I want to commend the Wall Street journal for taking a small step tonight towards getting on the right side of history with an opinion piece, “Playing Semantic Games With Fannie and Freddie Investors” by William M Issac chairman of the Federal Deposit Insurance Corp. during the Reagan administration. Mr. Issac gives a nice outline of our cause and some pretty damning commentary like the following quote,
“There can be varied opinions over which reform is best for our country or what, if any, role Fannie and Freddie will have in a future housing market. But there should be no disagreement about the law. Capital follows the rule of law, and if investors can’t count on that in the U.S. and in the housing markets, they will put their money elsewhere.” Ron Luhman posted more of the article in the comments section of our last post.
Mr. Issac it is refreshing to see that a true conservative still exists. I was beginning to wonder considering that most republicans in DC have been mum as our private shareholders profits have been illegally funneled to the US treasury.
I have been highly critical of the Wall Street Journals coverage of our cause as evidenced in my May 13th post.Hopefully, this marks a turning point, and we begin to see more truthful reporting. I hope this is not just another back page opinion piece designed to appease the shareholders of Fannie and Freddie while continuing to keep the public in the dark.
I also want to take a moment to thank Glen Bradford for the compliments he gave us in his article “Its Independence Day For Fannie And Freddie” on Seeking Alpha. His ideas on the Perry injunction case echo what I have heard. He also has linked our blog to his own blog at glenbradford.com. Glen we appreciate your help spreading our message and the work you are doing to help end this travesty of justice. Keep it up!
Finally, I want to call attention to a comment we received over the weekend from Jennifer Barber, “Just want to extend a heartfelt thank you for all your hard work in creating this blog! I am a Los Angeles Unified middle school teacher that invested my retirement in Fnma in 2011 because I had decided to use the equity in my home to purchase rental properties after the housing bubble burst. I invested in Fnma because it became unbelievably difficult to acquire loans for rental properties even with perfect credit, solid jobs and 30% down payments. As a result, I realized that if all new loans were underwritten with the same strenuous guidelines, Fnma was now holding excellent loans, and it was only a matter of time before they were solvent again. I never figured systemic corruption into the equation to invest. Thank you for fighting this battle and keeping everyone informed!”
Jennifer again, thank you. Its stories like these that need to be told so people realize its everyday people that our being robbed.
Keep the Faith!