Skip to main content

  • Comment Detail

  • Date: 12/24/14
    First Name: Paul
    Last Name: Tashner
    Organization: N/A
    City: N/A
    State: N/A
    Attachment: N/A
    Number: RIN-2590-AA73

  • Comment

    I support the idea of funding the Housing Trust Fund, however it must be done after Fannie & Freddie are recapitalized, released from conservatorship and relisted on a major stock exchange. Government Seizure and Nationalization of US corporations can be neither condoned nor tolerated. Sweeping 100% of profits to the treasury is simply wrong.

    The GSE's have been pillars of the American economy for decades, and perhaps the most important driving forces behind our tremendous success since the depression. This by making affordable 30 year mortgages available to middle class and working class Americans. And homeownership drives economic growth, jobs and taxes for a wide segment of our country.

    Used during the 2008 recession as a scapegoat and dumping ground for toxic mortgages originated by the Too Big To Fail banks, the GSE's took the fall and likely saved our banking and financial system from epic collapse by absorbing these bad loans. Yet the 3rd amendment sweep forced on FnF as they were recovering into profitability was a money grab which must be undone.

    Before siphoning off funds from FnF, it is essential the FHFA:
    1) end the sweep so profits remain in FnF and recapitalization of the corporations is begun;
    2) release FnF from conservatorship;
    3) relist FnF on a major stock exchange to further enhance the recapitalization.

    Until the 2008 seizure, American real estate and investments therein were seen as some of the safest investments in the world. Seizure and de facto nationalizing of these pillar corporations casts a dim shadow on our reputation and our nation. Restore the GSE's so they rebuild capital for the present and future generations while restoring a level of confidence in our country as an investment destination.