On July 16th, the Federal Housing Finance Agency (FHFA) disclosed that it paid two law firms over $373 million since 2010 to pursue litigation against several banks over mortgage-backed securities sold to Fannie Mae and Freddie Mac before the financial crisis. The FHFA, which has acted as conservator for Fannie and Freddie since the government took them over in 2008, disclosed the sums in response to a Freedom of Information Act request by Reuters. The disclosure marked the first time the FHFA had said how much it had paid Quinn Emanuel Urquhart & Sullivan LLP and Kasowitz Benson Torres Friedman LLP.
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