PERRY CAPITAL LLC v. MNUCHIN

No. 14-5243, Consolidated with 14-5254, 14-5260, 14-5262.

864 F.3d 591 (2017)

PERRY CAPITAL LLC, for and on behalf of investment funds for which it acts as investment manager, Appellant v. Steven T. MNUCHIN, in his official capacity as the Secretary of the Department of the Treasury, et al., Appellees.

United States Court of Appeals, District of Columbia Circuit.

Decided February 21, 2017.

Reissued July 17, 2017.


Attorney(s) appearing for the Case

Theodore B. Olson , Washington, DC, argued the cause for Perry Capital LLC, et al. With him on the briefs were Douglas R. Cox , Matthew D. McGill , Charles J. Cooper , David H. Thompson , Washington, DC, Peter A. Patterson , Ada, MI, Brian W. Barnes , Drew W. Marrocco , Washington, DC, Michael H. Barr , Richard M. Zuckerman , Sandra Hauser , and Janet M. Weiss , New York, NY.

Hamish P.M. Hume , Washington, DC, argued the cause for American European Insurance Company, et al. With him on the briefs were Matthew A. Goldstein , Washington, DC, David R. Kaplan , Amherst, MA, and Geoffrey C. Jarvis , Radnor, PA.

Thomas P. Vartanian , Steven G. Bradbury , Robert L. Ledig , and Robert J. Rhatigan , Washington, DC, were on the brief for amici curiae the Independent Community Bankers of America, the Association of Mortgage Investors, Mr. William M. Isaac , and Mr. Robert H. Hartheimer in support of appellants.

Thomas F. Cullen, Jr. , Michael A. Carvin , James E. Gauch , Lawrence D. Rosenberg , and Paul V. Lettow , Washington, DC, were on the brief for amici curiae Louise Rafter, Josephine and Stephen Rattien, and Pershing Square Capital Management, L.P. in support of appellants and reversal.

Jerrold J. Ganzfried , Washington, DC, and Bruce S. Ross , Los Angeles, CA, were on the brief for amici curiae 60 Plus Association, Inc. in support of reversal.

Eric Grant , Houston, TX, was on the brief for amicus curiae Jonathan R. Macey in support of appellants and reversal.

Thomas R. McCarthy , Arlington, VA, was on the brief for amici curiae Timothy Howard and The Coalition for Mortgage Security in support of appellants.

Myron T. Steele , Dover, DE, was on the brief for amicus curiae Center for Individual Freedom in support of appellants.

Michael H. Krimminger , Washington, DC, was on the brief for amicus curiae Investors Unite in support of appellants for reversal.

Howard N. Cayne , Washington, DC, argued the cause for appellees Federal Housing Finance Agency, et al. With him on the brief were Paul D. Clement , D. Zachary Hudson , Michael J. Ciatti , Graciela Maria Rodriguez , David B. Bergman , Michael A.F. Johnson , Dirk C. Phillips , and Ian S. Hoffman , Washington, DC.

Mark B. Stern , Attorney, U.S. Department of Justice, argued the cause for appellee Steven T. Mnuchin. With him on the brief were Benjamin C. Mizer , Principal Deputy Assistant Attorney General, Beth S. Brinkmann , Deputy Assistant Attorney General, Alisa B. Klein , Abby C. Wright , and Gerard Sinzdak , Attorneys.

Dennis M. Kelleher was on the brief for amicus curiae Better Markets, Inc. in support of appellees and affirmance.

Pierre H. Bergeron , Cincinnati, OH, was on the brief for amicus curiae Black Chamber of Commerce in support of neither party.

Colleen J. Boles , Assistant General Counsel, Kathryn R. Norcross , Senior Counsel, and Jerome A. Madden , Counsel, were on the brief for amicus curiae The Federal Deposit Insurance Corporation in support of FHFA and affirmance.

Dissenting opinion filed by Circuit Judge Brown.


In 2007-2008, the national economy went into a severe recession due in significant part to a dramatic decline in the housing market. That downturn pushed two central players in the United States' housing mortgage market — the Federal National Mortgage Association ("Fannie Mae" or...

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