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FEDERAL NAT. MORTG. ASS'N v. C.I.R.

Nos. 88-1827, 88-1853.

896 F.2d 580 (1990)

FEDERAL NATIONAL MORTGAGE ASSOCIATION, Appellant/Cross-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellee/Cross-Appellant.

United States Court of Appeals, District of Columbia Circuit.

Decided February 20, 1990.

Attorney(s) appearing for the Case

Joseph Angland, New York City, with whom Felix B. Laughlin, David C. Garlock, and Richard F. Neel, Jr., Washington, D.C., were on the brief, for appellant in no. 88-1853 and cross-appellee in no. 88-1827.

Bruce R. Ellison, Atty., U.S. Dept. of Justice, with whom Shirley D. Peterson, Asst. Atty. Gen., Gary R. Allen and Richard Farber, Attys., U.S. Dept. of Justice, Washington, D.C., were on the brief, for appellee in no. 88-1827 and for cross-appellant in no. 88-1853. William S. Rose, Jr., Atty., U.S. Dept. of Justice, Washington, D.C., also entered an appearance for appellee in 88-1827 and for appellant in 88-1853.

Before MIKVA and RUTH B. GINSBURG, Circuit Judges, and ROBINSON, Senior Circuit Judge.

Opinion for the Court filed by Circuit Judge MIKVA.

MIKVA, Circuit Judge:

Federal National Mortgage Association ("FNMA") was severely impacted by the dramatic rise in interest rates in the late 1970s. As a result, FNMA entered into two types of mortgage transactions in the early 1980s through which it sought to improve its economic standing. The Resale/Refinance program was designed to replace uneconomical low-interest mortgages in FNMA's portfolio with higher...

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