Investors Unite held a conference on June 26th in regards to a letter submitted by their chairman (letter can be found here) to FHFA director Mel Watt, who ‘is in charge’ of Fannie Mae and Freddie Mac.
Investors Unite Executive Director Tim Pagliara and John Taylor of the National Community Reinvestment Coalition participated in a call with Investors Unite members and media. Mr. Taylor discussed the value Fannie and Freddie add to our communities and the middle class while Mr. Pagliara reviewed his comment submitted to Director Mel Watt and the Federal Housing Finance Agency regarding g-fees as well as release of our Town Hall Tool Kit to accompany Investors Unite members as they engage their elected officials this summer while on recess.
The video has been posted online by Investors Unite and the entire video has just been posted. The full video (which includes several nice shout outs to ValueWalk) can be found below.
Fannie Mae, Freddie Mac
Five years ago Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) were placed into conservatorship by the Federal Housing Finance Agency. In 2012, the U.S. Treasury instituted a 100% profit sweep of the GSEs which vanquished shareholders and left the entities undercapitalized and vulnerable. The Johnson-Crapo proposal has been strongly criticized for codifying (what many consider) the illegal takings, increasing the cost of mortgages, and failing to protect fair access for minority applicants.