Ralph Nader Returns to Fannie and Freddie Shareholder Fight
The Street - October 8, 2014 - October 8, 2014
The Street, By Dan Freed
Ralph Nader has rejoined the fight pitting Fannie Mae (FNMA) and Freddie Mac (FMCC) shareholders against the government.
The well-known consumer advocate and sometime presidential candidate became a last minute addition to a conference call hosted Tuesday by Fannie and Freddie shareholder advocacy group Investors Unite.
Fannie and Freddie shares are down nearly 40% from where they were a week ago before a U.S. District Court judge threw out four lawsuits claiming the federal government illegally forced Fannie and Freddie to pay the Treasury nearly all of its profits, leaving regular shareholders with nothing. The lawsuits, brought by shareholders including Fairholme Funds and Perry Capital, contended that the so-called “sweep” was a violation of their Fifth Amendment rights against the seizure of private property for public use without just compensation.
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