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Fannie Mae: 60 Plus Blasts Senators Favoring “Obamacare For Mortgages”

A recent advertisement from the 60 Plus Association opposes the new plan that benefits the government at the expense on investors

chicagobusiness.com | April 2, 2014

By Aman Jain

The 60 Plus Association launched TV and radio advertisements in seven states, a few days back, opposing the Senate Banking Committee Members who are in favor of the recently introduced legislation that, in their view, empowers the government to take control of the mortgage industry. The new legislation is viewed ‘disturbingly similar’ to Obamacare.

Democrat and Republican Senators named in 60 Plus campaign

Three Democrat and four Republican Senators have been named in the campaign. Democrat senators targeted for supporting the Fannie Mae / Freddie Mac reform include Joe Manchin, Mark Warner and Kay Hagan. Republican Senators named include Mike Crapo, Dean Heller, Mark Kirk and Jerry Moran.

The proposed plan from the Senate Banking Committee Chairman Tim Johnson and Ranking Member Crapo, which also enjoys the backing of President Barack Obama, wipes out the ordinary shareholders in Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC).

Jim Martin, chairman of 60 Plus, expressing his concerns, says that the investors in Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) include retirees, teachers, police officers, and firefighters. The new plan will take away their investment and land it in the hands of the government.
Time must be given to investors in Fannie and Freddie

“The Johnson-Crapo legislation would also codify the Treasury’s Third Amendment that has confiscated all money due to Fannie and Freddie’s private shareholders,” Martin said, and added that millions of investors will lose out due to the suggestions included in the Johnson-Crapo legislation. 60 Plus, for its part, is requesting the senators not to force Obamacare into the mortgage industry, but give time to the investors in Fannie and Freddie to recover their investment “that are lawfully theirs.”

According to Martin, the Johnson-Crapo bill will contribute $5 trillion to the balance sheet of the government. Based on the estimates of their financial advisors, Fannie and Freddie are expected to fully repay the 2008 federal bailout this month, says Martin.

The Obama Administration has already included the $179 billion of expected profits from Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) over the next 10 years, in the government’s budget. This profit, according to Martin, belongs to the shareholders, who placed their money in the government-sponsored enterprises, or GSEs.

The 60 Plus Association, established in 1992, is a non-partisan seniors advocacy group. The TV advertisement from the association can be viewed here.


Back to April 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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