(Google Board)
I just got a very pointed response from my representative, Gerald Connelly. Clearly he (or his staff) is very much up-to-date about the GSEs truth and in full support of shareholders’ right and the release of the GSEs:

March 9, 2015

Dear Mr. ????,

Thank you for contacting me with respect to recent proposals to reform Fannie Mae, Freddie Mac, and the Federal Housing Administration. I appreciate your interest in this issue, and your views are important to me. As the financial crisis demonstrated, our nation’s housing finance system has long been in desperate need of reform. The Dodd-Frank Wall Street Reform and Consumer Protection Act addressed many of the most egregious flaws in our regulatory framework that allowed enormous risk to be concentrated in the hands of so few without anyone knowing.

Congress now faces two central questions: (1) How and when to unwind federal control of Fannie Mae and Freddie Mac? And (2) what is the proper role of the federal government in the mortgage market? Current proposals range from reducing federal support of Fannie Mae and Freddie Mac, selling off their assets, and revoking their congressional charters, to replacing them with newly created institutions that would serve the same function but reduce the federal government’s exposure to future housing shocks. For example, H.R. 2767, the Protecting American Taxpayers and Homeowners Act (or PATH Act), proposes to wind down Fannie Mae and Freddie Mac and reform the Federal Housing Administration (FHA). Recent proposals in the Senate include S.1217, the Housing Finance Reform and Taxpayer Protection Act, introduced by Sens. Corker and Warner, which call for an orderly wind down of the GSEs and replacing the Federal Housing Finance Agency (FHFA) with a new independent agency, the Federal Mortgage Insurance Corporation (FMIC).

Many stakeholders including the Mortgage Bankers Association and the National Association of REALTORS have opposed the PATH Act and House Republicans’ efforts to shutter Fannie and Freddie. Many observers have noted that the GSEs have long held down borrowing costs for Americans and until the height of the housing bubble, appropriately managed risk while accomplishing their mission. I share their concerns and would like to see Fannie and Freddie healthy and returned to shareholders. The Financial Crisis Inquiry Commission found that the mission of both Fannie and Freddie to provide support for housing finance and help HUD attain affordable housing goals only contributed marginally to the failure of the firms. Instead the Commission laid much of the blame for their failure at the feet of management teams that failed to account for risky practices, specifically citing “practices undertaken to meet Wall Street’s expectations for growth.”

As a Member of Congress, it is essential that I know my constituents’ thoughts and concerns so I can best represent their interests. I will continue to watch this issue closely and work with my colleagues to ensure any proposals to reform the GSEs and FHA will keep borrowing costs low and protect taxpayers from losses incurred by reckless managers.

Once again, thank you for expressing your concern on this very important issue. I appreciate hearing from you. For more information on my views on other issues, please feel free to visit my website at http://connolly.house.gov. I also encourage you to visit the website to sign up for my e-newsletter.
Sincerely,

Gerald E. Connolly
Member of Congress
11th District, Virginia