RestoreFannieMae.us
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"By comparing the wind-down to Sallie Mae's 1990s restructuring, one can then begin to draw parallels and predict outcomes. In 2006, the Treasury released an analysis on the Sallie Mae wind-down, which can be found here."
Sorry, Forgot the link:
http://www.treasury.gov/about/organizational-structure/offices/Documents/SallieMaePrivatizationReport.pdf
"According to a press release issued by Jeb Hensarling's (R-TX) office, the House Financial Services Committee may be meeting in late April to discuss the historic wind-down of Sallie Mae (SLM) and lessons learned."
http://m.seekingalpha.com/article/1294751
This was from an article posted on seekingalpha.com, back in March of this year. Thought it was relevant to the discussion of Rep. Hensarling's and his rumored new bill. Interesting stuff:
Interesting Developments In Fannie Mae And Freddie Mac
Mar 22 2013, 8:28 | by David Sims | includes: FMCC.OB, SLM, FNMA.OB
With the volatile swings in Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) shares over the past week, many investors have been left scratching their heads. The biggest impetus for a stock rally appears to be the possibility that Fannie Mae will recognize its massive Deferred Tax Asset with its 4th-Quarter 2012 earnings. Earnings have been delayed as the accountants, regulators, and politicians deliberate. It's reported to be more than $60 billion and has been building up over the years with a valuation allowance against it to offset its value.
Outside of these facts, it's hard to imagine why Fannie Mae common stock would more than double. Last August 17, the Treasury instituted a dividend sweep of each GSE's net worth that will potentially pull every single cent of profit to the Treasury. However, with the recognition of the Deferred Tax Assets in each GSE, there is a possibility of wiping out $90 billion of the net investment made in their bailouts. Freddie has a valuation allowance of $31.7 billion on its Deferred Tax Asset.
According to a press release issued by Jeb Hensarling's (R-TX) office, the House Financial Services Committee may be meeting in late April to discuss the historic wind-down of Sallie Mae (SLM) and lessons learned. This little tidbit of information points investors in a new direction. For years, the discussion around Fannie Mae and Freddie Mac has been elimination through wind-down of their operations. Investors have taken this to mean death.
By comparing the wind-down to Sallie Mae's 1990s restructuring, one can then begin to draw parallels and predict outcomes. In 2006, the Treasury released an analysis on the Sallie Mae wind-down, which can be found here.
The wind-down of Sallie Mae included the creation of a new private sector holding company. Shareholders of the old Sallie Mae voted to exchange their shares of stock for the new Sallie Mae shares and a reorganization was made effective August 7, 1997. Over time, assets and operations were transferred to the new entity, which was free to operate as a private company and eventually dominated the student loan market.
Investors may be drawing parallels between Sallie Mae and Fannie Mae and Freddie Mac. It is very easy to do, especially with the recent announcement that the GSEs would be forming an operational merger to bring their securitization businesses together. Very few details for shareholders have been made public. These key facts are known:
GSE securitization operations will be merged,
the new entity may possibly be made private,
the new entity will be owned by Fannie Mae and Freddie Mac.
All this sounds very similar to the Sallie Mae "wind-down" with the exception of the part about shareholders getting a chance to vote on the changes and exchanging their shares from one company to the new company.
However, there is the very real possibility that a takings issue will occur if the U.S. Government takes one penny more than what is owed. After all, it is transferring operations from one entity to the next without providing any type of compensation at this point. This is enough to create a speculator's rally.
The GSE preferred stocks have been moving higher for months, but today, several broke $10 per share, touching as high as $17 for brief moments. Federal National Mortgage Association $50 preferred shares traded between $6.95 and $17 a share before settling at $11.20. FED HOME LN PFD $50 preferred shares traded for $10.01.
There's a lot to be hopeful about. Shareholders will be eagerly awaiting more details of the wind-down and new company, as well as the possible recognition of the massive deferred tax assets.
Disclosure: I am long FNMA.OB, FMCC.OB. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
• Provides for the orderly wind down of any legacy business commitments post-charter expiration over a 10 year period following the model successfully used in the Sallie Mae transition from GSE to a private company (P.L. 104-208).
http://hensarling.house.gov/news/press-releases/2011/03/hensarling-re-introduces-legislation-to-end-taxpayer-funded-bailout-of-fannie-mae-and-freddie-mac.shtml
If they decide on a Sallie Mae type privatization, common and preferred share holders should come out ok, no?
