With the denial of the APA by SCOTUS the FHFA basically imploded, the government worked on HERA for years, what they wanted to achieve is more power, their legal teams however figured only one possibility that MIGHT eventually be possible to obtain more power than OFHEO, this was the independent/single Director version of OFHEO, this was not tested in court and gave the single director sufficient power to accomplish every demand that was on the governments wish list, although it does not much differ from the old version, FHFA was taken out of the Executive agency HUD to become an independent agency by itself without any supervision, this structure is allowed per the common law as it was not tested in court and the same structure was legal per the SCOTUS with a board of governors, but this was a crucial part of what went wrong, yes OFHEO Was independent with a single director BUT WITHIN HUD, so the power was controlled by HUD and for this reason OFHEO could not place the companies in conservatorship
With added power to put into conservatorship, the structure changes as now an independent agency with a single director can put companies into conservatorship, but this article III power however was only given to a board and the legislative branch
so now in Collins the SCOTUS changed "for cause" to "at-will" and in Bhatti, they ask the FHFA can no longer function as "independent" it becomes clear the FHFA ran out of possibilities to ever become a legal agency operating under the constitution without giving up their power
This all puts tremendous pressure on FHFA as the sole reason they obtained the power from the legislative branch in HERA, was depending on the structure to be independent and have a single director that now is declared "illegal" power by SCOTUS
