Fannie Mae-No Politics (FNMA)

[Rodney5]

The Administrative Procedure Act

I asked the question, “ Did DeMarco violate the law by implementing the Net Worth Sweep without public disclosure?”

Barron4664
08/08/23 10:58 AM
#761755 RE: Rodney5 #761719
No. The APA does not apply to the actions of the conservator. Courts already threw that out. The APA applied to the actions of the Regulator (Dir Lockhart) with the creation of the Senior Preferred Shares with a variable Liquidation Preference. This was a new product that the GSEs sold to Treasury for the purpose of stabilizing the secondary mortgage market. This product required publication in the federal register, public notice and rule making, either prior to signing the SPSPA or after a temporary approval for emergency purposes.

This is the root of all the GSE problems and the only avenue for an appropriate legal strategy to reverse the injuries in my opinion.

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