North Carolina Banking Institute


Joseph W. Silva


It is the overarching goal of this Note to provide a broad framework for understanding the issues at stake in current dividend sweep litigation against the Government. Specifically, this Note asserts that although Perry and similarly situated plaintiffs bringing APA-based actions rightfully question the Government’s reasoning in entering the Third Amendment, HERA’s anti-injunction provision presents what is likely an insurmountable jurisdiction problem for dividend sweep litigation plaintiffs. This Note proceeds in four parts. Part II provides a general background of the GSEs’ history, role in the secondary mortgage market, and path to conservatorship. Part III summarizes the arguments Perry and other plaintiffs made in district court, while Part IV discusses why these claims failed in district court and why HERA’s anti-injunction provision successfully insulates the Government from virtually all judicial review from APA-based claims. Part V concludes by discussing the negative implications of insulating the Third Amendment from review by using HERA’s anti- injunction provision.

First Page