Fannie, Freddie, Feds Can't Slip 3 'Net Worth Sweep' Suits

Law360 (September 28, 2018, 9:27 PM EDT) -- A D.C. federal judge allowed part of a trio of lawsuits against Fannie Mae, Freddie Mac and the Federal Housing Finance Agency to advance on Friday, posing a possible threat to the federal government’s profits-harvesting "sweep" of the firms it took over during the financial crisis.

U.S. District Judge Royce Lamberth said Fannie and Freddie shareholders had adequately pled that they could not have foreseen that the government-sponsored entities, or GSEs, would have amended the terms of their federal bailout to give the U.S. Treasury the right from 2012 onward to “sweep up” excess profits and leave other investors with nothing....

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