Monday, January 20, 2014

The Following Memo was just sent to my two Senators- Please do the same!


slightly modified:

The Following Memo was just sent to my two Senators- Please do the same!

Thank you for taking time to hear (view) my concern.

Citizens of the United States, have been well served by Fannie Mae in the past and present. As you are well aware, Banks sold to FNMA bad loans in the past, causing FNMA to appear as if it was at fault for economic hard times. As we can see from the success of recent law suits on behalf of FNMA, banks like JPM have admitted this and are paying fines for their wrong doing. FNMA was not, and is not now, a problem. It is a highly successful corporation that is helping voters to buy houses.

I do not think that the private sector will be able to provide 30 year mortgages for the less wealthy in the nation, without them paying much higher costs for these loans. I do not support the elimination of Fannie Mae. I think FNMA is important to our recovery now and in the future.

I am a Voter and Tax-payer.

I ask your support in releasing FNMA from the conservatorship that it is now under and allow it to function as it should. I also think that the taking of all profits from the Corporation and sweeping the profits to the Government sets a dangerous precedent of the GOVT's taking profits from private companies.. We are not a socialist nation, yet, and my understanding is that this violates the "Takings" clause of the constitution. AS of today, Fannie Mae and Freddie Mac have paid back the equivalent of almost all the debt they incurred.

In conclusion:
1) Please support the removal of FNMA from Conservatorship;
2) Please support the removal of the sweep of the profits from FNMA and Freddie Mac.


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