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Judge Seeks More on GSE Profit Sweep

first_img The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Home / Daily Dose / Judge Seeks More on GSE Profit Sweep Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea  Print This Post Previous: Plywood vs. Clearboard: What is the Solution? Next: DS News Webcast: Tuesday 5/31/2016 Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: GSE Profit Sweep Lawsuits Net Worth Sweep May 30, 2016 3,196 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago GSE Profit Sweep Lawsuits Net Worth Sweep 2016-05-30 Brian Honeacenter_img Related Articles in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Judge Seeks More on GSE Profit Sweep Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Depositions unsealed last month showed that key officials at the GSEs may have known they were about to be profitable in 2012. Now the judge wants to see more.A federal judge ordered the unsealing of seven previously sealed depositions related to the sweeping of GSE profits into Treasury (the Net Worth Sweep) with results that sparked an industry-wide discussion over whether the government knew that the GSEs were about to become profitable in 2012 at the time the Net Worth Sweep was enacted.Now Judge Margaret Sweeney in the U.S. Court of Federal Claims, who is presiding over Fairholme Funds’ lawsuit against the government over the Net Worth Sweep, has stated that she wants to review all the documents that the government has kept private to this point regarding any litigation over the government’s conservatorship of Fannie Mae and Freddie Mac, according to a blog post from Investors Unite is a coalition of private investors committed to the preservation of shareholder rights for all invested in the GSEs.Fairholme Funds, a Florida-based mutual fund that is one of the biggest GSE investors, sued the government in 2013 over the profit sweep, and the suit is still pending. Fairholme’s suit is one of approximately two dozen lawsuits filed against the government by shareholders of Fannie Mae and Freddie Mac over the Net Worth Sweep.“Judge Sweeney made clear in unsealing seven documents last month that sparing public servants from embarrassment is not a reason to hide the operations of government from the public,” the blog post on Investors United reads. “Indeed, these recent revelations go to more serious issues at the heart of litigation over the Sweep—the rule of law and transparency in government.”The question of whether or not the government was invoking executive privilege by keeping documents related to the Net Worth Sweep sealed was first brought up by U.S. Sen. Chuck Grassley (R-Iowa) in April 2015. The topic was recently revisited in a white paper by law professorSaikrishna Bangalore Prakash.“Indeed, these recent revelations go to more serious issues at the heart of litigation over the Sweep—the rule of law and transparency in government.”Investors UniteAccording to Investors Unite, the documents released in the last two weeks contain even more hints that government officials knew about the pending profitability of the GSEs when the bailout agreement was amended in August 2012. The blog post cites Jim Parrott, who in 2012 was a senior adviser in the White House on housing policy, sending an email to senior officials at Treasury the day the Net Worth Sweep was announced stating that diverting Fannie’s and Freddie’s profits would eliminate “the possibility that they ever go (pretend) private again.”Lawyers for the government have claimed that the GSEs were in the midst of a “death spiral” in the years immediately following their combined $187.5 bailout in 2008, and that the Net Worth Sweep was enacted in order to protect taxpayers. Investors Unite notes, however, that the newly unsealed documents point out that in 2012 just before the Net Worth Sweep began, Fannie Mae executives characterized the next eight years as the “the golden years of GSE profitability.”Indeed, 2012 was the first year of profitability for the GSEs after the bailout and they have remained profitable since (though Freddie Mac has taken a loss in two of the last three quarters). Under the pre-August 2012 terms of the bailout agreement, the GSEs were required to pay only a 10 percent dividend on their draw from Treasury.The documents that Sweeney has ordered unsealed in the last two weeks can be viewed by clicking here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more


May 31, 2021 0

Time called on failing college bar

first_imgHealth and safety inspectors have closed St Peter’s college bar after “significant failings” were unearthed during the summer, leading to the bar manager’s departure.The bar, which was managed by the College rather than the JCR, failed a random health and safety inspection during the summer vacation and has subsequently been declared a health hazard, unfit to serve food and drink to students. Its closure prompted the departure of the manager, Nick Tilley, who declined to comment and is now working at St John’s College. The College’s Domestic Bursar, Jean Wright, also refused to comment.Members of the JCR have taken matters into their own hands to ensure that its closure will not have a negative impact on Freshers’ Week by setting up a temporary bar until it reopens in January next year.One third-year St Peter’s student criticised the College’s neglect of the bar, accusing them of “seriously neglecting their responsibilities by allowing the bar to become, and continue to be, unfit to serve students.”Another student at St Peter’s added, “This raises questions about why the College allowed the bar to get into such a state.”St Peter’s JCR President, Joel Mullan, agreed that the situation had resulted from negligence on the part of the College, but was positive that a temporary student-run bar would provide a satisfactory solution.”The bar should not have been allowed to reach this stage of disrepair, and it’s unfortunate that these problems were not discovered earlier so that the work could have been completed during the vacation. Whilst a temporary bar is not ideal, we are making the best of a bad situation.”Despite the temporary solution, third-year student Matthew Sherman said he felt that the bar’s closure would still have a negative impact on Freshers’ Week. “The bar was a big part of the social life of the College, so this is a shame for all of us, but especially the freshers. The bar was certainly important for me in my early days at Oxford for meeting people and settling in,” he said.During Freshers’ Week, the temporary bar will be located in a marquee on the College’s Hannington Quad, before being moved to a small room between the St Peter’s JCR and gym.Second-year St Peter’s student Kris Doyle, who is helping to run the temporary bar, is confident that the disruption to new students’ social lives will be minimal. “While the closure of the bar was unexpected it will not prove to be a problem. A dedicated group of students have rallied to ensure that there will be a college bar of some description and that the freshers will still have the same opportunity to get drunk as generations of previous St Peter’s students,” he said.”Far from being an outright negative, this turn of events has brought many of the current students together in order to preserve an essential part of college life and ensure that the new students feel the same sense of community spirit that the rest of us felt in our first few days.”When the bar re-opens in January after renovation, it will be managed by students at St Peter’s.last_img read more


May 3, 2021 0