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Berkowitz Says Fannie-Freddie Legal Fight May Go Five More Years

  • Fairholme manager says U.S. Supreme Court could decide outcome
  • Investment firm has not had discussions with the U.S. Treasury
Bloomberg business news

Bruce Berkowitz, Fairholme Capital Management founder and chief investment officer, discusses the legal strategy and timing of his battle with the U.S. government over Fannie Mae and Freddie Mac's profits. He speaks during an interview with Bloomberg's Erik Schatzker. (Source: Bloomberg)

Five more years? That’s how long fund manager Bruce Berkowitz says it may take to resolve his legal battle with the U.S. government over Fannie Mae and Freddie Mac’s billions in profits.

“From beginning to end, it could be a 10-year process,” Berkowitz, whose Fairholme Fund holds one of the largest stakes in the mortgage-finance giants, said in a June 16 interview with Bloomberg Television.