Adverse Market Reaction Fee
Tracking # |
2023-FOIA-017 2020-FOIA-050 |
Submitted | Aug. 25, 2020 |
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Communications
From: John Ricker
To Whom It May Concern:
Pursuant to the Freedom of Information Act, I hereby request the following records:
Any correspondence: text messages, emails, memos, etc. Describing how the 50 bps Adverse Market Reaction game to be, why the date September 1st was chosen, and how 50bps was determined to be fair. Correspondence regarding how it was determined that this adverse market reaction fee would have no impact on the average consumer.
Any research regarding this Adverse market reaction fee.
Any correspondence: text messages, emails, memos, etc. Describing the reason for the delay to December 1st.
The requested documents will be made available to the general public, and this request is not being made for commercial purposes.
I request a complete fee waiver and expedited processing since this is of the utmost interest to the general public as this adverse market reaction fee could cost consumers billions.
In the event that there are fees, I would be grateful if you would inform me of the total charges in advance of fulfilling my request. I would prefer the request filled electronically, by e-mail attachment if available or CD-ROM if not.
Thank you in advance for your anticipated cooperation in this matter.
I look forward to receiving your response to this request within 20 business days, as the statute requires.
Sincerely,
John Ricker
From: Federal Housing Finance Agency
CONTROLLED
Thank you for contacting the Federal Housing Finance Agency's (FHFA) Freedom of Information Act (FOIA) Office. This is an automated message to confirm that your email has been received. All emails will be responded to as soon as possible.
If you are submitting a FOIA request, you will receive a written acknowledgement of receipt once your request has been reviewed. Please note that this office does not handle homeowner/homebuyer issues. Please contact FHFA's Consumer Help Office at consumerhelp@fhfa.gov<mailto:consumerhelp@fhfa.gov> for assistance.
________________________________
Controlled Notice: The information contained in this email and any attachments may be Controlled Unclassified Information subject to dissemination controls, restrictions, or safeguarding requirements pursuant to a federal law, regulation, or policy. Any use, distribution, or copying of this email, including any of its contents or attachments by any person other than those authorized by the Federal Housing Finance Agency, or for any purpose other than its intended use, is strictly prohibited. If you believe you have received this email in error, permanently delete the email and any attachments, and do not save, copy, disclose, or rely on any part of the information contained in this email or its attachments. Please call 202-649-3800 if you have questions.
From: Federal Housing Finance Agency
CONTROLLED
September 8, 2020
Re: FHFA FOIA No.: 2020-FOIA-050
Dear Mr. Ricker:
This confirms receipt of your Freedom of Information Act (FOIA) request, dated August 25, 2020. Your request was received in the Federal Housing Finance Agency (FHFA) FOIA office on August 26, 2020 and assigned the FHFA FOIA request number 2020-FOIA-050. Please refer to this number in any correspondence concerning your request.
You requested the following information:
"Any correspondence: text messages, emails, memos, etc. Describing how the 50 bps Adverse Market Reaction game to be, why the date September 1st was chosen, and how 50bps was determined to be fair. Correspondence regarding how it was determined that this adverse market reaction fee would have no impact on the average consumer. Any research regarding this Adverse market reaction fee. Any correspondence: text messages, emails, memos, etc. Describing the reason for the delay to December 1st.."
You also requested expedited processing. FHFA will grant expedited processing pursuant to the FOIA and FHFA regulation, 12 CFR Part 1202.10, if the request demonstrates a compelling need by establishing one or more of the following:
1. Circumstances in which the lack of expedited treatment could reasonably be expected to pose an imminent threat to the life or physical safety of an individual;
2. An urgency to inform the public about an actual or alleged Federal Government activity (Fannie Mae, Freddie Mac and the Federal Home Loan Banks are NOT the “federal government”) if you are a person primarily engaged in disseminating information;
3. The loss of substantial due process or rights;
4. A matter of widespread and exceptional media interest in which there exist possible questions about the Federal Government’s integrity, affecting public confidence; or
5. Humanitarian need.
Merely stating that “I request…expedited processing since this is of the utmost interest to the general public as this adverse market reaction fee could cost consumers billions.” does not provide sufficient information to grant your request for expedited processing. Therefore, your request for expedited processing is denied and your FOIA request will be processed in the order it was received. You may appeal the FHFA’s decision regarding your request for expedited processing pursuant to FHFA regulation, 12 CFR Part 1202.10(c).
