You should read the federal statute that creates the privately held company that we are discussing. You should also read the safety and soundness act of 1992 that regulates this company. The name of the statute is key. The director of FHFA is required by this federal law to ensure the safety and soundness by ensuring that the company follows the Congressional charter act. These are not HERA claims I am making. It does not matter if FNMA is run by a BOD or that the director appointed FHFA as conservator. The Director still has his duty to ensure safety and soundness. HERA allows the director to appoint the agency. Not himself as conservator. Read the laws. They are written clearly. Nothing in HERA removes or supercedes the directors duties under the safety and soundness act. Federal law requires FNMA (whether by BOD or FHFA-C) to issue shares of common stock for "appropriate capital". Full stop. Issuing warrants of 79.9% for $78,000 is illegal. This is a reviewable agency action under the APA. Failure to act, deriliction of duty and contrary to law. If you don't see harm than you need to educate yourself with regard to the law. This is not some rehash of the stupid lawsuits that were designed to fail from the outset trying to find an ultrvires action of the conservator. I am attacking agency actions of both Treasury and The Director of FHFA. Collins wont apply here. Different statutes. Different actions.
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