$390M Fannie Mae Financing Spat Survives Bid To Toss

Law360, New York (August 13, 2010, 3:07 PM EDT) -- A lawsuit accusing Fannie Mae and ARCS Commercial Mortgage Co. LP of improperly raising fees on a $390 million financing agreement with builder Sun Communities Inc. has survived a motion to dismiss.

Judge Ricardo M. Urbina of the U.S. District Court for the District of Columbia issued the ruling Wednesday, saying the financing agreement was ambiguous regarding whether the defendants were allowed to raise fees.

ARCS originally agreed to provide Sun Communities with $150 million in financing but later agreed to increase the amount to $390...
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