March 6, 2015
A group of Investors Unite members were able to make their case directly to the Director of FHFA at an event in New Jersey this week. On March 4th, FHFA Director Mel Watt hosted a town hall to inform homeowners about assistance programs offered through the Home Affordable Refinance Program (HARP). At the conclusion of the event, Investors Unite members Bud Coleman, June Scortino and David Gellman sought out Director Watt for an informal conversation, which the Director graciously agreed to.
Coleman said the entire conversation between investors and Director Watt was “very pleasant and respectful.” Even though Watt didn’t address our issue directly in his formal remarks that day, his willingness to listen to investors after the meeting demonstrated his respect for them and their views. It is our hope that Director Watt understands that he has the support of Investors Unite in exercising his authority to end the conservatorship, as provided for by the 2008 Housing and Economic Recovery Act (HERA).
Investors Unite members have made their voices heard at similar events in Detroit, Miami, and Atlanta, which also provided some face time with Director Watt to reinforce our message.
Some of the investors who met with Watt in Newark participated in our fly-in earlier this year. We are grateful to these members for remaining vigilant in our cause.
We will continue to respectfully urge Director Watt to use his powers granted under HERA to end the conservatorship of Fannie and Freddie.
About Investors Unite: Formed by Tennessee activist investor and CapWealth Advisors Chairman and CEO, Tim Pagliara, Investors Unite (www.investorsunite.org) is a coalition of private investors from all walks of life, committed to the preservation of shareholder rights for all invested in Fannie Mae and Freddie Mac. The coalition works to educate shareholders and lawmakers on the importance of adopting GSE reform that fully respects the legal rights of Fannie Mae and Freddie Mac shareholders and offers full restitution on investments.