Perry Capital LLC v. Steven Mnuchin

Dissenting opinion filed by Circuit Judge BROWN.

MILLETT, Circuit Judge, and Ginsburg, Senior Circuit Judge:

In 2007-2008, the national economy went into a severe recession due in significant part to a dramatic decline in the housing market. That downturn pushed two central players in the United States’ housing mortgage market — the Federal National Mortgage Association (“Fannie Mae” or “Fannie”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac” or “Freddie”) — to the brink of collapse. Congress concluded that resuscitating Fannie Mae and Freddie Mac was vital for the Nation’s…