Be a Part of History

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))."

For the full text of H.R 2435


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  • commented 2013-07-25 07:55:16 -0700
    Freddie and Fannie are being managed responsibly, and aren’t doing further
    economic damage to themselves now that they are not losing money on current operations controlled by U.S. Goverment.

    The Billons Of U.S. Dollars From Fannie Mae Already Has Been
    Received By Our Treasury Dept Which Is Being Used To Support
    Our Economy Today, reported a record profit of $17.2 billion for 2012,
    payed $59.4bn back to US taxpayers QE1 of 2013, QE2 Due on Aug 8
    2013. Fannie Mae received about $116bn in loans. With its latest dividend,
    it will have repaid about $95bn.

    The losses, as we understand it, were from business decisions before the takeover. Geithner has argued that Freddie and Fannie are enormously complicated to unwind and therefore the Obama administration will address them in a separate legislative effort. Freddie and Fannie have already been reformed, to some extent, by virtue of being placed into conservatorship.

    Freddie and Fannie are not losing money as they are currently operated – which means they aren’t making the deficit any worse.

    This is an important point that has to be repeated – as Fannie and Freddie operate today, going forward, there is no loss, The losses are the losses that occurred before we took the first step towards reforming them – we the Democrats – and nothing we could do today will diminish those losses.

    Treat Fannie Mae the same as Taxpayers money that bailed out the
    banks, we gave them a chance to recover and they did, Fannie Mae
    is on track towards repayment, why pull the plug on them now? Respectfully Submitted American Retired Veteran