Fannie Mae-No Politics (FNMA)

[obiterdictum]

That form of non severability is directed to the one issue that it speaks to

As I read it - it does not speak to "keep" or "eliminate"

It speaks to legality and legality and then legality

It says - on its face - if one part is determined illegal then the purchaser (GOV TREASURY) can declare the entire thing illegal and not be bound to it

That is all it says

It does not speak to the powers of the Director to keep or eliminate ------ it speaks to a finding of illegality of a piece being the same as all is illegal if at sole discretion of .......

That is correct. That is what it states. The US Treasury, at its sole discretion, can "blow up the agreement," if a provision is declared illegal or unenforceable (unconstitutional). The covenant speaks for itself.