Skip to comments.Fannie Mae posts loss, seeks more government funds
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 ...
I’ve been saving a fiddle, a match and a can of gas for just this moment.
The list, ping
Franklin Racist Raines in jail yet?
Sentence a few dozen Fannie Mae execs and Democrat lawmakers, then we will talk money.
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.
Fannie Mae posts loss, seeks more of your tax dollars to flush down the crapper.
Crony capitalism at its finest. This thing needs to be bankrupted and shut down, and not fed with an unending stream of tax dollars.
When does this $hit stop?
We’re toast if this keeps going on the way it has been...
...and the band played on.
“Franklin Racist Raines in jail yet?”
Either that or he’s Obama’s next appointee to his “Deficit Commission”.
I say let their Chinese stakeholders provide more of the cash.
No problemo. We’ll just print you up some more!
If obambi can’t get Fannie to work how is he gonna get Heatlh Care to work?
Published: September 11, 2003
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.
Where is the “Unexpected” ...?
YouTube video clip:
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
The Democrats and Obama caused the financial crisis of 08 by supporting Fannie Mae and Freddie Mac and covering up their bad books.
It must of been expected.
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