Fannie Mae-No Politics (FNMA)

[DaJester]

"For an investor contract, the time of contracting for the purposes of the implied covenant inquiry must be the time of the most recent change in contract—whether by amendment or change in law."

Yes, completely agree with this. This is about change in contract, and laws at the time. A contracting party can't claim exemption because they didn't expect it. So what amendment or law went into effect that states a government agency can take over a company, give all the profits to another government agency, and not compensate the owners of the property? Answer: none.

Therefore, the reasonable expectation STILL EXISTS that a shareholder can and should be able to reap in the rewards of the company. Implementing the NWS (or anything else that needlessly attacks shareholder rights) is a breach of implied contract, doesn't matter if it's the first time they try, 2nd time, or Nth time. At no point has there been any law that says shareholders can expect the government to take all their profits in perpetuity for no consideration in return. It's either a Taking or it's not. The courts have dismissed the takings claims. So that means these are still private enterprises, with normal shareholder agreements. The contract has not changed.