July 10, 2015 / 7:39 PM / 2 years ago

Freddie, Fannie profit sweep called threat to financial stability

(Reuters) - Letting the U.S. government seize Fannie Mae and Freddie Mac profits without a judicial review would unleash “a new species of government intervention” and threaten financial market stability, lawyers for two financial trade groups said.

In a friend of the court brief filed on Monday, lawyers for the groups said a U.S. District Court decision upholding the profit sweep of mortgage finance firms Fannie and Freddie is a road map for government overreach and a disregard of property rights. The brief was filed by lawyers at Dechert for the Independent Community Bankers of America and the Association of Mortgage Investors.

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