County of Sonoma v. Federal Housing Finance Agency

OPINION

MURGUIA, Circuit Judge:

Defendant-Appellant Federal Housing Finance Agency (“FHFA”) is the regulator and conservator of Freddie Mac and Fannie Mae (the “Enterprises”). The Enterprises are government-sponsored entities that purchase and securitize residential mortgages. FHFA issued a “directive” preventing the Enterprises from buying mortgages on properties encumbered by liens made under so-called property-assessed clean energy (“PACE”) programs, which finance environmental improvements on residential properties — and in return take an interest in those properties senior to any…