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Regulator warns Fannie, Freddie may need to draw on Treasury funds next year

Regulator warns Fannie, Freddie may need to draw on Treasury funds next year

Posted on 11 May 2017.

Washington Examiner-

Fannie Mae and Freddie Mac’s government overseer warned Congress Thursday that the two bailed-out mortgage giants face the possibility of having to draw billions of dollars from the Treasury Department by next year, a risk that could roil markets if that borrowing is seen as another bailout.

Mel Watt, the director of the Federal Housing Finance Agency, told a panel of senators Thursday that the government-sponsored enterprises will see their capital buffer reduced to zero under law by the start of next year, leaving the companies at the mercy of markets. Any losses would force them to draw on their line of credit at the Treasury that was created when they were bailed out nearly a decade ago, creating the perception of a taxpayer bailout even if not the reality.

“We reasonably foresee that this could erode investor confidence” in the $5 trillion market of mortgage securities backed by the two companies, Watt warned the Senate Banking Committee. “This could stifle liquidity in the mortgage-backed securities market and could increase the cost of mortgage credit for borrowers.”

Watt told the senators not to be surprised by any steps he might take to prevent that outcome, such as suspending dividend payments from Fannie and Freddie to the Treasury.

[WASHINGTON EXAMINER]

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The Man in Charge of Fixing Fannie and Freddie Knows Them All Too Well

The Man in Charge of Fixing Fannie and Freddie Knows Them All Too Well

Posted on 13 April 2017.

NYT-

You may not know much about Craig S. Phillips, special counselor to Steven Mnuchin, the United States Treasury secretary. Because Mr. Phillips was not a political appointee, he did not face congressional scrutiny before he began directing our nation’s housing policy, one of his main tasks.

Getting to know Mr. Phillips and his background is a worthwhile exercise, especially because he’s determining the Trump administration’s path forward on Fannie Mae and Freddie Mac, the mortgage finance giants that remain in conservatorship.

Mr. Phillips certainly knows a thing or two about Fannie and Freddie. As the leader of Morgan Stanley’s mortgage desk during the peak mortgage-mania years of 2004 and 2005, he ran the operation that bundled loans and sold them to the two government-sponsored enterprises. When those loans blew up and the government sued Morgan Stanley, Mr. Phillips was a named defendant in the initial case — a case that resulted in the firm paying a $1.25 billion settlement.

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FANNIE MAE: Lenders are advised that steps are being taken to suspend use of the “MERS as Original Mortgagee” authorized change to the Maine security instrument (Form 3020)

FANNIE MAE: Lenders are advised that steps are being taken to suspend use of the “MERS as Original Mortgagee” authorized change to the Maine security instrument (Form 3020)

Posted on 06 April 2017.

Selling Notice

Using MERS® for Properties in Maine

The purpose of this notice is to advise lenders about an upcoming change regarding the use of the Mortgage Electronic Registration Systems, Inc. (MERS) for properties in the state of Maine. Lenders are advised that steps are being taken to suspend use of the “MERS as Original Mortgagee” authorized change to the Maine security instrument (Form 3020). When these steps are completed, including a clarifying revision to the MERS System Rules of Membership, any new mortgage lien on property in Maine will need to be recorded in the lender’s name only and assigned to MERS utilizing a specified Fannie Mae/Freddie Mac mortgage assignment form if that mortgage is to be registered in the MERS System. Failure to execute and record the specified assignment to MERS will render the MERS-registered loan in Maine ineligible for sale to Fannie Mae.

After Fannie Mae announces the new documentation requirements for MERS loans in Maine, lenders will be given an appropriate implementation period before the requirements become mandatory.

These steps are being taken in response to judicial developments in Maine challenging the use of MERS as nominee for a lender and lender’s assigns, and due to the absence of a legislative remedy that addresses prospective foreclosures and other mortgage-related enforcement actions.

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Gretchen Morgenson: A Revolving Door Helps Big Banks’ Quiet Campaign to Muscle Out Fannie and Freddie

Gretchen Morgenson: A Revolving Door Helps Big Banks’ Quiet Campaign to Muscle Out Fannie and Freddie

Posted on 28 March 2017.

A behind-the-scenes effort of Wall Street banks to take over the mortgage market is driven by advocates who switch between roles in Washington and the private sector.

