According to the lawsuit filed in U.S. District Court in Beltsville, Maryland, Fannie Mae and Freddie Mac are not qualified for the governmental exemption because they have been federally chartered, publically traded, private-stock corporations since 2003, as opposed to “agencies, department or instrumentalities of the United States” for any time applicable to the claims made in the complaint.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Fannie Mae and Freddie Mac own or guarantee $5.2 trillion (trillion with a “T”) in mortgages and back more than two thirds of mortgages currently being originated.” Most people are unaware of how these two corporations are involved in so many loans. The corporations seem to enjoy the benefits of governmental perks coupled with the benefits of being a publically traded corporation. Mr. Broderick adds that “The rules should be consistently applied. Fannie and Freddie seem to want it both ways. Somebody has to pay the tab. If the government gets a free ride, it usually results in the taxpayer picking up the tab. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the government to protect them from the banks.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com
Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud