We gotta be honest here: when the substantive portion of an opinion (even an opinion about takings and exactions) begins with, “Congress created the Enterprises to, inter alia, provide liquidity to the mortgage market…” our eyes kind of glaze over. It’s going to be one of those opinions.
But we soldiered on, and slogged through the Federal Circuit’s opinion in Washington Federal v. United States, No. 20-2190 (Feb. 22, 2022). The case is about the 2008 federal takeover of Freddie Mac and Fannie Mae. We won’t go into the details, but the basic allegations in the complaint are that the fed takeover of the entities was an exaction, and a taking.
The Federal Circuit affirmed the Court of Federal Claims’ dismissal, although for other reasons. The CFC thought the plaintiffs missed the 30-day statute of repose applicable to challenging the appointment of a conservator. The Federal Circuit disagreed
Continue Reading CAFED: Fed Takeover Of Fannie Mae & Freddie Mac Not An “Exaction,” Not A Taking




