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The Fifth Circuit published its opinion today:

    -- reversing Judge Atlas' ruling that FHFA's conduct did not exceed its statutory authority;

    -- affirming Judge Atlas' rulings that Treasury's conduct did not exceed its statutory authority, nor was Treasury's conduct arbitrary or capricious; and

    -- agreeing FHFA's structure is unconstitutional.

The case will go back to Judge Atlas for further proceedings consistent with the Fifth Circuit's 123-page opinion attached to this e-mail message.