Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Fannie Mae reports $8.69 billion loss for Q1 (and wants $8.5B more in federal aid)
AP ^ | May 6, 2011 | Staff

Posted on 05/06/2011 2:59:47 PM PDT by library user

~ EXCERPT ~

WASHINGTON (AP) -- Mortgage buyer Fannie Mae reported a loss of $8.7 billion for the January-March quarter, and asked for an additional $8.5 billion in federal aid.

The new request is more than three times the $2.6 billion in government aid it sought in the final three months of last year.

The loss was caused by declining home prices around the country, Fannie Mae said. It said prices declined on average 1.8 percent, leading more homeowners to default on loans that the mortgage giant had guaranteed.

The government rescued Fannie Mae and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers about $259 billion.

(Excerpt) Read more at hosted.ap.org ...


TOPICS: Breaking News; Business/Economy; Culture/Society; Front Page News
KEYWORDS: broke; davidgregoryswife; debt; fannie; fanniemae; loss; msdnccoverup; nbccoverup; notaxes4dnc
Navigation: use the links below to view more comments.
first 1-5051-60 next last

1 posted on 05/06/2011 2:59:50 PM PDT by library user
[ Post Reply | Private Reply | View Replies]

To: library user
The below quote is important. It shows there is no recovery. In fact, we are going in the total opposite direction.
Mortgage buyer Fannie Mae reported a loss of $8.7 billion for the January-March quarter, and asked for an additional $8.5 billion in federal aid.

The new request is more than three times the $2.6 billion in government aid it sought in the final three months of last year.
So, three months from now, Fannie will be asking for $25B in federal aid? It sure looks that way.
2 posted on 05/06/2011 3:03:29 PM PDT by library user (Just because you're homeless doesn't mean you're lazy.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

Kill it.


3 posted on 05/06/2011 3:04:39 PM PDT by yup2394871293
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
So what it's only money.

Whats truly important is they don't discriminate when they loan money and that a politician can buy some votes.

We tax payers can take care of the financial issues.

4 posted on 05/06/2011 3:05:57 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 1 | View Replies]

To: EGPWS

This is like me taking $5,000 to Vegas, losing the entire $5,000 and then DEMANDING somebody give me another $5,000 so I can go lose the second $5,000 all over again.

I’m surprised no uprising by us taxpayers yet. How much more are we willing to take?


5 posted on 05/06/2011 3:07:32 PM PDT by library user (Just because you're homeless doesn't mean you're lazy.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: library user

Can someone tell me why we should not let these two entities, Fannie Mae and Freddie Mac go bankrupt and disappear? Their credibility is shot. What are they offering that is worth what they are asking from the taxpayers to bail them out?


6 posted on 05/06/2011 3:08:46 PM PDT by bopdowah ("Unlike King Midas, whatever the Gubmint touches sure don't turn to Gold!')
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
So, three months from now, Fannie will be asking for $25B in federal aid? It sure looks that way.

It's all part of the draconian spending cuts bill that was recently passed to balance the budget.

7 posted on 05/06/2011 3:08:56 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 2 | View Replies]

To: library user
...asked for an additional $8.5 billion in federal aid.

Gosh guys... are you sure that's enough? (/sarc)
8 posted on 05/06/2011 3:10:21 PM PDT by Sopater (...where the Spirit of the Lord is, there is liberty. - 2 COR 3:17b)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
I’m surprised no uprising by us taxpayers yet.

All 45% of us?

9 posted on 05/06/2011 3:10:35 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 5 | View Replies]

To: library user

The way things are going, at some point in the future I am going to stop paying my mortgage. Why could I not instead buy my mortgage from Fannie or Freddy for 50c on the dollar or half what I owe?


10 posted on 05/06/2011 3:11:38 PM PDT by bopdowah ("Unlike King Midas, whatever the Gubmint touches sure don't turn to Gold!')
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
S H U T

I T

D O W N!!!!!!

11 posted on 05/06/2011 3:21:58 PM PDT by Dick Bachert (2012 CAN'T COME SOON ENOUGH FOR ME. HOW ABOUT YOU?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
S H U T

I T

D O W N!!!!!!

12 posted on 05/06/2011 3:22:25 PM PDT by Dick Bachert (2012 CAN'T COME SOON ENOUGH FOR ME. HOW ABOUT YOU?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

Fannie Mae...any relation to Sallie Mae? I think I see a few things in common.


13 posted on 05/06/2011 3:24:49 PM PDT by Soothesayer9
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
No
More
Bailouts!!