NYT-

Seven years after their dubious lending practices helped push the United States economy to the brink of disaster, the nation’s largest banks are closing in on a long-sought goal: to unseat Fannie Mae and Freddie Mac, the mortgage finance giants, and capture their share of the profits in the country’s $5.7 trillion home loan market.

Taking place largely behind the scenes, the movement to take over the mortgage market has been propelled in part by a revolving door between Washington and Wall Street, an investigation by The New York Times has found.

While the big banks’ effort to enshrine their vision into law has failed so far, plans to replace Fannie and Freddie — which have long supported the housing market by playing a unique role as so-called government-sponsored enterprises, or G.S.E.s — are still very much alive. The Obama administration has largely embraced the idea, and government regulators are being pushed to put crucial elements into effect.

[NEW YORK TIMES]

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Trump’s Plan on Fannie and Freddie? Clues May Emerge Soon

Trump’s Plan on Fannie and Freddie? Clues May Emerge Soon

Posted on 13 March 2017.

An interesting sentence jumped out at me “The main plaintiff, the mutual fund company Fairholme Funds, argues that the government improperly seized private property when it stared diverting the profits.” 

I would say “the government improperly seized private property.”  That is likely what those documents will show – that Fannie was aware that it was illegally seizing private property.  The reason the profits were swept is that they were involved in thousands of lawsuits and one might just get through and drain the profits.  IMO: It is a RICO of the highest order. 

NYT-

Fixing Fannie Mae and Freddie Mac, the mortgage finance giants that still operate under government supervision, is nowhere near the top of the Trump administration’s to-do list. Since the election, administration officials, including Steven T. Mnuchin, the United States Treasury secretary, have said little about their plans for the companies.

But we will know a lot more in the coming weeks as circumstances compel Trump officials to show their hand. In essence, their action or inaction on two important matters will demonstrate whether they intend to follow the Obama administration’s approach to the companies — which was to keep them in federal conservatorship and drain them of capital — or take a different path, perhaps toward privatization.

One of the two action items on the horizon involves what should happen to the $10 billion in earnings that Fannie and Freddie together generated in the most recent quarter.

[NEW YORK TIMES]

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Fannie And Freddie: Mnuchin Reveals New Clues

Fannie And Freddie: Mnuchin Reveals New Clues

Posted on 28 February 2017.

Seeking Alpha-

Summary

  • Treasury Secretary Steven Mnuchin made several comments about Fannie and Freddie on Thursday morning.
  • Though recap and release may not happen until late summer, early fall, we continue to believe it is the likely scenario.
  • Mnuchin’s comments about liquidity in the 30 year mortgage market and getting Fannie and Freddie out of government control were bullish for the long term.

By Parke Shall with Thom Lachenmann

We think that new revelations made by Steven Mnuchin and missed by most of the financial analysts reveal new clues to the future of Fannie (OTCQB:FNMA) and Freddie (OTCQB:FMCC). We think comments he made last week in interviews not only confirm that Fannie and Freddie won’t be under government control much longer, but also that it could still be a couple of months before action takes place. Until then, we expect to see an appeal of last week’s court decision; a decision that came with some scathing dissent despite not falling in favor of shareholders (for the most part).

[SEEKING ALPHA]

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Jacobs v. Federal National Mortgage Association (Fannie Mae) | FL 2DCA – concedes that it failed to establish standing at the time the original plaintiff, JP Morgan Chase Bank, N.A., filed the complaint

Jacobs v. Federal National Mortgage Association (Fannie Mae) | FL 2DCA – concedes that it failed to establish standing at the time the original plaintiff, JP Morgan Chase Bank, N.A., filed the complaint

Posted on 27 February 2017.

 

EDGAR R. JACOBS and 4721 WESTWOOD DRIVE TRUST, Gulf Coast Home Sites, Inc. as Trustee, Dated November 22, 2002, Appellants,
v.
FEDERAL NATIONAL MORTGAGE ASSOCIATION, Appellee.

Case No. 2D15-4918.
District Court of Appeal of Florida, Second District.
Opinion filed February 22, 2017.
Appeal from the Circuit Court for Charlotte County; Michael T. McHugh, Judge.

