Investment group sues U.S. over Fannie, Freddie bailout terms

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Investment group sues U.S. over Fannie, Freddie bailout terms

Investment group sues U.S. over Fannie, Freddie bailout terms

Reuters-

Perry Capital LLC, an investment manager, on Sunday sued the Treasury in federal court in Washington to challenge the 2012 changes of the bailout terms set for government-owned mortgage firms Fannie Mae and Freddie Mac.

The lawsuit alleges that the Treasury and the regulator for Fannie Mae and Freddie Mac violated a 2008 law that put the two mortgage companies into conservatorship as they faced insolvency at the height of the U.S. financial crisis.

The Treasury Department amended the bailout terms last year, forcing Fannie Mae and Freddie Mac to hand over most of their profits to the government, replacing a requirement that the companies pay quarterly dividends of 10 percent on the government’s nearly 80 percent stake.

[REUTERS]

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