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Ruling Allows Disparate Fannie/Freddie Suits to Proceed

A federal court panel has denied a request by the Federal Housing Finance Agency to consolidate the growing number of investor suits challenging the government’s Net Worth Sweep of all Fannie Mae and Freddie Mac profits, clearing the way for several actions to proceed in various jurisdictions.

The ruling by the US Panel on Multidistrict Litigation means federal courts in Delaware, Kentucky, Illinois, and Iowa can lift their stays on the investor suits and proceed with discovery.

The panel’s ruling will also allow investors threatening additional suits over the Net Worth Sweep to proceed independently. The

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Ed Roberts

Ed Roberts

Ed Roberts began reporting for CTFN in September of 2014. Ed specializes in litigation and regulatory matters. He attended and reported on every major antitrust trial of 2015 and 2016, has covered complex multi-jurisdictional cases such as Fannie Mae/Freddie Mac, and has interviewed senior officials at regulatory bodies such as the FTC. Previously, Ed was a Washington-based reporter covering Congress and Wall Street for a variety of publications for more than two decades. His work has appeared in American Banker, US Banker, National Mortgage News, Payment Source, and the Credit Union Journal, which he co-founded, as well as in numerous daily newspapers. He is a former SEC Bureau Chief for States News Service and is a graduate of Boston University’s School of Public Communication.

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