Fannie Mae (FNMA)

[955]

Watt guilty of dereliction of duty.

From HERA SECTION 1102, p.11, Duties of the Director:

SEC. 1102. DUTIES AND AUTHORITIES OF THE DIRECTOR.

(a) IN GENERAL.—Section 1313 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513) is amended to read as follows:

"SEC. 1313. DUTIES AND AUTHORITIES OF DIRECTOR.

"(a) DUTIES.—

"(1) PRINCIPAL DUTIES.—The principal duties of the Director
shall be—

"(A) to oversee the prudential operations of each regulated entity; and

"(B) to ensure that—

"(i) each regulated entity operates in a safe and
sound manner, INCLUDING MAINTENANCE OF ADEQUATE CAPITAL and internal controls;

https://www.gpo.gov/fdsys/pkg/PLAW-110publ289/pdf/PLAW-110publ289.pdf


How much clearer can it be??? DIRECTOR WATT HAS NOT MAINTAINED ADEQUATE CAPITAL! WHY IS NO ONE ACTING ON THIS??? DERELICTION OF DUTY!!! ENFORCE THE LAWS!!!



Point 2,
FROM HERA SECTION 1101, p. 9, Creation of FHFA and it's Director:

SEC. 1101. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.

The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by striking sections 1311 and 1312 and inserting the following:

"SEC. 1311. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE
AGENCY.

"(a) ESTABLISHMENT.—There is established the Federal Housing
Finance Agency, which shall be an independent agency of the Federal Government.

"(b) GENERAL SUPERVISORY AND REGULATORY AUTHORITY.—

"(1) IN GENERAL.—Each regulated entity shall, to the extent
provided in this title, be subject to the supervision and regulation of the Agency.

"(2) AUTHORITY OVER FANNIE MAE, FREDDIE MAC, THE FEDERAL HOME LOAN BANKS, AND THE OFFICE OF FINANCE.—The Director shall have general regulatory authority over each regulated entity and the Office of Finance, and shall exercise such general regulatory authority, including such duties and authorities set forth under section 1313, to ensure that the purposes of this Act, the authorizing statutes, and any other applicable law are carried out.

"(c) SAVINGS PROVISION.—The authority of the Director to take actions under subtitles B and C shall not in any way limit the general supervisory and regulatory authority granted to the Director under subsection (b).

"SEC. 1312. DIRECTOR.

"(a) ESTABLISHMENT OF POSITION.—There is established the
position of the Director of the Agency, who shall be the head of the Agency.

"(b) APPOINTMENT; TERM.—

"(1) APPOINTMENT.—The Director shall be appointed by
the President, by and with the advice and consent of the Senate,
from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of capital markets, including the mortgage securities markets and housing finance.

"(2) TERM.—The Director shall be appointed for a term
of 5 years, unless removed before the end of such term for cause by the President.

"(3) VACANCY.—A vacancy in the position of Director that
occurs before the expiration of the term for which a Director was appointed shall be filled in the manner established under paragraph (1), and the Director appointed to fill such vacancy shall be appointed only for the remainder of such term.

"(4) SERVICE AFTER END OF TERM.—An individual may serve
as the Director after the expiration of the term for which appointed until a successor has been appointed.

"(5) TRANSITIONAL PROVISION.—Notwithstanding paragraphs (1) and (2), during the period beginning on the effective
date of the Federal Housing Finance Regulatory Reform Act of 2008, and ending on the date on which the Director is appointed and confirmed, the person serving as the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development on that effective date shall act for all purposes as, and with the full powers of, the Director.

https://www.gpo.gov/fdsys/pkg/PLAW-110publ289/pdf/PLAW-110publ289.pdf


HERA as shown above, is in violation of the Constitution's SEPARATION OF POWERS:

185. By making FHFA’s head a single Director rather than a multi-member Board and eliminating the President’s power to remove the Director at will, HERA violates the Constitution’s separation of powers. An independent agency headed by a single Director is virtually unprecedented in our Nation’s history, and this structure impermissibly concentrates power in a single person who is not the President.

http://gselinks.com/Court_Filings/Collins/16-cv-03113-0001.pdf

30. FHFA’s adoption of the Net Worth Sweep was
also unlawful for an even more fundamental reason: the Constitution’s separation of powers does not permit an independent agency with far-reaching powers such as FHFA to be headed by a single Director rather than a multi-member Board. HERA’s concentration of power in one person who is only removable by the President for cause is unconstitutional, and the Net Worth Sweep must be vacated because it was adopted by this unconstitutionally structured agency.

http://gselinks.com/Court_Filings/Collins/16-cv-03113-0001.pdf

Aren't HERA clauses non-separable? Meaning if one clause is struck down, the entire HERA law would be struck down.

I dont know HERA well enough. I know it creates the FHFA, right? But does it specifically state what the structure of the FHFA (single leader, etc) would be? If so, then I suppose you could argue that HERA creates an unconstitutional FHFA, and therefore that one clause must be struck, but due to the non-severable nature of HERA, the entire HERA must be struck down.