$FNMA #FANNIEGATE

FHFA and Treasury filed their Joint Reply yesterday evening, and a copy of that filing is attached to this e-mail message.  FHFA and Treasury (i) sing another round of "HERA insulates us from litigation," (ii) direct Judge Chang's attention to Judge Lamberth's decision dismissing Perry v. Lew, (iii) say the time to challenge the PSPAs expired in Sept. 2014, (iv) argue that HERA gave FHFA all shareholder rights, (v) tell the Court they have no duties to shareholders, and (vi) unfurl their capital classification flag one more time.

As previously indicated, Judge Chang has asked the parties to convene for a status hearing on Nov. 1 in Chicago.16-02107-0048