Press Release
| December 23, 2009
Dewey & LeBoeuf Represents Fannie Mae and Freddie Mac in Treasury’s Acquisition of New Housing Finance Agency Bonds
(Washington, DC, December 23, 2009) — On December 23, using authority provided to the Treasury Department under the Housing and Economic Recovery Act of 2008, Treasury purchased the first round of Fannie Mae and Freddie Mac securities backed by new state and local housing finance agency (HFA) bonds. This HFA initiative is part of the Obama administration's "Homeowner Affordability and Stability Plan" and is aimed at supporting low mortgage rates and expanding resources for low and middle income borrowers to purchase or rent homes that are affordable over the long term. Under the HFA initiative, Treasury may provide up to $35 billion to purchase Fannie Mae and Freddie Mac securities backed by HFA bonds and to provide credit and liquidity to help HFAs remarket their variable-rate debt obligations.
The firm's representation as co-counsel to of Fannie Mae and Freddie Mac is led by New York Counsel Anthony Acevedo, New York Partner Christopher DiAngelo and DC Partner Anna-Liza Harris, supported by New York Associates Courtney Posner and Oscar Stephens, and DC Associate Brandon Hadley.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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