Hey, I just can’t sit idly by and watch the Fannie Mae/Freddie Mac Takeover Hoax continue with a comment.
The government did not takeover Fanni Mae and Freddie Mac!
It’s always been under the control of the federal government! That’s why it’s been always terribly mismanaged! Duh!
Fannie Mae was created by Congress under the National Housing Act of 1934. You can read more history of HUD and Fannie Mae at:Hud.gov
The Fannie Mae Charter says the following:
Sec. 302. (a)(1) There is hereby created a body corporate to be known as the “Federal National Mortgage
Association,” which shall be in the Department of Housing and Urban Development. The Association shall have succession until dissolved by Act of Congress.
also,
Sec. 308. (b)The Federal National Mortgage Association shall have a board of directors which shall consist of eighteen persons, five of whom shall be appointed annually by the President of the United States, and the remainder of whom shall be elected annually by the common stockholders.
Freddie Mac was created by Congress under the Emergency Finance Act of 1970.
The Freddie Mac Charter says the following:
(2)(A) The Board of Directors of the Corporation shall consist of 18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom shall be
elected annually by the voting common stockholders.
Again, They have always been under the control of the federal government! Oh, but they sell shares on the stock exchange, no? Yes, and how many stupid investors are losing money right now?
The federal government is in debt over 9.6 trillion dollars!! How can the government with a straight face say they are going to fix this system? They are the system!
Why would anyone invest in a company created by Congress anyway? Yikes!
Search Google or Yahoo for Fannie Mae or Freddie Mac and corruption, and you will see how these government “enterprises” have ALWAYS been run ineptly.
Why? They’re government! And oversight supposedly provided by HUD and Congress have been grossly negligent.
Publius
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