Fannie Mae-No Politics (FNMA)

[Barrario]

It’s COMING!! Life is Good !
We have a win on FHFA as a government actor, and the distinction between conservatorship and receivership. Here's a sample:

"The Court holds that the Plaintiffs can prove that the GSEs and FHFA as conservator are government actors, and thus, can prove that the Defendants denied Plaintiffs due process by conducting non-judicial foreclosures. This Court is aware that this holding is contrary to every other court to reach the issue. Numerous district courts, as well as the Sixth and D.C. Circuits, have concluded that the Defendants are not government actors for purposes of constitutional claims-a fact the Defendants emphasized throughout their briefing and at oral argument (as well they should have). See, e.g:, Defs.' Reply at 29-33 (listing decisions of other courts)."

"Conservatorship, in contrast [to receivership], serves a different function. FHFA has described the purpose of conservatorship is 'to establish control and oversight of a company to put it in a sound and solvent condition.' Goldman, supra, at 25; accord 12 U.S.C. § 1821(d)(2)(D) (conservator may take action to put entity in "a sound and solvent condition," as well as carry on entity's business and conserve assets); 12 U.S.C. § 4617(b)(2)(D) (same). Conservators, unlike receivers, have a fiduciary duty running to the corporation itself.!.l Goldman, supl'c'?, at 26."

https://ecf.rid.uscourts.gov/cgi-bin/show_public_doc?2017cv0005-39