Please note that the FHFA processes requests under a multi-track system (standard and complex). After review of your request, it has been determined that your request will be placed in the complex track. FOIA requests are placed in this track based on the volume and/or complexity of records requested. Currently, your request is number 15 in the request queue.
Your FOIA request is releasable to the public under subsequent FOIA requests. In responding to these requests, FHFA does not release personal information, such as home or email addresses and home or mobile telephone numbers, all of which are protected from disclosure under FOIA Exemption 6 (5 U.S.C. § 552(b)(6)).
If you have any questions regarding the processing of your request, please contact me directly at stacy.easter@fhfa.gov<mailto:stacy.easter@fhfa.gov>.
Sincerely,
Stacy J. Easter
FOIA/Privacy Officer
FOIA Public Liaison
Office of General Counsel | O G C
Federal Housing Finance Agency | F H F A
O: 202.649.3067 | C: 202.604.1024 | stacy.easter@fhfa.gov<mailto:stacy.easter@fhfa.gov>
[cid:image006.jpg@01D685E5.B019BC90] <https://www.fhfa.gov/>
[cid:image008.png@01D685E5.B019BC90] <https://www.youtube.com/channel/UCoKP7Om6nsRkEav9yInFekw> [cid:image009.png@01D685E5.B019BC90] <https://www.linkedin.com/company/fhfa/>
[cid:image010.png@01D685E5.B019BC90] <https://twitter.com/FHFA>
Please note that due to the COVID-19 outbreak, FHFA’s is closed to the public. I will be working remotely during this time, so email is preferred to U.S. Mail.
________________________________
Controlled Notice: The information contained in this email and any attachments may be Controlled Unclassified Information subject to dissemination controls, restrictions, or safeguarding requirements pursuant to a federal law, regulation, or policy. Any use, distribution, or copying of this email, including any of its contents or attachments by any person other than those authorized by the Federal Housing Finance Agency, or for any purpose other than its intended use, is strictly prohibited. If you believe you have received this email in error, permanently delete the email and any attachments, and do not save, copy, disclose, or rely on any part of the information contained in this email or its attachments. Please call 202-649-3800 if you have questions.
From: Federal Housing Finance Agency
CONTROLLED
September 15, 2020
Re: FHFA FOIA No. 2020-FOIA-050
Dear Mr. Ricker:
This letter is in response to your Freedom of Information Act (FOIA) request, dated August 25, 2020. Your request was received in the FOIA office on August 26, 2020 and assigned the Federal Housing Finance Agency (FHFA) FOIA request number 2020-FOIA-050. Please refer to this number in any correspondence concerning your request. Your request was processed in accordance with the FOIA (5 U.S.C. § 552) and the FHFA's FOIA regulation (12 CFR Part 1202).
You requested the following
"Any correspondence: text messages, emails, memos, etc. Describing how the 50 bps Adverse Market Reaction [c]ame to be, why the date September 1st was chosen, and how 50bps was determined to be fair. Correspondence regarding how it was determined that this adverse market reaction fee would have no impact on the average consumer. Any research regarding this Adverse market reaction fee. Any correspondence: text messages, emails, memos, etc. Describing the reason for the delay to December 1st."
A search of FHFA files and records did not locate any records responsive to your request. While Freddie Mac and Fannie Mae (the Enterprises) and/or the Federal Home Loan Banks (FHLBanks) may have responsive documents in their files, our search consisted of FHFA files only.
