We believe that the government of the United States of America should not have the power to profit from the seizure of private property without providing "just compensation" to private property owners. Governmental powers already include the power to tax, spend, regulate, and enforce the laws. These are implied powers of government and explicit powers given under the Constitution. Giving the government the power to profit provides them with unjust incentives to act against the will of the people.
Under the 5th Amendment to the Constitution, we find the Takings Clause. It reads "nor shall private property be taken for public use, without just compensation." Today, our citizens can observe an abuse of power in our government and possible violation of the Constitution in the seizure of mortgage giants Fannie Mae and Freddie Mac. Since September 2008, these companies have been owned primarily by the Treasury, after a midnight raid left shareholders with no voting rights and pennies on the dollar of their original investment. These two companies have been used to administer various government programs to aid homeowners, at a loss. Their books are closed to review. Shareholders are fed inadequate information, infrequently.
In fact, in the 2012 budget issued on Feb.14th 2011, the companies are reportedly expected to draw an additional $30 billion from the Treasury. However, at least $15 billion of this money will be used to cover a massive 10% dividend to the Treasury itself. Meanwhile, shareholders are given no assurances that they will ever have their ownership rights addressed. This is clearly a violation of the 5th Amendment.
By signing this petition, you acknowledge that the government's ownership of Fannie Mae and Freddie Mac unjustly affects shareholders and that the 10% dividend on the Treasury's Senior Preferred shares is abhorently large.