Fannie Mae-No Politics (FNMA)

[Hollyk]

I'm sending my letter...

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.

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.”

All the profit's from this publicly traded now highly profitable company are being confiscated by the the US Treasury. This is front page news. This is securities fraud!! Why does no one in the media talk about this?

Very Truly, Holly K