Fannie Mae and Freddie Mac revenues ticked up in the third quarter, but an increase in net expenses cut into profits. Those expenses included damages and interest awarded to shareholders in Fairholme v. FHFA. (Includes data table.)
Key flubs by defense witnesses may have convinced the jury that the Treasury Department and FHFA had ulterior motives when they agreed to the net worth sweep.
The conservator of Fannie and Freddie argued that the testimonies of two former FHFA directors were irrelevant because they were not at the agency when the Treasury Department agreed to the net worth sweep.
Lenders have chafed at the temporary regulations put in place following the collapse of a Surfside, FL, condo in 2021, but those rules become permanent in September.
Three providers of D&O insurance refuse to pay legal costs associated with a financial crisis-era SEC investigation into Freddie underwriting and risk-management controls for troubled MBS.
By declining to hear the case of Rop v. FHFA, the Supreme Court effectively shut down shareholder hopes of ending the net worth sweep based on the constitutionality of the appointment of FHFA’s director.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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