Fahey v. O'Melveny & Myers Federal Home Loan Bank of San Francisco v. O'Melveny & Myers

I

The essential issues presented on this appeal primarily involve and concern the status and operations of Federal Home Loan Banks. The instant appeal is from one of the many orders made by the lower court in proceedings in the so-called “consolidated cases” (“Mallonee Case” and the “Los Angeles Action”) described in our opinion in Case No. 12,511, 196 F.2d 336 , entitled “Home Loan Bank Board et al. v. Mallonee et al., and consolidated case Federal Home Loan Bank of San Francisco, et al. v. Federal Home Loan Bank of Los Angeles, et al.” For convenience wc shall hereafter refer to the entensive litigation embraced in these consolidated cases as the “main case,” and for a better understanding of the facts and issues involved in this appeal reference should be had to our opinion in the main case. Many important contentions advanced on this appeal were relied on by the same parties in that case and they have stipulated that portions of the printed record in appeal No. 12,511 should be available for reference and utilization in this case. We approved this procedure.

A frequent reference will be made herein to “the Board” or “Board.” As indicated in footnote 3 to our opinion in the…