High Court Powers Up Fannie-Freddie Case Hinged on Presidential Powers
June 23, 2021
Congress designed the Federal Housing Finance Agency in violation of separation-of-powers rules, the Supreme Court ruled Wednesday, putting wind in the sails of a shareholder class action against Fannie Mae and Freddie Mac implicating billions of federal dollars.
Fannie Mae and Freddie Mac shareholders Patrick Collins, Marcus Liotta and William Hitchcock brought the case here two years ago, taking aim at congressional rules outlining how the Federal Housing Finance Agency operates and how its director can be removed.