If you directed a movie starring Fannie Mae and Freddie Mac, what type of movie would you produce – horror or comedy? The following facts may influence your selection process.
They are 80% owned by the “public” – us the taxpayers!
They have been delisted from the US stock exchange since their shares were trading at $1 per share
They guarantee over 50% of the $10.7 trillion in residential mortgages
As of the March 2010, borrowers were late on about $340 billion in residential mortgages.
They have an unlimited credit line with the federal government to fund their operations
Let’s recap so I can understand.
We the taxpayers own the majority of Fannie Mae and Freddie Mac but what we own is seemingly worthless to us and we the taxpayers continue to give them money.
We the taxpayers have little say in the financial management of these two companies – although we own 80% - that used to be a majority!
We the taxpayers will continue to bailout our stars which could reach a record $1,000,000,000,000.
We the taxpayers are in favor of financial reform but WHY isn’t our company part of the scrutiny?
We the taxpayers should demand a company leadership change, a full accounting of the operations and restructuring – just like any other company which doesn’t have their act together!
Don’t you agree there is something wrong with this movie script?
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