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To: GIdget2004

0bamacare cannot stand on its own.

“On July 9, 2013, Fairholme Funds, Inc., a mutual fund that held preferred stock issued by the Federal National Mortgage Association, commonly known as “Fannie Mae,” and the Federal Home Loan Mortgage Corporation, commonly known as “Freddie Mac,” filed suit against the U.S. government in the U.S. Court of Federal Claims, seeking “just compensation” under the Fifth Amendment for their property when the Obama administration, in the so-called “Net Worth Sweep” of 2012, confiscated all Fannie and Freddie profits.

In 2008, when the economy went into recession over the collapse of the subprime mortgage market, Congress passed the Housing and Economic Recovery Act, HERA, to save Fannie and Freddie by a federal bailout that placed the two Government Sponsored Entities, GSEs, into government conservatorship, with the U.S. Treasury recapitalizing Fannie and Freddie by issuing to the GSEs $187.5 billion in senior preferred stock with a 10% dividend designed to repay the U.S. Treasury over time.

But in 2012, when Fannie and Freddie became profitable, as the mortgage market returned with rigorous credit underwriting and a zero-interest rate environment maintained by the Federal Reserve, the Obama administration initiated a “Net Worth Sweep,” designed to confiscate 100% of the profits generated by Fannie and Freddie.

The result was that private shareholders like Fairholme Funds were paid nothing on their Fannie and Freddie stock.”

https://www.infowars.com/lawsuit-obama-robbed-private-investors-to-fund-obamacare/


5 posted on 07/25/2017 8:40:10 AM PDT by combat_boots (God bless Israel and all who protect and defend her! Merry Christmas! In God We Trust!)
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And...

https://www.housingwire.com/articles/40766-unsealed-documents-reveal-real-reason-for-fannie-freddie-profit-sweep


6 posted on 07/25/2017 8:44:50 AM PDT by combat_boots (God bless Israel and all who protect and defend her! Merry Christmas! In God We Trust!)
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