Clauses Bar Challenge Of PSPA Amendment, Federal Parties Argue

Mealey's (October 26, 2020, 2:51 PM EDT) -- WASHINGTON, D.C. — Shareholders’ challenges to a third amendment to preferred stock purchase agreements (PSPAs) entered into between the U.S. Treasury Department and the appointed conservator for Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) are barred by the succession and anti-injunction clauses of the Housing and Economic Recovery Act of 2008 (HERA), federal parties argue in an Oct. 23 reply and response brief filed in consolidated actions pending in the U.S. Supreme Court (Patrick J. Collins, et al. v. Steven T. Mnuchin, et al., No. 19-422, and Steven T. Mnuchin, et al. v. Patrick J. Collins, et al., No. 19-563, U.S. Sup.)....