See Cnty. of Sonoma, 710 F.3d at 989 (holding that Section 4617 enumerates the “broad powers FHFA has as conservator,” and noting that it also provides the conservatorship with broad immunities and exemptions); Leon Cnty., Fla. v. FHFA, 700 F.3d 1273, 1279 (11th Cir. 2012) (similar); Hager, 812 F. Supp. 2d at 1217 (similar). Case 2:14-cv-02046-JAD-PAL Document 41 Filed 03/03/15 Page 22 of 25 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 23 Put simply, none of the factors that McFarland relied upon to hold that the FDIC’s property protection provision was limited to the tax context are present in Section 4617(j)(3). See supra at 19-20.

Section 4617 concerns FHFA’s “[a]uthority over” Fannie Mae and Freddie Mac when they are “critically undercapitalized” and thus must be placed into conservatorship or receivership; it does not address the powers of FHFA as a regulatory agency.10 Furthermore, the protections of Section 4617(j)(3) apply in “any case in which [FHFA] is acting as a conservator or a receiver.” 12 U.S.C. § 4617(j)(1). In its c

.41 CONCLUSION For the foregoing reasons, the FHFA Defendants and the Enterprises respectfully request the Court dismiss with prejudice all claims asserted against them. Should the Court determine that 12 U.S.C. § 4617(f) does not bar review of Plaintiffs’ APA claims, FHFA and Director Watt move for summary judgment on Plaintiffs’ claims that the execution of the Third Amendment to the Preferred Stock Purchase Agreements was arbitrary and capricious. 41 The complaints uniformly emphasize the Enterprises’ positive economic performance after the Conservator’s execution of the Third Amendment in August 2012.

Case 1:13-cv-01053-RCL Document 45 Filed 05/02/14 Page 61 of 71 50 liquidation taken place at default, which here is the date of inception of the conservatorships. See 12 U.S.C. § 4617(e). Because the maximum value of Plaintiffs’ rights was fixed long before the Third Amendment came into being, the Third Amendment cannot have effected a taking.

Case 1:13-cv-01025-RCL Document 43 Filed 05/02/14 Page 61 of 71 50 liquidation taken place at default, which here is the date of inception of the conservatorships. See 12 U.S.C. § 4617(e). Because the maximum value of Plaintiffs’ rights was fixed long before the Third Amendment came into being, the Third Amendment cannot have effected a taking.

Case 1:13-cv-01439-RCL Document 50 Filed 05/02/14 Page 61 of 71 50 liquidation taken place at default, which here is the date of inception of the conservatorships. See 12 U.S.C. § 4617(e). Because the maximum value of Plaintiffs’ rights was fixed long before the Third Amendment came into being, the Third Amendment cannot have effected a taking.

Case 1:13-mc-01288-RCL Document 36 Filed 05/02/14 Page 61 of 71 50 liquidation taken place at default, which here is the date of inception of the conservatorships. See 12 U.S.C. § 4617(e). Because the maximum value of Plaintiffs’ rights was fixed long before the Third Amendment came into being, the Third Amendment cannot have effected a taking.

Case 1:13-cv-01053-RCL Document 46 Filed 05/02/14 Page 61 of 71 50 liquidation taken place at default, which here is the date of inception of the conservatorships. See 12 U.S.C. § 4617(e). Because the maximum value of Plaintiffs’ rights was fixed long before the Third Amendment came into being, the Third Amendment cannot have effected a taking.

Case 1:13-cv-01439-RCL Document 51 Filed 05/02/14 Page 61 of 71 50 liquidation taken place at default, which here is the date of inception of the conservatorships. See 12 U.S.C. § 4617(e). Because the maximum value of Plaintiffs’ rights was fixed long before the Third Amendment came into being, the Third Amendment cannot have effected a taking.

Case 1:13-cv-01025-RCL Document 42 Filed 05/02/14 Page 61 of 71 50 liquidation taken place at default, which here is the date of inception of the conservatorships. See 12 U.S.C. § 4617(e). Because the maximum value of Plaintiffs’ rights was fixed long before the Third Amendment came into being, the Third Amendment cannot have effected a taking.