Fannie Mae, Freddie Mac Litigation Update

Fannie Mae, Freddie Mac Litigation Update
<h4>Fannie Mae</h4> <small>Photo by <a href="[email protected]/2839158592" target="_blank">NCinDC</a> <a rel="nofollow" href="" target="_blank" title="Attribution-NoDerivs License"><img src="" /></a></small>

Fannie Mae, Freddie Mac Litigation Update by Todd Sullivan, ValuePlays.

Peter Chapman notes:

Judge Sweeney entered an order last night memorializing the parties’ agreement to complete jurisdictional discovery by June 29, 2015, and directing the parties to file a status report by Mon., July 13, 2015, letting her know how they want to proceed.  A copy of that order is attached to this e-mail message.

When jurisdictional discovery is completed, Fairholme should then have what it needs to respond to the Government’s motion to dismiss (Doc. 20, filed Dec. 9, 2013) Fairholme’s complaint.  The completion of jurisdictional discovery in Fairholme v. U.S. will also trigger:

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(A) the filing of the Government’s motion to dismiss Arrowood v. U.S.;

(B) setting deadlines for the plaintiffs to file their responses to the Government’s motions to dismiss Cacciapalle v. U.S., Fisher v. U.S., and Washington Federal v. U.S.; and

(C) the filing of the Government’s answers to or motions to dismiss the complaints filed in Rafter v. U.S. and Reid v. U.S.

The Government will likely renew its request to stay further briefing until the D.C. Circuit has ruled on the pending appeals from Judge Lamberth’s decision.  Speaking of those appeals, the parties are awaiting direction from the D.C. Circuit about how many words their appellate briefs may contain.

In early-April we should also see an appeal to the Eighth Circuit from Judge Pratt’s decision in Continental Western v. FHFA.

Additionally, Chapman has put together the definitive Fannie Mae and Freddie Mac litigation primer for us all:

GSE Litigation (pdf)

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Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.

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