Fannie-Freddie Profit Sweep Draws U.S. Supreme Court Review

(Bloomberg) — The U.S. Supreme Court agreed to decide whether investors can challenge the 2012 agreements that let the federal government collect hundreds of billions of dollars of Fannie Mae and Freddie Mac’s profits.The justices said they will hear an appeal by President Donald Trump’s administration of a ruling that would force the government to defend against a shareholder lawsuit. The investors say the agreements exceed the authority of the Federal Housing Finance Agency, which regulates the two mortgage giants.Fannie jumped 9% to $2.29 in New York trading as of 2:23 pm. Freddie also rose 9% to $2.28. A ruling …read more

Source:: Yahoo Finance