A little color from TH on the letter: "The Fifth Circuit can’t invalidate the net worth sweep; all it can do is determine that Mel Watt’s implementation of the sweep caused some identifiable harm to plaintiffs, then award damages. It’s possible, though, that if the senior officials Biden administration who have Fannie and Freddie within their purview think there is a chance the Fifth Circuit might require them to pay significant monetary damages, that might be a swing factor in favor of their doing what they should be doing in any event: declaring the senior preferred fully repaid, voluntarily canceling the sweep and Treasury’s liquidation preference, and putting the companies on a path out of conservatorship."
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