Fannie Mae-No Politics (FNMA)

[big-yank]

Yes, the Supreme Court relies on its own rulings for its decisions. That is the first place Justices seek precedent guidance... in previous SCOTUS rulings that could or do apply in the new case presently before the court. This is why I cited the Doe v. Bolton and Roe v. Wade examples of landmark decisions where all manner of precedents from state courts, lower levels of Federal courts and earlier Supreme Court cases were part of the end decision.

I expect the Appeals Panel in Perry vs. Lew will equally revisit all manner of rulings before issuing any verdict. There is nothing humorous about this that I note.

My expectation is that a dismissal of the appeal is the most likely outcome. The second most likely outcome would be a ruling consistent with Lamberth and Cacheris that FHFA acted properly within HERA, but UST acted beyond the law with Amendment 3 and must return any funds to FHFA that exceed the original 10% SPD arrangement, or apply them against outstanding liquidation preference. Remand, to me, is a remote possibility.

Ruling today?

JMHO.