Federal Home Loan Mortgage Corporation v. SFR Investments Pool 1, LLC
United States Court of Appeals for the Ninth Circuit
893 F.3d 1136 (2018)
- Written by Eric Miller, JD
Facts
Various Nevada homeowners’ associations (HOAs) held liens on properties in the state. The properties were also subject to mortgages that were held and securitized by one of two federally sponsored enterprises: the Federal National Mortgage Association (Fannie Mae) (plaintiff) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (plaintiff). In the wake of the 2007 financial crisis, Congress created the Federal Housing Finance Agency (FHFA) (plaintiff), which assumed ownership of the mortgages held by Fannie Mae and Freddie Mac. However, the Nevada foreclosure statute granted super-priority status to the HOA liens. The HOAs foreclosed on the properties, which were then purchased by SFR Investments Pool 1, LLC (SFR) (defendant). FHFA, Fannie Mae, and Freddie Mac brought a quiet-title action in federal district court, where they were granted summary judgment. SFR appealed, arguing that FHFA had deprived SFR of a constitutionally protected property right in violation of the Due Process Clause of the Fifth Amendment.
Rule of Law
Issue
Holding and Reasoning (Katzmann, J.)
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