Fannie Mae-No Politics (FNMA)

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A Very Surprising Hearing In The Fannie and Freddie Appeal

It wasn’t all bad news for the investors’ side. When Judge Ginsburg described the government’s decision to take the net worth sweep, the terms he used were not exactly flattering.

“When the third amendment was announced, Treasury said we’re going to wind this thing down, we going to kill it, we’re going to drive a stake through its heart, we’re going to salt the earth so it can never grow back,” the judge said.

Justice Department lawyer Mark Stern provoked laughter in the room with his deadpan response: “I don’t remember that language.”

Joining Judge Ginsburg on the panel were Circuit Judges Patricia Millett, a 2013 appointee of President Barack Obama, and Janice Rogers Brown, a 2005 appoint of President George Bush. Judge Brown spoke very little during the hearing, which is not unusual for her. Judge Millett’s sharpest questions were directed at Theodore Olson, the Gibson, Dunn & Crutcher lawyer representing Perry Capital, perhaps suggesting she leans toward the government’s side in the case.
http://blogs.wsj.com/moneybeat/2016/04/18/a-very-surprising-hearing-in-the-fannie-and-freddie-appeal/