June 2015

Tuesday June 30th 2015
The NY Times wants to remove the ‘protected information’ designation from the depositions of DeMarco and Ugoletti – IU
NYT Intervenes $FNMA #FANNIEGATE DISCOVERY – GlenBradford.com
Blame Excellent Financial Conditions For Fannie And Freddie Conservatorship – Seeking Alpha by Glen Bradford
DS News Webcast: Tuesday 6/30/2015 – DS News
GSE Appeal Filed – Valueplays
Treasury sweep of Fannie, Freddie shareholder profits “costly for housing” – Housing Wire
Trey Garrison is a true friend.
Yale Legal Scholar: FHFA & Treasury “Exceeded” Authority on Fannie and Freddie – Investors Unite
Average Guarantee Fees on GSE Loans Are Two and a Half Times Their 2009 Level – DS News
Housing & Government Sponsored Enterprises FY 2015 President’s Budget – Treasury.gov
Pg 10 “The dividend provision of each PSPA was amended in August 2012 to support the continued
solvency of the GSEs.”  How nice of them.
Monday June 29th 2015
GSE Summer-Lite – Bill Maloni Blog
Saxton v. FHFA – Have FHFA and the Treasury Exceeded Their Limited Authority under HERA? – National Law Review
There Is Still Time for Obama to Strengthen the American Dream for All – Huffington Post
Don’t Give Fannie and Freddie’s Business Away to TBTF Banks – Investors Unite
US hedge funds hit back in Fannie, Freddie battle – Financial Times
Registration may be required, but it’s free to sign up.
Funds appeal over Fannie and Freddie – iHub via Financial Times
Quarterly Performance Report of the Housing GSEs – FHFA.gov
Mortgage performance up from a year ago – Inman
FHLB Earnings Pumped Up by Mortgage Settlements – National Mortgage News
The spiraling idiocy of trying to solve the wrong problem – Dalton Daily Citizen
Hank Greenberg: I was forced out – Fox Business Video
Sunday June 28th 2015
03/04/2014 – Fannie Mae Accounting Scandal for Dummies – National Mortgage News
01/22/2013 – Fannie Mae “Accounting Scandal” Discredited In Court – Op Ed News
11/22/2010 – The Fannie Mae Accounting Scam Promoted by the Chairman of the S.E.C. – Insiders’ Game
Today’s theme is David Fiderer debunking the fake accounting scandal in the 2000’s.
Spring 2014 – The Reorganization of Fannie And Freddie – NYU Journal of Law and Business
Saturday June 27th 2015
Ugoletti’s Testimony Calls Into Question Evidence, Bodes Well For Fannie Mae – Seeking Alpha by Glen Bradford
Friday June 26th 2015
Fairholme has filed a multitude of court filings, all are sealed. See this google groups discussion for more information.
The Treasury Will Profit From Derivatives And Higher Interest Rates – Seeking Alpha by David Sims
The Truth about Timothy Geithner(Goldman Sachs Fraud settlement) 2000-2015, Geithner orchestrated the sweep of Fannie Mae and Freddie Mac’s profits! – Fannie Mae Shareholders
Part 2 of the Hank Paulson takedown, now featuring Timothy Geithner
Treasury to Profit from Falling Bond Prices and Bubble Bursting – Ridge Haven Capital
Saxton v. FHFA – Have FHFA and the Treasury Exceeded Their Limited Authority under HERA? – National Law Review
“Political expediency should not flout the rule of law.”
Bill Ackman Is Confident About Freddie Mac (NYSE:FRE-PK) and Fannie Mae (NYSE:FNM-PK) – WallStreet.org
Submit a fake email address for access. Also, interesting use of the old stock symbols.
Greenberg Gets Ready for Round 2 in AIG Fight – WSJ
Greenberg Says Appeal in AIG Case Is About Future of U.S. – Bloomberg
09/10/2014 – What Happens if the Government Loses on the Third Amendment? The Senior Preferred Stock Certificates Spell Nothing But Trouble For the Government – Forbes
Thursday June 25th 2015
Ugoletti Testimony Contradicts Gov’t Evidence – Valueplays
New Analysis Shows Fannie Mae Didn’t Need A Dime – Seeking Alpha by Glen Bradford
Book Review: Shaky Ground: The Strange Saga Of U.S. Mortgage Giants – Investing
CMLA letter to Director Watt stating the TBTF banks should not have access to the CSP.
