“The secondary mortgage market provides the lifeline to affordable homeownership in America. It provides the necessary liquidity to banks through securitization of MBS’s at low interest rates. We all recognize the low rates are a function of the US government’s implied guarantee. If we look back, for over 80 years (FNMA), the GSE’s have functioned as designed, even in catastrophic financial times as evidenced by the full repayment of taxpayer funds in the recent bailout. I will work tirelessly to communicate the necessity and successful outputs of the GSEs. I will work tirelessly to communicate how the GSEs have been measured by a double standard. One for the auto industry and the Too Big to Fail Banks (TBTFB) that were allowed to continue operations with minimal reform, after billions in bail out funds, and another for the GSEs who have repaid more than what was forced upon them and are now not allowed to recapitalize (http://projects.propublica.org/bailout/list). I will work tirelessly to communicate how Washington depends on the American public’s lack of knowledge/interest to conceal the true motives in faulting the GSEs for the financial collapse of 2008. Greed can have disastrous consequences if not kept under checks and balances in a democratic society. The GSEs are valued institutions that should be a source of pride for our government and capitalism. They have made mortgages available to millions of American over many decades through an ingenious and unique private/public American arrangement. The billions in bank settlements are a testament to the fact that the GSEs were misled and not the other way around. I will work tirelessly to educate Americans to see the true value of our GSEs. Finally, prosperity is at the core of every American’s struggle for happiness and freedom. Presidents and other elected officials are fairly (and sometimes unfairly) measured against this notion of prosperity. For most, prosperity is measured in economic gain/loss. As a shareholder of a GSE, I, along with millions of others, believe our government is taking our American right to prosperity by attempting to confiscate our property without truly understanding the long term negative ramifications to our capital markets and society. I ask if our President will join us in setting the story right to the American public and be on the right side of the issue when the history books are written.”
