I am not sure why this did not get much attention: (from transcripts)
MS. HOSFORD: Your Honor, in response to the statement you just made, we would just make the point that FHFA does not act in just one capacity. There’s FHFA acting as regulator, and then there is FHFA acting as a conservator. We have argued that FHFA acting as the conservator is not the United States, and there is ample case law to support that position, but we do not — we’re not imply — we don’t mean to imply or state that FHFA never acts as the United States. THE COURT: I really — thank you for that clarification, because that certainly wasn’t coming through. And I understand the distinction. I don’t know if it will necessarily carry the day. I haven’t decided it yet. But thank you, because that point was not coming through at all.
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