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