Hi Robert, I think you are right to bring the Non Delegation and Major Questions Doctrine up but these issues may not be ripe until the FHFA expands its authority based on a void contractual right that is voidable due to a separation of powers doctrine. For example if it goes ahead with a cramdown as a precursor for an Admin Action to change the structure of the FHFA to a utility model. Perhaps this is how these issues will be litigated? Sort of derivative separation of powers causes of action?