Class Action Against Fannie Mae
In Casa Orlando Apts., Ltd. v. Fed’l Nat’l. Mortgage Assn., No. 09-40997, an action by mortgagors whose mortgages for low-income multi-family housing were held or serviced by the Federal National Mortgage Association (Fannie Mae) and insured by the Department of Housing and Urban Development (HUD), for breach of fiduciary duty, the court affirmed the denial of class certification where 1) the District of Columbia could not have the most significant relationship to the issues unless the fiduciary relationship was created and maintained there, so D.C. law did not apply; 2) it would not be incompatible for Fannie Mae to disgorge profits earned from one fund while not disgorging profits earned from a different fund; and 3) various different state laws applied to the class members.
Related Resources
- Read the Fifth Circuit’s Decision in Casa Orlando Apts., Ltd. v. Fed’l Nat’l. Mortgage Assn., No. 09-40997
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