September 2017

Friday September 29th 2017
New filing in the Jacobs and Hindes case, click here to view.
Peter Chapman writes, “Messrs. Jacobs and Hindes don’t see eye-to-eye with FHFA and Treasury. Messrs. Jacobs and Hindes tell Judge Sleet that, to the extent FHFA and Treasury proffer purported facts that aren’t supported by what FHFA and Treasury have said elsewhere, he should disregard those fake facts.”
New filing in the Roberts case, click here to view.
Peter Chapman writes, “The U.S. Court of Appeals for the Seventh Circuit has scheduled up to 40 minutes of oral argument concerning the Roberts Plaintiffs’ appeal starting at 9:30 a.m. on Mon., Oct. 30, 2017, in Chicago.”
Dividends on Enterprise Draws from Treasury –
Fannie-Freddie Keep Giving Profits to U.S. Amid Talks on Changes – Bloomberg
Karen Petrou on Beware of Behemoths without Buffers –
Letter from Director Watt to Sherrod Brown via @DoNotLose – Twitter
What You Need to Know About Jerome Powell’s Views – Fox Business
H.Con.Res. 71: Establishing the congressional budget for the United States Government for fiscal year 2018 and setting forth the appropriate budgetary levels for fiscal years 2019 through 2027. –
Not sure when this text was introduced. Perform a word search for ‘fannie’.
GSE Reforms – American Action Forum
Monthly Summary August 2017 –
Thursday September 28th 2017
Why We Fight On: A Parent’s Lament about the Sweep’s Impact on a Girl’s College Plan – Investors Unite
Second Circuit Affirms Judgment in Fed Suit Over Housing Crisis-Era Securities – New York Law Journal
Nomura, RBS lose bid to overturn $839 million mortgage bond award – Reuters
Fannie Mae Announces Two Credit Insurance Risk Transfer Transactions on $23 Billion of Single-Family Loans –
Fannie Mae transfers risk on $23 billion in single-family loans – HousingWire
Fannie Mae and Freddie Mac and the Need for Reform – American Action Forum
Another lawmaker inquiring about $FNMA and $FMCC buffer. (but taking no position) via @Woellert – Twitter
Short Takes: Nice Gains for GSE Shares / Sen. Bob Corker’s ‘Short’ Recommendation / Corker for FHFA Director? – Inside Mortgage Finance
Financial Stability Oversight Council –
“On Friday, September 29, Secretary Mnuchin will preside over an executive session of the Financial Stability Oversight Council (Council) at the Treasury Department.”
Obama Used Profits from Fannie and Freddie to Pay for Obamacare… – Twitter
This tweet went out to over 122,000 people.
Research Report GSE Reform: Bracing for a New Normal – American Banker
Subscription required for access.
Wednesday September 27th 2017
Risk Transfer and Reform – Howard on Mortgage Finance
The Fannie-Freddie Overhaul Is Near Do-or-Die With Corker Retiring – Bloomberg
Hearing entitled “Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency” –
Occurs Tuesday, October 3, 2017 10:00 AM.
FHFA Requests Input on FHFA’s Draft Strategic Plan For Fiscal Years 2018-2022 –
FHFA Planning for the Future: Policies, Procedures, and GSEs – The MReport
FHFA Releases Fannie-Freddie Strategic Plan – ABA Banking Journal
In New ‘Strategic’ Report FHFA Punts on Zero Capital Issue – Inside Mortgage Finance
Freddie Mac Prices $1.2 Billion STACR Deal –
Tuesday September 26th 2017
Corker, Republican senator from Tennessee, announces his retirement – The Washington Post
Housing finance reform advocate Sen. Bob Corker will not seek re-election in 2018 – HousingWire
Corker’s retirement may change GSE reform calculus – American Banker
Subscription required for full access.
Monday September 25th 2017
Watt’s GSE Capital Buffer Dilemma – Seeking Alpha by Glen Bradford
Hypocrisy, Hypocrisy, Hypocrisy, Hypocrisy, Hypocrisy; DC Trades Pretend They Aren’t Dancing to Bank Tunes – Bill Maloni’s GSE Blog
As GSE ‘Zero Capital Day’ Approaches, Hurricane Damage Looms Large? – Inside Mortgage Finance
Housing Finance at a Glance September 2017 – Urban Institute
Fannie Mae Examines Credit Standards – The MReport
While Alabama Attorney General, Luther Strange Did Nothing to Stop Swamp Deal to Pay Bob Corker $3 Million – Breitbart
Housing finance reform comes up in Bob Corker’s statement.
Saturday September 23rd 2017
New filing in the Collins case, click here to view.
Peter Chapman writes, “The Collins Plaintiff filed their reply brief in the Fifth Circuit yesterday. The Collins Plaintiffs argue that Congress intended for HERA to give FHFA conservatorship and receivership powers like the FDIC, not create the most powerful agency in our Nation’s history with no accountability and with immunity from all oversight and judicial review, and urge the Fifth Circuit to reverse Judge Atlas’ ruling.”
New filing in the Deloitte case, click here to view.
Peter Chapman writes, “The Eleventh Circuit entered an order extending the deadline for the Edwards Plaintiffs to file their opening brief to Oct. 23, 2017.”
How Obama is funding the anti-Trump resistance – NY Post
“Since hauling in at least $2.6 million in funds under settlement in the Obama-era mortgage suits, the liberal housing-rights group has slammed tax-reform proposals by the Trump administration as unfair, while trying to block efforts to privatize mortgage giants Fannie Mae and Freddie Mac…”
Open Letter To The U.S. Courts Re: GSE Nationalization
From N. Bradford Isbell, former Fannie Mae employee and long term Fannie Mae shareholder.
Friday September 22nd 2017
New filings in the Jacobs and Hindes case.
Peter Chapman writes, “Treasury, FHFA, Fannie and Freddie don’t like Messrs. Jacobs and Hindes’ request that Judge Sleet look at any more documents and have expressed their displeasure with that suggestion in the responses (linked above).”
POLITICO Pro Q&A: Freddie Mac CEO Don Layton – Politico
What We’re Hearing: A GSE ‘Black Swan’? / More TBTF, Perhaps / A Dividing Issue: Zero Capital / Will Mnuchin Cut a Deal with Speculators? – Inside Mortgage Finance
Trade groups fret over fate of GSE reform – Scotsman Guide
An LGBT-Friendly, GOP-Authored Fair Housing Bill Is Now Waiting for Congress to Act –
Thursday September 21st 2017
New filing in the Deloitte case, click here to view.
Peter Chapman writes, “Because of disruptions caused by Hurricane Irma, the Edwards Plaintiffs have asked the Eleventh Circuit to extend the deadline for the filing of their opening brief to Oct. 23, 2017.”
Message from housing finance groups: Congress must work on GSE reform – HousingWire
Link to Letter
Mortgage and banking groups express concern over efforts to derail an overhaul of Fannie Mae and Freddie Mac – The Hill
ABA, Housing Groups: GSE Structural Reforms Must Precede Recapitalization – ABA Banking Journal
Wednesday September 20th 2017
Here’s what quantitative un-easing could mean for the housing market – HousingWire
Law Firm Backing Luther Strange Set Up Sweetheart Deal for Bob Corker in Alabama Retail Development – Breitbart
The GSEs are not mentioned.
Tuesday September 19th 2017
Nine years after the crisis, Fannie and Freddie remain unfixed – Washington Examiner
Fix for Mortgage Giants Fannie Mae, Freddie Mac Remains on Back Burner – Fox Business
This article was originally published on 9/15 in the Wall Street Journal.
House FSC to Work on GSE Reform Again. (Hint: It Looks like the PATH Act) – Inside Mortgage Finance
New Poll: Industry Says Let Congress Fix the GSEs – Inside Mortgage Finance
The title of this article is misleading as @presvnconsv points out.
Short Takes: About Those GSE Dividend Payments… / The Man Wants to be Paid… – Inside Mortgage Finance
#Hurricanes Batter #Home Builder Confidence: Tim Rood on Cavuto – Youtube
Monday September 18th 2017
Playing Russian Roulette With The U.S. Housing Finance System – Forbes
Monday Morning Cup of Coffee: Fed moves to sell massive mortgage debts – HousingWire
Equifax, Wells Fargo fiascos prove housing needs immediate reform – HousingWire
As Fed Sets to Unwind, How Far Should It Go? – Fox Business
The Fed, a Decade After the Crisis, Is About to -2- – Fox Business
CUs, NAFCU meet with HUD Secretary Carson today to talk housing –
Friday September 15th 2017
New filings in the Bhatti case.
Peter Chapman writes, “FHFA and Treasury filed their motions to dismiss the Bhatti Plaintiffs’ complaints today. FHFA assures Judge Schlitz that everything it did was righteous and good. Treasury tells Judge Schlitz that if anybody did anything wrong, it’s probably shareholders.”
