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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