designation. The passages in the Ugoletti Deposition address, among other
things, the need for HERA to restore confidence in the GSEs, Ugoletti Deposition 40:18–41:2;
the process of drafting the PSPA in August and September of 2008, id. at 46:4–12; Mr. Ugoletti’s
involvement in that process on behalf of Treasury, id. at 47:22–49:18; the payment-in-kind
provisions under the PSPA, id. at 52:1–14, 54:14–55:3, 58:2–14; the projections upon which
Case 1:13-cv-00465-MMS Document 168 Filed 06/25/15 Page 12 of 52
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FHFA relied when considering the Net Worth Sweep, id. at 93:22–94:4; alternatives considered
to the Net Worth Sweep, id. at 129:9–21, 149:8–17; the negotiation of the Net Worth Sweep, id.
at 150:15–151:3, 154–158; and capital requirements and GSE safety and soundness, id. at
161:12-20, 164:8–166:5. Those passages that Plaintiffs have highlighted in the DeMarco Deposition
concern primarily the financial data and income projections upon which FHFA and Treasury
relied when they enacted the Third Amendment to the PSPAs, see, e.g., DeMarco Deposition
163, 269–270, 308, and the government’s long-term plans for the conservatorship, see, e.g., id. at
193–95.