Fannie Mae: Jumpstart Does Not Prevent Settlement With Shareholders by Investors Unite
Investors Unite Founder Tim Pagliara released the following statement on the inclusion of the so-called “Jumpstart GSE Reform” amendment to the omnibus spending bill:
“The so-called “Jumpstart GSE Reform” amendment does not stop or affect in any way the ongoing litigation by shareholders over the illegal net worth sweep, and we look forward to seeing what discovery brings. Moreover, this provision in the omnibus spending bill does not prevent the Administration from reaching a settlement with shareholders.”
“We welcome Congress’ leadership in immediately passing legislation that requires the Federal Housing Finance Agency to retain capital in Fannie Mae and Freddie Mac. This would protect the taxpayer from the risk that has been created by Treasury’s illegal net worth sweep, which deprives Fannie and Freddie of any real capital base. We encourage Congress to simultaneously engage in a robust oversight investigation of Treasury’s violation of the Housing and Economic Recovery Act, which remains the statute that governs the conservatorship of these companies.”
About Investors Unite: Formed by Tennessee activist investor and CapWealth Advisors Chairman and CEO, Tim Pagliara, Investors Unite (www.investorsunite.org) is a coalition of over 1,400 individual Fannie Mae and Freddie Mac shareholders from all walks of life, committed to the preservation of shareholder rights for all invested in the GSEs.
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