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Thjanks Guido!! Great to know there are people like Isaiah McKinney who are passionate about freedom and baseball!
Did you see the citation Section 26 of the Magna Carta - Mckinney thinks the Tyler case is really and affirmation of the Magna Carta.
If anyone holding a lay fee of us dies, and the sheriff or a bailiff of ours shows our letters patent of summons for a debt which the dead man owed us, it is to be lawful for the sheriff or our bailiff to attach and record the chattels of the deceased found on the lay fee to the value of the debt, by the view of law-abiding men, so that nothing is to be removed thence, until the clear debt is paid to us; and the residue is to be relinquished to the executors to carry out the testament of the deceased; and if nothing is owed us by him, all the chattels are to go to the deceased, but reserving their rightful shares to his wife and children.
https://magnacartaresearch.org/read/magna_carta_1215/Clause_26
Thanks for the Cite Guido - Robert has been mentioning this possibility for some time. Great call Robert! Here is the SCOTUSblog cite:
https://www.scotusblog.com/2023/05/supreme-court-will-consider-major-case-on-power-of-federal-regulatory-agencies/
Got to believe that the FHFA Consitutional issues will be fully adjudicated by SCOTUS in the next couple of years. It is interesting that KBJ recused herself since she was at the DC Circuit when Lopez was decided. Also it looks like Cert was previously denied but relisted?
Rop is up next for Cert.
Robert Ryan of Parrot Ryan Advisors is also a GMU Grad.
https://www.bizapedia.com/nc/parrott-ryan-advisors-llc.html
Special Advisor to fellow GMU Grad Calabria and Freddie Mac and HUD official in past
https://www.fhfa.gov/AboutUs/Documents/Bob_Ryan_Bio.pdf
He co-authorized a paper with his Partner and Mark Zandi criticizing the capital rule and it looks like advocating for the Utility Model
https://www.tandfonline.com/doi/abs/10.1080/10511482.2020.1850018?journalCode=rhpd20
GO GMU! GO Patriots! Why are GMU Patriots - green and yellow?
Great website Robert - I imagine a lot of the GMU grads are part of the Admin Estate?
Thanks Robert - The LLPA wealth redistribution proposal is a good way to make the GOP Congress choose - let the JB Admin totally use the GSEs for political gain or just continue supporting the mortgage bankers and commercial banks. The GOP should know that if JB is successful garnering votes from FHFA handouts then the commercial banks are next up for nationalization
FHFA Annual Report came out Mid-June last year
Probably not someone in the JB Admin but someone with the Housing Policy Revolving Door Pass - like the author of the link Donot provided:
https://www.urban.org/urban-wire/fannie-mae-and-freddie-macs-new-pricing-not-punishing-those-better-credit-follow-numbers
Sure looks like a Revolving Door:
https://jaredbernsteinblog.com/not-every-door-is-a-revolving-door-housing-finance-gse-reform-and-the-nyt/
We need Greta Morganstern to write an update article!
Hi Donot,
Thanks for the link from Jim Parrott. I think this may be the first time you ever have actually provided a link?
Hi Familymang, Did you mention in a previous post that you expect the Wazee and Fisher Cases to be appealed to SCOTUS once the EnBanc issues the two Opinions? Ultimately it will be up to a Cert Petition - isnt that what you thought?
It looks like Chief Justic Roberts has primary jurisdiction over COFC appeals? Probably plays out for Cert in 2024 with the possibility to get on the Calendar in 2025?
Great point on the MQD issues regarding the mortgage subsidy.
Here is what Judge Jones said in the 5th Circuit All American Check Cashing decision"
“An administrative agency with extensive executive, legislative, and adjudicative authority and complete budgetary independence has no place in our constitutional system”
https://www.ca5.uscourts.gov/opinions/pub/18/18-60302-CV2.pdf
The All American Check Cashing Opinion and Concurrence by Judge Jones is an extremely good read and a good indication about what an En Banc hearing for Collins in the 5th would entail. Not sure if we are going to be En Banc or a Panel at this point.
Thanks Robert - SCOTUS keeps on moving the right way and all we can do is hope that they will somehow overcome the terrible precedent that they made with Collins and the "Special CONservatorship"
Thanks Robert - really interesting case. Did you realize that the 8th Circuit ruled against the homeowner unanimously? Seems like the GSE Constitutional fairness arguments is getting built brick by judicial brick. This definitely should have some precedent and would seem that it ties in with the unjust enrichment claims in Wazee.
Looks like we should expect a FHFA Report to Congress in June 2023 for the 2022 Calendar Year. In the 2021 Report - the FHFA mentioned the limits on their authority and issues relating to Housing Reform Legislation.
Should be a fun hearing in the House Financial Services Committee.
Right on Commander! Plaintiffs will respond in the Collins case soon and the House GOP have an opportunity to push for their Constitutional rights under the Appropriations Clause. Should know soon how serious they are.
I like "Consider the Parameters of FHFA Authority" - they cant get legislation passed but they can wean the FHFA under the Appropriations Clause if the 5th makes it clear that it Constitutional right of Congress.
Thanks Patswil and Navy
Thanks Glenn - great catch!!. He ties the CFPB and FHFA together nicely and really sets up the separation of powers Appropriations Clause legal foundation. All the House GOP has now is to claim their Constitutional power under the Appropriations clause. Got to believe they will get involved in the Collins litigation in the 5th Circuit as Amicus - really dove tails nicely with Judge Jones concurrence in the All American En Banc proceedings.
This type of logic also probably will help us with a possible SCOTUS appeal from the 5th since the GSE haters will have to decide whether or not they hate Administrative Agency activism or the GSEs more.
