$FNMA #FANNIEGATE

Posted on March 26, 2018

FHFA moved this evening to intervene in Mr. Voacolo’s lawsuit for the purpose of filing and prosecuting a motion to dismiss.  Mr. Voacolo does not object to FHFA’s request.  A hearing on FHFA’s request to intervene is scheduled for May 7, 2018.  A copy of FHFA’s motion to intervene is attached to this e-mail message.17-cv-05667-0017

 

FHFA delivered its motion to dismiss to Judge Martinotti this evening, and a copy is attached to this e-mail message.  FHFA echoes Treasury’s arguments and adds to them, telling Judge Martinotti that Mr. Voacolo’s lawsuit fails on multiple levels.  FHFA says that when it said “Upon the Director’s determination that the Conservator’s plan to restore the Company to a safe and solvent condition has been completed successfully, the Director will issue an order terminating the conservatorship,” in 2008, that didn’t “purport to make any enforceable promises to shareholders about the timing or outcome of that process.”  FHFA, like Treasury, urges, Judge Martinotti to dismiss Mr. Voacolo’s complaint with prejudice.17-cv-05667-0018

 

Treasury moved to dismiss Mr. Vocolo’s lawsuit this evening, and a copy of Treasury’s memorandum in support of that request is attached to this e-mail message.  Treasury argues that section 4617(f) of HERA bars him from filing suit, and that HERA’s shareholder succession provision further bars him from filing suit.  Even if those provisions of HERA didn’t exist, Treasury says, Mr. Voacolo is still entitled to nothing because he made a voluntary choice to invest in a highly regulated business and because he never paid any money to the government.17-cv-05667-0015-1


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