GSE Links

Peter Chapman writes, “Owl Creek and other Jones Day clients submitted an unopposed motion to Chief Judge Sweeney today to correct some statements contained in their sealed brief opposing the government’s motion to dismiss about when they acquired their preferred stock in the GSEs. The corrections indicate that these shareholders purchased some of their securities prior to the conservatorship and purchased more thereafter.”

New filing in Fannie/Freddie Consolidated Class Action, click here to view.

Peter Chapman writes, “FHFA, Fannie and Freddie delivered a reply in support of its partial reconsideration request to Judge Lamberth today, urging him again to dismiss the shareholder-plaintiffs’ implied covenant claims.”

New filing in Rop vs. FHFA, click here to view.

Peter Chapman writes, “The Rop Plaintiffs delivered a copy of Treasury’s brief filed in the Eighth Circuit in Bhatti v. FHFA to Judge Maloney late last week. The Rop Plaintiffs point Judge Maloney to statements by Treasury in its brief that are at odds with FHFA’s contention that it is a constitutionally structured agency.”

New filing in Wazee vs. FHFA, click here to view.

Peter Chapman writes, “FHFA delivered its motion to dismiss Wazee’s complaint to Judge Alejandro in Philadelphia yesterday evening.”

New filing in Read More

October 2018

Wednesday October 31 2018

New filing in Angel vs. Fannie Mae, click here to view.

Peter Chapman writes, “FHFA, Fannie and Freddie aren’t keen about Mr. Angel’s request to file a sur-reply.”

Bloomberg Intelligence: GSE Capital Requirements

The M Report: The American Dream Depends on You

Freddie Mac: Freddie Mac Reports Third Quarter 2018 Financial Results

Tuesday October 30 2018

New filing in Fannie/Freddie Consolidated Class Action, click here to view.

Peter Chapman writes, “The parties delivered a report to Judge Lamberth today telling him that their lawyers met and conferred on Oct. 15 and have tentatively agreed that if the Court’s ruling on the motion for reconsideration doesn’t dispose of these cases, the parties will:

— complete discovery by July 15, 2019;

— exchange expert witness reports by Aug. 14, 2019;

— file any amended complaints (which probably aren’t necessary) by Aug. 14, 2019;

— complete depositions and additional discovery from experts by Nov. 13, 2019;

— complete briefing on class certification by Nov. 26, 2019;

— complete briefing on cross-motions for summary judgment by Feb. 25, 2020;

— hopefully obtain a summary judgment ruling by July 31, 2020;

— schedule a trial to commence on Oct. 19, 2020.

Fairholme, Arrowood and the Class Plaintiffs tell Judge Lamberth they believe there’s a realistic possibility of a settlement, and would be willing to pursue mediation so long as it doesn’t delay the litigation schedule. FHFA, Fannie and Freddie tell Judge Lamberth they don’t see any reasonable prospect of a settlement.

New filing in Fannie/Freddie Consolidated Class Action, click here to view.

Peter Chapman writes, “Judge Lamberth entered an order today blessing the extended briefing schedule.”

New filing in Rafter vs. U.S., click here to view.

Peter Chapman writes, “The Rafter Plaintiffs, Fairholme, the Cacciapalle Plaintiffs, Messrs. Read More

September 2018

Friday September 28 2018

Inside Sources: Finding a Fix for Fannie and Freddie

Morning Consult: Taking the First Steps to GSE Reform

Market Insider: MGIC Comments on Revised GSE Private Mortgage Insurer Eligibility Requirements

The Wall Street Journal: Mel Watt and Accuser Address Charges in Hearing

Thursday September 27 2018

Washington Post: As the world watches Kavanaugh Senate hearing, the House hears another #MeToo story

Politico: Thursday’s other #MeToo hearing on Capitol Hill

Wednesday September 26 2018

National Mortgage News: 5 questions as lawmakers set to probe FHFA, GSE scandals

The Hill: House panel invites Watt accuser to testify at Thursday hearing

Tuesday September 25 2018

Credit Union Journal: Week ahead: Tax reform back in the spotlight

Global Capital: Risk transfer, single security to define Fannie and Freddie in 2019

Monday September 24 2018

Bill Maloni’s GSE Blog: My Greatest GSE Fear-People Will Forget GSE Achievements

Inside Mortgage Finance: What We’re Hearing: Freddie Mac Puts on its Banker Hat / Some Interesting Policy Moves by Mel Watt / Nonbank Liquidity is a Good Thing, Right? / The Progressives v. the Traditionalists / Eat a Peach: CFPB Moves an Office to Atlanta

Friday September 21 2018

Law 360: A Closer Look At Proposed Regs For Nonbank Loan Servicers

DS News: Addressing Manufactured Home Misconceptions

Thursday September 20 2018

Mondaq: Should Mortgage Loan Servicers Be Subject To Safety And Soundness Standards?

National Mortgage News: There’s no room for REITs, captive insurers at Home Loan Banks

Wednesday September 19 2018

Reading Eagle: Editorial: Congress must step up on mortgage-market reform

Market Watch: Employee wants Senate hearing to discuss sexual misconduct allegation made against FHFA’s Watt

Tuesday September 18 2018

Seeking Alpha: Hensarling Says Administration Doesn’t Favor His GSE Wind Down

National Mortgage Professional: FHFA’s Watt Refuses to Cooperate in Sexual Harassment Probe

Monday Read More

August 2018

Friday August 31 2018

New filing in Collins vs. FHFA, click here to view

Peter Chapman writes, “FHFA filed a rehearing petition in the Fifth Circuit yesterday asking a larger panel of judges to take another look at whether the Collins Plaintiffs have Article III standing to bring their separation-of-powers claim and whether FHFA’s structure violates Article II of the Constitution.”

