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.