Here's an interesting tidbit that I expect will be raised on December 9 before the Supreme Court. On FNMA's website under governance, the board of directors narrative clearly states that the 2008 conservatorship was imposed under the auspices of the GSE Act (and not HERA). THERE IS NO SUCCESSION CLAUSE in that statute.
The government defense has used this claim to deny suits in Collins and in the Court of Claims suits. Without succession, fiduciary responsibility to shareholders is not vacated by the board, simply shared with creditors and debt holders. This is a key element in the progression of Angel litigation as it continues to slog through the courts.
"The FDIC is run by a board structure NOT a single director like FHFA: "
With recent SCOTUS ruling on CFPB, no executive agency can be independent. It does not matter whether multi member or single member.
May be, SCOTUS will make it more clear in its next ruling on FHFA. Many amicus briefs have requested SCOTUS to review its decades old rulings that have created exceptions.
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