In 2007, the U.S. Court of Federal Claims awarded First Annapolis Bancorp $13,665,907 in restitution damages for breach of contract in First Annapolis Bancorp v. United States, 75 Fed. Cl. 263. That case arose out of the savings and loan crisis of the 1980s. First Annapolis had made a monetary contribution of capital to a bank in exchange for an agreement with the Government for five years of regulatory forbearance. But after one year, Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”). FIRREA included new capital standards, which deprived First Annapolis of the benefit of its bargain.
In Anaheim Gardens v. United States, plaintiffs filed suit in the U.S. Court of Federal Claims claiming that the Government had taken their contractual right to prepay government-insured mortgages on low-income housing. The case arose after the Government passed the Low Income Housing Preservation and Resident Homeownership Act, a statute that plaintiffs alleged was intended to “deter prepayment in order to avoid what loomed as a potentially significant reduction in the stock of affordable housing.” [See Anaheim Gardens v. United States (September 26, 2012).]