September 2015

Wednesday September 30th 2015
Sweeney Grants Fairholme Another Win – Valueplays
Same article from Valuewalk
Crocodile Tears From Mortgage Lenders – BloombergView
Warren Demands HUD Curb Sales of Soured Loans to Private Equity – Bloomberg
Elizabeth Warren takes to the streets against REO, NPL investors – HousingWire
Freddie Mac Insight and Outlook –
FHFA Lawyering Up – Google Groups
timhoward717 has additional information.
Fannie Mae August 2015 Monthly Summary –
Bob Corker’s “Jump Start GSE Reform” Will Only Prolong the Conservatorship of Fannie Mae and Freddie Mac – Valuewalk
Same article from IU yesterday.
Freddie Mac Rising – HousingWire Magazine
Tuesday September 29th 2015
Secrecy II: Treasury/FHFA Administrative Records And The U.S. Court Of Appeals, D.C. Circuit – Seeking Alpha by Wayne Olson
Fairholme Continues to Uncover Evidence in Discovery – Valueplays
NAREB Says That Wealth Gap Widening as Black America Is Left Out of Real Estate Recovery –
“Congressman Meeks spoke of the value of the government-backed housing agencies, Fannie Mae and Freddie Mac, which provide the largest number of home loans to our nation’s homebuyers.”
How TARP created Trump – The Daily Journal
Hedge Funds: The Ultimate Absentee Landlords (Fall Preview) –
As Banks Retreat, Private Equity Rushes to Buy Troubled Home Mortgages – NY Times
Action Plan Seeks to Reform Fannie Mae & Freddie Mac – The M Report
From yesterday
New Rules Put Mortgages Within Reach for More Families – Yahoo
Monday September 28th 2015
CHLA unveils plan for massive GSE reform, ending profit sweep – HousingWire
Boehner, the (@#$%#@&) SEC, and Lund – Bill Maloni Blog
Bob Corker’s “Jump Start GSE Reform” Will Only Prolong the Conservatorship of Fannie and Freddie – Investors Unite
Fannie Mae’s and Freddie Mac’s Increased Loss Mitigation Efforts Pay Dividends – DS News
Freddie Mac continues reducing credit risk with new insurance policies – HousingWire
W&D Sees Sudden Pick Up In GSE Originations. Here’s Probably Why –
As Competition Boosts Risk, Banks Said to Try Another CMBS Tack – Bloomberg
Sunday September 27th 2015
“The Ship Has Left The Port And It Would Be Pretty Hard To Turn It Around,” Mark Zandi –
A new housing finance system – Washington Post
Saturday September 26th 2015
Greenberg Traurig’s Jerry Stouck to Speak at the 18th Annual Conference on Litigating Takings Challenges to Land Use and Environmental Regulations –
“Stouck’s panel will address novel takings claims arising from the 2008 financial crisis, and his talk will specifically address litigation against the government brought by shareholders of Fannie Mae and Freddie Mac.”
This event occurred yesterday. I haven’t seen any notes about it.
Additional information can be found here: Takings Conference 2015 –
October 2010 – Like Public Utilities: Regulating Fannie Mae and Freddie Mac – The Electricity Journal
Posted with permission from the author, Wayne Olson.
Friday September 25th 2015
A White Paper Analysis of the Treasury Takeover of Fannie Mae – Valuewalk
Boehner’s House resignation is huge opportunity for real housing leadership – HousingWire
Freddie Mac Portfolio Expands Again While Serious Delinquency Rate Drops Further – DS News
John Boehner’s Housing Legacy Was Mostly Hands-Off – National Mortgage Professional
Freddie Re-Enters the Housing Finance Agency Market – National Mortgage News
Thursday September 24th 2015
Trending Thursday: More research questions why Treasury snatched Fannie Mae – HousingWire
A White Paper Analysis of the Treasury Takeover of Fannie Mae – HousingWire
By Adam Spittler, Mike Ciklin and G. Stevenson Smith
Credit Risk Sharing –
New Fannie Mae risk-sharing deal shifts more credit risk onto insurers – HousingWire
Fannie Mae Completes Risk Sharing Transaction for $7 Billion Worth of Loans – DS News
Look closely: This explosive mortgage lending article actually doesn’t make any sense – HousingWire
File a complaint with the SEC – Google Groups
Here is what someone wrote at
Wednesday September 23rd 2015
GSEs Get High Marks for Risk-Sharing Deals – National Mortgage News
Submit fake info for access.