Why a Billionaire Hedge Fund Manager Is Betting Big on Fannie Mae and Freddie Mac – Motley Fool
The Fortune 500’s biggest stock market losers – Fortune
FNMA at #10, although they note “This year, however, Fannie’s shares have risen more than 18% already.”
Some Relief Around The Corner For Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Federal Home Loan Mortgage Corporation (OTCBB:FMCC) CEOs – Journal Transcript
02/11/2009 – Edward Lampert 2009 Shareholder Letter
‘Mark’ points out the highlights of the letter at timhoward717.com
$FNMA #FANNIEGATE Eddie Lampert’s weigh in – GlenBradford.com
05/10/2012 – Unless You’re A Bankster You’ve Probably Never Heard Of Ed Royce (R-CA), But We Have An Opportunity To End His Disgraceful Career Now – Down with Tyranny Blogspot
10/27/2012 – Desperate Ed Royce, Already a Shameless Liar, Now Goes FULL-BORE RACIST – Orange Juice Blog
Some news on our favorite Fannie hater Ed Royce.
Wednesday June 24th 2015
Deloitte! Restate Thou Must! :Forensic Accounting Blows Lid Off Entire GSE Scheme – timhoward717
Thoughts On The AIG Ruling And The Implications For Fannie Mae – Seeking Alpha
Frank Fosco comments on Deloitte’s financials – timhoward717
More Americans Are Renting, and Paying More, as Homeownership Falls – NY Times
Fannie Mae, Freddie Mac – Shaky Ground – Book Review – Valuewalk
A Forensic Look At The Fannie Mae Bailout – Valuewalk
Principal Reduction: A Mortgage Quandary With No Easy Answers – WSJ
Tuesday June 23rd 2015
GSE Credit Risk Sharing Paves Path To End Conservatorship – Seeking Alpha by Glen Bradford
The three-card Monte accounting of Fannie, Freddie conservatorship – Housing Wire
A Forensic Look at the Fannie Mae Bailout: Scrubbing the Tricky Accounting of Conservatorship – Housing Wire
Paulson Served His Goldman Gods Well: What The F*[email protected] Is Obama’s Excuse? – timhoward717
Special Situations: Fannie Mae ‘Raisins’ Analysis June 2015 – Seventeen Mile
U.S. Conference of Mayors: Don’t sell non-performing loans to Wall Street – Housing Wire
Delinquent GSE Mortgages Continue to Decline – ABA Banking Journal
“Seriously delinquent loans — those that are 90 days or more past due — dropped to 1.8 percent of Fannie and Freddie’s mortgage portfolio after the first quarter. By comparison, 5.7 percent of Federal Housing Administration loans were seriously delinquent, and 4.2 percent of all loans were.”
12/01/2008 – Nationalization of the Mortgage Market – Fee.org
Monday June 22nd 2015
A July Approaches….. – Bill Maloni Blog
The New American Dream Under Obama: Renting – Investors.com
Monday Morning Cup of Coffee: CFPB under the gun again – Housing Wire
Trey Garrison is staying on top of Fanniegate.
Counsel’s Corner: GSEs Have Intensified Efforts to Transfer Risk to Private Market – DS News
Supreme Court strikes down federal raisin program as unconstitutional – USA Today
Raisins, not GSEs, but it’s encouraging that the Supreme Court recognizes property rights in an 8-1 ruling.
Sunday June 21st 2015
The Truth about Henry Paulson(Goldman Sachs,Treasury) and FHFA conservatorship of Fannie Mae and Freddie Mac, as told by history 2005-2015 – Fannie Mae Shareholder Blogspot
A fantastic takedown of Henry Paulson by Gary E aka eckgar1. Send this article to your representatives.
Financial Stability Oversight Council 2015 Report – C-Span
This is the full video from Wednesday’s FSOC meeting.
Rep. Capuano grills Treasury Secretary Jack Lew at 57:45.
