Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Good brief - sections broken down as follows in layman terms

1) Overview of forced conservatorship, accounting issues, and eventual NWS

2) Large effort by Thompson to argue for his pay masters on direct claims. Approx 30 of the 90+ pages devoted to direct claims with fallback to derivative claims

3) Focused derivative claim arguments

4) Remedy and NWS was not a harmless agency action - Gov says it was a harmless agency action which swayed the deciding judges in the 5th circuit against remedy (9 to 7) - if SCOTUS says the NWS was in fact harmful, it would certainly, on remand, reverse the 5th circuit on remedy

5) HERA and separation of powers - argues gutting HERA would be necessary if the court had material differences from Seila

I think there is one brief reference to Thompson saying SCOTUS could address the conservatorship but I read it as a “passing” suggestion if the stars aligned

Thompson does not believe the court will gut HERA but if the court has no other choice it should act - another “stars aligned” comment