$FNMA #FANNIEGATE

The Collins Plaintiffs responded yesterday to Treasury's letter directing the Fifth Circuit's attention to the Delaware Supreme Court's decision in California v. Alvarez, and a copy of that letter is attached to this e-mail message.  The Collins Plaintiffs tell the Fifth Circuit that their claims have to be direct rather than derivative -- especially if HERA says shareholders can't stand in the GSEs' shoes, as FHFA and Treasury repeatedly argue.17-20364-00514338874