$FNMA #FANNIEGATE

Prof. Aaron Nielson, filling the role of a court-appointed amicus curiae, delivered his brief to the U.S. Supreme Court today in support of the position FHFA's structure does not violate the separation of powers and, unlike the CFPB, has a lawful structure.  A copy of Prof. Nielson's brief is attached to this e-mail message.  Prof. Nielson says there's a big difference between the CFPB Director and an FHFA Acting Director, so the Court correctly invalidated CFBP action but should uphold the Third Amendment.  Prof. Nielson argues FHFA is like a miniature version of the Comptroller of the Currency, whose structure is constitutional, and is similar to the Sinking Fund Commission established in 1790 to purchase U.S. securities used to redeem the States' Revolutionary War debts.

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