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Letter: When did left learn of profit?
Friday, August 29th, 2014

By John Lillpop

August 28, 2014

http://www.washingtontimes.com/news/2014/aug/28/when-did-left-learn-of-profit/

The Obama administration is crowing over an agreement that will force the Bank of America to pay nearly $17 billion to end lawsuits related to deficient home loans and mortgage-backed securities sold prior to the 2008 financial crisis (“Bank of America reaches $17B settlement with U.S.,” Web, Aug. 20).

The agreement includes $9.65 billion in cash paid out to federal and state agencies and nearly $7 billion in consumer relief to borrowers hurt by the mortgage crisis. Unfortunately the agreement does not include criminal charges for specific bank employees who defrauded borrowers, investors and the government.

The American people need and deserve an intelligent, truthful rendering of all the facts involved so as to exact justice and prevent recurrence. Bottom line: President Obama and Democratic Party anti-business zealots must answer the following question: What about Fannie Mae and Freddie Mac? Tim Pagliara, head of shareholders group Investors Unite, put the issue in proper perspective when he said, “Investors deserve to know when the U.S. Treasury knew that Fannie and Freddie would become profitable and how that factored into the decision-making process.”

After all, “theft is not privileged.” Let’s keep it that way.

JOHN W. LILLPOP
San Jose, Calif.

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Real Reform for Fannie & Freddie

Current legislation needs to be amended in order for all investors – pensioners, community banks and individuals – to be repaid and create a solid platform for the mortgage market to thrive.

  1. Repayment of Pensioners, Community Banks and Individuals invested in Fannie and Freddie.
  2. Stricter lending standards and oversight of Fannie and Freddie.
  3. Affordable housing goals reinstated and upheld under stricter oversight.

Click here for more information

Investors Unite works to educate Fannie Mae and Freddie Mac shareholders and lawmakers of the importance of reforming the GSEs in a way that will reimburse shareholders what they are contractually and legally owed, but have not been paid.

Issue Background

The United States Congress is considering Government Sponsored Enterprise (GSE) reform that would wipe out Fannie Mae and Freddie Mac shareholders for good. These shareholders include everyday Americans such as public service retirees, teachers, firefighters and police officers. These individuals and pension funds invested in the GSEs before, during, and after the conservatorship and should be made whole under any reform. Taxpayers have been repaid with interest for their 2008 bailout of the GSEs.

Our country’s respect for the rule of law demands that private property rights be protected and Investors Unite gives Fannie Mae and Freddie Mac shareholders a voice in that fight.