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Friday, September 30, 2016 1:40:50 PM
This is where the difference between "May" and "Shall" comes in. If the section had said "May", then it would mean that FHFA would be able to listen to the advise or direction of the Treasury and decide whether to act on it or not. Because it says "Shall", that means that FHFA can not even receive SUGGESTIONS from the Treasury about how to proceed.
This point is actually very uncontested. It is only whether the evidence exists showing the Treasury gave direction or not and whether the court defines any communication between the Treasury and FHFA as direction that is in dispute.
It should also be pointed out that FHFA can NOT do "whatever it thinks is best". It must act within the confines of the HERA mandate to preserve and conserve.
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