Unlike FHFA, the Enterprises and the FHLBanks are private entities and are not obligated to comply with a request made under the FOIA. Under the FOIA, only "agency records" are subject to disclosure. The FOIA defines "agency records" as records that are (1) either created or obtained by an agency, and (2) under agency control at the time of the FOIA request. See U.S. Dep't of Justice v. Tax Analysts, 942 U.S. 136, 144 (1989). See also Wolfe v. U.S. Dep't of Health and Human Servs., 711 F.2d 1077, 1081-82 (D.C. Cir. 1983).
In addition, the purpose of the FOIA is to open the actions of government agencies to public scrutiny, not to reveal the inner workings of private entities. FHFA's regulation and conservator responsibilities does not transform the Enterprises and the FHLBanks records into "agency records" subject to the FOIA. Further, FHFA has no duty under the FOIA to search for or request production of documents in the Enterprises and the FHLBanks possession. Nor does the FOIA require the Enterprises' and the FHLBanks to search for responsive information. Judicial Watch, Inc. v. Fed. Housing Fin. Agency, 744 F, Supp. 2d 228, 235 (D.D.C. 2010)(quoting Consumer Fed'n of America v. Dep't of Agric., 455 F.3d 283, 288 (D.C. Cir. 2006))("[U]se is the decisive factor here.").
This is FHFA's final decision on your FOIA request. If you wish to appeal any aspect of FHFA's decision, you must forward within 90 days:
* A copy of your initial request;
* A copy of this letter; and
* A statement of the circumstances, reasons, or arguments for seeking disclosure of the affected record(s).
The appeal must be sent either electronically by 5pm to foia@fhfa.gov or postmarked within 90 days and mail to the "FOIA Appeals Officer" at 400 7th Street, SW, 8th Floor, Washington, DC 20219. The subject line, or the envelope and the letter of appeal, must be clearly marked "FOIA Appeal." Please note that all mail sent to FHFA via the United States Postal Service is routed through a national irradiation facility, a process that may delay delivery by approximately two weeks. For any time-sensitive correspondence, please plan accordingly.
Additionally, you may seek dispute resolution services from the Office of Government Information Services (OGIS) at the National Archives and Records Administration. OGIS can be reached at 8601 Adelphi Road - OGIS, College Park, Maryland 20740-6001; by email at ogis@nara.gov; by telephone at 202-741-5770 or toll free at 1-877-684-6448; or by facsimile at 202-741-5769.
Your FOIA request is releasable to the public under subsequent FOIA requests. In responding to these requests, FHFA does not release personal information, such as home or email addresses, and home or mobile telephone numbers, which are protected from disclosure under FOIA Exemption 6 (5 U.S.C. § 552(b)(6)).
If you have any questions regarding the processing of your request, please contact me directly at stacy.easter@fhfa.gov<mailto:stacy.easter@fhfa.gov>.
Sincerely,
Stacy J. Easter
FOIA/Privacy Officer
FOIA Public Liaison
Office of General Counsel | O G C
Federal Housing Finance Agency | F H F A
O: 202.649.3067 | C: 202.604.1024 | stacy.easter@fhfa.gov<mailto:stacy.easter@fhfa.gov>
[cid:image006.jpg@01D68BA5.12302C60] <https://www.fhfa.gov/>
[cid:image008.png@01D68BA5.12302C60] <https://www.youtube.com/channel/UCoKP7Om6nsRkEav9yInFekw> [cid:image009.png@01D68BA5.12302C60] <https://www.linkedin.com/company/fhfa/>
[cid:image010.png@01D68BA5.12302C60] <https://twitter.com/FHFA>
________________________________
Controlled Notice: The information contained in this email and any attachments may be Controlled Unclassified Information subject to dissemination controls, restrictions, or safeguarding requirements pursuant to a federal law, regulation, or policy. Any use, distribution, or copying of this email, including any of its contents or attachments by any person other than those authorized by the Federal Housing Finance Agency, or for any purpose other than its intended use, is strictly prohibited. If you believe you have received this email in error, permanently delete the email and any attachments, and do not save, copy, disclose, or rely on any part of the information contained in this email or its attachments. Please call 202-649-3800 if you have questions.
