship of Fannie, Freddie must end – HousingWire
by John Taylor, CEO of the NCRC
Interesting tweet from @JoshARosner – Twitter
Hensarling crafting bill to repeal ‘huge swaths’ of Dodd-Frank – The Hill
The panel also will restart work on a housing finance reform bill next year and may take a more piecemeal approach this time around.
“I haven’t abandoned all hope on getting some modest bipartisan progress done,” Hensarling said.
The chairman said he has talked with the Federal Housing Finance Agency (FHFA) as they continue to develop their securitization platform to ensure that it is “constructed in a way that could lay the foundation for whatever solution Congress comes up with.”
That could be some “bipartisan consensus potentially on a little bit more risk-sharing,” he said.
Hensarling to Focus on Reg Reform, Terrorism Financing in 2016 – ABA Banking Journal
Bruce Berkowitz: TBTF Banks Behind Fannie Mae & Freddie Mac Disinformation – Valuewalk
Housing Trust Fund Update: Estimated Allocations by State –
Freddie Mac, ABA Renew Alliance to Help Banks Compete in Mortgage Market –
Off The Lows! Rebound Picks For 2016 – Seeking Alpha
Royce Introduces Bill to Break FICO ‘Monopoly’ for GSEs – National Mortgage News
Call to End GSEs’ FICO-Only Credit Scoring Wins Bipartisan Support – The MReport
Thursday December 10th 2015
AAMA Adopts Resolution to Promote Homeownership –
AAMA is the African American Mayors Association
“the Corporation calls on the Federal Housing Finance Agency and the Obama Administration to take the necessary actions to release Fannie Mae and Freddie Mac from conservatorship and allow them to rebuild their capital reserves”
African American Mayors Association Calls For End of Conservatorship – Valueplays
GSE Bullshit Summary – GSE Opinions
Fannie and Freddie’s small gesture to struggling homeowners – MarketWatch
Interesting tweet from @DoNotLose – Twitter
Also read this from ‘larsoncapitalgroup’ –
New House bill would end ‘FICO monopoly’ at Fannie Mae, Freddie Mac – HousingWire
Introduced, in part, by Rep. Ed Royce.
Let’s hope this guy gets elected – Twitter
Fannie Mae: What Happened to Greg Schwind???? – Valuewalk
01/04/2011 – Information Memo for Secretary Geithner –
Wednesday December 9th 2015
Big Wall Street Banks Want to Make Fannie Mae and Freddie Mac Go Poof! –
Fannie Mae: Housing Finance Reform Ignores Plight Of Middle-Income Earners; Cities Step Up – Valuewalk
Fairholme Funds letter to investors – iHub
Watt Tells Congress Conservatorship “Not Sustainable” – Investors Unite
Same article from Valuewalk.
The Unending Morass of Housing Finance Reform – The Weekly Standard
U.S. Said to Probe Possible Rigging in Agency Bond Market – Bloomberg
GSEs’ low-downpayment programs have yet to make a splash – Scotsman Guide
01/20/2011 – Banks Want Pieces of Fannie and Freddie’s Business – NY Times
Tuesday December 8th 2015
Individuals with Access to Protected Information in Fairholme v. U.S. –
Delamaide: Limbo good place for Fannie, Freddie – USA Today
“Revolving Door” Makes Fannie Mae Reform A Classic Game Of Insider Baseball – Valuewalk
Big Banks Aim to Topple Fannie and Freddie – Rexe News
Freddie Mac Sells $1.1 Billion of Seriously Delinquent Loans – Yahoo
Here’s what the housing and mortgage industry will look like in 2016 – HousingWire
Industry Reaction Mixed on Allegations of Wall Street Influencing GSE Reform – DS News
Up Close with Fannie and Freddie: GSEs to Focus on Unconventional Loans in 2016 – RE Business Online
Financial Stability and Economy – C-SPAN (Video)
Statement of Melvin L. Watt Director, Federal Housing Finance Agency Before the U.S. House of Representatives Committee on Financial Services –
Monday December 7th 2015
A Revolving Door Helps Big Banks’ Quiet Campaign to Muscle Out Fannie and Freddie – NY Times
A major investigation by Gretchen Morgenson.
MBA Statement Regarding New York Times Story –
Big banks may have Fannie, Freddie in their sights, report says – MarketWatch
Mortgage Bankers React to Revolving Door Charges – Yahoo
Big Banks’ Agenda for Housing Exposed in Today’s New York Times – Investors Unite
Same article from Valuewalk.
