Fannie Mae-No Politics (FNMA)

[FOFreddie]

It should be noted that the Collins 5th Circuit Decision was released on Thursday Oct 12 when the common rallied. Mr. Market knew the decision during trading on Thursday and by the open on Friday. I have not spent enough time looking at the decision, but it looks like they did a reasoned analysis under the new CFSA precedent for the 5th Circuit - maybe this decision could be used to challenge a UST cramdown going forward. The removal remedy seems dead for Collins and Bhatti but the Appropriations remedy may have life in the 5th but with one of the 9 needed Judges saying it was barred in this decision what would make him change his mind En Banc?

Robert and others do you have thoughts? Bottom line is that the market knew the decision by Friday open.