The Supreme Court has been listening to oral arguments via phone in a pivotal case involving the Federal Housing Finance Agency and its oversight of mortgage giants Fannie Mae and Freddie Mac since the 2008 financial crisis. So reports the Associated Press.
The justices reportedly seemed leery of taking up shareholders of Fannie and Freddie on their challenge to a 2012 agreement that has cost the companies more than $245 billion in payments to the government, with Justice Neil Gorsuch reportedly calling the request “hard to swallow.”
The judges were also weighing a claim that the structure of the FHFA, similar to the court’s ruling in a recent case involving the Consumer Financial Protection Board, is unconstitutional because the President can only fire the head of the agency “for cause.”
Read the full article from the Associated Press.