Almost immediately on the heels of hedge fund Perry Capital filing suit against the US government over its handling of Fannie Mae and Freddie Mac, the Fairholme Fund announced that it is pursuing similar actions in both the US Court of Federal Claims and the US District Court for the District of Columbia.

“Fannie Mae and Freddie Mac are rapidly repaying the government,” said Bruce R. Berkowitz, chief investment officer of Fairholme Capital Management.

“Their success should surprise no one given the value of Fannie and Freddie. Once the government has recouped its investment, The Fairholme Fund … is owed a dividend.”

Fairholme and Perry object to Fannie and Freddie conveying all profits to the Treasury Department rather than having the government collect dividends on preferred shares it held after its 2008 bailout of Fannie and Freddie.