Non-voting Stock Converted to Voting Common Stock 1992
On July 23, 1992, by Act of Congress,122 all of the outstanding voting and non-voting common shares automatically converted to a single new class of unrestricted voting common shares. Sallie Mae’s non-voting common stock became equal in all respects to the voting common stock and was transferable without restriction.123
http://www.treasury.gov/about/organizational-structure/offices/Documents/SallieMaePrivatizationReport.pdf
"following the model successfully used in the Sallie Mae transition from GSE to a private company (P.L. 104-208)"
According to this article from representative Jeb Hensarling website, if determined by fhfa director that the companies are financially viable after a two year period they will be stripped of there gse charters and allowed to operate as fully private entities, akin to the sallie mae transition. What do you make of this? Would this be bad for shareholders? What does financially viable mean (solvent)?
Mar 18, 2011
“It’s time to enact fundamental reform before these companies go from ‘too big to fail’ to ‘too late to fix.’”
WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) today re-introduced legislation to stop taxpayer-funded bailouts of Fannie Mae and Freddie Mac and put these two companies on a path towards privatization. The failures of the two government sponsored enterprises (GSEs) have directly cost taxpayers more than $150 billion.
“The two largest, most influence-exerting, regulation-avoiding, bailed-out institutions weren’t banks and weren’t located on Wall Street. They were Fannie Mae and Freddie Mac, the mortgage market financial Frankensteins that were created not in a competitive marketplace, but in a government lab in Washington,” Hensarling said. “The GSEs are on track to be the nation’s biggest bailout, more than AIG and GM and all the big banks combined. It’s time to enact fundamental reform of Fannie and Freddie before these companies go from ‘too big to fail’ to ‘too late to fix.’”
Financial Services Committee Chairman Spencer Bachus said, “Reforming Fannie Mae and Freddie Mac is a top priority for the Committee. The bill Vice-Chairman Hensarling has proposed is a fulfillment of the commitment Republicans made when we urged Democrats to include reform in their bill to restructure financial services regulation. Republicans will continue to offer solutions that wind down the operations of Fannie Mae and Freddie Mac in order to protect the taxpayers from another bailout and to reform the entire housing finance system.”
“The very essence of the American dream is to leave your children with more freedom, greater opportunity, and a higher standard of living than you enjoyed. Part of that dream is to own a home,” Hensarling said. “Our goal is to help home-buyers stay home-owners, and free taxpayers of the burden that comes when homes get sold to buyers who simply can’t afford them.”
In February of this year the Administration released a report required by law outlining several options for long-term housing finance reform. One of the options would transition to a very limited role for the taxpayer in housing finance, similar to Hensarling’s proposal.
“It’s my hope that President Obama will work with us to pursue a path that will protect taxpayers, end the billions of dollars in bailouts, and bring certainty back to the mortgage market,” Hensarling concluded.
History of the GSE Bailout Elimination and Taxpayer Protection Act
Hensarling’s GSE reform legislation was originally introduced in 2008. Similar legislation was included in the Republican financial reform legislation, H.R. 3310, the Consumer Protection and Regulatory Enhancement Act. The Hensarling bill was introduced again in March of 2010 and was later offered as an amendment to the Democrats’ financial regulatory reform bill, now known as Dodd-Frank. U.S. Senator John McCain offered an amendment to the financial regulation bill that was modeled after Hensarling’s legislation.
Last Congress, Republican Ranking Member Spencer Bachus repeatedly called on then-Chairman Barney Frank to hold legislative hearings on Hensarling’s GSE legislation, but the Democrats refused.
Additionally, House Republicans included a commitment to end the GSE bailouts by reforming Fannie and Freddie in the Pledge to America.
Summary of the GSE Bailout Elimination and Taxpayer Protection Act
• Legislation applies only to Fannie Mae and Freddie Mac (the “GSEs”).
• Establishes a finite end to the GSEs’ conservatorship 2 years from the date of enactment.
• Immediately implements several fundamental GSE reforms to protect taxpayers:
Repeals of the GSEs’ misguided affordable housing goals mandate and the Affordable Housing Trust Fund;
Starts shrinking the size of the GSEs by capping their maximum portfolio size at $700 billion and gradually reducing that cap to $250 billion over five years;
Reduces the GSEs’ market share by returning the conforming loan limit to its pre-housing crisis standard limit of $417,000;
Increased guarantee fees (‘G-Fees’), to eliminate the GSEs’ competitive advantage and bring more private capital into the market; and
A prohibition on any reduction to the senior preferred stock dividends the GSEs contractually agreed to pay taxpayers under their conservatorship.
