RestoreFannieMae.us
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Fannie, Freddie, and Your Money
JULY 18, 2013 5:30 PM
Richard Epstein looks at the federal government’s dereliction of duty in managing the Fannie Mae and Freddie Mac bailouts.
http://www.restorefanniemae.us/fannie_freddie_and_your_money
Speak Out! http://www.restorefanniemae.us/resources
Please use one of the sample letters at http://www.restorefanniemae.us/resources to email members of congress and urge them to follow “the rule of Law” and allow for the RE-capitaliztion of these 2 Great and Historically important Companies.
Speak Out! http://www.restorefanniemae.us/resources
Please use one of the sample letters at http://www.restorefanniemae.us/resources to email members of congress and urge them to follow “the rule of Law” and allow for the RE-capitaliztion of these 2 Great and Historically important Companies.
Speak Out! http://www.restorefanniemae.us/resources
Please use one of the sample letters at http://www.restorefanniemae.us/resources to email members of congress and urge them to follow “the rule of Law” and allow for the RE-capitaliztion of these 2 Great and Historically important Companies.
Democratic Principles for Housing Finance Reform
July 18, 2018
After exploring the issues related to housing finance reform with interested advocates, academics, and industry representatives at a series of working roundtables this year, we Democrats on the House Financial Services Committee, have agreed to a set of critical core principles for housing finance reform. We will oppose any legislation that is inconsistent with these principles.
-- Democratic Members, Committee on Financial Services
The principles call for the following:
· Maintain the 30-year fixed rate mortgage.
· Protect taxpayers.
· Provide stability and liquidity.
· Prevent disruptions to the U.S. housing market during a transition to a new finance system.
· Require transparency and standardization.
· Maintain access for all qualified borrowers that can sustain homeownership and serve homeowners of the future.
· Ensure access to affordable rental housing.
http://democrats.financialservices.house.gov/FinancialSvcsDemMedia/file/Democratic%20Principles%20for%20Housing%20Finance%20Reform.pdf
Democratic Principles for Housing Finance Reform
July 18, 2018
After exploring the issues related to housing finance reform with interested advocates, academics, and industry representatives at a series of working roundtables this year, we Democrats on the House Financial Services Committee, have agreed to a set of critical core principles for housing finance reform. We will oppose any legislation that is inconsistent with these principles.
-- Democratic Members, Committee on Financial Services
The principles call for the following:
· Maintain the 30-year fixed rate mortgage.
· Protect taxpayers.
· Provide stability and liquidity.
· Prevent disruptions to the U.S. housing market during a transition to a new finance system.
· Require transparency and standardization.
· Maintain access for all qualified borrowers that can sustain homeownership and serve homeowners of the future.
· Ensure access to affordable rental housing.
http://democrats.financialservices.house.gov/FinancialSvcsDemMedia/file/Democratic%20Principles%20for%20Housing%20Finance%20Reform.pdf
Democratic Principles for Housing Finance Reform
July 18, 2018
After exploring the issues related to housing finance reform with interested advocates, academics, and industry representatives at a series of working roundtables this year, we Democrats on the House Financial Services Committee, have agreed to a set of critical core principles for housing finance reform. We will oppose any legislation that is inconsistent with these principles.
-- Democratic Members, Committee on Financial Services
The principles call for the following:
· Maintain the 30-year fixed rate mortgage.
· Protect taxpayers.
· Provide stability and liquidity.
· Prevent disruptions to the U.S. housing market during a transition to a new finance system.
· Require transparency and standardization.
· Maintain access for all qualified borrowers that can sustain homeownership and serve homeowners of the future.
· Ensure access to affordable rental housing.
http://democrats.financialservices.house.gov/FinancialSvcsDemMedia/file/Democratic%20Principles%20for%20Housing%20Finance%20Reform.pdf
New, Must read article by RICHARD EPSTEIN at
http://www.restorefanniemae.us/blog
"The availability of a simple account fix to government overreaching lays bare the inexcusable workings of the Treasury's one-sided deals. Ironically, Mr. Hensarling's conscious effort to undermine property rights works at cross-purposes with his larger, laudable objective of trying to rid housing markets of their past, massive irregularities in order to encourage more private investment. What private fund will invest in projects when their cash can be siphoned off by dubious contractual liberties and administrative shortcuts that make a mockery of the rule of law?"
Richard A. Epstein is a professor of law at NYU Law School, a Senior Fellow at the Hoover Institution, a Senior Lecturer at the University of Chicago and a visiting scholar with the Manhattan Institute's Center for Legal Policy.
