The Fifth Circuit released its opinion today finding that FHFA is unconstitutionally structured. Nevertheless, the Fifth Circuit also finds that sec. 4617(f) of HERA blocks shareholders from complaining about the Net Worth Sweep while the GSEs are in conservatorship. The three judges serving on the panel reviewing Judge Atlas’ decision don’t see eye-to-eye on everything. A copy of the Fifth Circuit’s opinion is attached to this e-mail message. 17-20364-00514557220
