Fhfa

I. Factual Background

Plaintiffs-appellees are the Federal Housing Finance Agency (“FHFA”), Federal National Mortgage Association (“Fannie Mae”), and Federal Home Loan Mortgage Corporation (“Freddie Mac”). During the subprime mortgage

** This summary constitutes no part of the opinion of the court. It has been prepared by court staff for the convenience of the reader.

FEDERAL HOUSING FINANCE AGENCY V. SATICOY BAY

crisis, Congress enacted the Housing and Economic Recovery Act of 2008 (“HERA”), Pub. L. No. 110-289, 122 Stat. 2654. HERA created the FHFA, an independent agency that serves as the conservator of Fannie Mae and Freddie Mac (both congressionally chartered entities that own mortgage loans throughout the country). 12 U.S.C. § 4511. HERA prohibits the foreclosure of FHFA property without FHFA’s consent. The provision, known as the Federal Foreclosure Bar, provides, “No property of the [FHFA] shall be subject to levy, attachment, garnishment, foreclosure, or sale without the consent of the [FHFA], nor shall any involuntary lien attach to the property of the [FHFA].” 12 U.S.C. § 4617(j)(3).

Defendant-appellant, Saticoy Bay LLC, is a Nevada limited liability company…