On July 12, the FHFA, as conservator of Fannie Mae and Freddie Mac, announced that it has issued 64 subpoenas requesting documents related to private-label MBS in which both Fannie and Freddie are invested.  The goal of receiving the documents is to enable the FHFA to determine whether any parties to the MBS are liable to Fannie or Freddie for certain losses suffered on the MBS.  Any recouped funds will be used to offset payments made to Fannie and Freddie by Treasury. FHFA Release.