Posts in Category: Letters

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 [...]

Nader to Secretary Lew: Internal Treasury Memo Raises Questions

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 Read more [...]

Ralph Nader Writes New FHFA Director Mel Watt

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 [...]

Need for an Inspector General Investigation of and Congressional hearings about Misleading Statements by high government officials about the financial health of Fannie Mae & Freddie Mac Prior to the Government imposed Conservatorship

April 11, 2011 TO: Inspector General Eric Thorson Department of the Treasury 1500 Pennsylvania Avenue, N.W. Room 4436, Washington, DC 20220 Senator Tim Johnson Chairman U.S. Senate Committee on Banking, Housing, and Urban Affairs 136 Hart Senate Office Building Washington, DC 20510 Representative Spencer Bachus Chairman House Financial Services Committee 2246 Rayburn Building Washington, DC 20515 FR: Ralph Nader P.O. Box 19312 Washington, DC 20036 RE: Need for an Inspector Read more [...]

Letter to Secretary of the Treasury

May 23, 2013 The Honorable Jacob J. Lew Secretary of the Treasury Department of the Treasury 1500 Pennsylvania Avenue NW Washington, D.C. 20220 Dear Secretary Lew: As you know the Housing and Economic Recovery Act of 2008 authorized the U.S. government to place government-sponsored enterprises (GSEs) in a conservatorship. On September 7, 2008, the Federal Housing Finance Agency (FHFA) established a conservatorship for Fannie Mae and Freddie Mac and assumed control of these two GSEs. Read more [...]

Letter to Director Edward DeMarco

April 20, 2012 Director Edward DeMarco’s Office 400 7th Street NW Washington, D.C. 20024 Director Edward DeMarco, On April 14, the Washington Post published an article titled, “The bailout could turn a profit, but that’s not entirely a good thing.” In the article, it is revealed that the U.S. Treasury has modified its projected cost of the bailout. The expected cost to bailout Fannie Mae and Freddie Mac was projected in 2010 to be about $53 billion by 2020. However, the article Read more [...]