Nov 30 (Reuters) -
The U.S. government is set to defend next month its so-called “sweep” of Fannie Mae and Freddie Mac profits in the face of lawsuits by private investors in the two mortgage finance giants.
Government lawyers are due to file a brief by Dec. 21 with the U.S. Court of Appeals for the D.C. Circuit responding to plaintiffs who say the sweep, which has sent tens of billions of dollars into federal coffers through a 2012 amendment to Fannie and Freddie’s financial crisis bailout agreement, has amounted to an illegal confiscation.
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