Argued: March 22, 2017
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)
Ian Igiel for Appellant.
N. Cayne for Appellees.
B. Nealon for Appellant.
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.
NIEMEYER, DUNCAN, and HARRIS, Circuit Judges.
DUNCAN, Circuit Judge
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
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 ...