No, this is not the reason. Think about the oral argument (100% pro-GSE shareholders) before the Colin case was ruled in SCOTUS, the prolonged delay, and the things happened just before the SCOTUS ruling (Congress wanted to investigate the 10 years travel records of the Justices), you will see that it was a political decision. So, SCOTUS gave out reasons that shareholders brought the wrong case, FHFA is free to make any decision as long as the decision is beneficial to the Agency whom represented public interest.
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