aus Yahoo-board excellent article in Morningstar:"Obama’s Mortgage Plan: A Massive Failure Before It Begins"Remember FMCC and FNMA are public companies, just like AGI, Ford, and the banks that received loans from the government not takeovers. So, the way to solve this situation is NOT for the government to come into your house and have you open your safe and take your money and your stock. That should not happen in a Democracy. So let’s take a look at the Fifth Amendment to the U.S. Constitution in what is called the Bill of Rights: Now there are three important and applicable statements to the current situation of Freddie and Fannie in the amendment. First, the government has no right to deprive its citizens of their property with due process of law. Here there was no court case or legal affirmation that would allow the government ownership in these companies. Moreover, there was no shareholder meeting to approve such an action. In addition, the government has not allowed since its takeover any shareholder meetings required of public corporations under SEC laws. Second, there is no public use which could be justify such a permanent actions, especially since the amount of money given to FMCC and FMNA will be repaid by the end of the year 2013 or 2014 with interest. Remember, these two companies have paid the Federal government about $132 BILLION over the past two years of the $188 billion that was given to them! Yes, a loan along with temporary ownership would have been okay (like that given to AGI and others), but not the taking of private stock, especially without shareholder approval. Third, if and I say, if the government decided for the good of the U. S. people it should take over of Freddie and Fannie, it would have to give "just" compensation to the owners, i.e. shareholders |
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