Housing reform: Unleash the power of GSEs
- November 13, 2014
Thanks to Investors Unite member, Link Neimark, for his recent Letter to the Editor in The Missoulian. We are always happy to have active investors that help educate the media and the public about shareholder rights.
“In 2008, the government-sponsored entities were reeling from a financial crises precipitated by big Wall Street firms like Goldman Sachs, Bank of America and JP Morgan Chase, which sold fraudulently rated sub-prime mortgages to the GSEs and private investors. The GSEs were placed in conservatorship and given a loan from the Treasury to help them recover. They have since paid back every dollar borrowed plus interest. They have literally paid their debt to society. It is now time to release the GSEs from conservatorship.
Since the Great Depression, Fannie Mae has helped raise the standard of living in this country. By providing liquidity in the housing market and by promoting 30-year fixed-interest mortgages, Fannie Mae (and her younger cousin Freddie Mac) have enabled millions of Americans to obtain mortgages and purchase homes. This is one of the best ways for the average American to save money and build a secure future.
The middle class in this country is under attack. Wall Street has emerged from the 2008 recession (which it caused) stronger than ever; but main-street America is suffering. Debt is up and wages are down (that is if you are lucky enough to have a job). Now is not the time to “wind down” the GSEs (as the White House and many in Congress would have you believe). Now is the time to release the GSEs from conservatorship and allow them to help revitalize the middle class by once again making home ownership an affordable dream. A healthy housing market fuels the economy and a healthy middle class will benefit all Americans.”
See the original letter here: Housing reform: Unleash the power of GSEs