To all readers: I ask that you read the following and consider sending a similar (or the same) letter to your local senator.
I want to express my sincere disgust in the activities of Fannie Mae and Freddie Mac over the past months (and years) regarding the irresponsible and perhaps criminal activities and borderline unethical conduct regarding their most recent overstatement of their capital base.
As a citizen, a husband, and as a hard-working father, I am strongly AGAINST any form of bailing out of the two mortgage giants by the federal government. I believe this would put an undue burden on the taxpayer, and there is no reason why any of us should pay for the mismanagement by questionably criminal executives running those companies.
Further, I would strongly request a criminal investigation into the executives and those running both Fannie Mae and Freddie Mac and I would push for an indictment regarding their activities, the handling of the companies, and their questionable accounting methods.
Additionally, I would request that the accounting standards board also be reformed as I am of the belief that those making the decisions there are unethical and are in favor of those businesses who have broken the law, and that the recent decisions by the board fly in the face of sound accounting methods.
My opinion as a concerned citizen is that the country needs an education in ethics and corporate responsibility. While everybody is touting the poor homeowners who are in foreclosure, who are losing their homes, or those that won't be able to get mortgages if the two mortgage giants fold, we must acknowledge that laws have been broken by both the banks, the mortgage lenders AND the homeowners, regulators have not done their job, and that many of the homeowners are in homes that they got mortgages for based on lying on their mortgage application forms about their income, and by taking mortgages for pieces of property they clearly could not afford. There is no reason the government (and thus the taxpayer) should foot the bill for this kind of irresponsible and unethical conduct.
Thus, I ask that you 1) fight AGAINST the government taking over and/or helping the mortgage giants and let things run their course without government intervention; 2) I ask that you start a criminal investigation into the executives running the companies to hold them criminally responsible for the activities of their companies; and, 3) I ask that you push to reform the recent decisions of the accounting standards board and fight for reformation of the board to return to sound and ethical accounting standards.