$fnma #fanniegate

The Collins Plaintiffs, focusing on President Trump's inability to fire Director Watt, urges the Fifth Circuit to send the case back to Judge Atlas with instructions to enter a permanent injunction requiring, at a minimum, Treasury and FHFA amend the purchase agreements to either: (1) reduce the liquidation preference on Treasury’s senior preferred stock to zero and end further increases to the liquidation preference except as necessary to offset any further draws on Treasury’s funding commitment; or (2) convert Treasury’s senior preferred stock to common stock.  A copy of the Collins Plaintiffs' supplemental brief is attached to this e-mail message.

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