Pyrrhus would be proud – The Economist
01/06/2011 – Judicial Watch Asks Court to Review Government Documents On Decision to Seize Control of Fannie Mae and Freddie Mac – Judicial Watch
11/05/2011 – What caused the financial crisis? The Big Lie goes viral – Washington Post
Friday June 19th 2015
The AIG Case and the Rule of Law – National Interest
Former AIG Chief Asks Court to Revive ‘Backdoor Bailout’ Claims – WSJ
Rep. Ed Royce Continues His Attack on Shareholders, Favors Running Fannie and Freddie with No Capital – Investors Unite
Fannie Mae: Adjudicating The Government’s Supplemental Motion Now Would Be Senseless – Valuewalk
Royce Elicits Lew Support for GSE Reform Building Blocks – House.gov
Commenters are all in disagreement of Rep. Ed Royce’s GSE plan. This is on his official page, so I’m sure he is noticing.
Thursday June 18th 2015
There is a new court filing in the Fairholme case. It is sealed so we cannot view it. See a summary from timhoward717 user Ron Luhmann.
The Government Will be Repaid and Other News – Ridge Haven Capital (podcast)
Fannie Mae Securities Are Outperforming Treasuries – Yahoo
Congressman Michael Capuano Q&A with Treasury Secretary Lew at FSOC Hearing – Youtube
Here’s why mortgage modifications have changed dramatically in last year – MarketWatch
Treasury Downplays Talk of Ending GSEs? Conservatorship, Reiterates Support for Reform – iHub via Inside Mortgage Finance
Trending Thursday: Conservatorship will never die – Housing Wire
“Deep MI”, “CSP”- The MBA’s New and Dangerous “Mission Creep” – Scribd by Josh Rosner
This was posted Monday but got lost in the shuffle with the AIG verdict that day. This is another good piece by Josh Rosner.
Who Needs The Magna Carta? – Palisades Hudson
A brief GSE mention.
Royce Elicits Lew Support for GSE Reform Building Blocks – Real Estate Rama
This is a rehash of the video we saw yesterday.
Wednesday June 17th 2015
Judge Wheeler’s Opinion In Starr, And Is There Any Read Through To FNMA? – Seeking Alpha
Barclays to End Trading in $700 Billion of Mortgage Bonds – Bloomberg
“The firm no longer will regularly buy and sell the residential securities, which lack government backing”
Crucial Differences Between AIG & GSE Lawsuits – Investors Unite
Same article from Valuewalk
A Ghost of Fannie and Freddie’s Past Haunts Capitol Hill Hearing – Wall Street Journal
The commenters have turned on Mr. Carney
Nice tweet from @MarkCalabria – twitter
2015 FSOC Annual Report – treasury.gov
Royce Elicits Lew Support for GSE Reform Building Blocks – Youtube
This was from today’s FSOC Annual Report meeting. Rep. Ed Royce repeats the same lines from the last video. He wants more credit risk sharing deals and access for everyone to the CSP.
About That Surge In Building Permits – Talk Markets
Not really GSE related, but it gives a detailed discussion about building permits and what the numbers really mean.
GSE Buybacks Down Sharply in First Quarter of 2015 – iHub via Inside Mortgage Finance
Tuesday June 16th 2015
Government Found Guilty As Charged In AIG Heist: Victory Is Ours/Salute to Hank Greenberg – timhoward717
All Dollars Are Created Equal: FannieGate – Seeking Alpha by Glen Bradford
Musings on the Shelby GSE Provisions – Bill Maloni Blog
For Fannie, Freddie Investors, Cautious Optimism After AIG Ruling – Wall Street Journal
Valuing Freddie Mac And Fannie Mae’s Common And Preferred Stocks – Seeking Alpha
Special Edition on $AIG Ruling $FNMA $FMCC – Ridge Haven Capital
Ridge Haven Capital LLC is David Sims’ new firm. I bet I’ll be linking here often.
