The judge, M. James Lorenz, had quite a bit to say, starting with establishing that Federal law controls the interpretation of a contract entered into pursuant to federal law and to which the United States is a party, which took me by surprise as it makes total sense.
“The Agreement was entered into between Defendant and Fannie Mae in its capacity as a financial agent of the United States. Furthermore, the Agreement provides that it “shall be governed by and construed under Federal law and not the law of any state or locality, without reference to or application of the conflicts of law principles. Whether Plaintiff is a third-party beneficiary is therefore determined by federal law.”
Here's the post link: