I’m sure you already know HERA says under Subtitle C, Item ‘‘(7) AGENCY NOT SUBJECT TO ANY OTHER FEDERAL AGENCY.—When acting as conservator or receiver, the Agency (FHFA) shall not be subject to the direction or supervision of any other agency of the United States or any State in the exercise of the rights, powers, and privileges of the Agency(FHFA).
This is critical because under HERA TITLE 1, Subtitle A, SEC. 1313A. HERA creates the FEDERAL HOUSING FINANCE OVERSIGHT BOARD to monitor the safety and soundness of FnF and make sure FHFA is following the statutes of HERA. Here is the fun part. HERA directs that this oversight board have 4 members, the Sec. of Treasury, the Sec. of HUD, the Chairman of the SEC, and 1 other person who shall serve as Chairperson of the Board.
The people who wrote HERA wanted to keep FHFA pure and not subject to the direction or supervision of any other agency of the US. The Sec of Treasury, Sec. of HUD, the Sec of SEC, and the Chairperson of the Board were supposed to make sure this part of HERA was enforced. In a brazen and unconstitutional breach of responsibility the Secretary of the Treasury is directing FHFA at every turn including the Sweep Amendmant. See the Treasury’s own announcement of the Sweep Amendment here: http://1.usa.gov/NVixW5
A member of the Oversight Board, who is supposed to make sure FHFA is not subject to the direction or supervision of any other agency of the US, is directing FHFA to initiate the SWEEP AMENDMENT! This is a breach of HERA! This is unconstitutional. This constitutes a fraud!
Oops, the Secretary of the Treasury is above the law. Why the hell isn’t the Judiciary doing it’s job!
The need for consideration on the part of both parties is very important in law
And as I and Fairholme I believe have noted - the need for two separate parties to have a fair arrangement is paramount and the third amendment was Treasury to Treasury under different names - so no two parties with competing interests
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