Mortgage-Bond Sales Soar in Sign U.S. Crisis Wounds Healing – Bloomberg
Hank Greenberg to appeal ruling in bailout lawsuit? – Fox Business Video
Hank Greenberg Won Ruling on AIG Bailout, Will Appeal Anyway – Bloomberg
AIG Opinion and Order: What does this mean to the GSEs? – th717.wordpress.com
Wheeler Ruling: From AIG to GSE – Valuewalk
Fannie Mae Shareholders Optimistic About Recent Rulings – Valuewalk
Greenberg AIG victory raises Fannie Freddie stakes – Google Groups via Financial Times
Housing advocates: FHFA won’t reduce principal, offers discounted NPLs – Housing Wire
01/10/2013 – Hank Greenberg’s Case Against ‘Uncle Sam’ – CNBC Video
Monday June 15th 2015
Confirmations Abound: Leadership Council Demands Release/Motion To Make Depositions Public – timhoward717
Homeowners of every color: Obama must recommit to helping low-income Americans access safe home loans – NY Daily News
AIG Opinion and Order – Valuewalk
Hank Greenberg Wins Trial But No Damages in AIG Bailout Fight – Bloomberg
U.S. judge tosses damages bid by ex-AIG CEO Greenberg over 2008 bailout – Yahoo
Ex-A.I.G. Chief Wins Bailout Suit, but Gets No Damages – NY Times
Fmr. AIG Chief Greenberg wins bailout case, doesn’t receive damages – Fox Business Video
Federal Reserve Press Release about AIG Decision – federalreserve.gov
AIG’s win holds no promises for Fannie, Freddie investors: analysts – MarketWatch
No Room in AIG Winner’s Circle for Fannie, Freddie – WSJ
I include Carney’s articles for the entertainment value at this point.
Judge Wheeler’s Opinion in Starr, and Is There Any Read Through to FNMA? – MBIBAC Litigation Blogspot
Court Finds Government Actions in AIG Bailout Were Illegal – Cato Institute
Analysts fail to see carryover for GSEs from AIG case – Seeking Alpha
Fannie Mae and Freddie Mac on the move after Greenberg wins AIG suit – Seeking Alpha
“Deep MI”, “CSP”- The MBA’s New and Dangerous “Mission Creep” – Scribd by Josh Rosner
FHFA Releases 2014 Report to Congress – FHFA.gov
FHFA’s 2014 report to Congress – Housing Wire
Sunday June 14th 2015
The Bailouts Of 2007 – 2009 – Talk Markets
11/11/2010 – Charles Gasparino: Banks to Blame Fannie Mae, Freddie Mac – Street Insider
Saturday June 13th 2015
More Judge Wheeler quotes from the AIG trial – Google Groups
An Expansion in the Banking Sector? – Daily Reckoning
Not really GSE related, but they are mentioned briefly.
09/16/2008 – Hank Paulson has turned drama into a crisis – gavekal.com
Friday June 12th 2015
Fannie Mae Comes Out Swinging – National Real Estate Post (video)
Rep. Royce Questions HUD’s Castro on GSE Reform and FHA Market Exodus – Real Estate Rama
“I wanted to get your take on… an increase in private sector credit risk sharing by the GSEs… the creation of a truly Common Securitization Platform which allows for issuance of mortgage-backed securities other than the GSEs, and the development of a common residential mortgage-backed security by Fannie Mae and Freddie Mac. I thought I would just give you the floor to discuss how this might bring private sector capital back into the market and how we might work together to achieve these goals as kind of a building block,” said Rep. Royce to Secretary Castro.
A video of Rep. Royce asking these questions and answers from HUD Treasury Julian Castro can be found here.
Rep. Royce is crystal clear of his plans for the GSEs here. He wants to give everyone access to the CSP and increase credit risk sharing deals by the GSEs.
Legal update – GlenBradford.com
02/11/2011 – Inside the mind of a Fannie-Freddie bull
09/13/2010 – Data on the Risk Characteristics and Performance of SingleFamily Mortgages Originated from 2001 through 2008 and Financed in the Secondary Market
This is a dive into the PLS vs Enterprise mortgages. Some good info in there.
Thursday June 11th 2015
GSE Conservatorships: A Washington Post Article Gets A Reality Check – Medium
A must read by David Fiderer.
New Motion To Dismiss Surfaces Against Fannie And Freddie Investors – Seeking Alpha by Glen Bradford
A great piece by Glen Bradford.
David Sims Podcast – Ridge Haven Capital
GSE discussion starts at 8:45.
[email protected] comments on the challenges the GSEs faced in the past – timhoward717
Gaspo: Court decision in legality of AIG bailout likely by end of June – Fox Business Video
@CGasparino with some AIG/GSE related tweets today. Tweet #1Tweet #2Tweet #3
The tweets are a rehash of the video.
hvpatel lists some of Judge Wheeler’s quotes from the AIG case – iHub
02/2011 – What Congress Should Consider for the Future of Housing Finance – RealtorActionCenter.com
02/23/2011 – Bryndon Fisher letter to the treasury
Sent in case the government tries to liquidate the GSEs. Google groups discussion here.
Wednesday June 10th 2015
Top Bank Analysts Warn Another Frannie Bailout Coming – Fox Business
Good comments by Munchyman after the article
The National Housing Trust Fund on the Congressional Cutting Block Unless Advocates Act – NonProfitQuarterly.org
Fannie: ‘Things Are Looking Up for Housing’ – RealtorMag
Fannie/Freddie Issuance Slips in May, but Purchase Business Finally Takes Hold – iHub via     IMFPubs
Jim Cramer Says Wells Fargo Is the Financial Stock You Should Own – The Street
Some people sent Cramer GSE questions all day on twitter. It must be why he felt compelled to throw in the GSE comment.
Freddie Mac Executes Sale of First Extended Timeline Offering of Seriously Delinquent Loans From Its Investment Portfolio – CNN Money
Senators Request Information from FHFA Concerning Credit Risk Transfers – The M Report
FHFA Credit Risk Transfer Ltr 6 10 15 – Scribd
Tuesday June 9th 2015
With Their Defense In Shreds Government Attorneys Grow Amusingly Desperate – timhoward717
Government asks for dismissal of Frannie suit – Seeking Alpha
regulatory vs physical takings – GlenBradford.com
Clock ticking for GSE reform – SNL.com
$FNMA #FANNIEGATE – GlenBradford.com
$FNMA recent news/filings – A massive iHub post from stockprofitter
Mortgages Are About Math: Open-Source Loan-Level Analysis of Fannie and Freddie – ToddWSchneider.com
Yes, Marco Rubio Struggled With His Finances. Now Let’s Talk About His Policy Prescriptions
“He (Rubio) has supported either eliminating or privatizing Fannie Mae and Freddie Mac, two big government-controlled housing finance companies”
6 Ways Washington Will Shake Up Wall Street This Summer – TheStreet
#3 has some GSE talk.
obit iHUB $FNMA #FANNIEGATE PART 1 – GlenBradford.com
Housing Finance Recommendations – Civil Rights Docs
This civil rights group comes out strongly for GSE recapitalization
@JonAPrior Tweet – Progressive groups urge White House economic team to settle with Fannie, Freddie shareholders
WaPost: AIG’s Greenberg, Hedge Funds May Prevail in Suits Against Government – Newsmax
Monday June 8th 2015
timhoward717 via Peter Chapman comments on the Government motion in the Fairholme case – timhoward717.com
My thoughts on Peter Champman’s update from th717 – GlenBradford.com
[email protected] opines on the reason for today’s government filing in the Fairholme case – timhoward717
The Government Makes a Bizarre Argument in Fannie Mae Case – Valuewalk
Uncle Sam Sours on Frannie Suit – WSJ
Cats and Dogs, June 2015 – Bill Maloni Blog
Good info in this week’s post.
President Obama’s Housing Policies Threaten To Decimate Black America: White Paper Release – timhoward717
Another Assault On Treasury’s Infamous Third Amendment: The Struggle Over The GSEs Is Not Over – Forbes
@CGasparino likes the odds in the AIG case – Twitter
The Government Takeover of Fannie Mae and Freddie Mac: Upending Capital Markets With Lax Business and Constitutional Standards – NYU Journal of Law and Business
This piece by Richard A. Epstein was bouncing around the internet today and was originally from March 2014. However it has been updated with a ‘Postscript’ section.
02/02/2014 – Shareholder Respect Round Table on the Future of the GSEs – ShareHolderRespect.org
Ted Olson at the 31 minute mark describes the legal rights of shareholders past vs present.
