Leon County Florida v. Federal Housing Finance Agency, 700 F.3d 1273

Leon County and the Leon County Energy Improvement District sue FHFA, its acting director Haldeman, and Fannie Mae and Freddie Mac for lack of subject matter jurisdiction over a FHFA directive.
FHFA directed Fannie Mae, Freddie Mac, and Federal Home Loan Banks to refrain from purchasing mortgages encumbered by certain first-priority PACE liens after July 6, 2010.
Fannie Mae and Freddie Mac announced they would not purchase mortgages with post-July 6, 2010 first-priority PACE liens, pursuant to FHFA directive.
Leon County sought injunctive and declaratory relief; district court dismissed, citing § 4617(f) bar on judicial review of conservator actions.
Leon County argues FHFA acted as regulator, not conservator, and thus § 4617(f) does not apply; district court held actions were conservator-driven.
This court reviews de novo whether FHFA acted as conservator or regulator and whether § 4617(f) bars review.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Whether FHFA directive constitutes conservatorship action or regulator rulemaking	Leon County contends FHFA acted as regulator, triggering APA and not § 4617(f).	FHFA directive was a conservator decision aimed at preserving assets, not rulemaking.	Directive is conservator action, barred from review by § 4617(f).

United States v. Rendon, 354 F.3d 1320 (11th Cir. 2003) (de novo review of jurisdiction and statutory interpretation)
La. Mun. Police Emps. Ret. Sys. v. Fed. Hous. Fin. Agency, 434 F. App’x 188 (4th Cir. 2011) (affirmed district court on conservator actions)