Fannie Mae and Freddie Mac's Subversion of State Consumer Protection Law under the Guise of HERA : Post-Foreclosure Litigation in Massachusetts
In: 2019; (2019)
Online
Elektronische Ressource
Zugriff:
In 2008, Congress passed the Housing and Economic Recovery Act (HERA) to rescue Fannie Mae and Freddie Mac from financial collapse. HERA created the Federal Housing Finance Agency (FHFA) and authorized it to act as both regulator and conservator of Fannie Mae and Freddie Mac. The statute grants broad immunitiesto FHFA when it is acting as conservator ― from judicial review and from the imposition of penalties, among others. Fannie Mae and Freddie Mac are now invoking these immunities in their own right, and claiming that they should apply to themselves as well in their roles as owners of occupied residential properties. This Article explores this recent development in the context of two areas of litigation in Massachusetts: whether the Non-Profit Buyback Law, M.G.L. c. 244, § 35C, applies to properties owned by Fannie Mae and Freddie Mac, and whether Fannie Mae and Freddie Mac are liable for multiple damages for unfair and deceptive practices under M.G.L. c. 93A. The Article argues that courts have erroneously interpreted HERA by immunizing Fannie Mae and Freddie Mac from liability in both of these contexts. It further argues that this precedent lays a foundation for Fannie Mae and Freddie Mac to flout state consumer protection law throughout the nation. This result is contrary to the express statutory mission of Fannie Mae and Freddie Mac to promote low- and middle-income housing
Titel: |
Fannie Mae and Freddie Mac's Subversion of State Consumer Protection Law under the Guise of HERA : Post-Foreclosure Litigation in Massachusetts
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Autor/in / Beteiligte Person: | Summers, Nicole |
Quelle: | 2019; (2019) |
Veröffentlichung: | [S.l.]: SSRN, 2019 |
Medientyp: | Elektronische Ressource |
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