Treasury Taking Meetings on GSE Issues, Including Zero Capital and Multiple Guarantors – Inside Mortgage Finance
RNC Suggests GSE Recap & Release is a Viable Option – Fiderer on GSEs
Mnuchin gives the GSE can another kick – FinReg & Policy Watch
Treasury Secretary Mnuchin: Fannie, Freddie reform is a 2018 issue – HousingWire
Mnuchin: GSE Reform On Hold – DS News
Fannie-Freddie Reform Won’t Happen Until 2018, Mnuchin Says – National Real Estate Investor
Senate Dems call for recapitalization of GSEs –
Raging Bull podcast: Jason Bond on Fannie Mae as both a swing- and long-term trade –
Thursday September 14th 2017
New filing in the Perry case, click here to view.
Peter Chapman writes, “R. Charlie Merritt entered his appearance as counsel to the Treasury Department today in the cases pending before Judge Lamberth.”
Steven Mnuchin talks about the GSEs at the Politico Pro Policy Summit – Periscope
GSE talk starts at 09:19.
Pro Policy Summit: Live updates and highlights –
Scroll down to: Mnuchin on GSEs: We expect ‘dividends to be paid’
Mnuchin demurs on question of GSEs’ capital – American Banker
Subscription required for full access.
Short Takes: The RNC is on Board with Fannie and Freddie Building Capital / GSE Investors Might be Sitting Pretty… – Inside Mortgage Finance
Tim Howard comments on the RNC resolution article – Howard on Mortgage Finance
Fannie-Freddie Reform Won’t Happen Until 2018, Mnuchin Says – Bloomberg
Capital buffer chatter sends GSEs sharply higher – Seeking Alpha
Democratic Senators Urge Recapitalization Of Fannie Mae And Freddie Mac –
Senior Democrats on Senate Banking Committee Implore Treasury, FHFA to Allow GSEs to Build Capital – Inside Mortgage Finance
ICBA Statement on Bipartisan Calls for Ending GSE Profit Sweep –
Why Fannie Mae and Freddie Mac Stock Jumped 11% Today – The Motley Fool
Senate Democrats Letter from yesterday –
Wednesday September 13th 2017
Senate Democrats letter to Steven Mnuchin urging him to address the diminishing capital levels of Fannie Mae & Freddie Mac via @FannieGate101 – Twitter
Letter Part 2
Treasury, HUD join NAFCU Caucus to talk housing finance, reg reform –
Today’s trade: Fannie Mae, as longstanding lawsuits are resolved –
Fannie Mae selling $2.43 billion in re-performing loans to Goldman Sachs subsidiary – HousingWire
Resolution On Protecting Taxpayers By Restoring Safety And Soundness To Government-Sponsored Enterprises –
I believe this document is from 8/31/17.
Tuesday September 12th 2017
Tim Howard responds to yesterday’s Bloomberg article – Howard on Mortgage Finance
On a Roll: Fourth Consecutive Monthly Gain for GSE MBS Issuance – Inside Mortgage Finance
Steele: Mortgage giants are stuck in limbo and people can’t buy houses – The Hill
Craig Phillips of @USTreasury endorses @NAFCU’s advocacy on #housing reform via @JacIOR – Twitter
06/22/2017 – NAFCU releases core housing finance reform principles –
Monday September 11th 2017
Dave Stevens’ Alternative Reality – Investors Unite
@Fanniemae, @Freddiemac’s Unhappy Anniversary Remembrance; #HurricaneIrma Wallops #Florida –
International Monetary Fund Favors a Fannie-Freddie Merger – Inside Mortgage Finance
‘Friends of the Court’ Have Hidden Ties to Big Investors – Bloomberg
New policy team for next phase of housing finance reform –
Letter: Congress should vote for housing finance reform –
Corker weighing retirement in 2018 – Politico
Saturday September 9th 2017
New filings in the Rop case.
Peter Chapman writes, “FHFA delivered its motion to dismiss and brief to Judge Maloney yesterday evening. FHFA argues that neither the Agency nor HERA suffer from any constitutional infirmities, and urges Judge Maloney to reject GSE shareholders’ attempts to manufacture them.”
Friday September 8th 2017
New filing in the Jacobs and Hindes case.
Peter Chapman writes, “Messrs. Jacobs and Hindes asked Judge Sleet this morning to take judicial notice of a variety of documents that have come to light during jurisdictional discovery in Fairholme v. U.S. that undercut FHFA and Treasury’s central arguments in defense of the Net Worth Sweep. Because the attachments are large, today’s filing is posted at”
New filing in the Collins case, click here to view.