Freddie Mac: Nation’s crawling housing market continues to stabilize – HousingWire
Mortgage Lending Continues under Dodd-Frank – Real Estate Rama
@JoeLight has a sense of humor – Twitter
09/03/2015 – The Trouble With Secrecy: Publicity, Truth, Beauty, Hamilton, And The American Way – Seeking Alpha by Wayne Olson
The Electricity Journal – Secrecy and Utility Regulation by Wayne Olson
No specific GSE mention, but it relates to the Seeking Alpha article above.
06/10/2013 – Washington Federal Original Complaint
Tuesday September 22nd 2015
Ed Demarco’s Fight Against Fannie Mae And Freddie Mac – Valuewalk
New Book Examines Risk of Mortgage Giants Fannie Mae and Freddie Mac –
Watch Bethany McLean.
@KK_Howley with some GSE related tweets: Tweet #1Tweet #2Tweet #3
WATCH: Hollywood’s A-list brings subprime to the silver screen – HousingWire
The Trailer for ‘The Big Short’ Just Came Out – WSJ
‘The Big Short’ Trailer: Christian Bale, Brad Pitt, Ryan Gosling, and Steve Carell Bet Against the Banks –
Note the comments from Dan Xtropian.
Voices of Montana Podcast – Northern Broadcasting (mp3)
GSE call starts at 12:06
Housing is a Growing Source of Instability –
No specific mention of the GSEs.
SEC settles with former Fannie Mae execs over subprime fraud – HousingWire
12/16/2011 – SEC v. Mudd, Dallavecchia and Lund –
This was the complaint against the GSE executives. Daniel Mudd refuses to settle.
Monday September 21st 2015
The Lawless Limbo of the Fannie and Freddie Conservatorships – Bloomberg BNA
By Ike Brannon and Mark Calabria
The Pope, Fannie, McLean, and a Little Fiderer – Bill Maloni Blog
Fannie, Freddie And The Difference Between Power And Authority (Part II) – Seeking Alpha
Monday Morning Cup of Coffee: Industry getting insistent about TRID guidance – HousingWire
Which Treasury veteran misled a court in the Fannie, Freddie lawsuit?
Housing Finance Reform: Opportunities and Obstacles of Risk Sharing –
The event is scheduled for Tuesday October 6.
@JoshRosner tweets the proper title for the event above – Twitter
New Book Examines Risk of Mortgage Giants Fannie Mae and Freddie Mac –
Chase Mortgage CEO red flags FHA loans – CNBC
Walker & Dunlop Updates Fannie Mae and Freddie Mac Loan Origination Outlook for Q3’15 – PR News Wire
Don’t let Congress foist highway tax on home buyers – The Bakersfield Californian
Fannie Mae Ex-Executives Settle SEC Charges – WSJ
@NY1David has his own opinion on the SEC charges – Twitter
Saturday September 19th 2015
Fannie Mae moving in Dallas? – HousingWire
The Overlooked Benefits of Mortgage-Backed Securities – Institutional Investor
Friday September 18th 2015
Kathleen Howley, former Bloomberg senior reporter, tweets about Ed DeMarco – Twitter
30-Year U.S. Mortgages Spur Too Much Debt, Ex-Housing Chief Says – Bloomberg
S.2038 – Jumpstart GSE Reform Act –
Did Bethany McLean Misspeak When She Wrote About UK Banking And The GSE’s? – Talk Markets
Shaky Ground : The Strange Saga of the U.S. Mortgage Giants –
Video of today’s event with Bethany McLean.
