On the one hand, the President's position has been outlined in his August 6, 2013 speech. The wind down of Fannie and Freddie, the acknowledgement of Corker-Warner and now Johnson-Crapo and the four principles he outlined, which have been repeated by Michael Stegman, Jacob Lew, and Shaun Donovan wherever they go. This is the face of housing finance reform presented to the public. Vague general ideas without substance and detail.
On the other hand, we see actions that speak louder than superficial words. Executive branch federal agencies directly under and governed by the President have acted without hesitation.
Barak Obama's US Treasury Secretary Timothy Geithner planned with others, signed and then initiated the third amendment and enacted the net worth sweep and capital reserve reduction (US Treasury). The US Treasury then records and lays claim to deficit reductions made with sweep profits.
The Department of Justice attorneys are fighting tooth and nail to resist and deny the takings claims and injunctive cases seeking compensation and to vacate the third amendment so that those funds continue to flow to the Treasury while the GSEs continue to lose capital.
The Department of Housing and Urban Development Secretary Shaun Donovan goes around to stakeholders touting the President's principles and acknowledgement of Corker-Warner and Johnson Crapo and claiming all good results as the Obama Administration’s efforts to stabilize the housing market and help American homeowners.
The President appoints a loyal Democrat but technically under-qualified career politician to command and direct an independent federal agency in a position that currently regulates and governs two trillion dollar companies that affects 20% of the US economy.
What is it that you do not understand about Barak Obama and his cabinet and agency appointees in relation to the GSEs? They are milking the GSEs non-stop and now fighting in court to continue do so while claiming all good results as the Obama Administration’s efforts to stabilize the housing market and help American homeowners.
The facts of the matter are loud and clear.
There is no defense for this de facto policy and action to abuse and unlawfully take the property and profits of two publicly traded, shareholder owned companies.