Analysis: What the NY Times Got Wrong in its MBA Article – National Mortgage Professional
Mortgages, Gasoline and Bankruptcy – BloombergView
Monday Morning Cup of Coffee: Are Fannie and Freddie too-big-to-fail? – HousingWire
Fannie Mae Takes Bite Out of Private Label CMBS –
Hearing entitled “Oversight of the Financial Stability Oversight Council” –
Occurring Tuesday at 10 am with Mel Watt, among others.
Despite Fannie Mae’s Bulk Sales Of NPLs, Number Of Delinquent Loans Remains High – Valuewalk
08/27/2013 – Fannie & Freddie vs. Wall Street? That’s Wishful Spin –
Sunday December 6th 2015
FHFA OIG – Negligent & Complicit – The Truth About FnF
Lawmakers Urge FHFA Director Watt to Consider More Risk Sharing Options – DS News
Fannie Mae (FNMA) Freddie Mac (FMCC) GSE Thread – Reddit
Another reddit thread. This one does not have much discussion.
Friday December 4th 2015
“Treasury’s Weiss says administration exploring use of a mutual or co-op approach in future housing finance system” from @JonAPrior – Twitter
Remarks by Counselor Antonio Weiss at The Consumer Federation of America’s Annual Financial Services Conference –
Freddie Mac Lost $475 Million… Should Investors Be Worried? – Motley Fool
Route to housing finance reform runs through the FSOC – The Hill
Nomura: Non-performing loan sales hit post-crisis high, and they’re not going away – HousingWire
Congress Has Not Acted, So Here’s a Simpler GSE Plan – American Banker
Capt. Picard Unleashes Harshest Rebuke yet on Biggest Government Fraud since Watergate – Youtube
Thursday December 3rd 2015
Does Fannie Mae have any chance of fullfilling it’s debt to the US gov’t? – Reddit thread
This looks promising from @timhoward717 – Twitter
David Stevens on the GSEs from @BethMillstein – Twitter
GSE Seller Profile: 3Q15 – Inside Mortgage Finance
New Bank Capital Rules Could Demolish ABS Trading – Structured Finance News
Registration required. There is a free trial option.
Freddie Mac’s Mortgage Portfolio Expands for Ninth Straight Month – DS News
Wednesday December 2nd 2015
The depressing reason Obama and Congress have failed to fix Fannie Mae and Freddie Mac –
By Bethany McLean
Sen. Corker’s relationship with real estate industry highlighted in voting record – Yahoo
Also by Bethany McLean
Obama Makes It Official: Fannie Mae & Freddie Mac CEO Pay Rolled Back To $600,000 – Valuewalk
Under current regulations, both Fannie Mae and Freddie Mac will cease to exist by December 31, 2017 – Bove – Valuewalk
Mortgage Bankers Propose Swapping Risk Exposure for Lower Fees – Bloomberg
Exclusive: Quicken may quit U.S. home-loan program in dispute over bad mortgages – Reuters
Not GSE related.
Freddie Mac Prices Final STACR Offering of the Year, Releases 2016 STACR Issuance Calendar – CNN Money
Exclusive: Josh Rosner and Glen Corso on why it’s time for true GSE reform – HousingWire
Tuesday December 1st 2015
Why Hindes/Jacobs Plaintiffs Will Prevail In The Fannie Mae And Freddie Mac Delaware Litigation – Seeking Alpha
With Vitter’s Departure, Congress Loses Fannie Mae & Freddie Mac Reform Champion – Valuewalk
Oppose S. 2038, the “Jumpstart GSE Reform Act” in the Omnibus FY 2016 Bill –
FHFA Launches New Blog, FHFA Insights –
FHFA Insights Blog added under the ‘Blog’ section
@JonAPrior tweets about the GSE g-fees in the Highway Bill – Twitter
Congress reaches highway deal without controversial use of Fannie, Freddie fees – HousingWire
MBA Risk Share Letter to FHFA –
MBA urges GSE regulator to expand risk sharing with private insurers – Scotsman Guide
Mortgages, Layoffs and Bribes – BloombergView
A brief GSE mention.
Fannie Mae’s Mortgage Portfolio Continues Rapid Contraction – DS News
Freddie Mac’s Leopold says GSE pushing to expand affordable multifamily financing – Scotsman Guide