• Upon the end of the conservatorship, the Federal Housing Finance Agency (FHFA) must evaluate the financial viability of each GSE. If it is determined not to be viable, the FHFA would follow the procedure laid out by the Housing and Economic Recovery Act of 2008 (P.L. 110-289) for placing that GSE into receivership.
• If determined to be viable, the GSE would be allowed to resume limited market operations under its own control for a maximum of three (3) years, with the following new rules:
Enhanced authority for FHFA to adjust the minimum capital requirements for the GSEs as appropriate, mirroring the existing capital adequacy requirements other regulators already have in place for banks (12 U.S.C. 3907);
A minimum down payment requirement of at least 5 percent for all new loans, increasing to 7.5 percent in the second year and 10 percent by the third year, to increase the quality of all loans touched by the GSEs;
Repeal of the GSEs’ exemption from having to pay state and local taxes, to remove one of the distinct advantages of being a GSE; and
Repeal of the exemption allowing GSE securities to avoid full SEC registration.
• At the end of that 3 year period, each GSE’s charter expires. At that point, Fannie and Freddie must conduct all new operations as fully private sector companies competing on a level playing field without any government advantages.
• Provides for the orderly wind down of any legacy business commitments post-charter expiration over a 10 year period following the model successfully used in the Sallie Mae transition from GSE to a private company (P.L. 104-208).
http://hensarling.house.gov/news/press-releases/2011/03/hensarling-re-introduces-legislation-to-end-taxpayer-funded-bailout-of-fannie-mae-and-freddie-mac.shtml
Signed and posted it again today in fnma.
!!!Important!!!
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
Happy 4th!!!
This is our company!!!
Get involved!!!
Comprehensive grassroots campaign to allow gse's to recapitalize and restore shareholder value.
https://docs.google.com/document/d/1tfmkIEDlZ7rI2mCp6FLmBJA5tn3_WDyDdOGKd13KKzE/edit?usp=sharing
Hello!
First, thank you for reaching out to me! I will try to make our first correspondence as short as possible, because there is a lot of work to do. You will find my bio at the bottom of this email.
NationBuilder.com contacted me a few days ago. This same organization helped make FWD.us a major success, by pushing immigration reform through our government along with assistance from large corporations. We are working toward the same magnitude of success for the Fannie Mae and Freddie Mac campaign.
? The first effort on the NationBuilder.com front is for me to develop the content for a campaign, similar to FWD.us, which allows people to signup to volunteer and contact congressman, senators, or media professionals. In addition, supporters will have the ability to donate funds to support the cause (marketing, meetups, etc.) – none of the funds will go to me. Most importantly, the site will serve to educate the public about the real root cause of the financial crisis, and serve to detail what many people believe to be the best plan moving forward, which can be summarized, very briefly, as follows:
? Allow Fannie Mae to complete the new securitization platform, which will allow new private businesses to participate in the market, while applying an increase to guarantee fees to attract private capital.
? Increase oversight and regulation to maintain lending standards by providing government sponsored regulators, rather than bank paid regulators, which oversee compliance.
? Allow Fannie and Freddie to begin recapitalizing through a legal process, while restoring shareholder value.
? Release Fannie and Freddie from conservatorship, and relist the companies on the NYSE.
Nation Builder will provide the campaign with top-tier support and resources, and drive traffic into a new petition to the Whitehouse. They have deep contacts in this area and the tools necessary to mobilize a powerful campaign. Here are some recent developments to consider:
? The LIBOR lawsuit recently initiated by the University of California Regency puts me in a unique position as a student at UC Santa Cruz, College Ten, to reach out to students, faculty, and staff when the campaign is ready to launch.
? In the process of contacting senators and congressman, I made a contact at The Congress Blog (The Hill), and they are interested in supporting our effort. They have over 12,000 followers on Twitter, and many people in our congress use this blog as a method to disseminate news and information.
? Attorneys contacted me from the current class action suite against the federal government, which seeks compensation for shareholders before and on the date that the GSEs entered into conservatorship. They are currently in the discovery phase of the litigation process, which can take months. If the discovery phase uncovers additional facts to support current shareholders, they are willing to pursue a wider class action similar to The Fifth Amendment argument presented for the current class action lawsuit. As the discovery phase progresses, more information will become available.