From: John Ricker
Hi Stacy,
To confirm, you are stating that there is not a single responsive record within FHFA about directing GSEs to delay the fee to December 1st?
(Please note while the original fee was announced by the Enterprises, FHFA was the one to direct them to delay it)...
Also I personally find it unlikely not a single email Got exchanged regarding the first portion of my request
Thanks,
John
From: Federal Housing Finance Agency
CONTROLLED
John,
I do understanding because I thought the same thing. That is why after FHFA’s Division of Enterprise Regulation informed me that they had no responsive material, I checked FHFA’s main document management system – I still didn’t find anything. The search terms used in that search were “50 bps + adverse market reaction.” In regards to emails, unfortunately we can’t search the entire agency’s emails system. That would require a lot of man power that we do not have. Only after an office informs me that they may have responsive documents can I identify individuals to search. Because I want you to be satisfied with our search, give me until the end of the day tomorrow to see what additional information I can find. My supervisor is out today and I think he would be able to assist me with figuring this out.
Stacy
From: John Ricker
Hi Stacy,
Thank you so much!!
I completely understand and that sounds perfect!
I hope you have a great day!
John
From: Federal Housing Finance Agency
CONTROLLED
I’m still working on this. Will contact you as soon as I hear back from staff.
From: John Ricker
Hi Stacy,
Any update on this?
Thanks!
From: Federal Housing Finance Agency
CONTROLLED
FHFA is still conducting its search – I should know more no later than Monday. Please keep in mind that if documents are found, your request will be placed back in its original location in the request queue, which is currently number 11. Meaning that I won’t be able to review those documents until I finish reviewing the documents for requests ahead of yours. I will keep you updated.
-
~WRD0000
From: Federal Housing Finance Agency
CONTROLLED
FHFA has found some potentially responsive material. As I stated below, your request will be placed back in its original location in the request queue. I will begin reviewing the documents once I finish reviewing the documents for requests ahead of yours.
-
image001
From: John Ricker
Hey Stacy!
Thanks!! Yay some material was found.
Thank you!
John
From: Muckrock Staff
To Whom It May Concern:
I wanted to follow up on the following Freedom of Information Act request, copied below, and originally submitted on Aug. 25, 2020. Please let me know when I can expect to receive a response. You had assigned it reference number #2020-FOIA-050.
Thanks for your help, and let me know if further clarification is needed.
From: Federal Housing Finance Agency
I am currently out of the office, returning on November 4th.
Stacy J. Easter
FOIA/Privacy Officer
From: Federal Housing Finance Agency
Currently, your request is number 7 in the request queue. The timeframe to respond depends on the amount of time it takes to review documents and respond to the requests ahead of yours as well as your request.
From: Muckrock Staff
To Whom It May Concern:
I wanted to follow up on the following Freedom of Information Act request, copied below, and originally submitted on Aug. 25, 2020. Please let me know when I can expect to receive a response. You had assigned it reference number #2020-FOIA-050.
Thanks for your help, and let me know if further clarification is needed.
From: Muckrock Staff
To Whom It May Concern:
I wanted to follow up on the following Freedom of Information Act request, copied below, and originally submitted on Aug. 25, 2020. Please let me know when I can expect to receive a response. You had assigned it reference number #2020-FOIA-050.
Thanks for your help, and let me know if further clarification is needed.
From: Federal Housing Finance Agency
CONTROLLED
I am currently out of the office, returning on January 5th. Happy New Year!
Stacy J. Easter
FOIA/Privacy Officer
________________________________
Controlled Notice: The information contained in this email and any attachments may be Controlled Unclassified Information subject to dissemination controls, restrictions, or safeguarding requirements pursuant to a federal law, regulation, or policy. Any use, distribution, or copying of this email, including any of its contents or attachments by any person other than those authorized by the Federal Housing Finance Agency, or for any purpose other than its intended use, is strictly prohibited. If you believe you have received this email in error, permanently delete the email and any attachments, and do not save, copy, disclose, or rely on any part of the information contained in this email or its attachments. Please call 202-649-3800 if you have questions.
From: Federal Housing Finance Agency
CONTROLLED
Currently, your request is number 10 in the request queue. We will respond as soon as we get to your request.
-
~WRD0000
From: John Ricker
Hi Stacy,
How am I number 10? I thought my last position was number 7 in the queue?
From: Federal Housing Finance Agency
CONTROLLED
I apologize, I was looking at the tracking system not my log. Because I closed your original request and had to reopen it with a different number it shows as number 10 in the system but it is actually number 4 on my request log.
From: John Ricker
Hi, I wanted to follow up on this request,
Thanks,
From: Federal Housing Finance Agency
CONTROLLED
Good afternoon,
We are currently reviewing the responsive documents, containing 1,455 pages.
Regards,
Stacy
Stacy J. Easter
Freedom of Information Act/Privacy Officer
FOIA Public Liaison
Federal Housing Finance Agency
400 7th Street, SW | Washington, DC 20219
Office: 202-649-3067|Cell: 202-604-1024|Fax: 202-649-4067
[cid:image011.png@01D7944E.C36030E0]<http://www.fhfa.gov/> [cid:image013.png@01D7944E.C36030E0] <https://www.youtube.com/channel/UCoKP7Om6nsRkEav9yInFekw> [cid:image014.png@01D7944E.C36030E0] <https://twitter.com/FHFA> [cid:image015.png@01D7944E.C36030E0] <https://www.linkedin.com/company/fhfa/>
From: John Ricker
Hi Stacy,
Fantastic news!
Due to the volume could you release these documents on a rolling basis? Say every 50 or 100 pages? Rather than a mass release,
Thank you,
From: Muckrock Staff
To Whom It May Concern:
I wanted to follow up on the following Freedom of Information Act request, copied below, and originally submitted on Aug. 25, 2020. Please let me know when I can expect to receive a response. You had assigned it reference number #2020-FOIA-050.
Thanks for your help, and let me know if further clarification is needed.
From: Federal Housing Finance Agency
CONTROLLED
Good morning,
I apologize for the delay. I have about 1,000 more pages to review. I hope to get this completed in the next few weeks.
Regards - Stacy
-
~WRD0003
From: Muckrock Staff
To Whom It May Concern:
I wanted to follow up on the following Freedom of Information Act request, copied below, and originally submitted on Aug. 25, 2020. Please let me know when I can expect to receive a response. You had assigned it reference number #2020-FOIA-050.
Thanks for your help, and let me know if further clarification is needed.
From: Federal Housing Finance Agency
CONTROLLED
I am working on your request now. I hope to get a response out to you shortly.
From: Muckrock Staff
To Whom It May Concern:
I wanted to follow up on the following Freedom of Information Act request, copied below, and originally submitted on Aug. 25, 2020. Please let me know when I can expect to receive a response. You had assigned it reference number #2020-FOIA-050.
Thanks for your help, and let me know if further clarification is needed.
From: Federal Housing Finance Agency
CONTROLLED
You will receive FHFA's final response by close of business tomorrow.
-
~WRD0000
From: Federal Housing Finance Agency
CONTROLLED
December 7, 2021
Re: FHFA FOIA No. 2021-FOIA-001 (previously 2020-FOIA-050)
Dear Mr. Ricker:
This letter is in response to your Freedom of Information Act (FOIA) request, dated August 25, 2020. Your request was received in the FOIA office on August 26, 2020 and assigned the Federal Housing Finance Agency (FHFA) FOIA request number 2020-FOIA-050.
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