The new round of Fannie and Freddie litigation – Jacobs v. The Federal Housing Finance Agency has opened up a second-front in the ongoing struggle between the preferred and common shareholders of Fannie Mae and Freddie Mac, often called Government Sponsored Enterprises, or GSEs, and the United States government. As an advisor to various institutional investors, I have already written at length on this issue. The federal takeover of Fannie and Freddie took place in two distinct phases…