It is my hope, with your support, that we will promote the campaign to release Fannie and Freddie from conservatorship, restore shareholder value. The effort will require additional funding for advertisements, which will drive traffic into the site. If anyone with writing or legal expertise can help to strengthen our message, this would be a valuable contribution.
Here are some examples of how people can volunteer to help:
1. The Nation Builder site allows me to specify multiple content administrators. Your help in populating and editing content on the site, as it develops, would be a valuable contribution.
2. Email campaigns will need publishing regularly, and the writing for these would ideally come from members of this community. We have a great deal of support on the levers that will get news pushed out through the platform, but we will need people covering these pushes as news becomes available.
3. http://twitter.com/FreeFannieMae is the Twitter account that will serve to connect with others, populate the Twittersphere, and notify other Twitter users about news and information pertaining to our progress. If you have many contacts on your feed, or think that one of your friends or colleagues might be interested in getting the NationBuilder campaign out to the public, then please let me know by sending me their contact information and Twitter account.
4. Once a large number of supporters are onboard, we will push out text message notifications that allow users to donate via text, and initiate a broad, grassroots campaign.
5. I am always open to new ideas and any other ways that people can help. Please feel free to add me on Skype: ohmygoddard.
6. As the Kickstarter campaign begins, we will also need people to respond to questions and provide content for this campaign. I am working with a marketing professional from Google on a video for Kickstarter.
I already purchased the domain name for the Nation Builder site. I will announce the name when the design and content are in place, or send it to those who might be interested in helping develop content and design aspects. I especially need everyone’s help in identifying valuable contacts (agents), which will help us push this cause further. Please send me your Twitter username, and follow #FreeFannieMae and send me any other contacts you might have.
I appreciate your time, and look forward to helping restore shareholder value, and helping to restore the American real estate and financial market’s integrity.
About Me:
I am a computer science student at UCSC, and a member of College Ten, which strives for social justice and community development.
I have over 15 years experience in web application, software development, and graphics programming. Before returning to college, I was a solutions architect at HP, developer for Microsoft, technical administrator at DreamWorks Animation, and helped to create desktop and web applications for The North Face, and many other businesses. From 2006-2010, I volunteered and worked with the Global Health Education Consortium, sponsored by a project created through Stanford University, to develop medical education content for underserved communities around the globe. I was a finalist in the Microsoft Develop Without Borders competition, and helped my organization raise over $50,000 in Microsoft engineering services, software, and support – donated by the head of Microsoft Community Affairs and the VP of Engineering at Microsoft.
I am also the son of a retired Chrysler employee. Chrysler employed my father in brake design for 25 years before the business entered bankruptcy. He lost his job, his 401k was nearly destroyed, and his health and dental benefits were eliminated. This is another reason that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. Furthermore, I was a homeowner in the Bay Area during the housing crisis, and suffered a substantial loss in home value. Fortunately, we mitigated risk of foreclosure by saving money and using it to pay down the loan until we were able to refinance. Others in our neighborhood were not so fortunate, and the circumstances that lead to their foreclosure were troubling.
At the time, banks were lending to people in our neighborhood with no credit. For example, one buyer near us foreclosed on his home within a month of his original closing date. It was clear to me, that this type of lending had allowed banks to create and quickly sell their loans to Fannie Mae, which released the loans from their books in order to make room for more bad loans.
These are some of the reasons that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. For full disclosure: I am long and strong FNMA.
Thomas Goddard
tgoddard@ucsc.edu
Computer Science | Baskin School of Engineering
College Ten | Social Justice and Community
!!Attention!!
Comprehensive grassroots campaign to allow gse's to recapitalize and restore shareholder value.
https://docs.google.com/document/d/1tfmkIEDlZ7rI2mCp6FLmBJA5tn3_WDyDdOGKd13KKzE/edit?usp=sharing
Hello!
First, thank you for reaching out to me! I will try to make our first correspondence as short as possible, because there is a lot of work to do. You will find my bio at the bottom of this email.
NationBuilder.com contacted me a few days ago. This same organization helped make FWD.us a major success, by pushing immigration reform through our government along with assistance from large corporations. We are working toward the same magnitude of success for the Fannie Mae and Freddie Mac campaign.
