LET THE GSES PAY US BACK ACT OF 2013 H.R 2435
If you agree with:
- Reducing the government's role in the housing market
- Protecting taxpayers from another financial crisis
- Having taxpayers made whole on their investments in Fannie Mae and Freddie Mac
- Having the option of a 30-year fixed-rate mortgage is important to the growth and stability of our economy
- Saving the jobs of over 10,000 hardworking Americans
- The responsible and safe return of private capital to the housing market
- Preventing disruptions to the U.S. housing market during a transition to a new finance system
- Never being tricked again by predatory lenders
- The idea that every hardworking American has the right to own a home
Then please, join us and become a citizen cosponsor of H.R 2435, and let your voice be heard.
*** Cosponsor the Bill Here ***
Key points of bill H.R 2435:
"The Secretary of the Treasury and each enterprise (acting through the conservator for the enterprise appointed pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4617)) shall enter into an agreement with that modifies the Preferred Stock Purchase Agreement"
"Termination of dividends.--That after such modification, any Senior Preferred Stock purchased under such Agreement by the Department of the Treasury shall not accrue further dividends."
"Treatment of enterprise draws on treasury.--That any amounts received, before or after such modification, during a single year by the enterprise as a draw on the commitment made by the Department of the Treasury under such an Agreement, shall be treated as a loan made by the Treasury to the enterprise. Which has an annual interest rate of 5 percent for the entire term of the loan"
"Any dividends paid by the enterprise to the Department of the Treasury under the Senior Preferred Stock Agreement before such modification of such Agreement shall be treated as payments of principal and interest due under the loan referred to in paragraph (2), and shall be credited against payments due under the terms of such loan (in accordance with the amortization schedule established for such loan pursuant to paragraph (2)(E))."