$FNMA #FANNIEGATE

The D.C. Circuit reissued its opinion in Perry v. Mnuchin today.  Copies of the reissued opinion (Doc. 1684473) and an order explaining the changes (Doc. 1684471) are attached to this e-mail message.

The sentence on page 68 of the Feb. 21 opinion citing Nemec for the proposition that, "What is arbitrary or unreasonable depends upon 'the parties' reasonable expectations at the time of contracting,'" has been deleted from the reissued opinion, and the D.C. Circuit tells Judge Lamberth at page 69 of the reissued opinion that he may need to hear more from the parties about GSE shareholders' reasonable expectations as he revisits GSE shareholder' claims for breach of contract and breach of the implied covenant of good faith and fair dealing regarding liquidation preferences and the claim for breach of the implied covenant with respect to dividend rights.14-5243-1684471 14-5243-1684473