" If Treasury and FHFA can conduct the conservatorships of the Companies to strip out any value and prevent the restoration of regulatory and market capital despite their obligations under HERA, this manipulation of the process will dramatically affect public confidence in the fairness and predictability of government’s participation in insolvency proceedings."
There is no place in this statutory framework to allow a permanent conservatorship in which the Companies are generating billions of dollars in profits, but their assets are continually being stripped down to zero when the Treasury has been repaid billions of dollars more than its funding to the Companies. These actions violate HERA and the long standing precedents on which it is based because they avoid the stakeholder protections built into open bank assistance, conservatorships and receiverships.
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