July 2019

July 31 2019

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

Peter Chapman writes, “In a joint filing yesterday the parties tell Judge Lamberth they didn’t complete factual discovery by July 15 and need four additional months.  With that in mind, the parties propose to extend the deadlines previously established and set Mon., Oct. 19, 2020, as the trial date for the shareholders’ contract claims. ”

Inside Sources: Safety, Soundness of Housing Finance System of Utmost Importance in Credit Scoring Debate

Yahoo! Finance: Fannie Mae Announces Scheduled Release of Second Quarter 2019 Financial Results

July 30 2019

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

Peter Chapman writes, “The parties alerted Judge Alejandro in Philadelphia that Director Calabria displaced Acting Director Otting and FHFA advised Judge Alejandro that, under Director Caliabra, FHFA believes its structure is constitutional.”

American Banker: A GSE plan before the election has risks — but so does doing nothing

Forbes: Kraninger’s CFPB Takes Major Step To Fix Housing Finance

July 29 2019

Reuters: Trump’s ambitious Fannie, Freddie overhaul faces hurdles

Reuters: Factbox: Fannie, Freddie and the government: it’s complicated

Bill Maloni’s GSE Blog: Why wait on the Fifth Circuit? 

July 26 2019

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

Peter Chapman writes, “Washington Federal filed a redacted copy of its eight-month-old brief opposing the government’s motion to dismiss for public review today”

Wall Street Journal: CFPB Could Curb High-Debt Mortgages

Fox Business: Trump to nix Fannie, Freddie ‘patch,’ which allows indebted borrowers to get home financing

Reuters: U.S. regulators to end mortgage lending exemption for Fannie, Freddie in 2021

July 25 2019

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

Peter Chapman writes, “Judge Maloney entered an order this afternoon substituting Director Calabria for Acting Director Otting in the Rop Plaintiffs’ lawsuit challenging the net worth sweep”

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

Peter Chapman writes, “In a letter dated yesterday, FHFA advised the Eighth Circuit Director Calabria displaced Director Otting in April and has returned to its belief that the agency is constitutionally structured.

The Bhatti Plaintiffs told the Eighth Circuit in a letter dated today FHFA’s flip-flopping position points to the unconstitutionality of the agency’s structure.” Click here to view

Reinsurance News: AM Best reviews GSE mortgage transfers, gauges capital impact on reinsurers

July 24 2019

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

Peter Chapman writes, “Judge Lamberth placed his stamp of approval on the parties’ request for the seven-day”

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

Peter Chapman writes, “FHFA advised Judge Maloney Director Calabria displaced Director Otting in April and has returned to its belief that the agency is constitutionally structured.  The Rop Plaintiffs told Judge Maloney in a filing dated today FHFA’s flip-flopping position points to the unconstitutionality of the agency’s structure. ”

July 23 2019

New filing in Fairholme vs. FHFA, et al, click here to view

Peter Chapman writes, “Treasury wants seven additional days to respond to Fairholme’s motion to compel, and Fairholme’s agreed Treasury can file it’s response on Aug. 2, 2019.”

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

Peter Chapman writes, “Mr. Angel delivered his statement of issues to the D.C. Circuit yesterday. The court docket doesn’t indicate the parties filed any procedural motions on or before yesterday’s deadline.”

July 22 2019

Fox Business: Sources say FHFA’s Calabria wants massive public offering of Fannie, Freddie: Charlie Gasparino (Video)

Dodd Frank Update: Calabria offers timetable for housing reform plan

Bill Maloni’s GSE Blog: Calabria in no hurry to fix what the White House said needs fixing!

July 19 2019

Reuters: Fannie Mae, Freddie Mac shares down on 5-year timeline overhaul

American Banker: FHFA’s Calabria: No Trump GSE plan until August or September

Housing Wire: Fannie Mae, Freddie Mac still in conservatorship in 2024? Calabria says it’s possible

DS News: Reforming Fannie and Freddie

July 18 2019

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

Peter Chapman writes, “The Collins Plaintiffs sent another letter to the Fifth Circuit, this time pointing out that FHFA’s back-and-forth positions about the constitutionality of its structure underscores how unconstitutional the Agency’s structure is”

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

Peter Chapman writes, “FHFA sent a letter to the Fifth Circuit yesterday saying the High Court’s recent census-related decision has no relevance to the Collins case”

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

Peter Chapman writes, “Joseph H. Crawford at KStone Partners sent the Fifth Circuit an article he prepared entitled, “Have the Treasury Department and FHFA Perpetrated a Fraud on the Court in Collins v. Mnuchin?” .  In a letter dated yesterday, the Fifth Circuit advised Mr. Crawford that it will take no action on his filing because he is not a party to the Collins case. ”

Reuters: U.S. reform plan for Fannie, Freddie seen by Sept.: housing regulator

July 17 2019

Bloomberg: Sometimes Analysts Have Good Ideas

Housing Wire: Former Freddie Mac CEO says GSEs should be regulated like utilities

Mortgage Professional America: Finance reform may be coming, but not soon enough for some

LBM Journal: Affordable housing and GSE reform: Can Congress get anything done?