Eric J. Chrisner, David C. Hicks, and Vincent Carl LoBue of Alliance Legal Group, PL, Sarasota, for Appellants.

Wm. David Newman, Jr. of Choice Legal Group, P.A., Fort Lauderdale, for Appellee.

BLACK, Judge.

In this appeal from a final judgment of foreclosure, Federal National Mortgage Association appropriately concedes that it failed to establish standing at the time the original plaintiff, JP Morgan Chase Bank, N.A., filed the complaint. As a result, we reverse and remand for dismissal of the foreclosure action. See Segall v. Wachovia Bank, N.A., 192 So. 3d 1241, 1245-46 (Fla. 4th DCA 2016); Fiorito v. JP Morgan Chase Bank, Nat’l Ass’n, 174 So. 3d 519, 521-22 (Fla. 4th DCA 2015).

Reversed and remanded.

KELLY and BADALAMENTI, JJ., Concur.

NOT FINAL UNTIL TIME EXPIRES TO FILE REHEARING MOTION AND, IF FILED, DETERMINED.

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TFH 2/26 | The Coming Public Pension Meltdown: How Fannie Mae and Freddie Mac Were Used To Steal Public Pension Funds, Where Did All the Money Go, Who Has Been Covering Up the Theft, and How Every Homeowner Has Been and Will Be Further Harmed by One of the Biggest Yet Still Largely Concealed Financial Ripoffs in American History

TFH 2/26 | The Coming Public Pension Meltdown: How Fannie Mae and Freddie Mac Were Used To Steal Public Pension Funds, Where Did All the Money Go, Who Has Been Covering Up the Theft, and How Every Homeowner Has Been and Will Be Further Harmed by One of the Biggest Yet Still Largely Concealed Financial Ripoffs in American History

Posted on 26 February 2017.

COMING TO YOU LIVE DIRECTLY FROM THE DUBIN LAW OFFICES AT HARBOR COURT, DOWNTOWN HONOLULU, HAWAII

LISTEN TO KHVH-AM (830 ON THE AM RADIO DIAL)

ALSO AVAILABLE ON KHVH-AM ON THE iHEART APP ON THE INTERNET

.

.

Sunday –  February 26

The Coming Public Pension Meltdown: How Fannie Mae and Freddie Mac Were Used To Steal Public Pension Funds, Where Did All the Money Go, Who Has Been Covering Up the Theft, and How Every Homeowner Has Been and Will Be Further Harmed by One of the Biggest Yet Still Largely Concealed Financial Ripoffs in American History
———————

We all know the devastating effects that the 2008 mortgage crisis has had on the American economy generally and tens of millions of homeowners personally and their families in the United States, while Pontius Pilate-like, federal and state judges and legislators have mostly looked the other way.

We are now faced with a yet even bigger, approaching financial disaster that this Nation’s local and state governments are equally unprepared for: the coming public pension meltdown that the federal government this time lacks the otherwise needed huge financial resources to adequately deal with.

Cities like Detroit have already had to file bankruptcy due to unfunded public pensions, and Chicago, Dallas, El Paso, Houston as well as other American cities, along with States like Arizona, Hawaii, Illinois, and Nevada are said to potentially be next — all at risk due to unfunded public pensions affecting tens of millions of their retirees and their residents dependent on public services.

What is little known is that behind this next crisis in large part once again have been Fannie Mae and Freddie Mac — twin Frankenstein monsters as it were — created, fed, and shielded by self-dealing federal politicians.

On this Sunday’s show we will explore the hidden role that both Fannie Mae and Freddie Mac have played in bankrupting America’s public pensions and will suggest where the stolen funds went.

As public pension deficits increase, the financial strain upon homeowners and other taxpayers and everyone dependent on public services, whether in foreclosure or not, will also increase.

Knowing how the public pension crisis arose and why Fannie Mae and Freddie Mac, the controlling entities furthermore behind MERS as well, are largely responsible for it, is knowledge essential in any effort to deal with it.

Our special guest this Sunday will be Virginia Parsons, who has devoted years researching the coming public pension crisis and who will for the first time share her unique findings with us.

If you are a homeowner paying property taxes and dependent on government services and/or have or are earning a government pension, you cannot afford to miss this show.

