Fannie Mae (FNMA)

[ano]

the separation of powers

Where did you come up with

Quote:
if it is executive it does have a fiduciary duty and cannot block Judicial review

let me explain: the executive branch cannot have legislative or judicial branch powers, that is the separation of powers

1) legislative powers
2) executive powers
3) judicial powers

there are a few exceptions and those exceptions make it harder to understand, but still the same

1) an independent agency can have legislative/judicial powers if it is headed by a multimember board
2) it can have a single director but this director can only have inferior power

now to come back to your question, ALL branches(1,2,3) have a fiduciary duty, the FHFA is independent has a single director and this director is (was)removable "for cause" only, this insulated the president from removing the head "at-will" as it is an independent agency, the SCOTUS, however, ruled "for cause" is unconstitutional, this means the agency can no longer be independent (see the Bhatti/Rop/Wazee lawsuits about this topic) if it is not independent, it is executive, and executive agencies do have a fiduciary duty, and because it is executive it cannot have Judicial power as it would violate the separation of powers