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Comment

Funding the housing trust fund is a very worthwhile cause. So is the food bank, welfare to work, Title 20 day care and many other worthwhile things for the betterment of all of us. Funding the housing trust fund and leaving shareholders in Fannie Mae and Freddie Mac is clearly un-American and should not have been done without addressing shareholder rights under the fifth amendment. The conservatorship was put into place to make sure that these venerable institutions were strong and steady for the benefit of the banks and the people of the United States of America. If we give the guarantee business to the banks, they will clearly jack up fees and expenses and pad their bottom line income statements with anexplicit gov't guarantee. Fannie Mae worked in the Great Depression to help pull people up. It also helped in 2008-2009 to steady housing finance. Without them, 20% down, 15 year mortgages is all there would have been available(in my opinion). Funding the housing trust fund with funds that should be used to to pay obligations of the business first(common and/or preferred dividends) is like asking someone who is homeless to give money to the food bank. While it is a worthwhile cause, it just isn't too smart. It isn't legal(in my opinion) to pay a charitable pledge over and above other pledged contractual obligations of a profitable institution. While I am glad the housing trust was funded, I am appalled that shareholders, the rule of law and normal business practices are being ignored. Feel free to call me with any questions you have. I am sure no one will call me as Julian Castro didn't even respond to my email after he accepted the HUD secretary position and he served as my mayor(very well and honorably, mind you). His brother is good for Texas, too.