RANIERI PARTNERS MANAGEMENT, LLC

Discussions with White House, FHFA staff and the FHFA Director on issues that included guarantee fees for Fannie Mae and Freddie Mac, and the proposed private mortgage insurance eligibility standards. In addition there were discussions about access to credit, current market conditions, mortgage servicing rights and capital for non-banks and the need to move to a single security for both Fannie Mae and Freddie Mac. Legislative activity related to GSE reform, and the committee markup of Johnson Crapo S.1217

Client expense: — · Firm income: $20,000

Matched citations: S.1217

There were meeting and discussions concerning Johnson Crapo legislation and specifically the markup of S. 1217 Housing Finance Reform and Taxpayer Protection Act of 2013. .Meeting with FHFA staff following the release of the scorecard and included a discussion of rent with the option to own.

Client expense: — · Firm income: $20,000

Matched citations: S. 1217

Discussions with treasury and other groups on next steps necessary to restore a affective private label mortgage securities market. There have been extensive discussions concerning GSE reform proposals particularly the Johnson Crapo amendment to S.1217 with industry participants and congressional staff. Discussion on issues and the agenda of FHFA. Discussions with CFPB staff on needed clarifications regarding qualified mortgages specifically changes to the affiliate title as it relates to the 3%.

Client expense: — · Firm income: $30,000

Matched citations: S.1217

There were discussions with FHFA staff and Treasury concerning an array of issues including the common securitization platform, loan limits and ongoing efforts to restart the non-agency securitization market. There were meetings and discussions concerning GSE reform proposals with FHFA, Treasury industry executives, Members of Congress and congressional staff. These meeting included discussions of the key legislative proposals, Corker Warner S.1217 and PATH Act H.R.2767. There were also discussions about confirmation of a new director of FHFA. Met with CFPB senior staff on several occasions to discuss needed clarifications to the qualified mortgage rule. Specifically changes to affiliate title as it relates to the 3% cap whether it is achieved regulatory thru the CFPB or legislatively thru H.R.1077/S.949.

Client expense: — · Firm income: $30,000

Matched citations: H.R.1077

There were discussions with FHFA staff and Treasury concerning an array of issues including the common securitization platform, loan limits and ongoing efforts to restart the non-agency securitization market. There were meetings and discussions concerning GSE reform proposals with FHFA, Treasury industry executives, Members of Congress and congressional staff. These meeting included discussions of the key legislative proposals, Corker Warner S.1217 and PATH Act H.R.2767. There were also discussions about confirmation of a new director of FHFA. Met with CFPB senior staff on several occasions to discuss needed clarifications to the qualified mortgage rule. Specifically changes to affiliate title as it relates to the 3% cap whether it is achieved regulatory thru the CFPB or legislatively thru H.R.1077/S.949.

Client expense: — · Firm income: $30,000

Matched citations: H.R.2767

Met with Senator Stabenow staff on the extension of the mortgage debt cancellation provision. Senator Stabenow and Heller and Heller have introduced S.1187 the Mortgage Forgiveness Tax Relief Act.

Client expense: — · Firm income: $30,000

Matched citations: S.1187

There were discussions with FHFA staff and Treasury concerning an array of issues including the common securitization platform, loan limits and ongoing efforts to restart the non-agency securitization market. There were meetings and discussions concerning GSE reform proposals with FHFA, Treasury industry executives, Members of Congress and congressional staff. These meeting included discussions of the key legislative proposals, Corker Warner S.1217 and PATH Act H.R.2767. There were also discussions about confirmation of a new director of FHFA. Met with CFPB senior staff on several occasions to discuss needed clarifications to the qualified mortgage rule. Specifically changes to affiliate title as it relates to the 3% cap whether it is achieved regulatory thru the CFPB or legislatively thru H.R.1077/S.949.

Client expense: — · Firm income: $30,000

Matched citations: S.1217

There were discussions with FHFA staff and Treasury concerning an array of issues including the common securitization platform, loan limits and ongoing efforts to restart the non-agency securitization market. There were meetings and discussions concerning GSE reform proposals with FHFA, Treasury industry executives, Members of Congress and congressional staff. These meeting included discussions of the key legislative proposals, Corker Warner S.1217 and PATH Act H.R.2767. There were also discussions about confirmation of a new director of FHFA. Met with CFPB senior staff on several occasions to discuss needed clarifications to the qualified mortgage rule. Specifically changes to affiliate title as it relates to the 3% cap whether it is achieved regulatory thru the CFPB or legislatively thru H.R.1077/S.949.

Client expense: — · Firm income: $30,000

Matched citations: S.949

1.Ongoing discussions with CFPB staff concerning issues related to the qualified mortgage regulations of Dodd Frank. Specifically, changes to the treatment of affiliate title as it relates to the 3% cap. This same affiliate title issue is included in H.R. 1077/ S.949. Additionally, there were several meetings and conversations concerning needed clarifications relating to qualified mortgage impacts on the non-agency market. 2. There are now several pieces of legislation that would reform the government-sponsored enterprises Fannie Mae and Freddie Mac. This quarter there has been significant industry input provided on both Corker Warner S. 1217 and the PATH act H.R.2767.

Client expense: — · Firm income: $30,000

Matched citations: H.R. 1077

Met with house financial services staff concerning provisions related to H. R. 2767 Protecting American Taxpayers and Homeowners Act (PATH) including issues concerning FHA single and multi family programs. In addition discussed the provisions that would prohibit the utilization of eminent domain to restructure mortgages.

Client expense: — · Firm income: $30,000

Matched citations: H. R. 2767

1.Ongoing discussions with CFPB staff concerning issues related to the qualified mortgage regulations of Dodd Frank. Specifically, changes to the treatment of affiliate title as it relates to the 3% cap. This same affiliate title issue is included in H.R. 1077/ S.949. Additionally, there were several meetings and conversations concerning needed clarifications relating to qualified mortgage impacts on the non-agency market. 2. There are now several pieces of legislation that would reform the government-sponsored enterprises Fannie Mae and Freddie Mac. This quarter there has been significant industry input provided on both Corker Warner S. 1217 and the PATH act H.R.2767.

Client expense: — · Firm income: $30,000

Matched citations: H.R.2767

1.Ongoing discussions with CFPB staff concerning issues related to the qualified mortgage regulations of Dodd Frank. Specifically, changes to the treatment of affiliate title as it relates to the 3% cap. This same affiliate title issue is included in H.R. 1077/ S.949. Additionally, there were several meetings and conversations concerning needed clarifications relating to qualified mortgage impacts on the non-agency market. 2. There are now several pieces of legislation that would reform the government-sponsored enterprises Fannie Mae and Freddie Mac. This quarter there has been significant industry input provided on both Corker Warner S. 1217 and the PATH act H.R.2767.

Client expense: — · Firm income: $30,000

Matched citations: S. 1217

1.Ongoing discussions with CFPB staff concerning issues related to the qualified mortgage regulations of Dodd Frank. Specifically, changes to the treatment of affiliate title as it relates to the 3% cap. This same affiliate title issue is included in H.R. 1077/ S.949. Additionally, there were several meetings and conversations concerning needed clarifications relating to qualified mortgage impacts on the non-agency market. 2. There are now several pieces of legislation that would reform the government-sponsored enterprises Fannie Mae and Freddie Mac. This quarter there has been significant industry input provided on both Corker Warner S. 1217 and the PATH act H.R.2767.

Client expense: — · Firm income: $30,000

Matched citations: S.949

Meeting with HUD multifamily staff including the Deputy Assistant Secretary for Multifamily to introduce Situs and discuss how it could assist the department with servicing, other multi family processing and organizational issues. Participated in a meeting with the director of the CFPB and Congressional meetings concerning the qualified mortgage rule and its impact on the marketplace. Specifically, worked with consumer groups and trade organizations on the affiliate title issue and H.R. 1077/S.949, the Consumer Mortgage Choice Act, how affiliate title fees should be counted within the qualified mortgage rule Participated in a trade organization meeting with staff from the CFPB staff regarding issues and questions relating to ability to repay (ATR ) and the qualified mortgage ( QM ) rule and how it impacted the non-agency market.

Client expense: — · Firm income: $30,000

Matched citations: H.R. 1077

Discussed GSE reform S.1217 and Secondary market issues including the current state of the non-agency market.

Client expense: — · Firm income: $30,000

Matched citations: S.1217

Meeting with HUD multifamily staff including the Deputy Assistant Secretary for Multifamily to introduce Situs and discuss how it could assist the department with servicing, other multi family processing and organizational issues. Participated in a meeting with the director of the CFPB and Congressional meetings concerning the qualified mortgage rule and its impact on the marketplace. Specifically, worked with consumer groups and trade organizations on the affiliate title issue and H.R. 1077/S.949, the Consumer Mortgage Choice Act, how affiliate title fees should be counted within the qualified mortgage rule Participated in a trade organization meeting with staff from the CFPB staff regarding issues and questions relating to ability to repay (ATR ) and the qualified mortgage ( QM ) rule and how it impacted the non-agency market.

Client expense: — · Firm income: $30,000

Matched citations: S.949

There were meeting with Senators and staff that discuss the current condition of the mortgage market, the impact of Dodd Frank regulations on the cost of credit, and specifically the impact of the proposed Qualified Mortgage Rule on the non agency market. A meeting with CFPB staff on issues and potential solutions and needed clarifications concerning the proposed qualified mortgage rule. Among the issues discussed including the title fees for an affiliate and some of the other items in HR 1077. Met with the FHA Commissioner on a number of program and policy issues concerning the FHA single-family program.

Client expense: — · Firm income: $30,000

Matched citations: HR 1077

Discussed S. 3085, Responsible Homeowner Refinancing Act of 2012 with executive branch staff. Meet with FHA about Non-performing loan program, as well as working with GNMA executive on a mini pool execution. Spoke to FHFA staff about rep and warrants as well as servicing issues. Spoke to House staff about FHA Emergency Fiscal Solvency Act of 2012 HR 4264 and S.3085

Client expense: — · Firm income: $30,000

Matched citations: HR 4264

Credit Risk Retention - HR 4173 Dodd-Frank Wall Street Reform & Consumer Protection Act

Client expense: — · Firm income: $30,000

Matched citations: HR 4173