$FNMA #FANNIEGATE

The Collins Plaintiffs delivered their opening brief to the Fifth Circuit today and a copy is attached to this e-mail message.  The Collins Plaintiffs ask the Fifth Circuit to review these three issues:

(A) whether FHFA’s status as an independent agency headed by a single Director violates the separation of powers, thus requiring vacatur of its decision to impose the Net Worth Sweep;

(B) whether FHFA exceeded its statutory authority as conservator by imposing the Net Worth Sweep, which prevents the Companies from preserving capital or being restored to soundness and solvency; and

(C) Whether 12 U.S.C. § 4617(f) bars Plaintiffs’ claim that Treasury violated its own obligations under HERA and the APA by imposing the Net Worth Sweep.17-20364-00514080709