Treasury Stole Fannie Mae, Freddie Mac Stock, 7th Circ. Told
Law360, Chicago (October 30, 2017, 9:07 PM EDT) -- A pair of Fannie Mae and Freddie Mac shareholders asked the Seventh Circuit on Monday to revive their suit against the U.S. Department of the Treasury, claiming the Treasury used the companies’ financial struggles to funnel all of their stock’s value into government coffers.
Shareholders Christopher Roberts and Thomas Fischer told the appellate court the Treasury Department violated the Housing and Economic Recovery Act of 2008 when it colluded with the Federal Housing Finance Agency to set up a bailout that requires Freddie Mac and Fannie Mae to pay the Treasury quarterly dividends equal to their entire net worth, stripping the...
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