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David Tepper Regrets Getting Some Fannie

David_Tepper_01 wikipedia

David Tepper of Appaloosa management told Bloomberg he regrets having any Fannie Mae or Freddie Mac after the latest fiasco of dismissed lawsuits, but the saving grace  (for him) is his holdings of the two insurers are small. Shares of Fannie and Freddie dived 40% after a court dismissed a lawsuit by hedge fund managers who demanded some profits of the recovering insurers that were taken over by the government during the financial crisis.

Tepper isn’t the only one getting burned by the decision: Bill Ackman, Bruce Berkowitz and Richard Perry also wanted a piece of the deal. While twenty cases are still pending, the loss the first time around isn’t so propitious. Then again, there is always a chance for appeal.

Investors  sued the federal government for breach of contract, claiming that they were owed some of the profits the Treasury laid claim to when it took over the mortgage insurers. Around $33 billion of Fannie and Freddie profits are at stake.

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