Justices Told FHFA's Structure Not Fatal To Profit Sweep

Law360 (October 26, 2020, 8:03 PM EDT) -- The Trump administration told the U.S. Supreme Court on Friday that while the Federal Housing Finance Agency's single-director independent leadership structure is unconstitutional, that's no reason to strike down the government's so-called net worth sweep of Fannie Mae and Freddie Mac as investors in the two mortgage giants are insisting.

In a brief to the high court, the U.S. Department of Justice said the for-cause removal protection given to the FHFA's sole director does violate the separation of powers, agreeing with a group of Fannie and Freddie investors that have attacked the agency's structure as nearly identical to the one the...

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