Fannie Mae Court Updates

Fannie Mae Court Updates
By User:AgnosticPreachersKid (Own work) [CC BY-SA 3.0], via Wikimedia Commons

The wheels of justice turn slowly but recent turns have advanced the cause of Fannie Mae and Freddie Mac shareholders. In addition, the U.S. Supreme Court could decide by the end of the year to take up a cert petition to review challenges to the Net Worth Sweep.

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In an Investors Unite teleconference Wednesday, David H. Thompson, a managing partner at Cooper and Kirk, shared his observations following oral arguments he presented in Chicago on Tuesday in Roberts vs. FHFA. He also offered thoughts on the latest development in the pursuit of documents the government has tried to keep locked away and other cases working their way through state and federal courts in various states.

Thompson, who is also representing investors with Fairholme Funds in their challenge of the Sweep, said the recent decision by U.S. Court of Federal Claims Judge Margaret Sweeney to allow plaintiff attorneys to access in a “quick peek” process some 9,000 documents still under protective order should also help shareholders. Documents that have been made public to date have revealed government officials proudly devising ways to strip Fannie and Freddie of revenues. Thompson noted that in protracted efforts to access information, the last documents to come to light are often those that contain the most useful information.

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Meanwhile, in Minnesota, a ruling is likely later this year in a suit in which a group of investors contend the structure of FHFA is unconstitutional. In addition, Perry Capital has asked the U.S. Supreme Court to take up the issue of whether FHFA and Treasury exceeded their authority in the Net Worth Sweep. Briefs are due by the second half of December and the high court should announce by mid-January whether it will make consider the request. “If so, buckle up your seatbelts,” Thompson said.

To listen to a replay of the Wednesday’s teleconference, click here.

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