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Comment

I used to work for a college and was able to put a little bit of money away in savings. I invested this nest egg in shares of Fannie Mae and Freddie Mac back in 2011. The price of these shares was low; but, I felt the companies were strong and would gain value as the housing market recovered. My logic was correct except that I never expected the Treasury to illegally confiscate all profits of these companies. This is a de facto nationalization of two of the largest privately held companies in our country. Just as the companies were showing signs of becoming profitable, FHFA and Treasury concocted a plan to insure that these companies would never again be able to generate a profit. This was a money grab by Treasury, and perhaps a more sinister plan to undermine the GSEs and turn their business over to the Big Banks that caused the 2008 financial crises. Either way, it constitutes an illegal taking, and a violation of the constitution.

At this point in my life, I am 60 years-old, I take care of people's pets, I am nearing retirement, and the only retirement fund I have is invested almost entirely in shares of the GSEs. I am imploring Director Watt and the FHFA to uphold the rule of law, tear up the warrants, end the sweep, and release the GSEs from conservatorship. My future depends upon it as does the future of a just and free America.