Panel: FHFA Acted Within Statutory Limits In Entering Into Net Worth Sweep

Mealey's (August 28, 2018, 1:09 PM EDT) -- ST. LOUIS — The Federal Housing Finance Agency (FHFA) did not exceed its statutory powers as conservator to Fannie Mae and Freddie Mac and act arbitrarily and capriciously by agreeing to a net worth sweep with the U.S. Department of Treasury, an Eighth Circuit U.S. Court of Appeals panel ruled Aug. 23 in affirming a federal district court’s dismissal of shareholder lawsuit (Thomas Saxton, et al. v. Federal Housing Finance Agency, et al., No. 17-1727, 8th Cir.)....