$FNMA #FANNIEGATE

The Collins Plaintiffs filed their Memorandum in Opposition to Treasury and FHFA's Motions to Dismiss their complaint pending in Texas.  A copy of the Memorandum is attached to this e-mail message, and a copy of the Appendix is posted at http://bankrupt.com/misc/16-cv-03113-0032-Appendix.pdf because it's rather bulky.

The Collins Plaintiffs' Memorandum make it clear to Judge Atlas that the notion that FHFA can't ever be sued for anything is just plain wrong, and Judge Lamberth goofed when he said that in Perry v. Lew.  The Collins Plaintiffs explain to Judge Atlas that FHFA doesn't own all of the rights attendant to their GSE securities despite FHFA's desire to say otherwise.  The Collins Plaintiffs tell Judge Atlas that FHFA's "New Capital Paradigm" argument articulated to the D.C. Circuit for the first time during oral argument before that tribunal is nothing more than a fantasy.  The Collins Plaintiffs pursue their argument that FHFA's structure violates our Nation's Constitution.16-cv-03113-0032

The Collins Plaintiffs presented a Motion for Summary to Judge Atlas today asking her to rule on their constitutional claim.  If Judge Atlas were to grant this motion, most, if not all, of FHFA and Treasury's Motions to Dismiss and the arguments in the Collins Plaintiffs' Memorandum in Opposition would be washed away.

FHFA and Treasury can be expected to file replies in support of their motions to dismiss and objections to the Collins Plaintiffs' new motion for summary judgment in the coming days.16-cv-03113-0033