Sunday June 7th 2015
President Obama is Letting Fannie and Freddie Slip Away, and it will Destroy Opportunities for African American Borrowers
President Obama Fateful Error in Making Bush’s Goldman Sachs/AIG Scandal His Scandal – Econintersect.com
Discusses AIG and Goldman Sachs
Saturday June 6th 2015
We bailed you out, and now you want what!?! – Washington Post
Friday June 5th 2015
Henry Paulson- Goldman Sachs and Treasury Secretary, The Great Conductor of slight of hand? – Fannie Mae Shareholders Blogspot
DOJ set for second round of massive mortgage settlements – HousingWire
Goldman Sachs, Morgan Stanley Close To Mortgage Probe Settlement – Valuewalk
Thursday June 4th 2015
All Eyes Are On The DTA Reversals And The Big Profits Treasury Saw and Seized With The 3rd Amendment Sweep./Ugoletti Unveiled? – timhoward717
Fannie And Freddie Legal Woes Are Big Shows – Seeking Alpha by Glen Bradford
Freddie Mac Investor Presentation – FreddieMac.com
How J.P. Morgan and Barclays mistakes inflated the housing bubble – Marketwatch
Democrats push new bill allowing community banks to exceed QM rule – Housing Wire
Wednesday June 3rd 2015
Sustainable Homeownership: The Future of Housing Finance – National Journal
Ed Royce at 21:40
Julian Castro at 58:50
Housing Authorities Envision More Limited Role for Fannie Mae and Freddie Mac – National Journal
Senate GSE Proposals Gain Support of Key House Member – National Mortgage News
Rosner Mortgage Market Reform & the GSEs CATO Presentation – Scribd
pdf version via Google Groups
This was my favorite tweet from Josh Rosner’s presentation – Twitter
Blackstone’s ‘New’ Mortgage Company Can’t Take Apps Over the Web Until…the NYDFS Says So – imfpubs via Google Groups
Big Wall Street players view REITs as essential to a mortgage-market recovery – iHub
This article is from July 2011 and talks about Timothy Bowler when he worked at Goldman Sachs. He has recently left his position at the Treasury, see this Bloomberg article. The Truth About FnF website also had a post about him on 2/1/15.
Fannie and Freddie Shareholders Sue FHFA and Treasury Department Over Payment of Profits to U.S. Government – JD Supra
Tuesday June 2nd 2015
Michael Stegman Joins National Economic Council – NLIHC.org
Check your GTC orders – iHub
“exhaustive depositions of key FHFA officials” I hear Demarco fell asleep – GlenBradford
Shadow Banking Now Dominates The Mortgage Market, Edging Out Wall Street Giants – IB Times
Reform Needed to Mitigate Nonbank Lending Risk: Researchers – National Mortgage News
“They also advised reforming Freddie Mac and Fannie Mae to improve their fiscal condition, so that nonbank institutions pose less of a hazard.”
Sounds like a call to recap to me.
BAML: Agency MBS results mixed but Fannie, Freddie solid – Housing Wire
The best companies to work for in housing – Housing Wire
There’s been a lot of positive GSE articles lately from Housing Wire
Is this evidence that the market has fully rebounded from 2008? – MPA Mag
PMI Firms Want to Offer ‘Deep Coverage’ of GSE Risk-Sharing Deals – National Mortgage News
Rumormill: McFarland quit Fannie Mae because of net worth sweep  – GlenBradford
10/01/2014 – Special Situations: Fannie Mae Quick Note October 2014
Monday June 1st 2015
If not now, when? – Bill Maloni Blog
Monday Morning Cup of Coffee: New FannieGate lawsuits challenge sweep – Housing Wire
The Dick Fuld Denial – Bloomberg View
“Fuld’s claim that Fannie Mae, Freddie Mac and other so-called government-sponsored entities caused the crisis has been thoroughly, repeatedly, utterly debunked. “
Why The Housing Market Collapse Is Set To Resume – Valuewalk
“FANNIE MAE & FREDDIE MAC: Fresh Attack on Profit Sweep in N.D. Iowa,” 19 Troubled Company Reporter 152 (June 1, 2015) at 48-52.
As noted, see Page 48 – 52. Peter Chapman has been kind enough to provide today’s edition of the Troubled Company Reporter for free! If you are interested in subscribing to the TCR please visit http://bankrupt.com/freetrial/
Why nonbanks are booming, and what kind of risk they bring – Housing Wire