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Federal Housing Finance Agency v. SFR Investments Pool 1, LLC

United States District Court, D. Nevada

April 10, 2017

FEDERAL HOUSING FINANCE AGENCY, in its capacity as Conservator for the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation Petitioner,
v.
SFR INVESTMENTS POOL 1, LLC, Respondent.

          FENNEMORE CRAIG, P.C. Leslie Bryan Hart, Esq. (SBN 4932) John D. Tennert III, Esq. (SBN 11728) Counsel for Petitioner Federal Housing Finance Agency

          ARNOLD & PORTER KAYE SCHOLER LLP (Pro Hac Vice to be Submitted) Michael A.F. Johnson, Esq. Counsel for Petitioner Federal Housing Finance Agency

          MOTIONFOR ISSUANCE OFSUMMONS TO SFR INVESTMENTS POOL 1, LLC

         Petitioner, the Federal Housing Finance Agency (“Petitioner, ” “FHFA” or the “Conservator”) acting as Conservator for Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), respectfully requests that the Court issue a Summons in the form attached as Exhibit A. FHFA commenced this action by petitioning the Court under12 U.S.C. §§ 4588(c) and 4617(b)(2)(I) for an order requiring Las Vegas Development Group, LLC (“Respondent”) to comply with the subpoena duces tecum (the “Subpoena”) the Conservator issued to it on November 21, 2016. (ECF No. 1). Those statutes provide that the Conservator may issue subpoenas administratively and enforce them, if necessary, through “an action … in … United States district court….” 12 U.S.C. § 4588(c). While a summons may not be strictly necessary in commencing such an enforcement action, issuance and service of one will indisputably place Respondent on notice of the action and thereby facilitate efficient resolution of the petition.

         The Conservator issued the Subpoena to further its statutory power to “preserve and conserve … assets and property” of the Fannie Mae and Freddie Mac (together, “the Enterprises”) conservatorships - specifically, the Enterprises' interests in liens encumbering properties that have been the subjects of completed HOA foreclosure sales conducted pursuant to Nevada's super-priority lien statute, NRS 116.3116(2). See 12 U.S.C. § 4617(b)(2)(B)(iv). The Conservator, along with Fannie Mae and Freddie Mac, is involved in extensive litigation in this District concerning the continued validity of those liens. Through that litigation, Petitioner became aware that Respondent and/or its affiliates have acquired multiple properties through, or subsequent to, HOA sales.

         On November 21, 2016, as part of an investigation into whether and if so how FHFA should act to protect the Enterprises' liens, including by way of additional litigation, Petitioner issued the Subpoena under 12 U.S.C. § 4617(b)(2)(I) and § 4588(c), which authorizes the Conservator to issue subpoenas to aid it in “carrying out [its] power[s], authorit[ies], or dut[ies], ” and caused it to be served upon Respondent. See ECF No. 1-2, pages 1-7. Respondent did not produce the information requested. Because the Subpoena concerns Respondent's business activity of purchasing real property located in Nevada, the Subpoena is properly enforced in this Court under 12 U.S.C. § 4617(b)(2)(I) and § 4588(c), which provide that the Conservator “may bring an action … in the United States district court for the judicial district ... where the witness ... conducts business ….” Accordingly, and pursuant to the statute, FHFA seeks to enforce the subpoena judicially.

         Issuance and service of a summons will eliminate any potential dispute as to notice of the action, thereby advancing judicial economy and facilitating the Conservator's work, and Petitioner /// therefore respectfully requests the issuance of a summons in the form attached hereto as Exhibit A.

         IT IS SO ORDERED.

         EXHIBIT INDEX

         DESCRIPTION EXHIBIT

         Proposed Summons A

         Exhibit A

         [Proposed] Summons

         SUMMONS IN A CIVIL ACTION

         To: (Defendant' ...


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