Online Petition to End Conservatorship of GSEs Posted on White House Web Site

Author: Brian Honea December 31, 2014

Fannie Mae Freddie Mac ConservatorshipAn online petition calling for the end of the Federal Housing Finance Agency (FHFA)’s conservatorship of Fannie Mae and Freddie Mac has been posted to the White House’s “We the People” Web page.
The conservatorship of the two GSEs has been a lightning rod for controversy, particularly in the last year. Fannie Mae and Freddie Mac have been under conservatorship of the FHFA since September 2008 “to preserve and conserve their assets and property and restore them to a sound financial condition so they can continue to fulfill their statutory mission of promoting liquidity and efficiency in the nation’s housing finance markets,” according to FHFA’s website. The two GSEs received a combined $188 billion in bailout money from the government in 2008, but have since returned to profitability.
Opponents of the conservatorship, such as those backing the petition, contend that the conservatorship has served its purpose and is no longer needed. The petition was posted online on December 20 and reported to have been created by a resident of Minnesota. The petition reads as follows:
“WE, the undersigned, hereby petition our U.S. Federal Government and our President Obama for the immediate release from Federal Government Conservatorship for Freddie Mac and Fannie Mae, by Executive Order of President Obama, or Director Melvin Watt, or any other means whereby full and immediate release from conservatorship would be effected.
“Whereas: the extraordinary economic circumstances under which the conservatorship of Freddie Mac and Fannie Mae might have been necessary have passed, Freddie Mac and Fannie Mae have fully repaid the Federal Government every dollar provided, further conservatorship serves no useful purpose; for these and other compelling reasons the conservatorship of Freddie Mac and Fannie Mae should be ended immediately.”
The petition’s goal is to collect 100,000 signatures by January 19, 2015. As of December 31 at 10 a.m., there were 907 signatures on the petition.

more
http://dsnews.com/news/12-31-2014/online-petition-end-conservatorship-gses-posted-white-house-web-site

LINK TO PETITION
https://petitions.whitehouse.gov/petition/release-freddie-mac-and-fannie-mae-federal-government-conservatorship/RmNVw8sB

• This topic was modified 2 weeks, 1 day ago by  dpsims.