I just had a heartbreaking conversation with a fine young man. His mother did all of her retirement accounts through a broker at her bank and the GSEs is what he told her to put it in and so she did, Fannie mostly, and two mutual funds.
She has been working at Walmart for the past 17 years, so she definitely isn’t rich. She’s 57 now and she still has around the 8,000 shares that she was able to buy at much higher prices. Her entire life savings has been stolen by the government which set out to crush her companies by putting them into conservatorship where they structured agreements and amendments that they used along with accounting fraud to steal the companies away from her and everyone else similarly situated.
I cannot tell the difference between FHFA and a criminal enterprise in this regard.
It’s heartbreaking to hear these stories of such loss, perpetrated by government officials who have agreed amongst themselves to disregard the intent of laws and crush poor shareholders like this.
Despicable.