Fannie Mae-No Politics (FNMA)

[chessmaster315]

Delaney, Carney, and Himes have tarnished their reputation with this mis statement: Of course, it was the government who changed the terms of the agreement, in 2012 modifying the agreement "sweeping" the profits into the treasury.
The agreement whereby the Board of Directiors voluntarily gave up their positions and put the company into Cship mentioned nothing about any type of "dividend sweep" of all the profits to the treasury.
Remember this Board of directors that consented to the cship was elected by the shareholders..and represented the interests of the sharholders.

If the government intended in 2008 when FNMA went into cship, to amend this agreement in 2012 essentially "taking" the entire company's dividends forever, to compel the Board to do this is unconsionable:
http://en.wikipedia.org/wiki/Unconscionability

This would be akin to selling a teenager a car, and require that teen to turn over his lifetime of income for said car. While a teen may be duped into such a contract, it would be unenforceable as this would be an example of unconscionability.

In a similar way, if our government intended to, or the board knew of the coming 2012 dividend sweep, the said agreement is unconsionable. You just can not require someone to forfeit their lifetime income as did our government. This is akin to "debtors prison" where individuals are no longer put in prison based solely on their inability to pay a debt.