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Release: Investors Unite Commends Rep. Blackburn for Housing Legislation that Honors Obligations to Investors, Restores Rule of Law
Thursday, March 26th, 2015

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March 26, 2015    

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Investors Unite Commends Rep. Blackburn for Housing Legislation that Honors Obligations to Investors, Restores Rule of Law

WASHINGTON – In response to legislation introduced today by Representative Marsha Blackburn to address the treatment of revenues from the government sponsored enterprises Fannie Mae and Freddie Mac, Investors Unite executive Director Tim Pagliara released the following statement:

“We congratulate Rep. Marsha Blackburn for introducing legislation to protect taxpayers, honor obligations to investors and restore the rule of law.

“As long as Congress and the Administration remain paralyzed in addressing the fate of Fannie Mae and Freddie Mac, revenues generated from the GSEs should be placed in a reserve fund to cover possible losses of the GSEs, as Rep. Blackburn proposes.

“This is a meaningful proposal to end the “Third Amendment sweep” and shut off an illegal revenue stream for the Treasury.

“As top federal government officials have finally started to acknowledge, the undercapitalization of Fannie and Freddie threatens to put taxpayers on the hook for another bailout. This could have been avoided had the GSEs been allowed to keep their profits, as intended under the Housing and Economic Recovery Act. We urge Congress to move quickly to pass this legislation.”

About Investors Unite: Formed by Tennessee activist investor and CapWealth Advisors Chairman and CEO, Tim Pagliara, Investors Unite (www.investorsunite.org) is a coalition of over 1,400 individual Fannie Mae and Freddie Mac shareholders from all walks of life, committed to the preservation of shareholder rights for all invested in the GSEs. 

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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.

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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.