July 2015

Thursday July 30th 2015
Trending Thursday: Is the job description “financial press” or “palace guard?” – Housing Wire
@JonAPrior tweets about the lone Rep. who voted against Royce’s GSE CEO compensation bill – Twitter
Derivative Gains Could Add $3 Billion To Freddie Mac’s Next Quarterly Earnings Report – Seeking Alpha
Rick Perry Channels Warren in ‘Too Big to Fail’ Speech – American Banker
Interesting remarks about the GSEs.
Wednesday July 29th 2015
Fannie Mae and Freddie Mac need a permanent fix – gulfnews.com
Fairholme 2015 Semi-Annual Report
Berkowitz Takes Our Government to Task – Valueplays
Bruce Berkowitz’s Fairholme Fund 1H15 – Questions For Government On Fannie Mae – Valuewalk
Lawmakers Move to Halt Fannie, Freddie Pay Raises – WSJ
If it Walks Like a Duck, and Talks Like a Duck – It Should Be Paid Like a Duck – CollingWoodLLC.com
The real reason why the US Treasury took over Fannie and Freddie – Business Insider
Tuesday July 28th 2015
10,000+ Discovery Documents Mark Big Win For GSE Investors – Seeking Alpha by Glen Bradford
Bill Maloni added some new information to his latest blog post. See the comments section.
Fannie Mae – Judge To Treasury: Turn Over All Discovery Documents – Valuewalk
Same article from IU yesterday, with comments.
Take Action With the Mortgage Action Alliance – MBA.org
Note the ‘Take Action’ section on the left hand side of the page. The MBA is headed by David Stevens.
Fannie-Freddie Pay Pits Obama and Republicans Against Watt – Bloomberg
John Carney might be finally coming around – Twitter
Why the U.S. Treasury Really Took Over Fannie Mae and Freddie Mac – FX Street
Bill to kill $3M raises for Fannie, Freddie CEOs gains momentum – Housing Wire
Monday July 27th 2015
GSEs get whacked in early legislative machinations – Bill Maloni Blog
Judge to Treasury: Turn Over All Discovery Documents – Investors Unite
A Look at the New Fannie Mae Headquarters – Urban Turf
Treasury + FHFA Lying in DC District Court = Reversible Error (Or Tell Me Lies, Tell Me Sweet Little Lies) – Medium.com
Fairholme Funds Discussion on Fannie Mae and Freddie Mac – Dailymotion (video)
The Government’s Seizure of Fannie and Freddie’s Net Profits – CFIF.org (podcast)
Friday July 24th 2015
NCRC Statement in Opposition to Shelby Provisions in Appropriations Bill – NCRC.org
Massive pay hikes for Fannie, Freddie CEOs fall under Congressional scrutiny – Housing Wire
New Legislation Seeks to Limit GSE Exec Salaries – National Mortgage Professional
Brydon Fisher comments on the real fight for the GSEs – timhoward717.com
$FNMA $FMCC investor appeal bolstered by discovery – @NYCStein Tweet
Often the comments are just as good as the article… – The Truth About FnF
Thursday July 23rd 2015
Titantic Shifts On All Fronts: Pressure Mounts As End Nears./ Love The Way You Lie – timhoward717.com
Opposition builds against Fannie, Freddie pay-for in highway bill – @JonAPrior Tweet
Taxpayers are NOT Capital – Taxpayers are PROTECTED BY Capital – Investors Unite
Shelby Tries End Run Around Dems to Pass Reg Relief – National Mortgage News
@JonAPrior tweet about GSE compensation – Twitter
“Fannie & Freddie Are Back; Bigger & Badder Than Ever” – NYTimes Warns – ZeroHedge
Senate Highway Deal Relies on Reduced Fed Payments to Banks – Bloomberg
Highway Detour of Fannie Fees May Kill GSE Reform, Senators Say – Bloomberg
Fairholme Scores Minor Win In Fannie Mae Case – Valuewalk
Charles Constantinou ‏tweets about the GSEs – Twitter
Short Takes: Kill Fannie and Freddie? What, Are You Crazy? – iHub via Inside Mortgage Finance
Wednesday July 22nd 2015
