$FNMA notes

A U.S. bid to dismiss Fannie-Freddie shareholder lawsuits in the Court of Federal Claims likely won't be decided before 4Q since the parties have agreed to extend a discovery deadline by three months. The new deadline will be end of June, after which the parties must finish filing briefs on the dismissal bid, a process that's likely to last for weeks after the discovery phase ends. Discovery will help the shareholders challenge a Fannie-Freddie bailout amendment, making dismissal less likely than in related suits.

Companies Impacted: Fairholme, Continental Western and units of W.R. Berkley are Fannie-Freddie shareholders impacted as parties to the...

Feb 02, 2015 07:09:36 AM [BI] Chapter: Fannie-Freddie Suits in Court of Federal Claims Fannie-Freddie Court of Federal Claims Timeline to Be Extended Analyst Elliott Z Stein The judge in Fannie-Freddie shareholder suits in the Court of Federal Claims said on Jan. 28 that she may extend a March 27 discovery deadline by as much as four months. The statement is a minor setback for shareholders who asked to limit any extension to two weeks. While the judge said the U.S. wasn't stalling intentionally, a delay may nonetheless help the government avoid producing documents that might have hurt its dismissal arguments in a related Iowa suit. The new discovery deadline will probably be set soon.Companies Impacted: Fairholme, Continental Western and units of W.R. Berkley are Fannie-Freddie shareholders most affected as parties to the...

The judge in Fannie-Freddie bailout suits in the Court of Federal Claims signaled sympathy for the shareholders at a Feb. 25 hearing, which hints she may let the lawsuits survive a U.S. dismissal bid. Judge Margaret Sweeney noted the court's special character as a citizens court and advised the U.S. to increase the shareholders' comfort level with respect to document issues. Sweeney's comments echoed earlier remarks she made that the shareholders must have their day in court to challenge a change in bailout terms.Companies Impacted: Fairholme, Continental Western and units of W.R. Berkley are Fannie-Freddie shareholders impacted as parties to the lawsuit. Pershing is among other shareholders suing in the same court.