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Fannie Mae posts loss, seeks more government funds
Reuters ^ | 02/27/10 | Staff

Posted on 02/26/2010 3:31:23 PM PST by OldDeckHand

WASHINGTON (Reuters) - Fannie Mae, the largest provider of residential mortgage funds, on Friday reported a loss of $16.3 billion for the fourth quarter of last year and said it requested $15.3 billion from the Treasury to keep its net worth in positive territory.

The government-controlled company said it would need additional taxpayer funds in the future to continue operations.

Fannie Mae said the quarterly loss came as rising defaults kept credit-related expenses elevated at $11.9 billion, though expenses were almost half the third quarter level of $22.0 billion.

Fannie Mae's quarterly loss was $15.2 billion before a $1.2 billion dividend payment on senior preferred stock owned by the Treasury, putting total 2009 losses at $74.4 billion, compared with $59.8 billion in 2008.

With the $15.3 billion request for funds from Treasury, Fannie has now asked for $76.2 billion from the Treasury's unlimited credit line.

Fannie Mae said the losses were likely to be ongoing.

(Excerpt) Read more at reuters.com ...


TOPICS: Breaking News; Business/Economy; Government
KEYWORDS: 0bamasfault; davidgregory; davidgregoryswife; economy; mortgage; nbc4coverup; nbc4fraud; obamalegacy; obamasfault; ripoff; tarp
Gall. Arrogant, unrepentant gall.
1 posted on 02/26/2010 3:31:23 PM PST by OldDeckHand
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To: OldDeckHand

I’ve been saving a fiddle, a match and a can of gas for just this moment.


2 posted on 02/26/2010 3:34:42 PM PST by RobRoy (The US today: Revelation 18:4)
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To: OldDeckHand

some more...


3 posted on 02/26/2010 3:36:39 PM PST by JohnLongIsland ( schmuckie schucks)
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To: OldDeckHand; Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; ...

The list, ping


4 posted on 02/26/2010 3:36:46 PM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: OldDeckHand

Franklin Racist Raines in jail yet?

Sentence a few dozen Fannie Mae execs and Democrat lawmakers, then we will talk money.


5 posted on 02/26/2010 3:38:08 PM PST by EyeGuy
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To: OldDeckHand

You haven’t seen anything yet. These are the losses from Hamp. Wait until principal write-downs begin in earnest. Instead of generational theft you are witnessing theft from those who bought a house that tbhey could afford to those that didn’t. And there are millions upon millions in the latter category.


6 posted on 02/26/2010 3:40:52 PM PST by rumrunner
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To: OldDeckHand

Fannie Mae posts loss, seeks more of your tax dollars to flush down the crapper.


7 posted on 02/26/2010 3:41:15 PM PST by Grunthor (The more people I meet, the more I love my dogs.)
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To: OldDeckHand

Crony capitalism at its finest. This thing needs to be bankrupted and shut down, and not fed with an unending stream of tax dollars.


8 posted on 02/26/2010 3:45:04 PM PST by FreedomPoster (No Representation without Taxation!)
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To: OldDeckHand

When does this $hit stop?

We’re toast if this keeps going on the way it has been...


9 posted on 02/26/2010 3:45:45 PM PST by scottdeus12 (Jesus is real, whether you believe in Him or not.)
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To: OldDeckHand

...and the band played on.


10 posted on 02/26/2010 3:46:39 PM PST by dr_who
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To: EyeGuy

“Franklin Racist Raines in jail yet?”

Either that or he’s Obama’s next appointee to his “Deficit Commission”.


11 posted on 02/26/2010 3:47:06 PM PST by haroldeveryman
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To: OldDeckHand

I say let their Chinese stakeholders provide more of the cash.


12 posted on 02/26/2010 3:47:51 PM PST by dr_who
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To: OldDeckHand

No problemo. We’ll just print you up some more!


13 posted on 02/26/2010 3:48:31 PM PST by Nickname (2012 - Yes You're Canned!)
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To: OldDeckHand

If obambi can’t get Fannie to work how is he gonna get Heatlh Care to work?


14 posted on 02/26/2010 3:49:52 PM PST by TomasUSMC ( FIGHT LIKE WW2, FINISH LIKE WW2. FIGHT LIKE NAM, FINISH LIKE NAM)
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To: OldDeckHand

unreal.


15 posted on 02/26/2010 3:53:42 PM PST by quesney
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To: OldDeckHand

Published: September 11, 2003
http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html

‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’


16 posted on 02/26/2010 4:02:59 PM PST by avacado
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To: OldDeckHand

Where is the “Unexpected” ...?


