Freddie Mac (FMCC)

[FOFreddie]

Thanks Mnemonic. Definitely just have ideas and not answers but want to engage in constructive discussions to help shareholders come to their own decisions.

My thoughts are that the payments to the GSEs were pursuant to HERA and all the repayments and excess payments were to the general US Treasury. What would be different under the Calhoun plan would be taking US Treasury assets and spending them on a program authorized by an Administrative Action only. The stated purpose of Administrative Actions is to avoid Congressional Oversight because the Administration knows it cant get approval for what its policy objectives are. Here there would be a special stash of US Treasury money that is intended to be spent without Congressional oversight. Seems like it would be right on point for a Appropriations Clause challenge using the All American decision in the 5th Circuit as precedent for such an act as being Unconstitutional. Perhaps I am really off base but I would expect that the upcoming Cert petition for the DC Circuit case would lay the groundwork for this challenge.