Fannie Mae-No Politics (FNMA)

[Sogo]

Issue of when shareholders bought? Is that the question this article addresses? Please summarize the author's points. The court seemed to suggest that on remand, the lower courts could distinguish between common shareholders who bought before and after the NWS (or maybe the point in time to distinguish them was '08). But isn't doing that just plain wrong? Aren't stocks simply contracts and whoever sells and buys is buying the transferable protections that contract guarantees?