17 posted on 02/26/2010 4:05:13 PM PST by Don Corleone ("Oil the gun..eat the cannolis. Take it to the Mattress.")
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To: OldDeckHand

YouTube video clip:

“Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis”
http://www.youtube.com/watch?v=_MGT_cSi7Rs

One more...

“The Democrats and Obama caused the financial crisis of 08 by supporting Fannie Mae and Freddie Mac and covering up their bad books.”
http://www.youtube.com/watch?v=UVVVzEKauzY


18 posted on 02/26/2010 4:12:54 PM PST by ETL (ALL (most?) of the Obama-commie connections at my FR Home page: http://www.freerepublic.com/~etl/)
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To: Don Corleone

It must of been expected.


19 posted on 02/26/2010 4:20:59 PM PST by screaminsunshine (i)
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To: EyeGuy
You Tube selected quotes from Dem Lawmakers.

Don't Regulate Fannie Mae or Freddy Mac

20 posted on 02/26/2010 4:21:52 PM PST by Anti-Bubba182
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To: OldDeckHand

Freddie Mac Announces That It Will Cease Purchases of Interest Only Mortgages
http://freddiemac.com/news/archives/mbs/2010/20100226_initial_interest_mortgages.html


21 posted on 02/26/2010 4:23:06 PM PST by Lorianne
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To: OldDeckHand
Why does Barney Frank still have a job?

Fannie Mae is BARNEY MAE

22 posted on 02/26/2010 4:24:10 PM PST by StopObama2012 (CLICK ME to expose Osaudi)
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To: rumrunner

Exactly. I will personally join that revolution.


23 posted on 02/26/2010 4:27:38 PM PST by Lorianne
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...

Look, just because the federal government can’t run a lending program, mass transit, or mail delivery without requiring constant bailouts by the taxpayer doesn’t mean it shouldn’t run health care. Thanks OldDeckHand.


24 posted on 02/26/2010 4:32:44 PM PST by SunkenCiv (Freedom is Priceless.)
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To: OldDeckHand

Hey Barney! Your chickens are back!


25 posted on 02/26/2010 4:33:54 PM PST by tacticalogic ("Oh bother!" said Pooh, as he chambered his last round.)
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To: OldDeckHand
FedGov just instructed my family to pony up $200 (plus interest) simply because the banks don't want to own the risk of the loans they make.

Just like that.

"So sorry. We lost money. So PAY UP, or else."

26 posted on 02/26/2010 4:37:19 PM PST by Carry_Okie (Grovelnator Schwarzenkaiser, fashionable fascism one charade at a time.)
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To: OldDeckHand

http://www.judicialwatch.org/weeklyupdate/2010/07-fannie-and-freddies-secrets#anchor1


27 posted on 02/26/2010 4:53:11 PM PST by FromLori (FromLori)
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To: EyeGuy
Sentence a few dozen Fannie Mae execs and Democrat lawmakers, then we will talk money.

Yeah but that would mean grand juries, long drawn-out trials... boring stuff like that.

Perhaps we can just drag them through the streets like the good ol' days. I'd pay the $15 billion to see THAT.

28 posted on 02/26/2010 4:54:37 PM PST by AAABEST (Et lux in tenebris lucet: et tenebrae eam non comprehenderunt)
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29 posted on 02/26/2010 5:00:38 PM PST by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spirito Sancto.)
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To: Nachum

Gangsters running our government.


30 posted on 02/26/2010 5:30:37 PM PST by stephenjohnbanker (Support our troops, and vote out the RINOS)
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To: scottdeus12
When does this $hit stop?

NO KIDDING!

31 posted on 02/26/2010 5:31:24 PM PST by kcvl
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To: OldDeckHand

TARP to the banks is being repaid in full or nearly so.

However, the taxpayer money poured into Fannie and Freddie we’ll never see again.

And there will be more dollars down this rathole to come.

Folks, pay close attention to Fannie and Freddie. This is EXACTLY how Obamacare will play out.

Providing health insurance under Obamacare regulation will not be an ordinary competitive activity for companies.

Over the first few years of Obamacare, there will be mergers, encouraged by the government, until there is only a handful of eligible national health insurance providers.

By necessity, these handful of companies will be very closely tied to the federal bureaucracy, as the most important business factor for each of them will be their relationship with their regulator.

Like Fannie and Freddie, the few national health insurance companies will be seen by the market as quasi-federal entities, with an implicit federal guarantee of their financing requirements.