Key Fannie Decision, Big Win: Courts may demand parties mediate differences, returning rights – @FannieGate101 Tweet
Judge orders massive release of Fannie, Freddie conservatorship docs – Housing Wire
Court Allows Fairholme Access To Fannie Mae Discovery Material: Bove – Valuewalk
Judge Orders Treasury to Disclose GSE Conservatorship Documents in Fairholme Suit – DS News
Fannie Mae: The Government’s Most Recent Motion To Dismiss And Fairholme’s Motion To Stay – Seeking Alpha
Will Fannie and Freddie’s Investors Finally Succeed? – Huffington Post
G-fee cuts significantly delayed by controversial Senate transportation bill – Housing Wire
Senate Leaders Push G-Fee Provision as Part of Highway Bill – National Mortgage News
NAMB Calls for End to Hidden Tax on Homebuying Consumers – National Mortgage Professional
Low down payment mortgages are not the return of the financial crisis – Housing Wire
The Perry Appeal, Prospects For Reversal And The Possible Effects On Fannie Mae And Freddie Mac Share Prices: Part II – Seeking Alpha
July 2015 U.S. Housing Market Insight & Outlook – Freddie Mac
Fannie Mae sells $500 million bills at higher rates – Reuters
@JoeLight made me laugh – Twitter
Tuesday July 21st 2015
Momentum Grows for Ending the Conservatorship of Fannie and Freddie – Investors Unite
Same article from Valuewalk
A Light At The End Of The Tunnel: Fannie Mae And Freddie Mac And The U.S. Court Of Appeals – Seeking Alpha
Weekly Republican Address: Together, We Can End Wall Street Bailouts & Grow Our Economy  – House.gov
“But, Dodd-Frank did nothing to reform Fannie Mae and Freddie Mac, which were at the epicenter of the crisis.” Jeb can’t let this one go.
Fannie Mae and Ellie Mae Expand Strategic Partnership – Business Wire
@JonAPrior tweet quoting Sen. Brown on GSE reform – Twitter
Dodd-Frank at Year Five – AmericanProgressAction.org
This event is happening Wednesday at 10 am ET and features Sen. Sherrod Brown and Rep. Maxine Waters.
Some members of Congress want to use Fannie and Freddie g-fees to help fund the Highway Bill – courtesy of a @NickTimiraos tweet.
Some other members of Congress are not happy about it.
Shelby aims to attach financial regs overhul to spending bill – The Hill
Monday July 20th 2015
Fannie and Freddie are Back, Bigger and Badder Than Ever – NY Times
by @bethanymac12. Also note the strong support for the GSEs in the comments.
The author has a book coming out – Shaky Ground: The Strange Saga of the U.S. Mortgage Giants. The release date is September 14th.
Summer’s Light GSE Fare and Other Things – Bill Maloni Blog
FHFA Writedowns Continue To Be Greatest Threat To GSE Investment Thesis – Seeking Alpha by Glen Bradford
Dan K. Thomasson: Executive pay fiasco at Fannie Mae and Freddie Mac – islandpacket.com
DS News Webcast: Monday 7/20/2015 – DS News
Fannie Mae Prices Latest Credit Risk Sharing Transaction – Originator Times
Fannie Mae issues sale of more than $800M in non-performing loans – Originator Times
Earnings Season and the Sharks – Ridge Haven Capital (podcast)
Interest-only mortgages: They’re baaack – CNBC
“Fannie Mae and Freddie Mac, the government-backed mortgage giants, do not buy these types of loans.”
Why These Stocks Are Too Risky – ETF Daily News
Looking Ahead To The Next Battle Front: Conservatorship and PSPA void ab initio – TH717.Wordpress
Interesting new investor in $FNMA and $FMCC – Twitter
Read about Mr. Constantinou here and here.
There is a Katherine Constantinou who is the Manager of Fannie Mae Investor Relations.
Are they related? I don’t know. @fanniegate101 is trying to get more information.
