Nader Cautions Senate Banking Committee About Johnson-Crapo Legislative Draft

April 9, 2014 Senator Tim Johnson 136 Hart Senate Office Building Washington, DC 20510 Dear Senator Johnson, A few weeks ago, Senator Crapo and you unveiled their proposal for housing finance reform. This is a critically important issue that has remained unresolved for far too long. For that reason, I thank you and Senator Crapo for at least sparking a discussion. But we have serious concerns about your proposal. Unfortunately, this is an issue that is complex, and thus, difficult for Read more [...]


February 18, 2014 The Honorable Jacob J. Lew Secretary of the Treasury Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220 Dear Secretary Lew, I am writing regarding an article published in the New York Times by the formidable Gretchen Morgenson this past weekend. The article, titled “The Untouchable Profits of Fannie Mae and Freddie Mac,” discussed an internal memo at the U.S. Treasury from 2010 which indicated that the Treasury Department was striving 4699143068

(318) 221-3188

WASHINGTON, D.C. (February 4, 2014) – Please join Shareholder Respect, a project founded by Ralph Nader to highlight the mistreatment of shareholders, for a round table discussing the impacts of the conservatorship of government sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac. GSE reform will have an impact on shareholders, homeowners, industry stakeholders, and the broader economy. With lawmakers on Capitol Hill considering legislation that purports to reform the GSEs, and likely Read more [...]


January 7, 2014 Dear Director Watt, Congratulations on your confirmation in the Senate and recent swearing in as the director of the Federal Housing Finance Agency (FHFA). This comes at an important time. While the White House and Congress are considering how to restructure the government sponsored enterprises (GSEs), your leadership as director of the FHFA will play an important role in this process. Prior to the economic crisis, we worked for many years on a range of issues relating to Read more [...]

The Street: Nader Wants Fannie-Freddie Hearing on Shareholder Rights

An article in The Street, following a hearing on the government sponsored enterprises (GSEs) in the Senate Committee on Banking, Housing and Urban Affairs, discussed Ralph Nader’s advocacy for Fannie Mae and Freddie Mac shareholders. The long-time consumer advocate is pushing for a hearing that would discuss Fannie and Freddie shareholders’ rights. Nader pointed out that the shareholders have been left without a seat at the table with regard to the discussion on how to proceed with regard to 4049054854


Buzzfeed published an in-depth article on Friday discussing Ralph Nader’s transformation from a consumer advocate to a shareholder activist. The article quotes Nader’s criticism of Fannie and Freddie’s management, saying it was a “dictatorship” and that “shareholders were stripped of their rights.” The article touches on the government’s restructuring of Fannie and Freddie’s dividend payments, which now prevents them from recapitalizing. The article also points out that the Corker-Warner Read more [...]


The Financial Times ran an article pointing out that the debate on housing reform and the government sponsored enterprises (GSEs) is heating up in Washington, D.C. The article points to Bruce Berkowitz’s Fairholme Funds’ proposal to invest capital in the GSEs as an indication that private capital may have some interest and may still see some value in the GSEs. Senator Corker claimed that the hedge fund’s proposal lent support to the bill he is advancing in the Senate to eliminate the GSEs. 812-810-7502


Statement By Ralph Nader Friday, November 22, 2013 Since the 2008 bailout of Fannie Mae and Freddie Mac, and the beginning of their conservatorship, the stockholders of these two companies, of which I am one, have been stripped of their basic rights as shareholders. Prior to the financial crisis, shareholders of these government sponsored enterprises (GSEs) had legal rights to challenge management decisions through the courts and through proxy battles, or by offering shareholder resolutions. Read more [...]

S. 1217 – Housing Finance Reform and Taxpayer Protection Act of 2013

The full text of S. 1217, the Housing Finance Reform and Taxpayer Protection Act of 2013, can be found here. The Congressional Research Service summary of this legislation can be found below, and online here. SUMMARY AS OF: 6/25/2013--Introduced. Housing Finance Reform and Taxpayer Protection Act of 2013 - Establishes the Federal Mortgage Insurance Corporation (FMIC) as an independent agency of the federal government to: (1) develop standard form credit risk-sharing mechanisms, products, 8475812476

H.R. 2767 – Protecting American Taxpayers and Homeowners Act of 2013

The full text of H.R. 2767, the Protecting American Taxpayers and Homeowners Act of 2013, can be found here. The Congressional Research Service summary of this legislation can be found below, and online here. SUMMARY AS OF: 7/22/2013--Introduced. Protecting American Taxpayers and Homeowners Act of 2013 - GSE Bailout Elimination and Taxpayer Protection Act - Directs the Director of the Federal Housing Finance Agency (FHFA), five years after enactment of this Act, to appoint FHFA as receiver 717-369-8330