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Dear Senator Feinstein,
Yesterday in the United States Court of Federal Claims the United States filed a protective order in Case 1:13-cv-00465-MMS Fairholm vs. The United States. The request asks the Court to limit discovery to documents created prior to August 17, 2012. that is the date of the Third Amendment sweep of all profits of companies Fannie Mae and Freddie Mac.
It is my opinion that what the United States and yourself as well as all other elected and appointed officials need protection from here is the outrage that will be unleashed once constituents, taxpayers, and shareholders are able to see on paper the actual truth of what is occurring here. Two completely solvent and profitable companies being seized by the United States of America for their own financial gain.
This is unlawful and unconstitutional, and no doubt our founding fathers are rolling in their graves over what has become of the great nation they founded.
Very Truly,
Hollyk
I have two huge walmarts a stones throw from me and I never set foot in them. And I do pay my taxes. But if Medicare is going to fund that type of procedure they are setting a precedent for any elective surgery. That's a slippery slope. But now back to Fannie Watch!
This is insane. No wonder there's tax evasion. On the other hand I wonder if they'll fund my face lift account??
Nothing's changed except a 1000% gain and you can't argue with that! GO FANNIE!!
I've had preferred shares since 2009 but when I needed news I had to look at the common shares ticket. And with all the chatter and potential upside here I just couldn't resist.
I love this makes me laugh everytime
Add Barney Frank.
Geithner belongs in prison along with Barney Frank. This whole thing stinks of fraud. Our founding fathers must be rolling in their graves. IMO
My letter to Mel Watt
Dear Mr. Watt,
First Congratulations on your appointment to Director of FHFA you certainly have a lot of work ahead of you.
I’ll get right to my point. I am a long term shareholder of Fannie Mae stock. As I know you are aware The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, was founded in 1938 during the Great Depression as part of the New Deal. Before Fannie Mae, housing finance was exclusively the realm of the private sector, it was short term loans with high down payments (approximately half the home’s purchase price), short maturities (10 years or less), and large balloon payments. It was nearly impossible to buy a home then, and would be now without Fannie and Freddie.
Fannie and Freddie are not the culprits in this economic crisis, it was the to big to fail banks that gave Americans loans that they couldn’t pay back or never intended to. Here is my person experience with that:
1) In 1993 I applied for a home loan, I had the same job for 14 years, had good credit and the payment was well within my means, I provided proof of employment income, years of bank statements and tax returns, the process took weeks and was questioned right up till closing to make sure I qualified.
2) In 1998 I applied for a home loan, the only thing different than 1993 was now I had had the same job for 19 years, but the same process applied, income verification, bank statements, tax returns, home appraisal.
3) Now lets fast forward to June 2005. I call my mortgage lender Citibank to get a home equity line of credit. I was in awe when over the phone my house was appraised at $630,000, and I was offered not the $75,000 I needed, but $400,000. I was responsible and took only what I needed knowing I would never be able to repay that amount of money.
The problem is not Fannie or Freddie but an egregious lack of lending standards, and then the loans being pushed off to Fannie and Freddie. This is fraud and the proof of this is evident in the fact that lawsuit's against these perpetrators have been won and fines and money repaid. Has justice been served? No! Normally those who commit fraud do a little prison time, not only is this "too big to fail" but too big to jail.
In closing Fannie Mae and Freddie Mac have taken the fall for what the “TBTF” banks perpetrated. These profitable companies and sources of the American home ownership dream need to be released from conservator ship and re-listed to the NYSE. I hope you make this your first priority.
Very truly,
Hollyk
Big yank can vote on American idol and dancing with the stars I'm voting against Hensarlings bill.
To the moon baby! To the moon!
Yes rafferty capital is dick bove
Jeddi. I love this post! I haven't had a good laugh in a long time. No candy coating going on here!!!
Ive fired off my strongly worded opinion to all the Senate banking members who voted yes last week I'm going to tweak the wording a bit for Mr Reid and Ms feinstein. I asked for responses when it was an option to stay tuned...........
I am contacting you regarding S.1217, as a taxpayer and citizen of the United States I am amazed that anyone would think this bill is anything but destructive to housing reform and the economic health of our nation.
Fannie Mae and Freddie Mac are not the culprits here, they were founded in 1938 during the Great Depression by Franklin Delano Roosevelt as part of the New Deal, up till then commercial banks, life insurance companies, and mutual savings banks typically offered 5-year balloon mortgages at a loan-to-value ratio 50%. I do not know anyone that has the ability to put a down payment on a house of 50% or even 20% for that matter, especially in the part of the country I live in. Banks were unwilling to provide 30 year mortgages then, and the same is true today, without the backing of Fannie and Freddie.
"Winding down" two profitable and essential parts of the United States economy and housing markets is completely irresponsible on your part, without Fannie and Freddie housing prices will drop as no one will be able to afford the loan to buy a home, rental property would pop up everywhere and this would lead to decline in neighborhoods. Everyone knows when you own your own home most take pride in ownership, this is not true with rental property.
Banks and sub prime lending standards are at fault for this crisis. I have owned several homes over the years and my personal experience is as follows:
1) In 1993 I applied for a home loan, I had the same job for 14 years, had good credit and the payment was well within my means, I provided proof of employment income, years of bank statements and tax returns, the process took weeks and was questioned right up till closing to make sure I qualified.