Mortgage Limits May Increase – WSJ
This was from 5 days ago. I don’t remember seeing it. It’s clear, if loan limits are raised, that Director Watt is positioning the GSEs to grow their business not shrink it.
Fannie, Freddie loom as liabilities for Clinton amid fears of another bailout – Washington Times
@Ny1david tweets about the article – Twitter
Saturday July 18th 2015
Investors Don’t Need Rep. Delaney’s Sympathy – Investors Unite
Larry Kudlow Podcasts – WABC Radio
Alternate Site – TuneIn
Click on the July 18th show. The FannieGate segment starts at 1:17:55.
@larry_kudlow with more #FannieGate segments in the future? – Twitter
timhoward717 has some interesting inside information – timhoward717.com
Friday July 17th 2015
Freddie Mac Said to Plan New Type of Mortgage Risk-Transfer Debt – Bloomberg
The cost of doing business? – Seeking Alpha
DS News Webcast: Friday 7/17/2015 – DS News
Discusses Fannie Mae’s auction of non-performing loans.
Lance F. Drummond Elected to Freddie Mac Board of Directors – FreddieMac.com
The AIG Court Of Claims Decision Likely Is Not The Last Word – Seeking Alpha
Thursday July 16th 2015
Trending Thursday: How strong is housing’s foundation? How weak is the CFPB’s database? – Housing Wire
Government Given Until Aug. 10 and Pershing Granted Access – Valueplays
Same article from Valuewalk
@JonAPrior tweets about Rep. Hensarling’s housing reform plans – twitter
@Zachary also tweets about Rep. Hensarling – twitter
Strong Mortgage Originations This Q Could Lead to Stock Gains – Ridge Haven Capital (podcast)
@hill_matt tweets that the DOJ is looking for some help – twitter
Good one Matt!
Housing Finance Reform: A Status Report – Bipartisan Policy
Video embedded. Featuring @RandyNeugebauer and @RepJohnDelaney
JonAPrior with his takeaways from the panel – twitter
and I guess @NickTimiraos doesn’t appreciate our tweets
Dem Lawmaker Has No Sympathy for GSE Shareholder Claims – National Mortgage News
BPC discussion: Fannie, Freddie reform can happen but one step at a time – Housing Wire
Exclusive: U.S. housing regulator paid law firms $373 million to sue banks – Reuters
Fannie Mae issues sale of more than $800M in non-performing loans – Housing Wire
Wednesday July 15th 2015
As Predicted: Discovery Has Shined The Light of Truth On Our Governments River Of Lies. – timhoward717.com
The Perry Appeal, Prospects For Reversal And The Possible Effects On Fannie Mae And Freddie Mac Share Prices – Seeking Alpha
Dream of Home Ownership a Nightmare for Blacks – The Times Weekly
GSEs gain as Ackman stays bullish – Seeking Alpha
DOJ: Stop the Delay and De-Designate Protected Information – TH717.Wordpress.com
@jimcramer likes FNMA preferred.
The most ‘interesting’ investment in Bill Ackman’s portfolio that ‘no one’s really noticed’ – Yahoo Finance
The most ‘interesting’ investment in Bill Ackman’s portfolio that ‘no one has really noticed’ – Business Insider
Same article with comments.
Ackman at Delivering Alpha: Buy Fannie and Freddie – CNBC
Peltz: I don’t want another proxy fight – Yahoo (video)
Ackman starts at 1:08
Nelson Peltz, Bill Ackman At The 2015 Delivering Alpha Conference – Valuewalk
Ackman’s Fannie video near the bottom. But it is the same clip as above.
Depositions/Emails Unraveling Government’s Defense (Redacted Documents Enclosed) – Valueplays
Same article from Valuewalk
Bill Ackman Best Investment Ideas are Fannie Mae and Freddie Mac – Valuewalk
Bill Ackman Is In Love With Fannie Mae And Freddie Mac – Bezinga
Now Freddie Undermines the Government’s Defense (Redacted Info) – Valuewalk
Why We Won’t Be Following Ackman on Fannie, Freddie – The Street Real Money
Tuesday July 14th 2015
Lead Gov’t Attorney in GSE Cases Leaves DOJ – Valueplays
Same article from Valuewalk
Taxpayers shouldn’t pay for the $4 million men – The Hill
This guy is about 2 weeks late to the party. But some good comments after the article.
