I'm quite confused to say the least. I fully understand limitations to discovery based on "privilege" as it relates to disclosures of personal, or certain levels of vital security that need to be kept "non-public". I also understand the limitations based on cost/time constraints.
However, this isn't a case of national security, nor is it a case of a public disclosure that would, or could cause harm to the general public. I am quite possibly completely wrong here, but I'm going to give it a shot.
It appears that the Treasury/FHFA are, for a lack of a better term...saying they are above the law and do/should not have to allow for discovery.
I have several questions....any and all answers are more than welcome
1. Who appointed FHFA conservator over fannie and freddie?
2. Why would FHFA willingly agree to the 3rd amendment sweep knowing full well their responsibility as conservator would be in direct conflict with their fiduciary responsibility, and responsibilities of a conservator.
3. Can FHFA be...and NOT be a federal agency serving in various capacities?
Below is from the FHFA website...sure sounds like a federal agency to me
The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008. The Act gave FHFA the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).
This is from one of the myriad of PDF's found within FHFA
FHFA as Conservator of the Enterprises On September 6, 2008, FHFA used its authorities to place the Enterprises into conservatorship. This was in response to a substantial deterioration in the housing markets that severely damaged the Enterprises’ financial condition and left them unable to fulfill their mission without government intervention. A key component of the conservatorships is the commitment of the U.S. Department of the Treasury to provide financial support to the Enterprises to enable them to continue to provide liquidity and stability to the mortgage market. To date, the Treasury Department has provided $189.5 billion in support, which includes an initial placement of $1 billion at each Enterprise at the time of the conservatorships and an additional cumulative $187.5 billion investment from the Treasury Department. In accordance with the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 as amended by HERA, FHFA is authorized to “take such action as may be: (i) necessary to put the regulated entity in a sound and solvent condition; and (ii) appropriate to carry on the business of the regulated entity and preserve and conserve the assets and property of the regulated entity.” In addition, as conservator, FHFA assumed the authority of the management and boards of the Enterprises during the period of the conservatorship. However, the Enterprises continue to operate legally as business corporations and FHFA has delegated to the chief executive officers and boards of directors responsibility for much of the day-to-day operations of the companies. The Enterprises must follow the laws and regulations governing financial disclosure, including the requirements of the Securities and Exchange Commission. As corporate executives, the Enterprises’ executive officers have legal responsibilities to use sound and prudent business judgment in their stewardship of the companies. While FHFA has broad authority over the Enterprises, the focus of the conservatorships is not to manage every aspect of their operations. Instead, FHFA leadership reconstituted the Enterprises' boards of directors in 2008 and charged them with ensuring that normal corporate governance practices and procedures are in place. The boards are responsible for carrying out normal board functions, which are subject to FHFA review and approval on critical matters. This division of duties represents the most efficient structure for FHFA to carry out its responsibilities as conservator
