Iowa Investors Sue US Over Fannie, Freddie ‘Profit Sweep’
Law360, New York (May 29, 2015, 9:05 PM EDT) -- Three Fannie Mae and Freddie Mac investors sued the Federal Housing Finance Agency and the Department of the Treasury in Iowa federal court Thursday in the latest case claiming the government illegally altered its bailout deal to pocket the mortgage finance companies' profits.
The plaintiffs said the Treasury and the FHFA in 2012 executed a “Net Worth Sweep” of profits from Fannie and Freddie, which had been placed under the FHFA’s conservatorship and bailed out with Treasury investments in September 2008. With the housing market improving in 2012, the plaintiffs said, the Treasury ordered Fannie and Freddie to turn over their...
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