$FNMA #FANNIEGATE

Three Highfields Capital partnerships, which own both junior preferred and common shares in both GSEs, filed a lawsuit in the U.S. Court of Federal Claims yesterday.  A copy of the complaint is attached to this e-mail message.  At pages 29-31, Highfields raises a "breach of implied-in-fact contract between the United States and the enterprises" that I don't believe we've seen previously.  Highlands is represented by Mark T. Stancil at Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP in Washington, D.C., and now we know why Ms. ChaseCarpino ordered a copy of the transcript in Bhatti v. FHFA before Judge Schiltz.  18-01150-0001