? The first effort on the NationBuilder.com front is for me to develop the content for a campaign, similar to FWD.us, which allows people to signup to volunteer and contact congressman, senators, or media professionals. In addition, supporters will have the ability to donate funds to support the cause (marketing, meetups, etc.) – none of the funds will go to me. Most importantly, the site will serve to educate the public about the real root cause of the financial crisis, and serve to detail what many people believe to be the best plan moving forward, which can be summarized, very briefly, as follows:
? Allow Fannie Mae to complete the new securitization platform, which will allow new private businesses to participate in the market, while applying an increase to guarantee fees to attract private capital.
? Increase oversight and regulation to maintain lending standards by providing government sponsored regulators, rather than bank paid regulators, which oversee compliance.
? Allow Fannie and Freddie to begin recapitalizing through a legal process, while restoring shareholder value.
? Release Fannie and Freddie from conservatorship, and relist the companies on the NYSE.
Nation Builder will provide the campaign with top-tier support and resources, and drive traffic into a new petition to the Whitehouse. They have deep contacts in this area and the tools necessary to mobilize a powerful campaign. Here are some recent developments to consider:
? The LIBOR lawsuit recently initiated by the University of California Regency puts me in a unique position as a student at UC Santa Cruz, College Ten, to reach out to students, faculty, and staff when the campaign is ready to launch.
? In the process of contacting senators and congressman, I made a contact at The Congress Blog (The Hill), and they are interested in supporting our effort. They have over 12,000 followers on Twitter, and many people in our congress use this blog as a method to disseminate news and information.
? Attorneys contacted me from the current class action suite against the federal government, which seeks compensation for shareholders before and on the date that the GSEs entered into conservatorship. They are currently in the discovery phase of the litigation process, which can take months. If the discovery phase uncovers additional facts to support current shareholders, they are willing to pursue a wider class action similar to The Fifth Amendment argument presented for the current class action lawsuit. As the discovery phase progresses, more information will become available.
It is my hope, with your support, that we will promote the campaign to release Fannie and Freddie from conservatorship, restore shareholder value. The effort will require additional funding for advertisements, which will drive traffic into the site. If anyone with writing or legal expertise can help to strengthen our message, this would be a valuable contribution.
Here are some examples of how people can volunteer to help:
1. The Nation Builder site allows me to specify multiple content administrators. Your help in populating and editing content on the site, as it develops, would be a valuable contribution.
2. Email campaigns will need publishing regularly, and the writing for these would ideally come from members of this community. We have a great deal of support on the levers that will get news pushed out through the platform, but we will need people covering these pushes as news becomes available.
3. http://twitter.com/FreeFannieMae is the Twitter account that will serve to connect with others, populate the Twittersphere, and notify other Twitter users about news and information pertaining to our progress. If you have many contacts on your feed, or think that one of your friends or colleagues might be interested in getting the NationBuilder campaign out to the public, then please let me know by sending me their contact information and Twitter account.
4. Once a large number of supporters are onboard, we will push out text message notifications that allow users to donate via text, and initiate a broad, grassroots campaign.
5. I am always open to new ideas and any other ways that people can help. Please feel free to add me on Skype: ohmygoddard.
6. As the Kickstarter campaign begins, we will also need people to respond to questions and provide content for this campaign. I am working with a marketing professional from Google on a video for Kickstarter.
I already purchased the domain name for the Nation Builder site. I will announce the name when the design and content are in place, or send it to those who might be interested in helping develop content and design aspects. I especially need everyone’s help in identifying valuable contacts (agents), which will help us push this cause further. Please send me your Twitter username, and follow #FreeFannieMae and send me any other contacts you might have.
I appreciate your time, and look forward to helping restore shareholder value, and helping to restore the American real estate and financial market’s integrity.
About Me:
I am a computer science student at UCSC, and a member of College Ten, which strives for social justice and community development.
I have over 15 years experience in web application, software development, and graphics programming. Before returning to college, I was a solutions architect at HP, developer for Microsoft, technical administrator at DreamWorks Animation, and helped to create desktop and web applications for The North Face, and many other businesses. From 2006-2010, I volunteered and worked with the Global Health Education Consortium, sponsored by a project created through Stanford University, to develop medical education content for underserved communities around the globe. I was a finalist in the Microsoft Develop Without Borders competition, and helped my organization raise over $50,000 in Microsoft engineering services, software, and support – donated by the head of Microsoft Community Affairs and the VP of Engineering at Microsoft.
