Fannie Mae-No Politics (FNMA)

[bradford86]

in the meanwhile, you should re-read the government's defense of the 5th circuit arguments.. i've been skimming them now.

they sound like they are winning but idk..

basically what you're requiring is that the 5th circuit en banc overturns its previous interpretation of the law in spite, and specifically to rule in favor of the plaintiffs like they did earlier on different terms.

The government in my view seems to point out quite well that the plaintiffs did not necessarily expect the NWS to be reversed by the Trump admin:

9
The complaint tries to reconcile the irreconcilable by suggesting that rather than
making capital-raising “impossible” as Plaintiffs told the Supreme Court, these
increases in the liquidation preferences instead were “part of the plan to convert
Treasury’s preferred stock, by enabling Treasury to receive more common stock” in
exchange. ROA.1207 (¶ 85). But that is Plaintiffs’ own conjecture, not a wellpleaded allegation of the parties’ actual intent. As Plaintiffs admit, the same Trump
Administration amendments that provided for the massive liquidation preference
increases show on their face that no such plan was in place, only a preliminary
“Commitment to Develop Proposal to Resolve Conservatorship” (Br. 30 (citing
ROA.1377)), which, it was hoped, might ripen into a “proposal” to be submitted to
Congress eight months later.