New Federal Housing Finance Agency (FHFA) acting director Joseph Otting will not defend the constitutionality of the agency in a case brought by three Fannie Mae and Freddie Mac shareholders and being heard in an appellate court where the Consumer Financial Protection Bureau’s constitutionality also is being challenged.
The plaintiffs sued over a 2012 agreement between the FHFA and the Treasury Department requiring the government-sponsored enterprises (GSEs) to pay quarterly dividends equal to their entire net worth to the Treasury.
Read on for details from the FHFA’s recent court brief.
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