Richard Perry’s Perry Capital Seeks Injunction against Treasury’s Fannie Mae Profit Grab

July 10th, 2013
| More
Perry Capital LLC founder, Richard Perry, is leading the fight against U.S. Treasury Department’s attempts to subordinate Fannie Mae investors’ profits to the taxpayer bailout recovery. As reported by Bloomberg News, Perry Capital has filed suit in the U.S. District Court for the District of Columbia seeking to stop the U.S. Treasury from using a “third amendment” to change the terms of the preferred securities it purchased in its bailout of Fannie Mae and Freddie Mac. The changes would effectively allow the government to seize all of the profits from Fannie Mae and Freddie Mac, leaving investors in a subordinated position and effectively rendering their investments valueless.

Counsel for the plaintiffs has expressed the view that such a move would be a blatant overreach by the government and illegal. With the use of the third amendment, the government’s dividend take this year was over $66 billion as compared to $4.7 billion which it would have otherwise received.
For Detailed Investor Profiles on these Investors, click below:
Perry Capital
Related People: Paul Leff; Richard Perry
Related Entities: Perry Corp.; Perry Partners
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News

More Recent Headlines

Millennium Management LLC Gains Top Trader Nicholas Wells as Nomura Loses Steam

Long/Short Hedge Funds Gain Traction in June Sell-Off; Lansdowne & Horseman Capital Lead the Way

SkyBridge Capital and Woori I&S Announce Strategic Partnership

Top Healthcare and Biotech Focused Hedge Funds Oversee $43 Billion in Equity Assets

Former UBS Hedge Fund Manager Expands MST Capital’s Reach in Asia-Pacific

Dinakar Singh’s TPG-Axon Capital ousts SandRidge Energy’s CEO

Top New York Hedge Funds see assets jump by 21% YTD; Two Sigma & Renaissance Technologies surge

AIFMD – What you should be doing to comply (Part II)

Daniel Loeb’s Third Point LLC Longs for Less Short Positions

Omega Advisors’ Leon Cooperman to deliver 2013 Stock Picks