Rep. Randy Neugebauer, champion of housing finance reform, to retire from Congress – HousingWire
David Fiderer comments that there is more to come –
Fannie Mae: Sens. Vitter & Warren’s Stunning Bill… – Valuewalk
Freddie Mac offering first actual loss high-LTV risk-sharing deal – HousingWire
Thursday September 17th 2015
We Cannot Trust Big Market Rigging Banks To Replace The GSE’s – Talk Markets
FNMA, FMCC And The Difference Between Power And Authority – Seeking Alpha
“The First Sound I Heard Was Hanks Head Hitting The Floor” me regarding “The Plot To Kill Fannie Mae” –
Sherrod Brown Continues to Oppose GSE Bill Without Reform – Twitter
Charlie Rose with Bethany McLean and Bill Ackman (video) –
Former FHFA Chief DeMarco Critical of Obama Housing Policy – National Mortgage News
Senators Seek to Remove GSE Fees from Budget Talks – National Mortgage News
Doug Duncan, Fannie Mae Chief Economist, on today’s FOMC statement from the Federal Reserve – FannieMaeBlog.Tumblr
@JonAPrior tweet about Rep. Neugebauer
I’ve written books about Enron and the financial crisis. But Fannie Mae is the scariest of them all. – Linkedin
I linked to this article on Sunday, but I want to highlight the large volume of comments after the article.
Senate squashes big raises for the CEOs of Fannie Mae and Freddie Mac – Washington Post
“More Interesting Than Lady Gaga Or Whatever”: The Fannie Mae And Freddie Mac Panel –
Wednesday September 16th 2015
Ackman: The US government is perpetrating ‘the most illegal act of scale’ with Fannie and Freddie – Yahoo
Mortgage giants on ‘Shaky Ground’? – CNBC Video with Bethany McLean
Bill Ackman Is THISCLOSE To Reading The U.S. Government Its Miranda Rights – DealBreaker
Fannie, Freddie CEO pay bump shot down in the Senate – Seeking Alpha
U.S. Senate votes to suspend Fannie Mae, Freddie Mac CEO pay – Yahoo
Big Raises For Fannie Mae, Freddie Mac CEOs Nixed Under Senate Bill – Valuewalk
Interesting comment from ‘hll7575’ on the CEO pay legislation –
Fates of Fannie and Freddie Need to Be Settled ASAP Says Bethany McLean –
Senators Corker, Warner, Vitter, And Warren Reintroduce “Jumpstart GSE Reform Act” – Chattanoogan
Federal Agency Pays Two Firms $406M for MBS Litigation – NY Law Journal
This is for the litigation against the banks which defrauded the GSEs, not the shareholder lawsuits against the government.
Why the 2016 Candidates Are Ignoring Fannie and Freddie: It’s Complicated – The Street
Why mortgage giants Fannie Mae and Freddie Mac pose a huge threat to the market – CNBC
Tuesday September 15th 2015
Columbia Global Reports and ‘Shaky Ground’ Launch Event – Youtube
A one hour must watch discussion.
Better Luck Next Year: Fast-Track GSE Legislation And Convocation Of Court Cases – Seeking Alpha by Wayne Olson
The Battleground That’s Fannie and Freddie –
Listen to Bethany’s radio interview.
Letter from multiple bankers and mortgage companies urging Congress against using g-fee increases for highway funding –
Bethany McLean on “Why Does the US Government Want Fannie and Freddie Dead?” –
This occured today, @NY1David tweeted about it.
Bethany McLean – Shaky Ground: The Strange Saga of the U.S. Mortgage Giants –
This is Bethany’s Thursday event.
@JonAPrior with news on the GSE ‘Jumpstart’ Bill – Twitter
@JonAPrior tweets about a fast track bill – Twitter
Fannie and Freddie CEOs Face $600,000 Pay Limit in Senate Bill – Bloomberg
FHFA Issues Update on the Common Securitization Platform –
FHFA: Freddie Mac will be first to use Common Securitzation Platform – HousingWire
Kathleen Howley, former Bloomberg senior reporter, mentions forensic reporting – Twitter
The biggest risk to the global financial system post-2008 crisis? It’s right here in D.C. –
Turns Out the Housing Crisis Wasn’t All About Subprime – BloombergView
No mention of the GSEs, just general information.