2) In 1998 I applied for a home loan the only thing different than 1993 was now I had had the same job for 19 years, but the same process applied, income verification, bank statements, tax returns, home appraisal.
3) Now lets fast forward to June 2005 I call my mortgage lender Citibank to get a home equity line of credit I was in awe when over the phone my house was appraised at $630,000, and I was offered not the $75,000 I needed, but $400,000. I was responsible and took only what I needed knowing I would never be able to repay that amount of money.
The problem is not Fannie or Freddie but an egregious lack of lending standards, and then the loans were then pushed off to Fannie and Freddie. This is fraud and the proof of this is evident in the fact that lawsuit's against these perpetrators have been won and fines and money repaid. Has justice been served? No! generally those who commit fraud do a little prison time, not only is this "too big to fail" but too big to jail.
In closing as a member of the Senate Banking Committee I want to remind you your first obligation and responsibility is to the tax payers, constituents, and citizens of this nation. Not the banks. My fear is if this bill were to pass the entire landscape of the nation will change for the worse and our children, grandchildren and great grandchildren will see it with their own eyes. This astonishing irresponsible piece of rubbish needs to be tossed into the trash never to be seen again.
Very truly yours,
Hollyk
Thank you. You all have been so supportive I'm drafting a letter to all members of the senate banking committee that voted yes and Harry Reid as we speak. Go Fannie!
All have permission to use all or any part of my letter. I'm flattered! Go Fannie!
Hello everyone.
Thanks for the kind words I agree allow me to enlighten you was a little harsh ( I wonder if I'll get audited by the IRS?) but these elected officials just really irritate me. So it was just kinda like one pushy broad to another LOL!
I don't appreciate that Ms Feinstein sent me a form letter, I think she's gonna be new new pen pal
Dear Senator Feinstein,
Allow me to enlighten you.
In an interview in July of 2008 (at which time Fannie Mae's stock was valued at less than $10, down from $65.73 a year earlier), Barney Frank said the following about Fannie Mae:
"I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They're not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward. They're in a housing market. I do think their prospects going forward are very solid. And in fact, we're going to do some things that are going to improve them." (Source)
Then this from the New York Times 2/15/2014
This month, an internal United States Treasury memo that outlined this restriction came up at a forum in Washington.
The memo was addressed to Timothy F. Geithner, then the Treasury secretary, from Jeffrey A. Goldstein, then the under secretary for domestic finance. In discussing Fannie and Freddie, the beleaguered government-sponsored enterprises rescued by taxpayers in September 2008, the memo referred to “the administration’s commitment to ensure existing common equity holders will not have access to any positive earnings from the G.S.E.’s in the future.”
I don't need to be a lawyer to know this is fraud, you don't allow a company to trade if you intend to take all the profits. I find it very disturbing that no one has been prosecuted, could this be a case of too rich to jail? I think so. Odd Eric Holder is not addressing Barney Frank's statement, Timothy Geithner's memo or any of the banks who's greed caused this enormous crisis. I want my stock re-listed on the NYSE and I want C-ship to end, Fannie is a profitable company that is being pillaged by this corrupt administration, and it has to end.
Furthermore telling part of the truth is still lying. Fannie was bailed out to save too big to fail banks, that out of greed made sub-prime loans to people who would never and in some cases never intended to repay them. In June 2005 I called my mortgage holder Citibank and requested a line of credit. Over the telephone they appraised my home at $630,000!!!!, and wanted me to borrow $400,000!!!!, however I only needed $75,000 so that's what I borrowed. I would never have been able to re-pay that amount of money and being a responsible adult saw no reason why I should take a loan that I'd never be able to re-pay on a house that was not worth $630,000. These garbage loans were pushed off on Fannie and Freddie. So falling back on "Fannie wouldn't exist if we didn't bail them out" is not the truth, Fannie would not have needed any help without sub-prime lending standards. This is not a communist country and turning your head to this kind of lawlessness is not acceptable.
In closing I want to remind you, not only am I a shareholder, but I'm a taxpayer, and constituent and I expect to be represented and not blown off with a " If we didn't help you you'd have nothing" form letter.
Very Truly
HollyK
Tell me how you REALLY feel.
So yesterday the White House supported Mel Watt today they support The Crapo bill. And you have no idea what your talking about!!
Fanniegate more Fanniegate and more Fanniegate
It's a seeking alpha that just hit my phone about 30 minutes ago
Drop the mouse and step away from the computer and or smart phone tablet or iPad. Great weekend to all. Go Famnie
Wow! Divide and conquer! Go Fannie!
Please add me to the list. Been in since 2009 bronze. GO FANNIE
Good evening IHUB board. Just want to say thanks for being the best avenue of Fannie info out there! I stumbled in here by accident a while back and this board is awesome. I'm going to get on the Wynn list I'll be honored to meet all of you. Go Fannie!
You are awesome
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I just read Richard Epsteins article that 44 cent posted. Now my blood is boiling! If this administration these crooks get away with this it's because they are wearing white collars. Someone should send a stocking and black hoodie to all these thugs. I'm sure they already have their own weapons. I'm just really really mad!!!
Hello all. I have held prefer shares of Fannie since 2009 and recently added some common as well. I rarely post here but follow this board daily. I just want to say a big thank you for all the information all of you post here. All the faithful posters here make this the best source of Fannie info. GO FANNIE!!!
Why isn't Lockhart in prison! Looks like securities fraud!
Fanniegate!