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Meridian Investments, Inc. v. Federal Home Loan Mortgage Corporation

United States Court of Appeals, Fourth Circuit

April 28, 2017

MERIDIAN INVESTMENTS, INC., Plaintiff - Appellant,
v.
FEDERAL HOME LOAN MORTGAGE CORPORATION; FEDERAL HOUSING FINANCE AGENCY, Conservator for Federal Home Loan Mortgage Corporation, Defendants-Appellees. TIMOTHY HOWARD, Amicus Supporting Appellant.

          Argued: March 22, 2017

         Appeal from the United States District Court for the Eastern District of Virginia, at Alexandria. James C. Cacheris, Senior District Judge. (1:15-cv-01463-JCC-TCB)

         ARGUED:

          Jay Ian Igiel for Appellant.

          Howard N. Cayne for Appellees.

         ON BRIEF:

          Robert B. Nealon for Appellant.

          Asim Varma, David B. Bergman, Ian S. Hoffman for Appellee Federal Housing Finance Agency.

          Graciela M. Rodriguez, Merritt E. McAlister, Taylor T. Lankford for Appellee Federal Home Loan Mortgage Corporation.

          Geoffrey T. Hervey for Amicus Curiae.

          Before NIEMEYER, DUNCAN, and HARRIS, Circuit Judges.

          DUNCAN, Circuit Judge

         The genesis of this appeal is an unconsummated business deal between Meridian Investments, Inc. ("Meridian") and Federal Home Loan Mortgage Corporation ("Freddie Mac"). The district court dismissed Meridian's breach-of-contract suit against Freddie Mac and the Federal Housing Finance Agency ("FHFA") (collectively, "Defendants"). For the reasons that follow, we affirm.

         I.

         A.

         Congress created Freddie Mac in 1970 to facilitate access to mortgage credit and foster competition in the secondary market for residential mortgages. Freddie Mac has always existed as a private, federally chartered corporation. Freddie Mac, and its sister-corporation, Federal National Housing Association ("Fannie Mae"), purchase and securitize residential mortgages, freeing up capital for ...


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