After the Housing Crisis, a Cash Flood and Silence
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After the Housing Crisis, a Cash Flood and Silence
By Gretchen Morgenson
On Aug. 17, 2012, the federal government began expropriating all the earnings of Fannie Mae and Freddie Mac, the mortgage finance giants that succumbed to the 2008 crisis.
Now the government is taking extraordinary measures to keep secret the deliberations surrounding that action. What exactly is it trying to hide?
That is the question being asked by a Fannie and Freddie shareholder who has sued the government over the 2012 profit grab. The investor contends that the move amounted to an improper taking of its property; the government disagrees.
Margaret M. Sweeney, a judge in the Court of Federal Claims, will determine who is right. But in the meantime, consider the remarkable secrecy demands that the government has made in the matter.