~

.
Host: Gary Dubin – Co-Host: John Waihee –

.

CALL IN AT (808) 521-8383 OR TOLL FREE (888) 565-8383

Have your questions answered on the air.

Submit questions to info@foreclosurehour.com

The Foreclosure Hour is a public service of the Dubin Law Offices

Past Broadcasts

EVERY SUNDAY
3:00 PM HAWAII
5:00 PM PACIFIC
8:00 PM EASTERN
ON KHVH-AM
(830 ON THE DIAL)
AND ON
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The Foreclosure Hour 12

 

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PERRY CAPITAL LLC v STEVEN T. MNUCHIN | Fannie Mae, Freddie Mac shares plunge after court’s ruling

PERRY CAPITAL LLC v STEVEN T. MNUCHIN | Fannie Mae, Freddie Mac shares plunge after court’s ruling

Posted on 23 February 2017.

WAPO-

Fannie Mae and Freddie Mac shares plunged Tuesday after a federal appeals court denied legal claims by investors who were seeking to stop the U.S. government from seizing the profits of the mortgage giants.

Fannie shares sank 35 percent to $2.71. Freddie shares tumbled 38 percent to $2.47.

Hopes for reform of the government-sponsored enterprises had lifted shares of Fannie and Freddie following President Trump’s election. Shares of Fannie went from a low of $1.26 to a high of $5.00, only to retreat after Tuesday’s ruling.

[WASHINGTON POST]

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Fannie Mae exec with ties to Mnuchin is among candidates for consumer protection boss

Fannie Mae exec with ties to Mnuchin is among candidates for consumer protection boss

Posted on 13 February 2017.

CNBC-

The White House is considering a top official at Fannie Mae to head the Consumer Financial Protection Bureau, according to two people familiar with the discussion.

Brian Brooks is currently the mortgage financing giant’s general counsel and has close ties to Treasury secretary nominee Steven Mnuchin. Brooks represented several of the investors in Mnuchin’s purchase of failed subprime mortgage lender IndyMac for $1.6 billion in 2009. The bank was renamed OneWest, and Brooks joined the company as vice chairman.

He left the bank for Fannie Mae in 2014, shortly before OneWest was acquired by CIT Group.

[CNBC]

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Decade After Crisis, No Resolution for Fannie and Freddie

Decade After Crisis, No Resolution for Fannie and Freddie

Posted on 09 February 2017.

NYT-

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Court Orders Justice Dept. to Release Fannie Mae and Freddie Mac Documents

Court Orders Justice Dept. to Release Fannie Mae and Freddie Mac Documents

Posted on 30 January 2017.

NYT-

Casting a ray of sunlight on a case that has been shrouded in secrecy, a federal appeals court ruled on Monday that the government must produce a raft of documents to plaintiffs suing over its decision to seize all the profits of Fannie Mae and Freddie Mac, the mortgage finance giants that were put into conservatorship in September 2008, at the depths of the financial crisis.

The case against the government was brought in 2013 by Fairholme Funds, a mutual fund that owns shares of Fannie Mae and Freddie Mac. Its lawyers contend that the government’s surprise decision to divert the companies’ profits to the United States Treasury in August 2012, just as the companies were turning around, was an illegal seizure of private property.

The government has argued that the profit sweep was necessary to protect taxpayers against further losses; taxpayers advanced $187 billion to the companies after they were put into conservatorship. But documents unsealed last year in the case cast doubt on this argument, showing that the timing of the profit sweep coincided with a rebound in the companies’ operations and occurred just before they began generating profits again.

[NEW YORK TIMES]

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Government’s Fannie Mae will back PE giant Blackstone’s rental homes debt

Government’s Fannie Mae will back PE giant Blackstone’s rental homes debt

Posted on 26 January 2017.

CNBC-

Mortgage giant Fannie Mae is getting into the single-family rental business in a big way.

The government-backed agency said it is going into business with private equity giant and major housing player Blackstone by backing $1 billion in debt. Blackstone’s Invitation Homes filed for an initial public offering this week, and the Fannie Mae relationship was disclosed afterward. Blackstone is looking to raise $1.6 billion by selling shares to the public.

Fannie Mae, currently under government conservatorship, will back $1 billion in debt collateralized by rental homes owned by Blackstone.

[CNBC]

image:

Kevin Lamarque | Reuters
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LIGHTFOOT ET AL. v. CENDANT MORTGAGE CORP., DBA PHH MORTGAGE, ET AL | Supreme Court limits Fannie Mae’s ability to take cases to federal court

LIGHTFOOT ET AL. v. CENDANT MORTGAGE CORP., DBA PHH MORTGAGE, ET AL | Supreme Court limits Fannie Mae’s ability to take cases to federal court

Posted on 18 January 2017.

HW-

In a unanimous opinion handed down Wednesday, the Supreme Court limited Fannie Mae’s ability to transfer cases to federal court, ruling that the government-sponsored enterprise’s charter does not grant it the right to move all state cases to the federal level.

The decision, written by Justice Sonia Sotomayor, overturns a lower court’s ruling, which held that the “sue-and-be-sued” clause in Fannie Mae’s charter allowed for the GSE to transfer any lawsuits against it filed at the state level to federal court.

Sotomayor writes that the Court previously ruled on several other arguments from other federally chartered organizations, but notes that Fannie Mae’s charter differs in that “sue-and-be-sued” clause states that cases can be transferred to “any court of competent jurisdiction.”

The clause in question authorizes Fannie Mae “to sue and to be sued, and to complain and to defend, in any court of competent jurisdiction, State or Federal.”

[HOUSING WIRE]

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Fannie Mae Announces New Foreclosure Prevention Program

Fannie Mae Announces New Foreclosure Prevention Program

Posted on 19 December 2016.

Flex Modification to Provide Significant Payment Relief to Borrowers

Alicia Jones

202-752-5716

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today its Flex Modification foreclosure prevention program, which is designed to help America’s families by offering reductions to their monthly mortgage payments. The Flex Modification leverages components of Fannie Mae’s Home Affordable Modification Program (HAMP®), which is set to expire at the end of this year, and the Fannie Mae Standard and Streamlined Modifications, which will be replaced by the Flex Modification in late 2017.

The new program was developed in alignment with Freddie Mac at the direction of the Federal Housing Finance Agency (FHFA).

The Flex Modification incorporates input from a wide range of industry participants as well as lessons learned from earlier programs. It is expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations.

The program was shaped by a white paper published in July 2016 by the U.S. Department of the Treasury in conjunction with the U.S. Department of Housing and Urban Development (HUD) and FHFA titled Guiding Principles for the Future of Loss Mitigation. It laid out five factors – accessibility, affordability, accountability, sustainability, and transparency – that should form the foundation of future loss mitigation programs.

“The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment and simplify the process for servicers to deliver those solutions,” said Bill Cleary, Vice President of Single-Family Servicing Policy, Fannie Mae. “We believe the program is flexible to adjust for regional and even local differences in housing. It provides the greatest amount of assistance to those areas in need.”

This new modification will replace the current Fannie Mae Standard and Streamlined Modification offerings on and after October 1, 2017. In the interim, servicers must continue to evaluate borrowers for Standard and Streamlined Modifications following the evaluation hierarchy.

Additional information about the Flex Modification is available here.

FHFA’s statement about the Flex Modification is available here.

 

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

– See more at: http://www.fanniemae.com/portal/media/financial-news/2016/foreclosure-prevention-program-6496.html#sthash.PApxl7Kr.dpuf

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Fannie Mae Announces Eviction Moratorium for the Holidays from December 19, 2016 through January 2, 2017

Fannie Mae Announces Eviction Moratorium for the Holidays from December 19, 2016 through January 2, 2017

Posted on 12 December 2016.

Alicia Jones

202-752-5716

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single-family properties during the holiday season. The suspension of evictions will apply to single-family and 2-4 unit properties from December 19, 2016 through January 2, 2017. During this period, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in the home.

“We believe it is important to extend the timeline of help for struggling borrowers during the holidays,” said Joy Cianci, senior vice president of Single-family Special and Distressed Assets at Fannie Mae. “If you are in trouble or facing foreclosure, reach out to Fannie Mae or your servicer today to get help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.”

Homeowners can visit www.knowyouroptions.com for resources on how to prevent foreclosure, including how to find out if Fannie Mae owns their loan. Homeowners also can contact Fannie Mae at 1-800-232-6643 for more information.