I am also the son of a retired Chrysler employee. Chrysler employed my father in brake design for 25 years before the business entered bankruptcy. He lost his job, his 401k was nearly destroyed, and his health and dental benefits were eliminated. This is another reason that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. Furthermore, I was a homeowner in the Bay Area during the housing crisis, and suffered a substantial loss in home value. Fortunately, we mitigated risk of foreclosure by saving money and using it to pay down the loan until we were able to refinance. Others in our neighborhood were not so fortunate, and the circumstances that lead to their foreclosure were troubling.
At the time, banks were lending to people in our neighborhood with no credit. For example, one buyer near us foreclosed on his home within a month of his original closing date. It was clear to me, that this type of lending had allowed banks to create and quickly sell their loans to Fannie Mae, which released the loans from their books in order to make room for more bad loans.
These are some of the reasons that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. For full disclosure: I am long and strong FNMA.
Thomas Goddard
tgoddard@ucsc.edu
Computer Science | Baskin School of Engineering
College Ten | Social Justice and Community
!!Attention!!
Comprehensive grassroots campaign to allow gse's to recapitalize and restore shareholder value.
https://docs.google.com/document/d/1tfmkIEDlZ7rI2mCp6FLmBJA5tn3_WDyDdOGKd13KKzE/edit?usp=sharing
Hello!
First, thank you for reaching out to me! I will try to make our first correspondence as short as possible, because there is a lot of work to do. You will find my bio at the bottom of this email.
NationBuilder.com contacted me a few days ago. This same organization helped make FWD.us a major success, by pushing immigration reform through our government along with assistance from large corporations. We are working toward the same magnitude of success for the Fannie Mae and Freddie Mac campaign.
? The first effort on the NationBuilder.com front is for me to develop the content for a campaign, similar to FWD.us, which allows people to signup to volunteer and contact congressman, senators, or media professionals. In addition, supporters will have the ability to donate funds to support the cause (marketing, meetups, etc.) – none of the funds will go to me. Most importantly, the site will serve to educate the public about the real root cause of the financial crisis, and serve to detail what many people believe to be the best plan moving forward, which can be summarized, very briefly, as follows:
? Allow Fannie Mae to complete the new securitization platform, which will allow new private businesses to participate in the market, while applying an increase to guarantee fees to attract private capital.
? Increase oversight and regulation to maintain lending standards by providing government sponsored regulators, rather than bank paid regulators, which oversee compliance.
? Allow Fannie and Freddie to begin recapitalizing through a legal process, while restoring shareholder value.
? Release Fannie and Freddie from conservatorship, and relist the companies on the NYSE.
Nation Builder will provide the campaign with top-tier support and resources, and drive traffic into a new petition to the Whitehouse. They have deep contacts in this area and the tools necessary to mobilize a powerful campaign. Here are some recent developments to consider:
? The LIBOR lawsuit recently initiated by the University of California Regency puts me in a unique position as a student at UC Santa Cruz, College Ten, to reach out to students, faculty, and staff when the campaign is ready to launch.
? In the process of contacting senators and congressman, I made a contact at The Congress Blog (The Hill), and they are interested in supporting our effort. They have over 12,000 followers on Twitter, and many people in our congress use this blog as a method to disseminate news and information.
? Attorneys contacted me from the current class action suite against the federal government, which seeks compensation for shareholders before and on the date that the GSEs entered into conservatorship. They are currently in the discovery phase of the litigation process, which can take months. If the discovery phase uncovers additional facts to support current shareholders, they are willing to pursue a wider class action similar to The Fifth Amendment argument presented for the current class action lawsuit. As the discovery phase progresses, more information will become available.
It is my hope, with your support, that we will promote the campaign to release Fannie and Freddie from conservatorship, restore shareholder value. The effort will require additional funding for advertisements, which will drive traffic into the site. If anyone with writing or legal expertise can help to strengthen our message, this would be a valuable contribution.
Here are some examples of how people can volunteer to help:
1. The Nation Builder site allows me to specify multiple content administrators. Your help in populating and editing content on the site, as it develops, would be a valuable contribution.
2. Email campaigns will need publishing regularly, and the writing for these would ideally come from members of this community. We have a great deal of support on the levers that will get news pushed out through the platform, but we will need people covering these pushes as news becomes available.
3. http://twitter.com/FreeFannieMae is the Twitter account that will serve to connect with others, populate the Twittersphere, and notify other Twitter users about news and information pertaining to our progress. If you have many contacts on your feed, or think that one of your friends or colleagues might be interested in getting the NationBuilder campaign out to the public, then please let me know by sending me their contact information and Twitter account.
