Fannie Mae: Nader Ratchets Up The Rhetoric For Public Shareholders

Noted consumer activist Ralph Nader, who has lately taken up the cudgels on behalf of non-government shareholders of Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) and Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) (he is one himself), wrote yesterday to Secretary of Treasury Jacob Lew seeking clarification on a 2010 US Treasury memo.

A contradiction in terms

The offending memo, which can be read in full here, contains a phrase as follows:

“Makes clear the Administration’s commitment to ensure existing common equity holders will not have access to any positive earnings from...