Supreme Court says US president can remove head of Federal Housing Finance Agency

By Ariane de Vogue, CNN Supreme Court Reporter

The US Supreme Court said Wednesday that the US president can remove the head of a federal agency charged with overseeing mortgage giants Freddie Mac and Fannie Mae.

The court invalidated the leadership structure of the agency, the Federal Housing Finance Agency, and sent a shareholder lawsuit back to the lower courts for further review.

The shareholders argued that they lost billions of dollars when the government reduced their ownership interests.

This story is breaking and will be updated.