4. Once a large number of supporters are onboard, we will push out text message notifications that allow users to donate via text, and initiate a broad, grassroots campaign.
5. I am always open to new ideas and any other ways that people can help. Please feel free to add me on Skype: ohmygoddard.
6. As the Kickstarter campaign begins, we will also need people to respond to questions and provide content for this campaign. I am working with a marketing professional from Google on a video for Kickstarter.
I already purchased the domain name for the Nation Builder site. I will announce the name when the design and content are in place, or send it to those who might be interested in helping develop content and design aspects. I especially need everyone’s help in identifying valuable contacts (agents), which will help us push this cause further. Please send me your Twitter username, and follow #FreeFannieMae and send me any other contacts you might have.
I appreciate your time, and look forward to helping restore shareholder value, and helping to restore the American real estate and financial market’s integrity.
About Me:
I am a computer science student at UCSC, and a member of College Ten, which strives for social justice and community development.
I have over 15 years experience in web application, software development, and graphics programming. Before returning to college, I was a solutions architect at HP, developer for Microsoft, technical administrator at DreamWorks Animation, and helped to create desktop and web applications for The North Face, and many other businesses. From 2006-2010, I volunteered and worked with the Global Health Education Consortium, sponsored by a project created through Stanford University, to develop medical education content for underserved communities around the globe. I was a finalist in the Microsoft Develop Without Borders competition, and helped my organization raise over $50,000 in Microsoft engineering services, software, and support – donated by the head of Microsoft Community Affairs and the VP of Engineering at Microsoft.
I am also the son of a retired Chrysler employee. Chrysler employed my father in brake design for 25 years before the business entered bankruptcy. He lost his job, his 401k was nearly destroyed, and his health and dental benefits were eliminated. This is another reason that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. Furthermore, I was a homeowner in the Bay Area during the housing crisis, and suffered a substantial loss in home value. Fortunately, we mitigated risk of foreclosure by saving money and using it to pay down the loan until we were able to refinance. Others in our neighborhood were not so fortunate, and the circumstances that lead to their foreclosure were troubling.
At the time, banks were lending to people in our neighborhood with no credit. For example, one buyer near us foreclosed on his home within a month of his original closing date. It was clear to me, that this type of lending had allowed banks to create and quickly sell their loans to Fannie Mae, which released the loans from their books in order to make room for more bad loans.
These are some of the reasons that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. For full disclosure: I am long and strong FNMA.
Thomas Goddard
tgoddard@ucsc.edu
Computer Science | Baskin School of Engineering
College Ten | Social Justice and Community
!!Attention!!
Comprehensive grassroots campaign to allow gse's to recapitalize and restore shareholder value.
https://docs.google.com/document/d/1tfmkIEDlZ7rI2mCp6FLmBJA5tn3_WDyDdOGKd13KKzE/edit?usp=sharing
Hello!
First, thank you for reaching out to me! I will try to make our first correspondence as short as possible, because there is a lot of work to do. You will find my bio at the bottom of this email.
NationBuilder.com contacted me a few days ago. This same organization helped make FWD.us a major success, by pushing immigration reform through our government along with assistance from large corporations. We are working toward the same magnitude of success for the Fannie Mae and Freddie Mac campaign.
? The first effort on the NationBuilder.com front is for me to develop the content for a campaign, similar to FWD.us, which allows people to signup to volunteer and contact congressman, senators, or media professionals. In addition, supporters will have the ability to donate funds to support the cause (marketing, meetups, etc.) – none of the funds will go to me. Most importantly, the site will serve to educate the public about the real root cause of the financial crisis, and serve to detail what many people believe to be the best plan moving forward, which can be summarized, very briefly, as follows:
? Allow Fannie Mae to complete the new securitization platform, which will allow new private businesses to participate in the market, while applying an increase to guarantee fees to attract private capital.
? Increase oversight and regulation to maintain lending standards by providing government sponsored regulators, rather than bank paid regulators, which oversee compliance.
? Allow Fannie and Freddie to begin recapitalizing through a legal process, while restoring shareholder value.
? Release Fannie and Freddie from conservatorship, and relist the companies on the NYSE.
Nation Builder will provide the campaign with top-tier support and resources, and drive traffic into a new petition to the Whitehouse. They have deep contacts in this area and the tools necessary to mobilize a powerful campaign. Here are some recent developments to consider:
? The LIBOR lawsuit recently initiated by the University of California Regency puts me in a unique position as a student at UC Santa Cruz, College Ten, to reach out to students, faculty, and staff when the campaign is ready to launch.
