Fannie Mae-No Politics (FNMA)

[Demar]

"It asks for too much personal information"

A name, email, & zip.. The rest of the information is not needed to continue on to the survey

"who is running this"

Thomas Goddard http://www.restorefanniemae.us/ohgoddard

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, and helped to create 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 am also the son of a retired Chrysler employee. My dad was employed at Chrysler for 25 years before it entered bankruptcy. He lost his job, retirement, and benefits. This is another reason that I understand the situation with Fannie Mae and Freddie Mac, and hope the same does not happen to the employees and shareholders.?? In addition, I was a homeowner during the housing crisis, and suffered a substantial loss in home value. Fortunately, we minimized our risk 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 led 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 was foreclosed on within a month of the original closing. It was clear to me that this type of lending had allowed banks to create and quickly sell their loans to companies like Countrywide (Bank of America), bundle the loans into investment packages after they had illegally rated the loans AAA, and sell them to unsuspecting investors. Like any product in the market, it's the seller's responsibility to honestly provide the buyer with details about the quality, risk, etc., and accept a return if the product does not, in fact, meet the quality. I only later came to find out that these loans were packaged by the banks and rated illegally as AAA (Fannie and Freddie are suing the banks for fraud, and have settled for billions of dollars to date.)

Thank you for your support, and I appreciate your time! ?


"for what reason"


Who is Restore Fannie Mae?
A:
We are taxpayers, families, students, shareholders, and people -- just like you! Moreover, we are a grassroots, non-partisan movement demanding an end to the unconstitutional conservatorship of Fannie Mae and Freddie Mac by the US government.

Did Restore Fannie Mae originate from the Tea Party, Occupy Wall Street or some other group?
A:
No. We originated through shareholders and citizens effected by the subprime mortgage crisis, which recognize a set of convoluted circumstances, fueled by overzealous politicians, resulting in social injustices and unnecessary actions by the US government.

What are you trying to accomplish?
A:
We support the Democratic Principles of Finance Reform, and know that the newly revitalized Fannie and Freddie will provide all of these principles as well as: NO "years" of legal hearings; payback to the government; and a swift back-to-business model. In other words, it's the most practical and reliable solution. Moreover, our goal is to support the discussions, and facilitate fact sharing in Washington.
Restore Fannie Mae (and Freddie Mac) wishes to end the unconstitutional conservatorship. We must gain support from government officials to direct the FHFA to comply with the original intent of the conservatorships and amend, retroactively, the Agreements with the Treasury to allow the companies to use funds in excess of the 10.0% annual dividend amount for the rebuilding of their capital structures and the repayment of their debt to the Treasury. Additionally, the two firms are to be released from their conservatorships and returned back to the shareholders when each company has achieved certain risk-based capital requirements, as provided by law 12 U.S.C. § 4611(a)(1).

Furthermore, Fannie and Freddie are to be relisted on the New York Stock Exchange, with any remaining amounts owing on the Treasury's aggregate liquidation preferences to be satisfied by exercising whatever portions of the warrants are necessary to retire the debts and unpaid interest (dividend). Also, through a prudent mix of debt and unused Treasury warrants, the two companies could hasten the process of full recapitalization beyond the basic regulatory requirements. Consider, too, that conservative estimates indicate that on a fully diluted basis, the initial values of the common shares for Fannie and Freddie could be approximately $37.00/share and $29.00/share, respectively. And finally, if Congress still wishes to reform the enterprises, the Congressional Research Service has provided several alternatives in their February 2013 report to Congress that are not contrary to the conservatorships, the taxpayers, or the tax-paying shareholders.

How are you going to do this?
A:
Restore Fannie Mae facilitates local non-violent protests around the country. The purpose of the rallies is to spread awareness of and spur political action against unconstitutional "takings" by the U.S. government, and request appropriate regulatory actions to prevent a future financial crisis.