1. Whether the FHFA's structure violates separation of powers and, if so, whether its conservatorship of Fannie Mae and Freddie Mac must be set aside.

2. Whether FHFA may challenge the validity of a state foreclosure sale on the ground that the sale violated 28 U.S.C. § 4617(j)(3) because FHFA held an interest in the property and did not consent to the foreclosure, without producing the contract that established its property interest and relying instead on entries in its computerized databases purporting to reflect the existence and terms of the contracts.

Whether the FHFA's structure violates separation of powers and whether its conservatorship of Fannie Mae and Freddie Mac must be set aside