Bill Maloni’s GSE Blog: More Hot Summer GSE Cats and Dogs

July 16, 2019

Forbes: The Best Housing Finance Reform Options For The Trump Administration

Fox Business: Treasury reportedly unlikely to advocate privatization of Fannie, Freddie

Law 360: FHFA Flip-Flop Underscores Flawed Design, 5th Circ. Told

July 15 2019

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

Peter Chapman writes, “Fairholme delivered a motion to Judge Lamberth today seeking to compel Treasury to share non-privileged documents Treasury doesn’t want Fairholme to see.  Fairholme complains to Judge Lamberth that Treasury has “decided effectively to excuse itself entirely from the discovery process” notwithstanding “Treasury was one of the architects of the Net Worth Sweep and has a direct, and massive, stake in the litigation and resolution of the implies covenant claim.”  Fairholme asks Judge Lamberth to direct Treasury to comply with the subpoena it served on Treasury in full without further delay.”

Bloomberg: Trump Team Wary of Fannie-Freddie Fix Before 2020 Election (Updated)

Housing Wire: Trump administration reportedly souring on sweeping Fannie, Freddie reform prior to 2020 election

Seeking Alpha: White House Corrects Fannie And Freddie Narrative

Market Watch: Fannie, Freddie overhaul could mean windfall for preferred stock, analyst says

Market Watch: Fannie, Freddie need explicit government guarantee, securities industry group says

July 12 2019

Bloomberg: Trump Team Grows Wary of Fannie-Freddie Fix Before 2020 Election

RESPA News: FHFA reverses constitutionality stance in shareholder case

Wall Street Journal: Former Freddie Mac CEO Plans to Keep Hand in Housing Finance

July 11 2019

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

Peter Chapman writes, “Judge Sweeney entered a housekeeping order today striking a superfluous copy of The Fisher and Reid Plaintiffs’ Nov. 2018 filing in opposition to the government’s motion to dismiss their lawsuit in the U.S. Court of Federal Claims.”

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

Peter Chapman writes, “In a letter to the Fifth Circuit today, the Collins Plaintiffs say the High Court’s reasoning in its recent decision about including a citizenship question on 2020 census forms applies in this case, and the Court should overturn the Net Worth Sweep because the government’s death spiral narrative doesn’t hold water. ”

Value Walk: Why The Government Must Get Fannie And Freddie Out Of Conservatorship

July 10 2019

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

Peter Chapman writes, “FHFA advised the Fifth Circuit that:

— Dr. Calabria replaced Mr. Otting as FHFA’s Director; and

— under Dr. Calabria’s leadership, FHFA now believes the Agency is constitutionally structured.

National Mortgage News: Opinion Recap of Fannie and Freddie must protect shareholder rights

American Banker: What to expect when you’re expecting a report on GSE reform

Breitbart: Mark Calabria’s FHFA Defends Net Worth Sweep and Agency’s Constitutionality

National Mortgage News: In reversal, FHFA defends constitutionality of its leadership structure

July 9 2019

Housing Wire: FHFA Special Advisor Bob Ryan stepping down this week

 Mortgage Professional America: Special advisor to FHFA head leaving agency

July 8 2019

Seeking Alpha: Trump may scrap Frannie reform if plan comes under fire, Cowen says

Bill Maloni’s GSE Blog: Post July 4, GSE Cats and Dogs

July 2 2019

CCN: Mortgage Giants Fannie & Freddie Eye Market Return in Possible IPO

Housing Wire: Freddie Mac’s former CEO is heading back to Harvard

July 1 2019

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

Peter Chapman writes, “This litigation, you’ll recall is tangential to the propriety of the Net Worth Sweep; this litigation broke the chain of cases saying FHFA is not a government actor.  FHFA, Fannie Mae, Ms. Sisti and her mortgage lender submitted the status report to Judge McConnell in Rhode Island today, telling him they need six more months to complete fact discovery.”

New filing in Owl Creek vs. United States, click here to view.

Peter Chapman writes, “Owl Creek and other Jones Day clients asked Judge Sweeney to hear oral argument on the government’s motion to dismiss their lawsuits.”

Fox Business: Possible Fannie, Freddie IPO whets Wall Street’s appetite

Seeking Alpha: Incoming Fannie/Freddie Stock Offering Plan Good For Existing Shareholders

Bill Maloni’s GSE Blog: The D Primary Debates and Fannie and Freddie Capital Requirements