Fannie, Freddie Investors Wrong On DC Circ. Order, Feds Say

By Jon Hill (June 5, 2017, 4:14 PM EDT) -- The Federal Housing Finance Agency and the U.S. Department of the Treasury urged the D.C. Circuit on Friday not to modify its ruling in an investor suit challenging the government's sweep of profits from Fannie Mae and Freddie Mac, telling the court that the investors are pushing a mistaken notion of what stock is.

Investors have asked the D.C. Circuit to review what a three-judge panel told a lower court in February when it remanded their breach of implied covenant claim with instructions to evaluate whether the profit sweep violated the reasonable expectations that investors had whenever they purchased stock in...

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