? In the process of contacting senators and congressman, I made a contact at The Congress Blog (The Hill), and they are interested in supporting our effort. They have over 12,000 followers on Twitter, and many people in our congress use this blog as a method to disseminate news and information.
? Attorneys contacted me from the current class action suite against the federal government, which seeks compensation for shareholders before and on the date that the GSEs entered into conservatorship. They are currently in the discovery phase of the litigation process, which can take months. If the discovery phase uncovers additional facts to support current shareholders, they are willing to pursue a wider class action similar to The Fifth Amendment argument presented for the current class action lawsuit. As the discovery phase progresses, more information will become available.
It is my hope, with your support, that we will promote the campaign to release Fannie and Freddie from conservatorship, restore shareholder value. The effort will require additional funding for advertisements, which will drive traffic into the site. If anyone with writing or legal expertise can help to strengthen our message, this would be a valuable contribution.
Here are some examples of how people can volunteer to help:
1. The Nation Builder site allows me to specify multiple content administrators. Your help in populating and editing content on the site, as it develops, would be a valuable contribution.
2. Email campaigns will need publishing regularly, and the writing for these would ideally come from members of this community. We have a great deal of support on the levers that will get news pushed out through the platform, but we will need people covering these pushes as news becomes available.
3. http://twitter.com/FreeFannieMae is the Twitter account that will serve to connect with others, populate the Twittersphere, and notify other Twitter users about news and information pertaining to our progress. If you have many contacts on your feed, or think that one of your friends or colleagues might be interested in getting the NationBuilder campaign out to the public, then please let me know by sending me their contact information and Twitter account.
4. Once a large number of supporters are onboard, we will push out text message notifications that allow users to donate via text, and initiate a broad, grassroots campaign.
5. I am always open to new ideas and any other ways that people can help. Please feel free to add me on Skype: ohmygoddard.
6. As the Kickstarter campaign begins, we will also need people to respond to questions and provide content for this campaign. I am working with a marketing professional from Google on a video for Kickstarter.
I already purchased the domain name for the Nation Builder site. I will announce the name when the design and content are in place, or send it to those who might be interested in helping develop content and design aspects. I especially need everyone’s help in identifying valuable contacts (agents), which will help us push this cause further. Please send me your Twitter username, and follow #FreeFannieMae and send me any other contacts you might have.
I appreciate your time, and look forward to helping restore shareholder value, and helping to restore the American real estate and financial market’s integrity.
About Me:
I am a computer science student at UCSC, and a member of College Ten, which strives for social justice and community development.
I have over 15 years experience in web application, software development, and graphics programming. Before returning to college, I was a solutions architect at HP, developer for Microsoft, technical administrator at DreamWorks Animation, and helped to create desktop and web applications for The North Face, and many other businesses. From 2006-2010, I volunteered and worked with the Global Health Education Consortium, sponsored by a project created through Stanford University, to develop medical education content for underserved communities around the globe. I was a finalist in the Microsoft Develop Without Borders competition, and helped my organization raise over $50,000 in Microsoft engineering services, software, and support – donated by the head of Microsoft Community Affairs and the VP of Engineering at Microsoft.
I am also the son of a retired Chrysler employee. Chrysler employed my father in brake design for 25 years before the business entered bankruptcy. He lost his job, his 401k was nearly destroyed, and his health and dental benefits were eliminated. This is another reason that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. Furthermore, I was a homeowner in the Bay Area during the housing crisis, and suffered a substantial loss in home value. Fortunately, we mitigated risk of foreclosure by saving money and using it to pay down the loan until we were able to refinance. Others in our neighborhood were not so fortunate, and the circumstances that lead to their foreclosure were troubling.
At the time, banks were lending to people in our neighborhood with no credit. For example, one buyer near us foreclosed on his home within a month of his original closing date. It was clear to me, that this type of lending had allowed banks to create and quickly sell their loans to Fannie Mae, which released the loans from their books in order to make room for more bad loans.
These are some of the reasons that I sympathize with Fannie Mae and Freddie Mac shareholders, and will work diligently to help release these progressive businesses from conservatorship. For full disclosure: I am long and strong FNMA.
Thomas Goddard
tgoddard@ucsc.edu
Computer Science | Baskin School of Engineering
College Ten | Social Justice and Community
The Key To Freedom