 

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

– See more at: http://fanniemae.com/portal/media/corporate-news/2016/2016-holiday-eviction-moratorium-6487.html?utm_content=sf46211569&utm_medium=spredfast&utm_source=twitter&utm_campaign=Communications+%26+Marketing&sf46211569=1#sthash.6IAQUP7x.dpuf

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Taxpayers Have Now Made A $63 Billion Profit From Fannie Mae, Freddie Mac Bailouts

Taxpayers Have Now Made A $63 Billion Profit From Fannie Mae, Freddie Mac Bailouts

Posted on 07 December 2016.

Benzinga-

Shares of Federal National Mortgage Assctn Fnni Me FNMA 6.67%and Federal Home Loan Mortgage Corp FMCC 7.15% have been all over the map in the past week following comments from newly-appointed Treasury Secretary Steven Mnuchin.

When asked about Fannie Mae and Freddie Mac, Mnuchin said the Trump administration has “got to get them out of government control.”

Fannie and Freddie were placed under government conservatorship when they required taxpayer $185 billion bailouts during the financial crisis.

[BENZINGA]

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National Fair Housing Alliance Accuses Mortgage Giant Fannie Mae of Racial Discrimination in 38 U.S. Metro Areas

National Fair Housing Alliance Accuses Mortgage Giant Fannie Mae of Racial Discrimination in 38 U.S. Metro Areas

Posted on 06 December 2016.

Mortgage Giant Fannie Mae Accused of Racial Discrimination
in 38 U.S. Metro Areas
 

National Fair Housing Alliance and 20 Civil Rights Groups
File Federal Lawsuit Over Neglected Foreclosures

WASHINGTON, D.C. — Today, the National Fair Housing Alliance (NFHA) and 20 local fair housing organizations from across the United States filed a housing discrimination lawsuit against Fannie Mae in federal district court in San Francisco, California. The lawsuit alleges that Fannie Mae purposely fails to maintain its foreclosures (also known as real estate owned or “REO” properties) in middle- and working-class African American and Latino neighborhoods to the same level of quality it does for foreclosures it owns in white middle- and working-class neighborhoods. The data supporting the federal lawsuit, which includes substantial photographic evidence, shows a stark pattern of discriminatory conduct by Fannie Mae in the maintenance of its foreclosures.

The lawsuit is the result of a multi-year investigation. During the past several years, NFHA notified Fannie Mae many times of its failure to maintain and market its foreclosed homes in communities of color to the same standard to which it was maintaining and marketing the foreclosed homes it owned in similar, predominantly white neighborhoods. In spite of numerous meetings between NFHA and Fannie Mae to address these disparities in maintenance and marketing, Fannie Mae persisted in its willful neglect of its properties in African American and Latino neighborhoods.

The initial investigation was undertaken by NFHA and two local fair housing organizations in 2009 and involved four metropolitan areas. Much of this evidence was shared with Fannie Mae. However, Fannie Mae failed to make changes to ensure equal treatment in the maintenance and marketing of its foreclosures in neighborhoods of color, and the investigation was expanded to include an additional 18 fair housing organizations, culminating in data from 212 cities in 38 metropolitan areas. Click to see the lists of regions and fair housing organizations.

Comprised of evidence from 2011 through 2015, the lawsuit contains information from more than 2,300 foreclosures owned and maintained by Fannie Mae. NFHA and its 20 partner fair housing organizations collected evidence at each property on over 35 data points that were identified as important to protecting, securing, and marketing the homes. Investigators also took and reviewed over 49,000 photographs of these foreclosures that document the differences in treatment.

For more information about the lawsuit, see our Fannie Mae page and view the materials below:
• Read the press release
• Read the complaint
• View exhibit A (Fannie Mae field service checklists)
• View the national presentation
• View the presentations for each of the 38 metropolitan areas

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Fannie, Freddie surge as Trump taps advisors who back privatization

Fannie, Freddie surge as Trump taps advisors who back privatization

Posted on 14 November 2016.

Market Watch-

Shares of Fannie Mae  and Freddie Mac have rallied this week as President-elect Donald Trump surrounds himself with advisors seen as sympathetic to shareholders of the two mortgage companies.