New, Must read article by RICHARD EPSTEIN at
http://www.restorefanniemae.us/blog
"The availability of a simple account fix to government overreaching lays bare the inexcusable workings of the Treasury's one-sided deals. Ironically, Mr. Hensarling's conscious effort to undermine property rights works at cross-purposes with his larger, laudable objective of trying to rid housing markets of their past, massive irregularities in order to encourage more private investment. What private fund will invest in projects when their cash can be siphoned off by dubious contractual liberties and administrative shortcuts that make a mockery of the rule of law?"
Richard A. Epstein is a professor of law at NYU Law School, a Senior Fellow at the Hoover Institution, a Senior Lecturer at the University of Chicago and a visiting scholar with the Manhattan Institute's Center for Legal Policy.
http://www.restorefanniemae.us/survey
Please take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/survey
Please take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/survey
Please take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.
Misinformation!
Here is a prime example of the misinformation, which the media has used to mislead the American public to believe Fannie Mae and Freddie Mac were the cause of the 2008 subprime mortgage crisis. The facts about the subprime crisis clearly contradict many of the false assumptions.
Please take the "Restore Fannie Mae" Favorability Survey (http://www.restorefanniemae.us/survey) to learn more about the facts.
Don't just take our word for it, take a look at the paper published by the FED regarding their findings, based on statistical data, showing that neither government policies, nor the GSEs themselves caused the subprime crisis, and in many cases the polices created more favorable conditions than the communities with dominant, private sector, bank lending.
http://www.federalreserve.gov/pubs/feds/2011/201136/201136abs.html
Fiction:
“We have known for years that Fannie Mae and Freddie Mac played central roles in the 2008 financial crisis and the right policy course is to be phase them out,” said AAF President Douglas Holtz-Eakin regarding the findings. “It is fascinating to see that, across party lines, the public also shares this view.”
"Coming out of the financial crisis of 2008, Fannie and Freddie took on the role of central villains and have not recovered. The public image of these two entities is nearly toxic!"
"These arguments are particularly potent in shaping public opinion on Fannie and Freddie."
"Among other findings, when informed that Fannie and Freddie played an instrumental role in the housing bubble and received nearly $200 billion dollars in a bailout, voters’ opposition to Fannie and Freddie moves to 59%, including even 51% of Democrats."
FACT:
1. Fannie Mae and Freddie Mac continue to win lawsuits against the major banks for fraud and misrepresenting the quality of mortgage-backed securities sold to Fannie and Freddie, leading up to the financial crisis of 2008. These banks violated federal securities laws and common laws in the sale of residential private-label mortgage-backed securities (PLS) to the enterprises, which totaled nearly $200 Billion.
http://www.fhfa.gov/webfiles/22599/PLSLitigation_final_090211.pdf
http://www.fanniemae.com/portal/about-us/media/financial-news/2013/5910.html
http://beta.fool.com/kcolona/2013/07/10/citigroup-ponies-up-968-million-to-fannie-mae-what/39836/
2. "Most early estimates showed that the subprime mortgage boom and the subsequent crash were very much concentrated in the private market, not markets or charters set out by Fannie Mae and Freddie Mac. According to an estimate made by the Federal Reserve in 2008, more than 84 percent of the subprime mortgages came from private lending institutions in 2006."
http://en.wikipedia.org/wiki/Causes_of_the_United_States_housing_bubble
3. The majority of the Financial Crisis Inquiry Commission (6 of the 10 members) reported in 2011 that Fannie & Freddie "contributed to the crisis, but were not a primary cause."
https://en.wikipedia.org/wiki/Subprime_mortgage_crisis
4. “From 2002-2005, Fannie and Freddie saw a fairly precipitous drop in market share, going from about 50% to just under 30% of all mortgage originations. Conversely, private label securitization (Banks) shot up from about 10% to about 40% over the same period. This is, to state the obvious, a very radical shift in mortgage originations that overlapped neatly with the origination of the most toxic home loans.”
http://www.ritholtz.com/blog/2011/11/hey-bloomberg-the-data-shows-gses-did-not-cause-financial-meltdown/
5. "Housing goals do not appear to have played a significant role because Fannie and Freddie remained less concentrated in low-income market segments compared to the private market. Still, the high LTV, low FICO score, and alternative documentation loans that Fannie and Freddie purchased are performing significantly better than private subprime loans, suggesting the enterprises retained stronger risk management procedures than private financial companies."
http://www.ccc.unc.edu/FannieFreddie.php#sthash.E5nsBZo3.dpuf
6. "Mortgages originated for private securitization defaulted at much higher rates than those originated for Fannie and Freddie securitization, even when controlling for all other factors (such as the fact that Fannie and Freddie securitized virtually no subprime loans). Overall, private securitization mortgages defaulted at more than six times the rate of those originated for Fannie and Freddie securitization."
http://www.americanprogress.org/issues/housing/report/2011/07/12/10011/why-wallison-is-wrong-about-the-genesis-of-the-u-s-housing-crisis/
"MonestHind, provide substantial answers to the questions below to demonstrate the veracity of your ten statements and claims. If you have no substantial answers to the questions below, your ten tips are simply useless, negative hype."
