Fannie Mae-No Politics (FNMA)

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Yes ,you are out!!!LOL
Big News:
Rep Mike Capuano (D, MA) just put forth the following bill for committee assignment

HR1036
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.

Thats a recap bill folks, and was also put forward by Capuano in 2013

He said this in 2013:

Fannie Mae and Freddie Mac

Last week I introduced H.R. 2435: “Let the GSEs Pay Us Back” Act to give Fannie Mae and Freddie Mac, which are Government Sponsored Entities (GSEs), a mechanism to repay the money that they owe Treasury. During the 2008 financial crisis, they received $187.5 billion in taxpayer funds to stabilize their operations. Now, fees paid by middle-class homeowners to the GSEs are turned over to Treasury to pay down this debt. By the end of this month, Fannie and Freddie will have returned almost $132 billion to Treasury. While this represents 70% of their total debt, NONE of it is counted towards the money owed to taxpayers for the bailout. Unless something changes, average homeowners will continue to be forced to make payments toward a debt that never budges.

Originally, the two entities were required to pay quarterly dividends to Treasury on the borrowed funds. In some quarters, Fannie and Freddie didn’t have sufficient funds and had to borrow from Treasury in order to make their dividend payments to Treasury. Last year, Treasury changed the agreement to fix this. Instead, Fannie and Freddie are now required to return any and all quarterly profits to Treasury. But if all of their profits are turned over to Treasury and counted as dividends, they can’t accumulate enough funds to pay down their debt.

Not counting the GSEs’ payments towards the principal that they owe represents outrageous usury on homeowners. If any other creditor refused to reduce the balance of a paying consumer, we would never tolerate it. AIG, GM and others were given the opportunity to pay back their debt from the financial crisis – and the U.S. has profited from these loans. Fannie and Freddie, and by extension homeowners, should have the same chance.

The GSEs’ payments should also not go towards reducing the national debt as this is a burden to be borne by all Americans. Homeowners should not be forced to pay more than their fair share in the process of national debt reduction.

My legislation requires a new agreement to allow payments that Fannie and Freddie make to Treasury to count towards paying down their debt. It will help make taxpayers whole on the money borrowed and will stop homeowners from being treated as piggy banks. Instead, I hope this bill will provide incentive to hasten reform of Fannie and Freddie. America needs affordable mortgages for average people and strong, safe agencies to provide them.

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You can indicate support for the bill here:

https://www.popvox.com/bills/us/114/hr1036

I recommend you tweet ranking member Waters and let her know you support it also.