Monday September 14th 2015
Fiderer and lots of other stuff – Bill Maloni Blog
Fiderer publishes “The Plot To Destroy Fannie Mae” – HousingWire
Treasury Official “Misled” a Federal Court About Net Worth Sweep Timing – Investors Unite
Senate push to jumpstart GSE reform goes nowhere fast – HousingWire
Freddie Mac Announces First STACR High LTV Actual Loss Offering, New Pre-Payment Disclosure –
Warren Said to Pull Endorsement of Fannie Shareholder Bill – Bloomberg
Same article from Yahoo with some comments.
Warren Withdraws Support of Bill That Would Ban Treasury From Selling Fannie Mae Stock – Valuewalk
Elizabeth Warren changes mind, sides with Fannie and Freddie – NY Post by Michelle Celarier
Video interview: The biggest remaining risk in today’s financial system, hiding in plain sight – Yahoo
Bethany McLean now with a video interview.
The Big Problem from the Financial Crisis that Still Isn’t Fixed –
Reminder: This is happening on Tuesday, September 15, 2015 – 6:30pm – 7:30pm. The event will be live streamed. The link above will have the live stream details.
Event: Shaky Ground : The Strange Saga of the U.S. Mortgage Giants –
Bethany’s book tour continues. This one is Friday, September 18th, 10:00am – 11:30am in Washington D.C.
Follow the discussion online using #ShakyGround and following @NewAmerica.
U.S. mortgage giants under the microscope –
An interview with Bethany McLean. Make sure you listen to the audio portion as well.
Sunday September 13th 2015
The Plot To Destroy Fannie Mae: Anatomy Of A Power Grab by David Fiderer – Amazon
This is the long awaited David Fiderer book.
McLean, Shaky Ground: Fannie Mae & Freddie Mac – Valuewalk
I’ve written books about Enron and the financial crisis. But Fannie Mae is the scariest of them all – Linkedin by Bethany McLean
Dick Bove: ‘Right here We Are in 2015 Taking a look at One other Potential Mortgage Disaster’ – Suffield Times
Friday September 11th 2015
The Rebirth of Securitization: Where Is the Private-Label Mortgage Market? – Urban Institute
Private-Label RMBS Market Remains Unrecovered Since Crisis – The M Report
Bruce Berkowitz’s Semi-Annual Shareholder Letter – Guru Focus
New Bill to Recapitalize Fannie Mae and Freddie Mac is Introduced – DS News
Fannie Mae: FHFA Accounting Fraud Chorus Deepens – Valuewalk
@JonAPrior with some GSE tweets. Tweet #1Tweet #2, Tweet #3
Senator Seeks to Speed Bill Barring Fannie-Freddie Stake Sales – Bloomberg
“Screaming In The Wind” No More. Edit 9/11/15 Forensic Accounting and NY Post Bombshell –
Included for the 9/11 edit.
Thursday September 10th 2015
Trending Thursday: Forensic accounting in #FannieGate gets audited – HousingWire
Dr. D. Larry Crumbly, CPA, performed an independent analysis of the GSE forensic accounting reports by Adam Spittler and Mike Ciklin. Dr. Crumbly notes “Based on the evidence reviewed, Adam Spittler & Mike Ciklin’s reports, and my independent analysis, I concur with the numerical analysis conducted by Spittler & Ciklin (expect where discrepancies are noted).”
The three forensic reports Dr. Crumbly analyzed are listed below and can be found here:
1. A Forensic Look at the Fannie Mae Bailout: Scrubbing the Tricky Accounting of Conservatorship by Adam Spittler and Mike Ciklin
2. A Follow up To: A Forensic Look at the Fannie Mae Bailout: Scrubbing the Tricky Accounting of Conservatorship by Adam Spittler and Mike Ciklin
3. Deloitte! Restate Thou Must!! (Or a Follow Up to the Follow Up to: A Forensic Look at the Fannie Mae Bailout: Scrubbing the Tricky Accounting of Conservatorship by Adam Spittler and Mike Ciklin
Obama official hid Fannie and Freddie’s profit mojo: suit – NY Post
“Fairholme lawyers are also planning to depose former White House National Economic Council senior adviser Jim Parrott, who was directly involved in the sweep decision, sources told The Post.”
