All of this discussion is moot until the legality of the PSPA is settled. Barring a banana republic style ruling from SCOTUS (which is highly likely) then any ruling that addresses the for cause in a way that leaves the agency under the direct control of the executive necessarily renders the PSPA as a self dealing arrangement. I dont know who signed the original PSPA but if it was an acting director at the time then it will need to all be unscrambled to use the SCOTUS language. Furthermore the capital rule and any plans to re-ipo will be subject to APA claims moving foreword unless re-issued after the status of the FHFA director is settled, Assuming HERA isnt bulldozed. Any re-IPO done as a regulatory action will be challenged as a regulatory takings by existing shareholders if done at the behest of Gov and not following a shareholder vote.
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