Fitch: More Actual Loss Deals to Come from U.S. GSEs – Street Insider
Fannie Mae offloads credit risk onto insurers – Housing Wire
Fannie Mae completes risk-sharing deal with reinsurance industry – Scotsman Guide
Fannie Mae, Freddie Mac Back In Action – National Real Estate Investor
So, Just Who Does Have Access? – Valueplays
Same article from Valuewalk
Link to pdf file
GSE Litigation Summary – Bankrupt.com
Nation’s top 2 mortgage lenders see big jump in originations – MarketWatch
Monday July 13th 2015
One Simple Truth: Fannie and Freddie Did Not Require One Penny To Survive The Financial Crisis! – timhoward717.com
A Forensic Look at the Fannie Mae Bailout – timhoward717.com
David, David, David……. – Bill Maloni Blog
Big news today. David Fiderer’s e-book is coming out soon! Bill Maloni was able to publish the précis.
Legal Scholar on IU Teleconference: Third Amendment Is a “Sham Transaction” – Investors Unite
The link to the teleconference is listed on the site, or click here to listen (.wav)
Same article from Valuewalk.
@larry_kudlow tweets that #FannieGate will be on during his Saturday show – twitter
Was the Third Amendment sweep of Fannie, Freddie a sham? – Housing Wire
I’ll answer: Yes
Housing Finance Reform: A Status Report – BipartisanPolicy.org
This forum will occur on Thursday at 1:30 with @NickTimiraos moderating.
Housing America’s Future: New Directions for National Policy – BipartisanPolicy.org
This was linked to the article above and shows the views of the attendees.
Congressmen Neugebauer, Delaney to discuss GSE reform – Housing Wire
Everyone But The Janitor Getting Access – Valueplays
Sunday July 12th 2015
@larry_kudlow will be covering #FannieGate this week.
Fairholme Funds positions – fairholmefundsinc.com
The top of page 2 shows the current GSE holdings, which was increased from the end of 2014.
See this Google Group discussion by CatBirdSeat for a detailed analysis and last year’s annual report.
Glen Bradford made a three part series on FHFA Accounting Fraud – timhoward717.com
Fannie Mae Timeline – WSJ
A lot of random documents plus of lot of internal emails.
09/11/2008 – Timely Wachovia GSE Stock Sales Draw Attention – OnWallStreet.com
Featuring Robert Steel from yesterday’s email link.
“Some have wondered whether Mr. Steel, who was Treasury Secretary Henry Paulson’s right-hand man as undersecretary for domestic finance until July, had inside knowledge about the government’s plans.”
Saturday July 11th 2015
Freddie, Fannie profit sweep called threat to financial stability – Reuters
Eric Holder continues his struggle for social justice at law firm that lobbies for big banks
“Covington was also deeply involved with a company known as MERS, which was later responsible for falsifying mortgage documents on an industrial scale. Court records show that Covington, in the late 1990s, provided legal opinion letters needed to create MERS on behalf of Fannie Mae, Freddie Mac…”
03/06/2008 – Michael Farrell email to Robert Steel – unt.edu
“From where I sit, the big picture is that right now whatever is best for the economy and the
financial security of America trumps the ROI for Fannie and Freddie shareholders.”
Friday July 10th 2015
“Fannie And Freddie Look Very Very good…I don’t Rule Anything Out” Rep. Maxine Waters/ Staying Alive – timhoward717.com
The FCIC archive: A nearly complete listing – Corrente
Bookmark this link for later use.
GSE Risk-Sharing Innovations Could Alter Housing Finance Reform – The M Report
Three GSE risk-sharing innovations that could change housing finance reform – Urban Institute
Freddie Mac offloads more credit risk to insurers – Housing Wire
Changing the rules – ifre.com
More about STACR being used to offload risk to the private market. I have a feeling this will be President Obama’s main theme upon release.