Fannie FNMA, +7.27%  and Freddie FMCC, +6.18%  were placed into federal conservatorship during the 2008 financial crisis, and in 2012 the Obama administration amended the terms of the 2008 agreement to sweep quarterly profits from the two enterprises, a move that’s been challenged in court by shareholders.

Ken Blackwell, who’s been tapped to lead the domestic transition team, wrote an op-ed in 2014 in which he called the Treasury arrangement “theft of private property.” In the piece, Blackwell noted that there is a “bipartisan consensus on how to wind down Fannie and Freddie.”

[MARKET WATCH]

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Fairholme Funds, Inc. v. United States | Feds Seek to Block Release of Fannie Mae and Freddie Mac Memos

Fairholme Funds, Inc. v. United States | Feds Seek to Block Release of Fannie Mae and Freddie Mac Memos

Posted on 27 October 2016.

Fortune-

Justice Department appeals judge’s ruling on 56 documents.

Invoking an emergency procedure Wednesday evening, the Justice Department appealed a judge’s order that would force the government to turn over at least 56 documents that might shed light on why mortgage finance giants Fannie Mae and Freddie Mac were effectively nationalizedin August 2012.

The department argues that Court of Federal Claims judge Margaret Sweeney’s 80-page order on September 20, rejecting the government’s claims of executive privilege over those documents, engaged in “cursory” and “uncritical, rote analysis,” and rested “on a misunderstanding of the principles that govern the privileges.”

The action comes in a set of consolidated lawsuits filed by shareholders of the two Fortune 50 companies who say that the 2012 event—in which the Treasury Department and Federal Housing Finance Agency (FHFA) dramatically altered the terms of the two firms’ federal bailouts, all but wiping out the value of their stock—amounted to a “taking” of property without just compensation in violation of the Fifth Amendment to the U.S. Constitution. (The bailout began in early September 2008, on the eve of the financial crisis, when FHFA, with Treasury’s approval, placed the two government sponsored enterprises into conservatorship.)

[FORTUNE]

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FAIRHOLME FUNDS, INC. et al., v THE UNITED STATES | Fannie Mae, Freddie Mac Investors Win Round Against Government

FAIRHOLME FUNDS, INC. et al., v THE UNITED STATES | Fannie Mae, Freddie Mac Investors Win Round Against Government

Posted on 06 October 2016.

Fortune –

Government ordered to turn over thousands of documents.

Investors challenging the legality of the government’s effective nationalization of Fannie Mae and Freddie Mac in August 2012 appear to be making some headway with at least one of the two key trial judges presiding over the sprawling, $130 billion litigation stemming from that event.

In an 81-page ruling unsealed Monday evening, Court of Federal Claims judge Margaret Sweeney ordered the U.S. Treasury Department to turn over 11,000 documents that shed light on why it took that extraordinary action—rejecting every single invocation of privilege over them that had been asserted by the Treasury, the Federal Housing Finance Agency (FHFA), and the White House.

[FORTUNE]

H/T Dave Krieger for this opinion

10-3-16-sweeney-order-granting-fairholme-motion-to-compel

Down Load PDF of This Case

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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WHY PRIVATE???? – Miami investors win access to secret documents in Fannie Mae fight

WHY PRIVATE???? – Miami investors win access to secret documents in Fannie Mae fight

Posted on 22 September 2016.

Here is the smoking gun – White House and Treasury behind land grab…………..

Miami Herald-

A federal judge on Tuesday ordered the U.S. Treasury Department to release more than 50 documents it tried to keep secret in a lawsuit over government-backed mortgage giants Freddie Mac and Fannie Mae.

The plaintiff is Miami-based mutual fund Fairholme Fund, which filed suit in the Federal Court of Claims in 2013. Fairholme is one of many Freddie and Fannie investors suing the federal government in different venues. The plaintiffs claim the government illegally seized the companies’ earnings after the bailout. The Obama administration says it is acting within the guidelines of Congressional legislation.

Judge Margaret Sweeney has previously ordered the government to release documents over which it exerted executive privilege. The latest batch of documents — mainly internal memos and correspondence between top Treasury officials and the White House — will remain under seal, available only to Fairholme’s attorneys.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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