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  • Comment Detail

  • Date: 12/23/14
    First Name: Andrew
    Last Name: Garrich
    Organization: N/A
    City: N/A
    State: N/A
    Attachment: N/A
    Number: RIN-2590-AA73

  • Comment

    Although funding the Housing Trust and Capital Magnet Funds is an admirable move, and one that I would generally support, it is hard to fathom doing so at this time. The GSEs should be recapitalized to a level that protects the taxpayers during another downturn - which is sure to come. The housing market is cyclical and will most certainly roll over again at some point in the future. These institutions need to be prepared for that eventuality and continuing the 3rd amendment sweep is placing us all in jeopardy of a far worse crisis next time. What would happen if the downturn came in 2015?

    I would like to see the 3rd amendment repealed and recapitalize the GSEs before funding these programs. The conservator has done its job and should be praised for their work, but it is time to end the conservatorship and release FNMA and FMCC in a solvent state.