New filing in Cacciapalle vs. U.S., click here to view

Peter Chapman writes, “Judge Sweeney placed her stamp of approval on the parties’ request to delay briefing on class certification.”

New filing in Fairholme vs. U.S., click here to view

Peter Chapman writes, “The government responded to Fairholme’s request. The government wants Judge Sweeney to bring an end to the filing of amended complaints and asks her to set Sept. 12 as that deadline. The government says it will file a fresh omnibus motion to dismiss amended complaints filed on or before Sept. 12 by Oct. 1. Fairholme, in turn, respond by Oct. 23, and the government will file its reply by Jan. 22.”

Thursday August 30 2018

New filing in Jacobs vs. FHFA, click here to view

Peter Chapman writes, “FHFA notified the Third Circuit about the Saxton decision in a letter dated yesterday.”

New filing in Cacciapalle vs. U.S., click here to view

Peter Chapman writes, “The parties want Judge Sweeney to place her stamp of approval on their agreement to delay further briefing about class certification until after she’s ruled on the government’s omnibus motion to dismiss.”

Curbed: 10 years after the financial crisis, is the housing market still at risk?

Wall Street Journal: Banks Looking for Growth Not Helped by Housing

Wednesday August 29 2018

DS News: The Impact of Privatizing the GSEs

Tuesday August 28 2018

American Banker: GSE reform could increase costs to Read More

July 2018

Tuesday July 31 2018

New filing in Fairholme vs. U.S., click here to view.

Peter Chapman writes, “Judge Sweeney placed her stamp of approval on the government’s request to file an 85-page omnibus motion to dismiss.”

American Banker: Where GSE reform went wrong

Washington Examiner: Fannie and Freddie get frisky, drawing congressional criticism

Fannie Mae: Fannie Mae Announces Scheduled Release of Second Quarter 2018 Financial Results

Politico: Watt allegations leave Democrats speechless

Monday July 30 2018

New filing in Fairholme vs. U.S. , click here to view.

Peter Chapman writes, “In anticipation of filing its omnibus motion to dismiss the dozen cases pending in the U.S. Court of Federal Claims next week, the government is asking Judge Sweeney for permission to file an 85-page document that will exceed the 40-page default rule imposed by the court in run-of-the-mill cases. Our government notes that if it were to file twelve separate motions to dismiss, rather than one omnibus motion, it would be entitled to drop up to 480 pages on Judge Sweeney’s desk.”

JD Supra: Qualified mortgages: The uncertain future of the GSE patch

Bloomberg: Mortgage Trade Volume May Increase Regardless of FHFA Reform

New York Times: Housing Finance Director, Mel Watt, Investigated for Sexual Harassment

Washington Post: Federal housing finance chief faces sexual harassment investigation

CBS News: FHFA Director Mel Watt under investigation for alleged sexual harassment

The Hill: Housing regulator Watt under investigation for alleged sexual harassment

American Banker: Hard to see how FHFA’s Watt survives harassment allegations

Market Watch: Fannie, Freddie regulator head accused of sexual harassment

Yahoo! Finance: The housing market is slowing down, and that’s a bad sign for the economy

Friday July 27 2018

Politico: 10 years after crisis, Fannie, Freddie trigger new alarms about growing role

American Banker: Seven contenders to become Read More

June 2018

Thursday June 14th 2018

Good news everyone. I have found someone to take over gselinks. This site will continue to be a source for daily GSE news. Check back next week for more.

Monday June 11th 2018

Bad news everyone, this is going to be the last daily update. I find myself with less and less time each day to run the site. Thanks for visiting and in the end I know the truth will prevail.
Follow @DoNotLose for the court filings.

Dalrymple column: Let Fannie and Freddie do what they do well – postindependent.com

Freddie Mac Announces Securitization of Reperforming Loans – DS News

Affordable Housing vs. GSE Reform – The MReport

Sunday June 10th 2018

Back and rested; point me toward the bad guys! – Bill Maloni’s GSE Blog

Friday June 8th 2018

Reviewing GSE Recapitalization Mechanics And Potential Outcomes – Seeking Alpha by Glen Bradford

Fannie Mae: Change in Mortgage Market ‘Remarkable’ and ‘Intense’ – biglawbusiness.com

Thursday June 7th 2018

New filing in the Angel case, click here to view.
Peter Chapman writes, “Fannie, Freddie and FHFA have asked the Court to extend their time to file a motion to dismiss Mr. Angel’s lawsuit to July 12, 2018.”
Peter Chapman writes further, “Judge Boasberg entered a paperless order this morning directing Mr. Angel to file any objection by June 11, 2018.”

Jerome Corsi Live Stream – Thursday, June 7, Review Current Events – Youtube
Jerome Corsi discusses the Net Worth Sweep.

Wednesday June 6th 2018

In Multifamily Finance, Fannie and Freddie Are Still the Elephant in the Room – Commercial Observer

Short Takes: Hey, Hands Off of GSE Multifamily / What Ed DeMarco Wanted To Do… – Inside Mortgage Finance

GSE Outlook Stays the Course – multihousingnews.com

Tuesday June 5th 2018

Shifting the risk of mortgage defaults