Replies to post #609727 on Fannie Mae-No Politics (FNMA)

[kthomp19]

How can the BOD of FNMA and FMCC approve the corporate and securities transactions without counsel?

How can they settle without counsel?

Because all of these things will occur during conservatorship. That means that the boards don't actually have any power and just act at FHFA's direction, as they have since conservatorship started.

Milbank is FHFA's legal advisor and can settle the cases just like Arnold & Porter have been handling the cases for FHFA (and by extension FnF themselves) up until now.