ELR Citation: 42 ELR 20238
No(s). 11-15614 (11th Cir. Nov 9, 2012)

The Eleventh Circuit affirmed a lower court decision dismissing a county's lawsuit challenging a Federal Housing Finance Agency (FHFA) directive advising Fannie Mae and Freddie Mac to refrain from purchasing mortgages encumbered with certain first-priority lien obligations under the Property Assessed Clean Energy (PACE) program. The FHFA's directive not to purchase PACE-encumbered mortgages was within the agency's broad powers as conservator over Fannie Mae and Freddie Mac, and it comports with the duties, purpose, and actions of a prudent conservator and does not constitute an act of rulemaking. Accordingly, 12 U.S.C. §4617 precludes judicial review.