At some point, there will be a dip in the market or some other event and the insolvency of these few companies will be made obvious.

Then, like Fannie and Freddie, the companies will be brought directly under the federal umbrella and we will thereby be at the single-payer system which was the object of Obamacare from the beginning.


32 posted on 02/26/2010 5:32:08 PM PST by SirJohnBarleycorn
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To: OldDeckHand

33 posted on 02/26/2010 5:56:51 PM PST by GalaxieFiveHundred
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To: OldDeckHand

I guess the “implied guarantee” was for real after all. Unwinding Fannie and Freddie through bankruptcy, and all the economic pain that will come with it, is inevitable, but this President and any President will spend whatever he can to keep that from happening on his watch.


34 posted on 02/26/2010 6:04:48 PM PST by The Pack Knight (Duty, Honor, Country)
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To: stephenjohnbanker
Gangsters Banksters running our government.

Goldman Sachs

35 posted on 02/26/2010 6:17:25 PM PST by LZ_Bayonet ( I AM THE TEA PARTY LEADER !)
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To: LZ_Bayonet

Yep. And Sachs just “buried” Greece.....for 300 million in commissions ;-)


36 posted on 02/26/2010 6:36:32 PM PST by stephenjohnbanker (Support our troops, and vote out the RINOS)
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To: scottdeus12

“When does this **** stop?”

When the folks who are floating the money for it stop doing so.


37 posted on 02/26/2010 6:43:37 PM PST by RKBA Democrat (Lord Jesus Christ, Son of God, have mercy on me, a sinner!)
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To: LZ_Bayonet
Banksters running our government.

Goldman Sachs

Actuallly, no.

In fact, it was DemocRat political hacks like Franklin Raines and James Johnson, among others.

Raines was Clinton's budget director before being given the plum job of CEO at Fannie.

Johnson was a politico under Mondale in the Carter administration before becoming CEO at Fannie.

These guys made mucho, mucho bucks as executives of these quasi-governmental entities.

If Obamacare passes, the few national health insurance companies will be the same way. DemocRat party hacks will be rewarded with the lucrative executive positions at these companies. They will run the companies into the ground, until the inevitable federal takeover.

38 posted on 02/26/2010 6:45:54 PM PST by SirJohnBarleycorn
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To: OldDeckHand

CLOSE their DOORS ALREADY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


39 posted on 02/26/2010 9:24:33 PM PST by cranked
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To: OldDeckHand
Of course they posted a loss. Its what they do.
40 posted on 02/26/2010 10:58:44 PM PST by fhayek
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To: combat_boots
LOL ! ! yep < I have been punkd myself, asking BofA for the "bailout" paperwork calling twice a month for six months now,..... still nothing

even then its not even much help or a loss for the government because they make it back because you dont get the mortgage interest deduction.

41 posted on 02/27/2010 12:38:42 AM PST by KTM rider ( ..........tell me this really isn't happening ! !)
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To: OldDeckHand
The government-controlled company said it would need additional taxpayer funds in the future to continue operations.

..

..

Fannie Mae said the losses were likely to be ongoing

Liberals everywhere are now scratching their heads. They are, after all, the only people who never saw this one coming. Its basic numeracy, R-tards! Numbers eventually add up. If you make unsecured loans, or ones based on collateral that cannot possibly cover the potential loss of the loan, to people who can't (or won't) pay, then ultimately you are losing money. If you keep giving out more than you take in, then you will go bust. Why is this so hard for them to understand?

42 posted on 02/27/2010 4:21:05 AM PST by Vanders9
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To: Vanders9

Check out this presentation by Anthony B. Sanders at George Mason University called “The Runaway Trains of Fannie and Freddie.”

http://mason.gmu.edu/~asander7/

It really points out the insanity of the Fannie/Freddie culture. AND points out that they are going to suffer far worse losses when interest rates and inflation rise.

God, this is terrifying!!!!!!!


43 posted on 02/27/2010 7:02:27 AM PST by whitedog57
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To: OldDeckHand

Bawdy is doing well for himself. His plan is working just fine.

the bastard


44 posted on 02/27/2010 9:51:27 AM PST by Munz (All tyranny needs to gain a foothold is for people of good conscience to remain silent.)
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To: scottdeus12

“When does this $hit stop?”

It won`t.


45 posted on 02/27/2010 2:10:23 PM PST by chessplayer
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To: OldDeckHand

No!


46 posted on 02/27/2010 3:42:05 PM PST by grace522 (your wallet is in jeopardy with democrats in office)
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