Public Date: May 10, 2012
Contact: Andy Meisner
Phone Number: 248-858-0624
Pontiac, Michigan -- Oakland County Treasurer Andy Meisner made the following statement in response to mortgage giant Fannie Mae (FNMA) issuing its first quarter 2012 corporate profits results, which showed the company posting $2.7 billion in profits and came on the heels of Freddie Mac (FMCC) reporting $577 million over the same quarter:
Like other private companies, Fannie Mae and Freddie Mac are required to report their quarterly earnings with the Securities and Exchange Commission (SEC). During the quarter ending March 31, 2012, Fannie Mae posted profits of $2.7 billion and Freddie Mac posted profits of $577 million, which shows that these companies are working toward sustained profitability.
Fannie Mae's statement that it will no longer require taxpayer bailouts is added evidence of the company operating like its private sector counterparts, though Fannie and Freddie have received almost $190 billion in bailout funding. Far too often these companies, which are supposed to help those who house America, use these taxpayer proceeds to foreclose on Oakland County families and then turn around and dump these properties for pennies on the dollar. This accounts for a significant portion of the $14 billion in taxable value Oakland County has lost since the foreclosure crisis began.
On March 23, 2012, Oakland County received a judgment against Fannie Mae and Freddie Mac for millions of dollars in unpaid real estate transfer taxes. In addition to awarding millions to Oakland County taxpayers and schools, the lawsuit also brought about a change in policy that Fannie Mae and Freddie Mac must pay real estate transfer taxes going forward.
Fannie Mae and Freddie Mac should use their newly reported corporate profits to pay their fair share, including the millions of dollars they now owe Oakland County taxpayers. I will not rest until this debt is paid and Oakland County taxpayers have the accountability they deserve.