Fannie Mae-No Politics (FNMA)

[Mnemonic]

Couple of thoughts about the Bhatti case:

I don't think the argument for writing down Treasury's liquidation preference holds water. Seems to me that the remedy should be limited to NWS payments from the first two years under Watt. That's the only real impact of the President not having removal authority.

SCOTUS really fucked us on the prospective relief issue. I would love to see a lower court challenge the perception that the NWS no longer exists, since all earnings are still being added to the liquidation preference. Bhatti can't really do anything about this, because Calabria and Mnuchin clearly didn't eliminate it when they had the chance.