"Because the Enterprises lacked the right to exclude the government from their net worth after the passage of HERA, and especially after the imposition of the conservatorship, they had no investment-backed expectation that the FHFA would protect their interests and not dilute their equity."
If the structure of HERA permits de-facto nationalization of private companies, assigns unlimited powers to FHFA, shields itself from litigation with the succession clause, and prevents remedy for 5th amendment Constitutional violations (because exercise of unlimited power cannot violate shareholder expectations), then HERA must be illegal. Either the succession clause is illegal, the unlimited incidental powers from the "or the agency" language is illegal, or the court ruling itself is wrong.
Otherwise, there is a serious Constitutional concern and due process problem.
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