Fannie Mae-No Politics (FNMA)

[obiterdictum]

did not congress pass a law about a year ago saying the senior preferred can not be sold without Congress

No. As far as can be known, no such law was passed by Congress. What law is being referred to here?

There is Senator Corker's proposed Senate bill (Jumpstart GSE Reform Act) that, in part, seeks to prevent the sale, transfer, relinquishment, liquidation, divestment, or other disposal of the outstanding shares of senior preferred stock. This proposed bill was read twice and then passed on to the Committee on Banking, Housing, and Urban Affairs. Nothing has come of it since then.

Jumpstart GSE Reform Act (S.2038) - introduced on September 16, 2015
See: https://www.congress.gov/114/bills/s2038/BILLS-114s2038is.pdf - Section 4.

I assume that would mean they can not be declared worthless without congress

On what basis is that assumption made?

My sense of that law is
we need the court for a lot
we can get an end to the NWS by MEL/BO/DT
we can get an end to holding off on discovery by DT

What specific law is being referred to?