Open Letter to CEOs of FNF $FNMA $FMCC @FHFA @USTREASURY #FannieMae #FreddieMac

I am a US Citizen and Taxpayer.

Today, FHFA's Director Watt requested that you fund the affordable housing fund with 4.2BP of new business. In that request from Director Watt, FHFA stated that, “reasonable projections indicate that Fannie Mae will remain profitable for the foreseeable future.” I commend the efforts of the affordable housing fund. I also commend all your efforts. In parallel with this request should have been an announced release from conservatorship. This is an affront and an outrage to private investors who have waited patiently to see a return on their investment.

The ongoing conservatorship is unnecessary. If it is allowed to continue, it is also an extremely poor precedent to set for attracting private capital to invest in U.S. companies. Private capital that should be encouraged to invest, help companies grow, and stand in a first-loss position.

Based on the original agreement with U.S. Treasury, the conservatorship was to allow Fannie and Freddie to exit when they to be found to be in a sound and solvent condition. That day has arrived.

Henry Paulson acknowledged that he could foresee some future time where private investors may see some return.  The intention of conservatorship was to either ultimately place the companies in receivership or allow them to exit conservatorship were they to be found to be in a sound and solvent condition.  The FHFA was given the fiduciary role to manage the companies assets to limit taxpayer losses, and naturally then, increase any potential gain for them, as well as, the rightful original owners.  I will remind you that these owners control 100% of the shares until such time as the US Treasury should decide to exercise the 79.9% warrants.

The edict was to repay the taxpayer first, before investors "see a dime".  The taxpayers have been repaid, and we have not seen a dime.  Now, taxpayers and the housing fund will be funded and investors have not seen a dime.

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I urge you to 'respectfully decline' FHFA Director Mel Watt's request, as he is not managing the companies with the goal to exit conservatorship nor placing them in a safe, sound and solvent condition with this action.