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U.S. sued by Ackman over Fannie and Freddie

  • Bill Ackman's Pershing Square has sued the U.S. government, claiming that its stripping of Fannie Mae's (OTCQB:FNMA) and Freddie Mac's (OTCQB:FMCC) profit illegally short changes investors in the mortgage companies' common stock.
  • Hedge funds have previously sued the government over the two, although most of those lawsuits focused on the companies' preferred stock.
  • Pershing is accusing the government's "brazen" practice since 2012 of funneling virtually all profit from Fannie and Freddie to the U.S. Treasury Department.
  • Previously: Ackman reportedly leading another suit over GSEs

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Federal National Mortgage Association