Freddie Mac And Fannie Mae Preferred Stocks As Special Situation Investments – Seeking Alpha
Thursday July 9th 2015
Involving Securities Law Professionals With GSE Lawsuits Amplifies Scrutiny – Seeking Alpha by Glen Bradford
Black America Clearly Knows The Truth: NBCC / Forensic Accounting Simplified – timhoward717
Maxine Waters: ‘We are a long way’ from Fannie, Freddie reform – MarketWatch
“Of course, Fannie and Freddie look pretty good. Not only have they been performing well, but they have paid back all of the money to the Treasury and they continue to earn money. So that makes them look very, very good.”
An explanation of the CSP Single Security: Link 1Link 2 – iHub
Two-tier system in mortgage market means higher costs for some borrowers – LA Times
Richard X. Bove: Critical Periods In Fannie Mae’s History – Valuewalk
Hearing entitled “The Dodd-Frank Act Five Years Later: Are We More Stable?” – House.gov
Video available at this site, but you have to download it.
Mark Calabria’s testimony from today’s Financial Services Hearing – House.gov
Trending Thursday: Do you want the good news or the bad news first? – Housing Wire
Legal Scholar Shows Fannie Mae Shareholders’ Case Stronger Than AIG’s – Valuewalk
Same article from IU yesterday.
Notes from today’s Investors Unite Teleconference – iHub
Additional notes from today’s IU teleconference – Google Groups
@JoeLight explains the government does not want to settle – twitter
@_InvestorsUnite per Richard Epstein possibly explains why – twitter
U.S. Fed buys $5.2 billion of mortgage bonds, sells none – Yahoo
Wednesday July 8th 2015
Dick Bove: Likelihood of settlement over Fannie, Freddie sweep growing – Housing Wire
Groups File Amicus Briefs on Behalf of Investors in GSE Profits Lawsuit – DS News
Investors Unite Files Amicus Brief In Support of Perry Capital Appeal of U.S. District Ruling – Investors Unite
Former Delaware Chief Justice files amicus brief in Fannie/Freddie sweep suit – Housing Wire
Freddie Mac, Fannie Mae and Common Securitization Solutions Create Single Security/CSP Industry Advisory Group – FreddieMac.com
Limited relief granted for Ugoletti & DeMarco depositions – twitter
We don’t have all the details yet, but it’s heading in the right direction.
Legal Scholar Shows GSEs Shareholders’ Case Stronger than AIG’s – Investors Unite
Fannie Mae Multifamily Receives Top Ranking as a Master Servicer from Morningstar – Real Estate Rama
Yale Says GSE Conservatorship is Illegal – The National Real Estate Post (video)
06/26/2006 – Remarks of Emil W. Henry, Jr. Assistant Secretary for Financial Institutions U.S. Department of the Treasury Before the Housing Policy Council of the Financial Services Roundtable – Treasury.gov
Interesting words from 2006.
Tuesday July 7th 2015
Amicus Briefs Filed In Appellate Court In Support Of Fannie Mae Plaintiffs – Valuewalk
This site has all the Amicus Briefs filed to date.
timhoward717 tweet from Amicus Curiae from the NBCC – twitter
‘Anonymous’ comments on Tim Howard’s Amicus Curiae brief – timhoward717
The outline for conservatorship was planned well in advance!
IU Hosts Teleconference to Provide Update on Fannie, Freddie Litigation – Investors Unite
Thursday at 2:30
Contact the FHFA Ombudsman – FHFA.gov
Problems with the conservatorship? Contact the one and only Mario Ugoletti.
U.S. Needs to Finish Financial Reforms – IMF.org
IMF warns U.S.: Your financial system is (still) vulnerable – CNN Money
@TreyGarrisonHW tweets about the GSEs, tweet 1tweet 2
Why Fannie Mae And Freddie Mac Might Be In Trouble – Investopedia
Follow this account: @FNMA_News
Mortgage Bonds Can’t Keep Up With Spreads at 11-Month High – Bloomberg
“The market for mortgage securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae probably grew about $70 billion in the first half of this year, compared with $85 billion in all of 2014”
Kroll Bond Rating Agency Releases Comment “Dodd-Frank and the AIG Litigation: Implications for Investors – BusinessWire
Monday July 6th 2015
AIG v. FRBNY in the Crosshairs It’s time to rethink Fannie and Freddie in light of AIG – Forbes by Richard Epstein
Fannie Mae Preferred: When Will The Dividends Return? – Seeking Alpha
Richard Bove On Fannie Mae’s Accounting Irregularities – Valuewalk
AIG ruling was helpful, says major Fannie, Freddie investor – MarketWatch
Fairholme: AIG ruling important precedent for Fannie and Freddie – Seeking Alpha
Monday Morning Cup of Coffee: Is housing strong enough to weather rate hikes? – Housing Wire
Real Estate’s Rising Tide Isn’t Lifting All of the Boats – WSJ
The Dodd-Frank Act Five Years Later: Are We More Stable? – House.gov
This is a hearing scheduled for Thursday July 9th, at 10 am.
02/27/2014 – Were Fannie, Freddie Negotiations Done in Good Faith?
Saturday July 4th 2015
Sand (and sun I hope), Here We Come – Bill Maloni Blog
Friday July 3rd 2015
Housing Finance At A Glance: A Monthly Chartbook – Urban.org
Petition to Recapitalize and Release the GSEs – MoveOn.org
10/23/2008 – Obama’s Amazing Fannie Contributions
“who knew that Senator Barack Obama was the largest single recipient of Fannie Mae campaign contributions over the last 20 years, save for Senate Banking Committee Chairman Chris Dodd?”
Thursday July 2nd 2015
New York Times Motions For Transparency On Behalf Of Fannie And Freddie – Seeking Alpha by Glen Bradford
U.S. Regulators Tell RBS It Faces $13 Billion Mortgage Penalty – Bloomberg
Dick Bove Discusses Fannie Mae (FNMA) Conspiracy Theory; Says GSEs Were Never Insolvent – Street Insider
What is the Deal with FNMA and Freddie Mac? – Met Capital
Too Big To Fail – Morning Consult by Mark Calabria
Fannie, Freddie CEO Pay Could Spur Legislation – iHub via Dow Jones Newswires
Trending Thursday: CFPB data collection worse than the NSA? – Housing Wire
Civil Rights Group Calls for Recapitalizing GSEs – National Mortgage News
@NatlMortgagePro tweets Glen Bradford’s Seeking Alpha article
They have over 16,000 followers, so it went to a wide audience.
Lawmakers warn of ‘business as usual’ with Fannie, Freddie bonuses – Washington Examiner
Independence Day is near. It’s time for a full Media Blitz to expose the Truth – TH717.wordpress.com
Freddie Mac’s Mortgage Portfolio Expands for Eighth Time in Nine Months – DS News
Wednesday July 1st 2015
From the Perry Injunction Appeal to the New York Times Ugoletti is Becoming Ground Zero #FannieGate Congrats Bryndon – timhoward717.com
Smoking gun? – Housing Wire
Subscription required, but read what ‘Andrew Tomlinson’ says is in it.
‘Time to De-Socialize’ U.S. Housing Market: Lockhart – Bloomberg Video
James Lockhart is the former director of the OFHEO and plotted with Hank Paulson to take the GSEs into conservatorship.
NY Times Pushes For Access To DeMarco’s Deposition On Fannie Mae – Valuewalk
Fannie, Freddie CEOs to Get Big Pay Raises – WSJ
Fannie, Freddie CEOs awarded $3 million raises – Housing Wire
Fannie, Freddie CEOs get a well-deserved huge boost in pay – Housing Wire
Fannie and Freddie chiefs get $3.4M raises – Seeking Alpha
As you can imagine, certain politicians were not happy about the CEO raises.
@SenBobCorker@MarkWarner, @RepEdRoyce.
NYT Call on Sweeney To Unsealed Depositions – Valueplays
gseopinions.com has been updated with GSE Politician Opinions
Newspaper Files Motion to Unseal Depositions in Fairholme GSE Profits Lawsuit – DS News
New Suit “Injects Vigor” into GSE Conservatorship Challenges – Mortgage News Daily