Justices Warned Of 'Upheaval' In FHFA Constitutionality Case

Law360 (October 19, 2020, 5:41 PM EDT) -- The outside attorney tasked with defending the Federal Housing Finance Agency's constitutionality has warned the U.S. Supreme Court of the potential for "dramatic upheaval" if the justices invalidate the housing regulator's single-director independent structure, arguing that such a ruling could expose the Federal Reserve and other parts of the federal government to legal challenge.

In a brief filed Friday, court-appointed amicus Aaron Nielson waded into a high-stakes appeal over the FHFA and its stewardship of Fannie Mae and Freddie Mac, the mortgage giants that have forked over billions of dollars in profits to the government under an Obama-era amendment to the...

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