S. 1217: Housing Finance Reform and Taxpayer Protection Act of 2013
Prognosis:
2% chance of getting past committee.
0% chance of being enacted.
http://www.govtrack.us/congress/bills/113/s1217
The Corker-Warner Housing Reform Won't Work:
http://online.wsj.com/article/SB10001424127887323873904578569820608849816.html
Why It Would Be a Mistake to Unwind Fannie and Freddie http://www.americanbanker.com/bankthink/why-it-would-be-a-mistake-to-unwind-fannie-and-freddie-1060106-1.html
GSE Critics Ignore Loan Performance
http://www.americanbanker.com/bankthink/gse-critics-ignore-loan-performance-1059187-1.html
Corker-Warner GSE Bill: Includes Unconstitutional Taking of Property
http://www.freerepublic.com/focus/bloggers/3029736/posts
"Some advocate for the wind down of the guarantee businesses of Fannie and Freddie, either by stepping down loan limits or restricting their underwriting authority in some formulaic way. The theory is that private investors will fill the void in the market created by the enterprises’ forced withdrawal and that the transition will be seamless."
"My question to the advocates of this approach is: what if it isn’t seamless and substantial demand for mortgage credit goes unmet? If policymakers get the size or pace of a forced wind down wrong, we will suffer a credit contraction, house prices will fall and the U.S. economy will once again be at risk for a recession. When I ask the proponents of wind down “what then?”, the answer is that the FHFA will wind the enterprises back up. This is precisely the kind of start/stop government policymaking that prevents private investors from taking risk. Until Congress provides private investors with a credible transition plan from the government- dominated market that exists today to one with a better balance of private risk and public support, I predict that private risk taking in the mortgage markets will remain muted."
Statement by James E. Millstein former Chief Restructuring Officer of the United States Department of the Treasury before the Committee on Financial Services U.S. House of Representatives April 24, 2013
http://financialservices.house.gov/uploadedfiles/hhrg-113-ba00-wstate-jmillstein-20130424.pdf
"MonestHind, provide substantial answers to the questions below to demonstrate the veracity of your ten statements and claims. If you have no substantial answers to the questions below, your ten tips are simply useless, negative hype."
Post by Obiteridctum, In Fannie Mae board In Response to MonestHind post# 91700
(Still waiting on Public Reply)
Thanks
Wednesday, July 17, 2013 1:03:07 AM
Re: MonestHind post# 91700
*****10 IMPORTANT TIPS FOR FNMA CHALLENGED*****
MonestHind, provide substantial answers to the questions below to demonstrate the veracity of your ten statements and claims. If you have no substantial answers to the questions below, your ten tips are simply useless, negative hype.
1) Don't blame market makers because pps is down. It's all in your head.
Who sets the bid and ask quotes for L1 and L2 displays, makes the spread, and negotiates, matches and executes orders?
2) Stop trying to convince whomever that pps is going to skyrocket on earnings...it's simply not going to work like that.
How do you know what the pps is going to work like?
3) Stop trying to convince whomever that certain news means good things for common shares. There has been NOTHING in the news that should instill confidence.
What certain news are you referring to?
4) Don't plan on this breaking $2 any time soon.
Why not? Do you have a crystal ball that sees into the future?
5) Increase the reality based dialogue and foster open discussion about the negatives in play. There are a ton of them.
Are there real positives in play as well as negatives?
6) Remember that more likely than not, this will never see $5 again.
Again, do you have a crystal ball that sees into the future? What makes it for you more likely than not? What evidence do you have for that statement?
7) Understand that the past does not dictate the future.
Yes. But the past, though it is not a crystal ball, can be a guide to the future.
8) Don't forget that the general consensus in Washington is that the companies will be wiped out.
In Washington to so far, there are only three or four handfuls of Republicans and 4 conservative Democrats attached to two conflicting Republican bills at most that want that. Democrats, the opposing party, have expressed little beyond what three party members have said and these three oppose the Republican agenda. If there are more Republicans or Democrats please list the names and their party membership and their publicly stated views of wiping out. If you cannot do this, you are making that up from thin air or parroting without substantial evidence.
