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The information in this section is available via PDF download, hyperlink, or through requesting a hardcopy, depending upon the type of material and licensing agreements. For selections requiring a request for a hardcopy, simply select the box next to the article and complete your mailing information. Check back frequently for new articles and information from FPCM.

March 22, 2010 – The Future of U.S. Housing Finance

In this Issue Brief, Doug Dachille offers an analysis of current practices and a framework for a new approach ahead of Congressional hearings on the federal government’s role in housing finance.

First Principles Market Issues and Analysis - Vol IV No 2
February 25, 2010 – Distressed Mortgage Debt, Housing Finance, and Fed Policy

In this Issue Brief, First Principles’ CEO Doug Dachille examines distressed mortgage debt, the future of housing finance, and Fed policy.

First Principles Market Issues and Analysis - Vol IV No 1
June 08, 2009 – Hedge Fund Regulation: A Practical Approach

In this Issue Brief, Doug Dachille examines recent proposals on the topic of hedge fund regulation and offers his views on the most viable approach. Additionally, Mr. Dachille looks at changes outside of a regulatory framework that will be critical to avoiding future financial crises.

First Principles Market Issues and Analysis - Vol III No 2
March 24, 2009 - Spending, Lending, and Market Mending

In this Issue Brief, First Principles CEO Doug Dachille addresses a financial environment plagued by economic uncertainty and a growing aversion to risk. While acknowledging the role that leverage played in causing this economic crisis, Mr. Dachille evaluates how the government may apply leverage judiciously to induce market participants to increase their risk tolerance to a reasonable level. Additionally, Mr. Dachille discusses the fears and concerns facing individual investors and proposes methods that the government can employ to reduce reticence for these market participants.

First Principles Market Issues and Analysis - Vol III No 1
November 23, 2008 - Stabilization, Stimulation, and Faulty Intervention

In this Issue Brief, First Principles CEO Doug Dachille evaluates the recent government response to the financial crisis and examines how the intervention to date has created several problems that the government will need to address in the near future.

First Principles Market Issues and Analysis - Vol II No 18
October 10, 2008 - Bank Recapitalization: Best Execution

In this October 10th Issue Brief, First Principles CEO Doug Dachille discusses flaws with the TARP and proposed improvements.

First Principles Market Issues and Analysis - Vol II No 17
September 30, 2008 - Rescue Plan Comes Up Short

In this Issue Brief, Doug Dachille evaluates the shortcomings of the proposed rescue plan and offers alternatives to address areas where the plan is lacking.

First Principles Market Issues and Analysis - Vol II No 16
September 10, 2008 - The Aftermath of an Improperly Aimed Bazooka

In this Issue Brief, First Principles CEO Doug Dachille contemplates the consequences of the Fannie Mae and Freddie Mac takeover.

First Principles Market Issues and Analysis - Vol II No 15
September 8, 2008 - Government Takeover of the GSEs Could Have Been Avoided

In this Issue Brief, First Principles CEO Doug Dachille takes a look at the recent government takeover of Fannie and Freddie and examines how this action could have been avoided.

First Principles Market Issues and Analysis - Vol II No 14
September 4, 2008 - The Unprecedented Powers Given to the Treasury Secretary

In this Issue Brief, First Principles CEO Doug Dachille takes an innovative look at how the Treasury Secretary should use the powers granted to him with the passage of the Housing and Economic Recovery Act.

First Principles Market Issues and Analysis - Vol II No 13
August 18, 2008 - Government Intervention and Housing Market Woes

In this recently released Issue Brief from Doug Dachille, CEO of First Principles Capital Management, Doug takes a look at steps that the government can take to restore confidence and equilibrium to the mortgage market while also capturing significant benefits for the taxpayer.

First Principles Market Issues and Analysis - Vol II No 12
July 18, 2008 - GSEs and Housing Market Challenges

In this Issue Brief, First Principles CEO Doug Dachille takes an in depth look at the agency mortgage market, covering the history of the agencies and offering solutions for the challenges that they are facing now and may face prospectively.

First Principles Market Issues and Analysis - Vol II, No. 11
July 10, 2008 - Shedding Light on the Alternative Minimum Tax

In this Issue Brief, Doug Dachille examines the evolution of the Alternative Minimum Tax and the implementation problems that arise from several illogical features within this tax regime. Additionally, Mr. Dachille comments on the implications that the AMT has on investors, specifically in the municipal bond arena.

First Principles Market Issues and Analysis - Vol II, No. 10
June 30, 2008 - Analysis of the June 25 FOMC Announcement

In this issue brief, Doug Dachille examines reactions to the June 25 FOMC announcement.

First Principles Market Issues and Analysis - Vol. II, No. 9
June 23, 2008 - Inflation, Commodities, and Fed Policy

In this Issue Brief, Doug Dachille examines the implications of potential Fed responses to a commodity-driven inflation shock.

First Principles Market Issues and Analysis - Vol. II, No. 8
May 26, 2008 - Borrowers 2 - Investors 0

In this Issue Brief, Doug Dachille examines how a recent Supreme Court decision and new mortgage legislation appear to favor borrowers but are likely to lead to an investor backlash.

First Principles Market Issues and Analysis - Vol. II, No. 7
May 1, 2008 - Combine Proposed Plans for Optimal Solution

Doug Dachille makes the case that the optimal mortgage rescue plan would utilize the best features of two existing proposals.

First Principles Market Issues and Analysis - Vol. II, No. 6
First Quarter 2008 Market Analysis

Doug Dachille recaps several of the major issues affecting the markets in the first quarter of 2008.

First Quarter 2008 Market Analysis
March 24, 2008 - Central Banks, Agency Mortgages, and Economic Recovery

The Fiduciary Duty to Protect Taxpayers’ Capital

First Principles Market Issues and Analysis - Vol. II, No. 5
March 10, 2008 – Fed Challenge is to Address Risk, Not Liquidity

Doug Dachille examines the type of action that the Fed should take to address the most recent issues affecting the fixed income markets.

First Principles Market Issues and Analysis - Vol. II, No. 4
March 6, 2008 – Accounting Confusion Fuels Financial Erosion

Mike Baek looks at how subprime debt may have been the catalyst, but accounting has fueled the fire in the credit crisis.

First Principles Market Issues and Analysis - Vol. II, No. 3
February 26, 2008 - Bond Insures, Banks, and the Role of Accounting Rules

What are the specific implications of bank participation in the bond insurer bailout?

First Principles Market Issues and Analysis - Vol. II, No. 2
February 12, 2008 – Deciphering the Current State of the Bond Insurers

In this Issue Brief, Doug Dachille offers a historical perspective on the bond insurers and explains why they are facing ratings downgrades.

First Principles Market Issues and Analysis - Vol. II, No. 1
December 3, 2007 - Prudent Steps for Helping Subprime Borrowers

A way to avoid moral hazard in helping subprime borrowers…

First Principles Market Issues and Analysis - Vol. I, No. 6
November 2, 2007 – Glass-Steagall Version 2.0

In this Issue Brief, Doug Dachille takes a look at a danger posed by a new type of affiliate inside investment banks.

First Principles Market Issues and Analysis - Vol. I, No. 5
October 22, 2007 - Treasury’s Super Conduit Proposal Has Major Flaws

Simpler, More Transparent and More Immediate Solutions are Needed

First Principles Market Issues and Analysis - Vol. I, No. 4
October 15, 2007 Fed Minutes Show Uncertainty

Doug Dachille notes that the uncertainty at the Fed means that investors should not be at ease and can anticipate an unpredictable environment ahead.

First Principles Market Issues and Analysis - Vol. I, No. 3
September 21, 2007 - Credit Market Analysis

Proposed FHA Changes Would Create Greater Financial Insecurity for Many

First Principles Market Issues and Analysis - Vol. I, No. 2
August 16, 2007-Analysis on Credit Market

Liquidity Woes and Role of the GSEs

First Principles Market Issues and Analysis - Vol. I, No. 1