Fannie Mae-No Politics (FNMA)

[kthomp19]

But, they probably signed away their silence to the Government in return for immunity from lawsuits.

This immunity was baked into HERA. Specifically, 12 USC 4617(a)(6):

(6) Directors not liable for acquiescing in appointment of conservator or receiver

The members of the board of directors of a regulated entity shall not be liable to the shareholders or creditors of the regulated entity for acquiescing in or consenting in good faith to the appointment of the Agency as conservator or receiver for that regulated entity.

Sure somebody could argue that the consent wasn't in good faith, but so far that accusation has only been levied against FHFA and/or Treasury, not the directors themselves.