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[STK]
[IN] FIN
[SU] AVO SCZ POL BFA
TO NATIONAL EDITORS:
60 Plus Launches Major Ad Campaign Against Senators Supporting
Obamacare for Mortgages
ALEXANDRIA, Va., March 31, 2014 /PRNewswire-USNewswire/ -- The 60 Plus
Association today released TV and radio advertisements in seven states
targeting Senate Banking Committee Members who are sponsoring recently
introduced legislation that will allow the government to take over the
mortgage industry in an action 'disturbingly similar' to Obamacare. 60
Plus targeted three Democrat and four Republican U.S. Senators
supporting this government take-over, including Joe Manchin (D-WV),
Mark Warner (D-VA), Kay Hagan (D-NC), Mike Crapo (R-ID), Dean Heller
(R-NV), Mark Kirk (R-IL), and Jerry Moran (R-KS). You can view the TV
advertisement here: www.youtube.com/60plusassociation.
The plan, proposed by Senate Banking Committee Chairman Tim Johnson
(D-SD) and Ranking Member Crapo, and supported by President Barack
Obama, dismisses all current shareholder investments in Fannie and
Freddie and wipes out ordinary investors. 60 Plus Chairman Jim Martin
stressed his organization's concerns, saying, "These investors include
retirees, teachers, police officers, and firefighters who will lose
retirement savings while the government sucks all the profits. The
Johnson-Crapo legislation would also codify the Treasury's Third
Amendment that has confiscated all money due to Fannie and Freddie's
private shareholders."
Added Martin, "Millions of retirees and others will lose their savings
from this broad government overreach built into the Johnson-Crapo
legislation. We're asking these Senators to not bring Obamacare to
the mortgage industry and to allow Fannie and Freddie shareholders to
recoup the investments that are lawfully theirs.
"Further," Martin noted, "the Johnson-Crapo bill adds $5 trillion to
the government balance sheet. According to our financial advisors, as
profitable entities, this month Fannie and Freddie are scheduled to
fully repay the government from the 2008 federal bailout. Per the
White House budget analyst, the Obama Administration has already
projected $179 billion from Fannie and Freddie's projected profits
over the next 10 years as part of the government's budget. This is
profit due to shareholders who invested in the government-sponsored
enterprises, or GSEs."
About 60 Plus Association: Founded in 1992, the 60 Plus Association is
a non-partisan seniors advocacy group with a free enterprise, less
government, less taxes approach to seniors issues. For more
information, please visit www.60plus.org.
Video -
http://www.youtube.com/watch?v=HiSKmeXLwBQ&list=UUcX-wx627-WaOL50cd\_HlOQ
SOURCE 60 Plus Association
-0- 03/31/2014
/CONTACT: Gerry Scimeca, 804-402-0032, gscimeca@60plus.org
CO: 60 Plus Association
ST: Virginia
IN: FIN
SU: AVO SCZ POL BFA
PRN
-- DC94062 --
0000 03/31/2014 15:16:00 EDT http://www.prnewswire.com
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