Guido - Thank you for posting your letter to S Thompson.
I used your letter and modified it for a draft letter to my congresswoman representing southern Washington State. below is my draft I and working on.
Thank you for prompting action. Any input is welcome.
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To: Honorable Jamie Herra Beutler, US Congresswoman
O.O. Howard House (Officers' Row)
750 Anderson Street, Suite B
Vancouver, WA 98661
Ms. Herra Beutler
First, thank you for your service to our country and representing the people of southern Washington State.
My wife and I are both retirees who hold Fannie Mae, Federal National Mortgage Association (FNMA) common shares. Our investments were purchased to fund our retirements and help with our grandchildren's education. At the time of purchase, Director James B. Lockhart and Treasury Secretary Hank Paulson, publicly stated, the corporations were adequately capitalized, and the conservatorship was "temporary". The conservatorship was to put FNMA an FMCC in safe and sound condition.
Our reason for investing in FNMA was their historical, consistent payments of dividends and their historical, outstanding earnings record. We expected their dividends to be a part of our retirement income.
Many in DC continue to perpetuate the false narrative, the GSEs (FNMA and FMCC) caused the mortgage crisis and the shareholders are greedy hedge funds. This is not true. Fannie and Freddie do not make loans, banks do. The banks sold bad loans to them. There are countless thousands of ordinary citizens who own these companies, directly or through mutual funds. Many have lost their retirement, children's education fund and support. Secondly, many of the community banks were encouraged to purchased these investments, as they were deemed safe.
It is well documented, the conservatorship was based on false and manipulated information. The US Treasury has taken over $300 Billion dollars from FNMA and FMCC. While the US Treasury has gained the largest windfall in history, stockholders have received nothing. This is in violation of the fifth amendment of the constitution, "requires the government to compensate citizens when it takes private property for public use".
The information is summarized in the two attached articles, from the Delaware Bay Company, by Gray Hindes
"There is no legitimate reason for keeping Fannie Mae and Freddie Mac in conservatorship", dated October 29, 2021
"Fannie Mae and Freddie Mac, What happened, Why it happened and How to fix it", dated October 1, 2021
The entire story of the GSEs are also presented in detail in Tim Pagliara's book, Another BIG Lie, How the government stole billions from the American dream of home ownership and GOT CAUGHT."
During the 9-year period 2012 through 2019 these two corporations reported over $303 billion in profits, all sent to the Treasury by the "net worth sweep" implemented by the Obama administration, which changed the GSE contract from ten percent (10%) to one hundred percent (100%) of their profits.
Fannie Mae and Freddie Mac have consistently been among the most productive corporations in the country, helping with home ownership. Demonstrated by the 2019 and 2020 Dodd-Frank stress test results clearly indicates the conservatorship should end. If a company such as Apple or Facebook were treated as the GSEs, their would be adverse events and a revolt.
The US Treasury has been paid back, over 100 billion dollars above the "forced" loan, that was not needed. The 2008 financial crisis is well behind us. Taxpayers have been overpaid for their investment. FHFA and the Treasury Secretary should sign an amendment:
1) Cancel the Senior Preferred Shares,
2) Cancel the Liquidation Preference,
3) Cancelling the Warrants,
4) Returning the over payment to the corporations,
5) End the the 13-year “temporary” conservatorship.
It seems no elected official will stand up to the DC political workings and do the just and right thing, when our government continues to break the law and trample on citizens rights. I am asking you to pick up and carry the cause, representing our rights.
Sincerely,
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