Fannie Mae-No Politics (FNMA)

[kthomp19]

Did not an EN BANC panel in ?? case - decide the opposite and indeed decided it was not castrated?

Yes.

Some people have said that the Supreme Court's Collins ruling gives FHFA the right to do whatever they want, but that is false. Whether or not an action FHFA takes as conservator is subject to judicial review depends on whether the court determines if that action is ultra vires (not a valid act of a conservator). The Supreme Court plainly said that ultra vires actions can be reviewed by a court.

The 9-7 majority in the Fifth Circuit en banc panel said the NWS was ultra vires and thus 4617(f) does not bar the court from reviewing it. The Supreme Court reversed this, saying that the NWS actually was a valid act of a conservator.