Hi JOoa0ky - you were right and Familymang was wrong on this one. Familymang usually have good input but for some reason did not look at the primary source since the Rule was not published until June 2022.
You may be right on how the Capital Budget will be revamped. We should know by the June 30 10Q reporting date about how much of the Capital Budget is going to be made public. It would seem material to the GSE common and JPS but also material to the GSE MBS market since it goes to the core of the implied credit enhancement for potential MBS pool collateral losses.
Really not worth debating but worth being on the lookout for some type of disclosure.
Hi Robert - Warhead said he saw it posted on Youtube on 4/25/23/ Thanks Warhead !
I think you are wrong Familymang. Freddie Mac asked for clarification - this is in the Final Rule:
"Freddie Mac asked FHFA to clarify that the annual May 20 capital plan
submission dates will start in 2023, in the event that the final rule becomes effective
before May 20, 2022, so that they will have sufficient time to prepare their first plan
submission. FHFA agrees that the first plan submission under the final rule will be May
20, 2023. Given the final rule’s publication date and effective date, no changes are
necessary to the rule."
The Final Rule was published 6/3/2022
https://www.fhfa.gov/SupervisionRegulation/Rules/RuleDocuments/Capital%20Planning%20Final%20Rule%20Web%20Ver.pdf
Bring up Bersteins Revolving Door Blog Posts. Greta was right!
Sounds like you should be a political advisor! We should see soon!
Wow! Thanks for that insight Treat_Reason. $ 1500 more in closing costs for 720 to 760 FICO - $ 400,000 borrowers. Not only at the first purchase but on all refis - going forward. Young couple starting out buy a house near a good school $ 1500, 5 years later refinance $ 1500 - 5 years later - $ 1500. - 5 years later $ 1500. If they raise two kids after moving 3 years apart that $ 6000 more in Housing Costs for every couple who worked hard to keep a good but not exceptional credit score. The fact that it tails off for really good credit maybe an IVY League or Elite Class exemption - probably the guy or lady who actually wrote the rule did not want to pay the $ 1500 every five years!
This was probably the set up meeting for the JB Admin Affordable Housing Political Campaign. Dont think the GSEs were ever mentioned - it was not in the opening statements as far as I could see.
If the Warhead Forbes interview is recent seems like there is going to be a part of the reelection campaign.
Nice Find Warhead - when did this come out? After the 23 minute mark - Sandra Thompson must have said "Hold On" several times regarding upcoming affordability programs - when did this interview take place? Otherwise maybe we should "Hold On" for something soon?
When it comes to Housing Policy - First install the right Revolving Door so your friends can get full access
https://jaredbernsteinblog.com/not-every-door-is-a-revolving-door-housing-finance-gse-reform-and-the-nyt/
Jared and Jim Show! Preview of Coming Attractions?
Amicus Brief coming from House Financial Services Committee for Collins Case in the 5th Circuit? All the House GOP really has is the power of the purse currently.
August 2021 article - good article but dated
Hi Glenn,
There is a 9/16 probability that the 5th Circuit will likely void the Liquidation Preference meaning that common will pick up retroactive equity and will accrue new equity 20/80 as time passes. Once this happen time is on the side of common.
Hi Glenn,
Do you have a copy of the Mike Kelly filing due on 4/21?
Thanks - if this is so they will need a lot of legal help and will take quite a lot of time. It will have to made public.
As you said - the Capital Budget is due by May 20th
The hand that feeds up are the investors who have brought lawsuits. We need Ackman to continue to advocated for common shareholders and possibly bring a new lawsuit.
Ackman call them as he sees them. Smart guy with good judgement
Hi Glenn, Are you thinking that the UST would go forward with the Utility Model? If so remember that would require a new entity to be established to hold the UST stake and probably jointly owned by FNMA and FMCC - like Common Securitization Solutions, LLC
https://www.fanniemae.com/newsroom/fannie-mae-news/fannie-mae-freddie-mac-and-common-securitization-solutions-create-single-security
Lots of structuring and they will need an experienced CEO with a lot of legal help.
Diane Yentel and Cato Institute Policy Head to speak at Senate Banking Committee on the 26th
https://www.banking.senate.gov/hearings/building-consensus-to-address-housing-challenges
Good point Navy - I was suprised about how he described the Conservatorship.
Not meant to be Ironic. Bill Ackman would be very smart to re-engage on behalf of GSE shareholders and it would be a very decent thing to do. Hi Bill!! Wish you the best of success in your GSE investment!!
Decent and Smart People LIKE Decent and Smart People
Hi NeoSunTzu
Remember Fabolous Fab!
https://money.cnn.com/2013/08/01/news/companies/tourre-goldman-verdict/index.html
By the way who settled the lawsuits brought against GS itself?
Where did Fabolous Fab get his PhD after all of this?
Kthomp is right about the vote of shareholders in Conservatorship - that is not to say they will not have votes under Delaware law during the stock sale process. At this point shareholders could potentially sue for minority right protections under Delaware law. This is much to uncertain to speculate but it is highly unlikely that shareholders will have no say during the whole of the UST disposition of any equity they will have on exti.
Kthomp is also right about a consensual exchange being offered or negotiated by the JPS holders. The GSEs need CET1 equity and JPS are not. The JPS holders would only agree to an exchange at economically favorable terms.
Kthomp is wrong about the probability of a SPS cramdown. It will probably be voided soon and if that does not happen it will be litigated by a major common shareholder in the future. Shareholders like Ackman can make money on both their JPS AND COMMON and are definitely smarter than UST. If we have a new Admin there will be a major compromise of the SPS Liquidation Pref.