$fnma #fanniegate

The Montilla Plaintiffs want the First Circuit to revisit FHFA's status as a government actor in light of the Collins decision.  The Montilla Plaintiffs say that because the High Court rejected applying O'Melveny, as the First Circuit did, to say that FHFA stepped into the shoes of the GSEs, the appellate tribunal should now perform an "entwinement analysis" described in the U.S. Supreme Court's 2001 Brentwood decision to see if FHFA qualifies as a government actor.  A copy of the Montilla Plaintiffs' petition for a rehearing is attached to this e-mail message.

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