JACOBS v. FEDERAL HOUSING FINANCE AGENCY

No. 17-3794.

908 F.3d 884 (2018)

David JACOBS; Gary Hindes, Appellants v. FEDERAL HOUSING FINANCE AGENCY, in its Capacity as Conservator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; United States Department of the Treasury; Federal National Mortgage Association; Federal Home Loan Mortgage Corporation.

United States Court of Appeals, Third Circuit.

Filed: November 14, 2018.


Attorney(s) appearing for the Case

Christopher N. Kelly, Esq. , Michael A. Pittenger, Esq. [ARGUED], Alan R. Silverstein, Esq. , Potter Anderson & Corroon, 1313 North Market Street, 6th Floor, Wilmington, DE 19801, Myron T. Steele, Esq. , Potter, Anderson & Corroon, 800 North State Street, Suite 401, Dover, DE 19901, Counsel for Appellants.

David B. Bergman, Esq. , Howard N. Cayne, Esq. [ARGUED], Ian S. Hoffman, Esq. , Dirk Phillips, Esq. , Asim Varma, Esq. , Arnold & Porter Kaye Scholer, 601 Massachusetts Avenue, N.W., Washington, D.C. 20001.

Robert C. Maddox, Esq. , Robert J. Stearn, Jr., Esq. , Richards Layton & Finger, 920 North King Street, One Rodney Square, Wilmington, DE 19801, Counsel for Appellee Federal Housing Finance Agency.

Gerard J. Sinzdak, Esq. [ARGUED], Abby C. Wright, Esq. , United States Department of Justice, Civil Division, 950 Pennsylvania Avenue, N.W., Washington, D.C. 20530, Counsel for Appellee United States Department of Treasury.

Robert C. Maddox, Esq. , Robert J. Stearn, Jr., Esq. , Richards Layton & Finger, 920 North King Street, One Rodney Square, Wilmington, DE 19801, Meaghan M. Vergow, Esq. , O'Melveny & Myers, 1625 I Street, N.W., Washington, DC 20006, Counsel for Appellee Federal National Mortgage Association.

Michael J. Ciatti, Esq. , King & Spalding, 1700 Pennsylvania Avenue, N.W., Suite 200, Washington, D.C. 20006, Robert C. Maddox, Esq. , Robert J. Stearn, Jr., Esq. , Richards Layton & Finger, 920 North King Street, One Rodney Square, Wilmington, DE 19801, Counsel for Appellee Federal Home Loan Mortgage Corporation.

Before: HARDIMAN, KRAUSE, and BIBAS, Circuit Judges.


OPINION OF THE COURT

In 2008, the U.S. government strove to rescue the collapsing economy. Its extreme measures helped many, but others suffered as a result. One of the rescue measures, the Housing and Economic Recovery Act, authorized the government to act as conservator...

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