By Michelle Celarier, @mcelarier.
The biggest remaining risk in today’s financial system, hiding in plain sight – Yahoo
News Release: Federal Government Increases Fannie Mae Funding And Proposes New Incentives – Seeking Alpha
Is Federal National Mortgage an Incredible Value Stock? 3 Reasons Why FNMA Will Be Tough to Beat – Yahoo
What Are the Biggest Companies in the World? – Motley Fool
A brief Fannie mention.
Freddie Mac Funds $1 Billion in Small Property Loans in Less Than a Year – Yahoo
New Bill to Let Fannie, Freddie Recapitalize Just In Time for 7th Anniversary of Conservatorship – Investors Unite
Same article from Valuewalk.
07/17/2013 – The Bipartisan Attack on Fannie and Freddie: How the Treasury and Congress are Working Overtime to Strip these Corporate Cupboards Bare by Richard Epstein –
Wednesday September 9th 2015
“Screaming In The Wind” No More –
GSEs – 7-Year Anniversary Of Conservatorship – Seeking Alpha by Glen Bradford
FannieGate for Beginners – The Truth About FnF
Fannie Mae Lowers Mandatory Waiting Period After Bankruptcy, Short Sale, & Pre-Foreclosure – The M Report
FHFA Wants To Nix Latest Fannie, Freddie Investor Row – @pgray41 via
How to Wean the Housing Market Off Taxpayer Support – American Banker
Three Nomura RMBS Traders Indicted on Charges of Conspiracy, Fraud – Valuewalk
Federal National Mortgage Assctn Fnni Me Stock Rating Upgraded by Zacks (FNMA) – Dakota Financial News
Tuesday September 8th 2015
Net Worth Sweep Advocates Unite – Medium
Fannie Mae Introduces the Home Purchase Sentiment Index, an Innovative, Predictive Single Measure of Consumer Housing Attitudes –
Federal Home Loan Mortgage Corp (OTCBB:FMCC) Registers Another Weak Session – Journal Transcript
It’s 2008 All Over Again… –
Nomura, RBS agree to pay $839M over mortgage bonds – HousingWire
Conservatorships Continue Seven Years Later With No End In Sight – DS News
Deficit $528b through August, down 10 percent from last year – Washington Examiner
The return of subprime is no cause for concern – Financial Times
Q&A on the Anniversary of the GSEs’ Government Bailout – American Action Forum
02/12/2011 – Much Ado in China About Fannie and Freddie
Monday September 7th 2015
2015 Labor Day–U.S. Workers made our nation great; don’t forget them or their contributions – Bill Maloni Blog
Fanniegate for Dummies – The Truth About FnF
Nomura and RBS agree to pay $839m over false mortgage statements – HITC
President Warren’s Admin Announces Net Worth Sweep of JPMorgan (Relies on Lamberth as Precedent) – Medium
07/19/2010 – FCIC Staff Audiotape of Interview with Ed Pinto, Fannie Mae –
Page 54 of Bethany McLean’s book, Shaky Ground: The Strange Saga of the U.S. Mortgage Giants, referenced an interview with Ed Pinto. This is the audio interview.
Sunday September 6th 2015
Fannie Mae’s $100,000 Liquidation Preferred Comes With Possible Common Stock Upside – Seeking Alpha
My Letter To Bill Ackman Regarding The GSEs – Seeking Alpha
Columbia Global Reports and ‘Shaky Ground’ Launch Event –
This event is happening on Tuesday September, 15 and includes Bill Ackman, Bethany McLean and Franklin Raines.
Saturday September 5th 2015
Judge Myron Steele responds to an email from navycmdr – iHub
Judge Steele discusses the Delaware case timeframe.
