High court takes on Fannie, Freddie presidential power case

WASHINGTON (AP) — The Supreme Court is hearing a case that could make it easier for the president to fire the head of the agency that oversees government-controlled mortgage giants Fannie Mae and Freddie Mac. The case before the justices Wednesday could also mean undoing an agreement between the companies and the government that has sent $246 billion in their profits to the Treasury. That was compensation for the taxpayer bailout they received after the 2007 housing market crash. The case before the justices involves the Federal Housing Finance Agency, which oversees Fannie and Freddie and was created following the housing market crash. One of the questions for the court is whether the agency’s structure violates the Constitution.