Nos. 19-422 & 19-563 In the Supreme Court of the United States ________________ PATRICK J. COLLINS, ET AL., Petitioners, v. STEVEN T. MNUCHIN, SECRETARY OF THE TREASURY, ET AL. ________________ STEVEN T. MNUCHIN, SECRETARY OF THE TREASURY, ET AL., Petitioners, v. PATRICK J. COLLINS, ET AL. ________________ On Writs of Certiorari to the United States Court of Appeals for the Fifth Circuit ________________ BRIEF OF PATRICK J. COLLINS, ET AL. ________________ Charles Flores Charles J. Cooper BECK REDDEN LLP Counsel of Record 1221 McKinney St. David H. Thompson Houston, Texas 77010 Peter A. Patterson (713) 951-3700 Brian W. Barnes COOPER & KIRK, PLLC 1523 New Hampshire Avenue, N.W. Washington, D.C. 20036 (202) 220-9600
[email protected] Counsel for Patrick J. Collins, et al. i QUESTIONS PRESENTED The Federal Housing Finance Agency (FHFA) is an “independent” agency headed by a single Director who is removable by the President only for cause. 12 U.S.C. § 4511(a); id. § 4512(b)(2). In 2012, FHFA, pur- porting to act as the conservator for Fannie Mae and Freddie Mac, agreed with the Treasury Department to nationalize these two privately owned, for-profit corporations, removing Plaintiffs and other private shareholders from the Companies’ capital structures. The questions presented are: 1. Whether 12 U.S.C. § 4617(b)(2)(A)—which says that during conservatorship FHFA “succeed[s]” to shareholders’ “rights . with respect to the [Compa- nies] and the[ir] assets”—defeats Plaintiffs’ statutory challenge to the nationalization of Fannie Mae and Freddie Mac; 2. Whether 12 U.S.C. § 4617(f)—which prohibits courts from taking any action that would “restrain or affect the exercise of powers or functions of the Agency as a conservator”—precludes courts from enjoining the nationalization of Fannie Mae and Freddie Mac on statutory grounds; 3.