Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

Always enjoy your insights, as you like me have been in the area a long time. Your life time working with federal agencies offers a nice perspective.

Professor Philip Hamburger wrote an interesting book on the history of federal agencies in America and is very knowledgeable about the interaction between the Law and federal agencies.

From my limited understanding the federal agencies have expanded from the 1st one, the ICC (created to reign in some of the anti competitive behavior of the railroad barrons in the late 1800's) to today. President Woodrow Wilson advocated for a strong administrative state and both FDR (Fannie Mae's birth as a government agency) and LBJ (Fannie Mae's birth as GSES) expanded them rapidly.

The 1984 Chevron decision, as I'm sure you're aware, expanded the deference and latitude of freedom for the federal agencies to interpret the meaning of their enabling statutes.

However lately it seems the SCOTUS is beginning to reign in these federal agencies so it will be interesting to watch and see.