Fannie Mae-No Politics (FNMA)

[FOFreddie]

Bhatti appeal in the 8th is seeking a remedy for the Unconstitutional removal restrictions:

https://www.glenbradford.com/2023/03/fnma-fanniegate-1270/

Here is the remedy requested

From Page 18: " Here, Plaintiffs allege that FHFA exceeded its authority in maintaining the Net Worth Sweep and the attendant liquidation preference after President Trump was unconstitutionally barred from firing the Director. "


Last Paragraph – Page 56

"The restriction violated the Constitution and harmed Plaintiffs. Accordingly, Plaintiffs should be put in the position they would have been in but for the unconstitutional removal restriction"

There is no reference to a forced conversion of SPS to CET1. The remedy requested in be put in the same place as they should have been without the NWS Sweep and Liquidation Pref.

Again - common would be entitled to 20% of the MV of GSE CET1. JPS could do a consensual conversion but no forced conversion of common or JPS