Fannie Mae-No Politics (FNMA)

[Sogo]

It's getting serious. Gvt defense more aggressive. Trump's admin has not changed course on the GSEs yet in any significant way. They even gladly took another NWS payment, and here we see them making an aggressive argument to dismiss the case, and now flexing even more Federal legal muscle than we've yet seen in their defense previously, where all they did was hide documents and delay. Now they're citing sovereign immunity?!?! And negating Delaware's and Virginia's authority pre-emptively?! It sounds like an escalation of gvt's defense to me. The only two potentially positive developments since Trump took over are the gvt's new stance in the CFPB / PHH case and Mnuchin's public words in late 2016. That's it. And all we have to show for that is more court delays and 3.5 months closer to 2018, and "zero cap". I worry that waiting for courts will be just like waiting for "net zero" was, for those of us who were here back then.