Tough highlighted sentence, but the Treasury is neither the agency nor the company, so wouldn’t Calabria still have a duty to not favor Treasury over the company. I fail to grasp how increasing the Treasury’s preference is in any way in the interest of the GSEs.
" They did not disagree with Lamberth's assertion that FHFA owes no fiduciary duty to shareholders."
FHFA conservator only gets authorities that are given by Congress. Where in the HERA it says that a traditional conservator does not owe fiduciary duties?
5th circuit clearly ruled that FHFA conservatorship is a traditional common law conservatorship with addition enumerated authorities.
So FHFA conservator as a common law conservator owes all the common law duties expected of him.
On appeal there is a very good chance that SCOTUS will confirm very well explained/supported 5th circuit ruling.
Perry District and Appeal court rulings are fringe decisions and not main stream decisions.
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