Fannie Mae-No Politics (FNMA)

[rosen62]

They did not act as a receiver as that would have entailed very specific steps leading to liquidation of assets, even under the cloud of a conservatorship.

What they did is off the books. It was neither a conservatorship nor a receivership.

It was a scheme called limbo where there is a perennial status quo. A semi-conservatorship turned from temporary to a permanent status as the companies cannot exit.

In other words, a de-facto nationalization without the name.

Thus, HERA should not apply. Hopefully, the courts will agree with me too :)