“During times of universal deceit, telling the truth becomes a revolutionary act.”
– George Orwell
This appeal is addressed to the mainstream media in the hopes that we can get some more objective coverage on Fannie Mae and Freddie Mac. Unfortunately most Americans generally count on the financial media to get this type of information. Unfortunately, the big names in financial media (Wall Street Journal, Barrons, Bloomberg and Forbes) have shown to allow their political beliefs regarding Fannie and Freddie to supersede their ability to deliver objective reporting on this issue. Fannie and Freddie like every other large financial institution were gravely affected by the massive financial collapse of 2008. Since the collapse, they have not only paid back every dime that the taxpayers invested in them but have provided billions of dollars in profits as well. After careful analysis, it has become clear that Fannie and Freddie were nowhere near as bad off as we were lead to believe. The multiple and overlapping bank settlements that were the result of 200 billion worth of toxic mortgages that were illegally dumped on Fannie and Freddie revealed that. Nowhere is this being reported. This is just one of many areas where the need for objective reporting is critical.
The way our government has mishandled the conservatorships of Fannie and Freddie is appalling.In many ways, they have acted with a gross disregard of the law. Though they claim to have done nothing wrong, our government has used every procedural hurdle to evade turning over many documents to prove their innocence. Quite simply they are making a mockery of our judicial system yet no one seems to care. There is no way America can have an honest debate on how to proceed with housing finance reform when much of what has been presented as facts are simply not true.We are simply asking that the American people have the opportunity to learn the truth so that a more honest dialogue can take place.
To those in the conservative financial media I ask, how can you reconcile your conservative beliefs with your blind support of the governments illegal seizure of private profits? We understand that you disagree with the business model of Fannie and Freddie and Freddie and would not condemn you for sharing your beliefs just as we share ours, this is what makes America great.
But your strategy of condoning this blatant trampling of the rule of law to fulfill your goal of destroying Fannie and Freddie is frankly revolting, let me be clear, the ends do not justify the means.
To those in the liberal media I ask, are you still alive? Your silence on behalf of Fannie and Freddie is shocking. Fannie and Freddie have steadfastly been there to fulfill many of the goals of your party for decades. Their elimination will mean many Americans will never accomplish the dream of home ownership.As you have seen the conservative media has turned Fannie and Freddie into a virtual punching bag, can we rely on you to provide a little defense?
I want to share a portion of an email I recently received from one of our readers.”I know there still is a lot going on but I just wanted to say thank you for doing this, no matter how things turn out. I feel like you are truly standing up for America. I have spent the past four years in the army national guard to help me get through college, and as part of my final project for the business program we had to find a company that failed during the recession and explain what happened. Mine was Fannie Mae, I scrapped up a little bit of money and invested in the company. I now feel like my investment is also helping to stand up for what is right, and helping to point out the injustice here. You guys are true American heroes because the America that you and I know would be gone forever if Fannie and Freddie fell. Thank you again for all that you do” Sincerely Ethan Watkins
Keep the Faith!