Peter Chapman writes, “Treasury delivered its brief to the Fifth Circuit today saying, in short, it doesn’t understand why the Collins Plaintiffs are so agitated. HERA allows the government to do whatever it wants. GSE shareholders have no statutory right to sue. FHFA and Treasury did what they thought was best at the time. Judge Atlas said everything was okay. How could there be anything for the Fifth Circuit to review?.”
Additional filings in the Collins case, click here to view.
Peter Chapman writes, “FHFA delivered its brief to the Fifth Circuit this evening arguing that shareholder litigation is barred by HERA, FHFA stands in all shareholders shoes, and there’s no constitutional problem with FHFA. A copy of FHFA’s brief is (linked above), and a handful of large documents FHFA wants to make sure the Fifth Circuit sees are posted at”
New filings in the Rop case.
Motion to Dismiss
Peter Chapman writes, “Treasury delivered it’s motion to dismiss and a memorandum in support to the District Court today. Treasury argues, among other things, that the Rop Plaintiffs should have asserted their constitutional claims in the Perry or Saxton proceedings, and since they didn’t, those claims are now improper.”
What We’re Hearing: Treasury Mulls Plans for Fannie and Freddie / $200 Billion Should Do It / GSE Hearing Nixed… – Inside Mortgage Finance
MBA CEO on the 9-year anniversary of GSE conservatorship – HousingWire
What Credit Risk Transfer Tells Us About Guarantee Fees –
From 9/5
Thursday September 7th 2017
ICBA Says Government Seizure of Fannie and Freddie was ‘Questionable at Best’ – Inside Mortgage Finance
Milken Institute Mobilizes for Next Phase of Housing Finance Reform –
**POSTPONED** – Hearing entitled “An Overview of the Housing Market: The Role of Fannie Mae, Freddie Mac and the Federal Home Loan Banks” –
New Kids on the Block: Credit Risk Transfer Deals – Morningstar
Wells Fargo Acquires $51 Billion in Mortgage Servicing Rights – Bloomberg
Wednesday September 6th 2017
New filing in the Fairholme case, click here to view.
Peter Chapman writes, “A redacted copy of the government’s response to Fairholme’s second motion to compel is (linked above). The government doesn’t want to show Fairholme any more documents, wants jurisdictional discovery to come to an end, and wants to resume brief on its motion to dismiss.”
New filing in the Rop case, click here to view.
Peter Chapman writes, “Judge Maloney entered an order today saying he’ll accept a 30-page brief from FHFA.”
The Case of the Concrete Life Preserver – HINDESight
ICBA Reflects on Anniversary of GSE Conservatorship –
Nine Years Ago, Fannie and Freddie Were Taken Over. Treasury is Now $82.3 Billion Richer – Inside Mortgage Finance
Freddie Mac Speaks: G-Fees and CRT – DS News
GSE Accounting Center Of Plan To Nationalize Housing – Seeking Alpha by Glen Bradford
Tuesday September 5th 2017
How Not to Fix Fannie Mae and Freddie Mac – The Weekly Standard
Let This One be the Last “Unhappy Anniversary” – Investors Unite
The last big piece of unfinished business from the Great Recession – The Washington Post
CSP / Single Security Timeline –
The Yield on the 10-Year Treasury Hits a 10-Month Low. More Refis? – Inside Mortgage Finance
Friday September 1st 2017
New filing in the Sammons v. U.S. case (W.D. of Texas), click here to view.
Peter Chapman writes, “The Fifth Circuit has denied Mr. Sammons’ rehearing request.”
New filing in the Bhatti case, click here to view.
Peter Chapman writes, “In an order entered today, Magistrate Bowbeer says she’ll enter a pre-trial scheduling order, if necessary, after Judge Schlitz renders his decision on the upcoming cross-motions for summary judgment.”
New filing in the Rop case, click here to view.
Peter Chapman writes, “FHFA is asking Judge Maloney for permission to file a 35-page motion to dismiss the Rop Plaintiffs’ complaint. While probably inconsequential, the second sentence of paragraph number 9 appears to be missing a word or phrase.”
What We’re Hearing: A $1 Billion Capital Buffer for the GSEs? / What Would the Minimum Be?… – Inside Mortgage Finance
Reg reform crowded out by other priorities as clock winds down on Hill – American Banker
Subscription required for full access.