[ [link removed] ]Reject Trump's horrible mortgage plan

Petition to Congress:
"Reject Donald Trump's proposed changes to Fannie Mae and Freddie Mac.
Keep the two companies in government conservatorship with profits flowing
to the Department of the Treasury."

Add your name:

[ [link removed] ]Sign the petition ►

Dear John,

[ [link removed] ]Reject Trump's horrible
mortgage plan

It's like Donald Trump's dream policy: In one fell swoop, he gets to help
Wall Street while hurting people of color and low-income Americans.

Trump just proposed a new plan for Fannie Mae and Freddie Mac, the two
mortgage giants that the federal government took over during the financial
crisis. Fannie Mae and Freddie Mac keep the mortgage market humming by
buying mortgages from originators and bundling them together as
securities, and they have a mandate to help low-income borrowers.^1

But now Trump wants to privatize the companies and eliminate any
affordable housing requirements in the process. It's a move experts warn
will hurt low-income buyers, communities of color and rural Americans.^2
Congress will have to approve any changes, so we have a chance to fight
back.

[ [link removed] ]Tell Congress: Reject Trump's horrible mortgage plan. Click here to
sign the petition.

Wall Street hedge funds are behind this gambit. For the last 10 years,
Fannie Mae and Freddie Mac functioned just as they did right after
Fannie's creation in the New Deal. Under federal government
"conservatorship," they were government-controlled enterprises that used
their low interest rates to make homes affordable, especially for
low-income buyers. Once the companies recovered from the financial crash,
the Obama administration decided to sweep their profits into the federal
treasury, helping to fund other important programs.^3,4

But then, a handful of hedge funds bought a stake in Fannie Mae and
Freddie Mac for pennies on the dollar. The same funds backed Trump big
time in 2016, and sued in federal court to stop the company profits from
going to the federal government. They want Trump to privatize the company,
handing the now-lucrative business over to them with no constraints.
Trump's plan would eliminate affordable housing goals and leave the hedge
funds looking for only the most lucrative borrowers to lend to.^5,6

It gets worse. Conservatives long dreamed of completely eliminating Fannie
Mae and Freddie Mac and leaving mortgages fully in the hands of Wall
Street. But Trump's plan would guarantee that the two companies would
receive a federal bailout if Wall Street banks crash the economy again.
Trump wants to make sure his hedge fund pals get all the profits and leave
the rest of us with all the risk.^7,8

Any change to Fannie and Freddie's status must go through Congress. We
need to push to keep a system that's working – and reject Trump's horrible
plan to hurt low-income Americans while helping Wall Street.

Tell Congress: Reject Trump's horrible mortgage plan. Click below to sign
the petition:

[ [link removed] ][link removed]

Thank you for speaking out,

Heidi Hess, Co-Director
[ [link removed] ]CREDO Action from Working Assets

Add your name:

[ [link removed] ]Sign the petition ►

References:

 1. Matthew Yglesias, "[ [link removed] ]The Trump administration’s new plan to privatize
Fannie Mae and Freddie Mac, explained," Vox, Sept. 9, 2019.
 2. Bess Levin, "[ [link removed] ]Trump wants to make mortgages more expensive for
minorities," Vanity Fair, Sept. 10, 2019.
 3. Ibid.
 4. Yglesias, "[ [link removed] ]The Trump administration’s new plan to privatize Fannie
Mae and Freddie Mac, explained."
 5. Ibid.
 6. Levin, "[ [link removed] ]Trump wants to make mortgages more expensive for
minorities."
 7. Ibid.
 8. Yglesias, "[ [link removed] ]The Trump administration’s new plan to privatize Fannie
Mae and Freddie Mac, explained."

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