After his request was rejected by the Federal Housing Finance Agency, Tim Pagliara, director of Investors Unite, filed a lawsuit in state courts this week seeking to gain access, as an individual stockholder, to the corporate records of Fannie Mae and Freddie Mac. With Fannie chartered under Delaware’s law and Freddie under Virginia’s jurisdiction, Pagliara, along with several other shareholder plaintiffs, argue that the U.S. Treasury Department’s sweep of the GSEs’ profits is illegal under state law. His suit, in particular, focuses on allowing him to inspect the books and records of Fannie and Freddie to get a better idea of the circumstances surrounding the sweep. Under the terms of the net worth sweep, the GSEs...