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Fannie And Freddie Investors Unite In Washington DC

Seeking Alpha

By David Sims
April 9, 2014

Summary

  • Shareholders came to DC to represent themselves.
  • Government has overreached their constitutional power.
  • Regulators have breached their fiduciary duties to shareholders.

On April 8th, a contingent of Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) shareholders descended on Washington DC. They followed the call of Tim Pagliara, Chairman & CEO of CapWealth Advisors, and Ralph Nader, a well-known consumer advocate. They came to voice their concerns to Congress over housing finance reform and their rights as shareholders.

The following are selected notes from recordings and interviews with shareholders as they arrived, mingled with other shareholders, and got settled in before meetings on Capitol Hill.