The Traderszone Network

Published in TZ Latest News 14 August, 2014 by The TZ Newswire Staff

Pershing Square sues U.S. over Fannie Mae, Freddie Mac

In a complaint filed on Thursday with the U.S. Court of Federal Claims in Washington, D.C., Pershing is challenging the government’s “brazen” practice since 2012 of funneling virtually all profit from Fannie (FNMA.OB) and Freddie (FMCC.OB) into the U.S. Treasury Department’s coffers. “The net worth sweeps make plaintiffs – and all of the other common shareholders – ‘shareholders’ in name only,” according to the complaint, which three retirees who own Fannie Mae stock have joined as plaintiffs.