I would hate to be a congressman or senator on the wrong side of this issue in November if more people in our country were aware of the true situation. What we need is awareness, not stock message board pumping. I have emailed every major news outlet in the country and I encourage you all to do the same. I think Fox is more apt to find criticism with the current White House administration and Congress. Here is the email I sent a polarizing figure on their network. There are wonderful videos of him screaming at Barney Frank for letting Congress, banks, and irresponsible new home owners crash the global economy.
Good Afternoon Bill
I have always enjoyed the Factor and I please ask you to take a day off from bashing the Affordable Health Care Act, the NSA, and the IRS, to discuss the biggest scam going on in the United States at the moment; the continued conservatorship of both the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation as well as the more recent Sweep Amendment.
I am sure you have received similar inquires from your viewers regarding this subject so I will keep this message short. I do not understand why the mainstream media will not cover this story in greater depth. Fannie Mae and Freddie Mac are the scapegoats of the 2008 housing crisis due to congressional policies aimed at reducing underwriting standards, banks capitalizing on the opportunity to push toxic loans, and new home owners with unrealistic expectations.
Here we are, six years later. The two companies are massively profitable and have paid the Treasury back all the money lent to them. Yet, they are still in conservatorship and due to the government changing the rules in 2012 with the Sweep Amendment, cannot build capital.
I find it inappropriate on a personal level for two private companies and their common shareholders to be used as cash cows to pay for decades of piss poor financial planning on the part of our government. Like many others I lost a lot of my retirement money in 2008 because of this situation and would like to benefit from these companies recovering. But this goes far beyond that on two separate levels.
I am no legal expert but this situation reeks of violating the Fifth Amendment of the United States Constitution, “..nor shall private property be taken for public use, without just compensation”. I would like to see the United States Constitution upheld. Fannie Mae and Freddie Mac are being treated like mining companies in Venezuela.
We furthermore do not need a second social experiment going on in the United States right now. Fannie Mae and Freddie Mac work and there is no reason to reinvent the wheel. Washington’s bellicose rhetoric of ‘winding them down’ is frightening. I am currently skeptical about the Affordable Health Care Act; a failure here and a sure to fail housing reform experiment will bring the United States to its knees when the largest percent of its population is entering retirement.
I remember when Barney Frank was on The Factor in 2008, you seemed livid. Where do you stand with respect to our elected officials upholding the United States Constitution or experimenting with housing reform which could have disastrous implications for our economy at a time when an unprecedented number of Americans are retiring? If radical legislation where to eliminate the common shares of Fannie Mae and Freddie Mac may investors use Form 4684 for casualties and theft in lieu of Schedule D for capital losses for 2014 tax purposes?
I hope you will consider discussing these issues on the Factor in the immediate future.
