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  • Comment Detail

  • Date: 10/17/17
    First Name: Edward
    Last Name: Kamen
    Email: circle2us@yahoo.com
    Organization Type: other
    Organization: Georgia Institute of Technology

  • Comment

    I am a retired 72-year old living in Florida. On July 1, 2008, I bought 2000 shares of Freddie Mac preferred stock at a par value of $25.00. This was a $50,000 investment I made for my retirement. Shortly after my purchase, Freddie Mac and Fannie Mae were put into conservatorship by the US Government, and as a result, the value of my shares dropped substantially, and then dropped further in 2012 after the Net Worth Sweep was put into effect.

    I am asking that the Net Worth Sweep and the conservatorship be terminated so that the preferred stock of Freddie Mac can return to par value. I had invested in Freddie Mac preferred shares in large part because it was "backed up" by the US Government. Instead, the US Government put Freddie Mac into conservatorship, and then implemented the Net Worth Sweep, resulting in a substantial loss of funds for my retirement. Given my age, time is running out for me to be able to access the $50,000 investment to support my retirement in the remaining years of my life.