Whether the FHFA's structure violates separation of powers and whether its conservatorship of Fannie Mae and Freddie Mac must be set aside

QUESTIONS PRESENTED Fannie and Freddie buy and securitize residential mortgages. In 2008, the Federal Housing Finance Authority (FHFA or Agency) put Fannie and Freddie into conservatorship. A federal statute provides that “[n]o property of the [FHFA] shall be subject to levy, attachment, garnishment, foreclosure, or sale without the consent of the Agency.” 12 U.S.C. § 4617()(3). Because Fannie and Freddie regularly fail to record their interest in a property, many properties are foreclosed upon in potential violation of this provision. FHFA has therefore frequently filed quiet title actions asserting that Fannie or Freddie’s mortgages were not extinguished by a foreclosure sale. In M&T Bank v. SFR Investments Pool 1, LLC, 963 F.3d 854, 858 (9th Cir. 2020), the Ninth Circuit held that these quiet title actions are subject to a federal statute of limitations for “contract claims” by FHFA, 12 U.S.C. § 4617(b)(12). * 1. Whether the FHFA’s structure violates separation of powers and, if so, whether its conservatorship of Fannie Mae and Freddie Mac must be set aside. 2. Whether FHFA may challenge the validity of a state foreclosure sale on the ground that the sale violated 28 U.S.C. § 4617(j)(3) because FHFA held an interest in the property and did not consent to the foreclosure, without producing the contract that estab“ This holding is challenged in a separate petition in SFR Investments Pool 1, LLC v. M&T Bank, No. 20-_, being filed simultaneously with this petition. Petitioner here requests that the two cases be considered together. ii lished its property interest and relying instead on entries in its computerized databases purporting to reflect the existence and terms of the contracts.