Fannie and Freddie: The NWS and the Implied Covenant of Good Faith and Fair Dealing

Is the NWS (i) an action of a type permitted by express contractual provisions, or (ii) an unreasonable act of government discretion taken in bad faith?

Perhaps you have been like me, focusing all of your GSE litigation attention this year on the fortunes of Collins before SCOTUS, and haven’t paid much attention to the merits of the Fairholme plainti…