9) In the future, don't invest in companies the federal government plans on shutting down.
What branch of the Federal government are you referring to? Judicial? Executive? Legislative? All three, two, one? Which one(s)? What evidence can you provide that the federal government (what branch or branches), plans on shutting them down?
10) In the future, don't invest in companies the federal government plans on shutting down.
What branch of the Federal government are you referring to? Judicial? Executive? Legislative? All three, two, one? Which one(s)? What evidence can you provide that the federal government (what branch or branches), plans on shutting them down?
Please tell Congress that you support Capuano's bill (click the link below)
http://pvox.co/r2HcMK
This is specific support to HR 2435 Capuano's bill.
(H.R. 2435: To provide for the repayment of amounts borrowed by Fannie Mae and Freddie Mac from the Treasury of the United States, together with interest, over a 30-year period, and for other purposes.)
You can include a personal comment about what you support. Your nickname will be public but your personal (real) name and address will only be made known to Congress (supposedly, Rep. Capuano).
I think this is important. Please show your support and help spread the word. Thank you!
http://pvox.co/r2HcMK
Speak Out! http://www.restorefanniemae.us/resources
Please use one of the sample letters at http://www.restorefanniemae.us/resources to email members of congress and urge them to follow “the rule of Law” and allow for the RE-capitaliztion of these 2 Great and Historically important Companies.
Speak Out! http://www.restorefanniemae.us/resources
Please use one of the sample letters at http://www.restorefanniemae.us/resources to email members of congress and urge them to follow “the rule of Law” and allow for the RE-capitaliztion of these 2 Great and Historically important Companies.
Speak Out! http://www.restorefanniemae.us/resources
Please use one of the sample letters at http://www.restorefanniemae.us/resources to email members of congress and urge them to follow “the rule of Law” and allow for the RE-capitaliztion of these 2 Great and Historically important Companies.
Thanks, No worries. If you just put your zip code in the first line and your State in the second line it will let you continue with the survey. You don't have to put your full address. Im glad you like the site!
http://www.restorefanniemae.us/survey
Please take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/survey
Please take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/survey
Please take the survey: Fannie Mae & Freddie Mac Favorability Survey
Filibuster Compromise Being Discussed, First Vote Happening Now: I think this might be the link.
http://www.c-span.org/Events/Filibuster-Compromise-Being-Discussed-First-Vote-Happening-Now/10737440428-13/
Nice find Blue!
dixitque Deus fiat lux et facta est lux. Brilliant!
Take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/survey
Take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/survey
Take the survey: Fannie Mae & Freddie Mac Favorability Survey
http://www.restorefanniemae.us/survey
Great DD, updated daily.
http://www.restorefanniemae.us/blog
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.
Great DD, updated daily.
http://www.restorefanniemae.us/blog
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.
Great DD, updated daily. http://www.restorefanniemae.us/blog
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.
Misinformation!
Come get the facts.
http://www.restorefanniemae.us/blog
Please tell Congress that you support Capuano's bill (click the link below)
http://pvox.co/r2HcMK
This is specific support to HR 2435 Capuano's bill.
(H.R. 2435: To provide for the repayment of amounts borrowed by Fannie Mae and Freddie Mac from the Treasury of the United States, together with interest, over a 30-year period, and for other purposes.)
You can include a personal comment about what you support. Your nickname will be public but your personal (real) name and address will only be made known to Congress (supposedly, Rep. Capuano).
I think this is important. Please show your support and help spread the word. Thank you!
http://pvox.co/r2HcMK
Great DD, updated daily.
http://www.restorefanniemae.us/blog
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.
Please tell Congress that you support Capuano's bill (click the link below)
http://pvox.co/r2HcMK
This is specific support to HR 2435 Capuano's bill.
(H.R. 2435: To provide for the repayment of amounts borrowed by Fannie Mae and Freddie Mac from the Treasury of the United States, together with interest, over a 30-year period, and for other purposes.)
You can include a personal comment about what you support. Your nickname will be public but your personal (real) name and address will only be made known to Congress (supposedly, Rep. Capuano).
I think this is important. Please show your support and help spread the word. Thank you!
http://pvox.co/r2HcMK
Great DD, updated daily.
http://www.restorefanniemae.us/blog
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.
Great DD, updated daily.
http://www.restorefanniemae.us/blog
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.
Great DD, updated daily.
http://www.restorefanniemae.us/blog
Join us in our effort to Restore Fannie Mae to the taxpaying shareholders! Help restore this great business from government conservatorship, and support progressive ideals. Help us bring justice for the taxpayers, homeowners, communities, and shareholders, which measure progress by more than just profit.