Fannie Mae and Freddie Mac Are Intensifying Risk Sharing Initiatives – DS News
Nomura, RBS liability in U.S. mortgage bond case upped to $839 mln – Yahoo
Friday September 4th 2015
Judge keeps protection for key Treasury documents in Fairholme lawsuit – HousingWire
Court Documents Stay Sealed in Fannie, Freddie Case – iHub via Dow Jones Newswires
I Strongly Caution Against Parrotting Prior Lies –
Fannie-Freddie Lawsuit Should Matter to the Masses – American Banker
Fannie Mae Revamps Mortgage Program – NY Times
It’s 2008 All Over Again: This Federal Agency Doesn’t Get It – Talk Markets
State of Play with GSE Risk Share… – CoreLogic
What We’re Hearing: The Coming Ticking Time Bomb at Fannie and Freddie / Time for Mel Watt to Step Up to the Plate?… – iHub via imfpubs
Fannie Mae extends foreclosure timelines in 33 states – HousingWire
Freddie Mac joins Fannie Mae in extending foreclosure timelines – HousingWire
Fannie Mae and Freddie Mac Are Intensifying Risk Sharing Initiatives – DS News
Nomura’s Penalty in Mortgage-Backed Securities Lawsuit Increased to $839 Million – DS News
09/02/2014 – Why I Think Fannie Mae Will Recover –
03/2014 – Panel Two: Regulation of GSEs, Administrative Law, and Fiduciary Duties – (pdf)
Spring 2014 – NYU Journal of Law & Business Volume 10, Spring 2014, Number 2
A lot of GSE discussion here.
Thursday September 3rd 2015
Fannie and Freddie Are Making Lots of Money — But Not for Their Shareholders – National Review
The Trouble With Secrecy: Publicity, Truth, Beauty, Hamilton, And The American Way – Seeking Alpha by Wayne Olson
The Third Amendment – A Breeding Ground For Secrecy And Corruption – Cause of Action
Trending Thursday: Banks make more on mortgages while government steals GSE profits? – HousingWire
Fannie, Freddie and Smaller Banks – WSJ
The Recent (Unexpected ) Drop in Rates Could Spell Large Hedging Losses for the GSEs – Inside Mortgage Finance
Subscription required.
Doug Duncan, Chief Economist of Fannie Mae, joins twitter @D2_Duncan – Twitter
Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) Provides Economic Growth Outlook –
There’s been a lot of GSE articles coming out of lately.
Moody’s Upgrades $1 Billion Worth of Fannie Mae and Freddie Mac RMBS – DS News
Fannie Mae & Freddie Mac RMBS Upgraded by Moody’s – The M Report
Wednesday September 2nd 2015
@JonAPrior reports about a new bill to recap the GSEs – Twitter
Distressed Preferred Stocks Part 2: Fannie Mae – Seeking Alpha
Negotiations To Solve Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) Issue May Near –
Mortgage applications soar 11.3% on brief rate dip – CNBC
Individuals with Access to Protected Information –
New Campaign Aims To Boost Numbers Of Latino And Black Homeowners – NBC News
Calderón and Rice said they also plan to pressure Congress and the Obama administration to restore Fannie Mae and Freddie Mac to independence so that the firms can return to their mission of improving access to homeownership among Latino and black families.
Freddie Mac Upwardly Revises 2015’s Mortgage Origination Estimate to $1.45T – Globe St
More On Golf, Settlement And The WSJ On Fannie Mae, Freddie Mac by Todd Sullivan – Valuewalk
Same article from yesterday, with comments.
Obama’s Interesting Golf Buddy……Correction – Valueplays
Moody’s takes action on $1 Billion of Government Sponsored RMBS issued from 2013 to 2014 – Moodys
Tuesday September 1st 2015
More on Golf, Settlement and the WSJ on the GSE’s – Valueplays
Bove/WSJ: The Carnival Is Back In Town –
End-of-Summer Business Reading: Dreamers and the Defiant – NY Times
Foreign central banks may be shedding U.S. mortgage bonds – Fed – Yahoo
Bethany McLean’s book Shaky Ground: The Strange Saga of the U.S. Mortgage Giants is available at Amazon
navycmdr writes at review – iHub
Fannie Mae’s Mortgage Portfolio and Serious Delinquency Rates Drop Yet Again – DS News
FHFA’s $32 Billion RMBS Claims Are Not Time-Barred – JD Supra
Can Things Turn Better For Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA)? –