The Fairholme Fund says it will sue this week to receive dividends from both GSEs, arguing the amendment to government ownership of Fannie and Freddie is unlawful.
(Read More: Hedge Fund Sues Treasury Over Fannie, Freddie)
"Once the government has recouped its investment, The Fairholme Fund—on behalf of our shareholders who are predominantly individual Americans with an average investment in the fund of $43,000—is owed a contractually specified, noncumulative dividend for its investment in these companies," said Bruce R. Berkowitz, managing member and chief investment officer of Fairholme Capital Management in a statement. "As solvent, highly profitable companies, Fannie and Freddie should honor all outstanding obligations to their investors."
Fairholme has about a $500 million stake in Fannie Mae and Freddie Mac preferred shares.
The suit appears similar to one filed by Perry Capital.
On Sunday, Perry Capital filed suit against the Treasury secretary and the head of the Federal Housing Finance Agency, along with the agencies themselves, arguing that their attempts to wind down the companies violate a congressional mandate.
(Read More: Fannie and Freddie Fight: Hedge Funds vs. Treasury)
—Reporting by CNBC's Kate Kelly.