14 posted on 05/06/2011 3:28:10 PM PDT by upchuck (Think you know hardship? Wait till the dollar is no longer the world's reserve currency.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
King Obama will give it to them. This the GOP candidates should make an issue in debates right up to the election.
15 posted on 05/06/2011 3:35:54 PM PDT by Logical me
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

When will this nightmare end? Will ANYBODY stop funding these perpetual money pits? For this and other fiscal blunders too many to mention over decades, we are borrowing $1-2 Trillion a year from anyone willing to buy our junk bonds.

At last night’s debate, I read that RP said something like; “We’ve (USA) defaulted before and we will default again.” Does anyone know what he meant by that RE> ‘defaulted before’ ? Is the end game here a repeat of the 30s, or what?


16 posted on 05/06/2011 3:37:21 PM PDT by ri4dc (Cut your cable, Break Wind for the TSA, Flush Twice in 2012, ROTUS Meet the Hermanator)
[ Post Reply | Private Reply | To 2 | View Replies]

To: library user

Ahhhh...
I remember fondly the good old days when the financial geniuses here on FR mocked anyone who suggested that Fannie was not a chaste lady of independent means, but rather a Gubmint ho.


17 posted on 05/06/2011 3:47:09 PM PDT by nkycincinnatikid
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

Hmmm... Maybe the program is broken and doesn’t work? Sane guy sez.......KILL IT NOW!!!!!!!!!!!!!!!


18 posted on 05/06/2011 3:53:01 PM PDT by vpintheak (Democrats: Robbing humans of their dignity 1 law at a time)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

They need money for bigger bonuses for the managing group.


19 posted on 05/06/2011 4:02:03 PM PDT by drypowder
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

We need a Federal Dept of Bad Ideas, whose job is to shut down stuff that is a waste of taxpayer money.


20 posted on 05/06/2011 4:07:52 PM PDT by lurk
[ Post Reply | Private Reply | To 1 | View Replies]

To: lurk

We need a Secretary Of Bullshit (SOB) with a big BULLSHIT stamp, and everything has to go through him/her first.


21 posted on 05/06/2011 4:16:11 PM PDT by sheana
[ Post Reply | Private Reply | To 20 | View Replies]

To: library user
And Chris Dodd and Barney Frank are still walking around free.

SHUT IT DOW! STOP THE BLEEDING NOW!

22 posted on 05/06/2011 4:33:59 PM PDT by Liberty Valance (Keep a simple manner for a happy life :o)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user
Why don't they go back to the people that drove Fannie Mae into the ground and get back the money they scammed. Jamie Gorelick scammed them for $26,466,834. Make her give it back. Send her to jail.
23 posted on 05/06/2011 4:35:18 PM PDT by CharlyFord
[ Post Reply | Private Reply | To 1 | View Replies]

To: drypowder
They need money for bigger bonuses for the managing group.

And to help Bwaney the limp wrist critter keep his job.

24 posted on 05/06/2011 4:37:39 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 19 | View Replies]

To: library user

“The company said it lost $8.7 billion in the first three months of the year.”

Our cost to run the federal government is $1.4 trillion and our Elected Elites are going to cover Fannie’s lost (off budget item). Were are they getting the money? And not 1 politician is going to jail.


25 posted on 05/06/2011 4:38:18 PM PDT by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bopdowah
...at some point in the future I am going to stop paying my mortgage.

Sadly enough THAT you can get away with, however don't miss your property tax payments or risk losing your property!

26 posted on 05/06/2011 4:40:49 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 10 | View Replies]

To: steveab
Were are they getting the money?

Photobucket

27 posted on 05/06/2011 4:43:04 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 25 | View Replies]

To: EGPWS

Were are they getting the money?

Maybe. They could say no, we are not going to buy your debt at such low interest rate. We want 10%.


28 posted on 05/06/2011 4:49:54 PM PDT by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
[ Post Reply | Private Reply | To 27 | View Replies]

To: bopdowah

What I believe is happening is the banks, such as Wells Fargo, are taking the payments on the performing loans and dumping the non performers on Fannie and Freddie. So, since you’re making your payments there’s no way you could buy it from fannie.

But I agree with you. I’m going to try to sell in a year and it’ll either sell for what I owe or the bank will accept a short sell. I hate to think about the third option but I may have to do it.


29 posted on 05/06/2011 4:52:50 PM PDT by Terry Mross (Only a SECOND party will get my vote.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


30 posted on 05/06/2011 5:11:33 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

We all knew this was going to happen!

They never fixed squat! Still handing out loans to folks that will never pay us back! The pubs should really jump on this!


31 posted on 05/06/2011 5:17:18 PM PDT by penelopesire (Let The Congressional Hearings Begin!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

Enough, let it go!


32 posted on 05/06/2011 5:30:08 PM PDT by Cheetahcat ( November 4 2008 ,A date which will live in Infamy.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: penelopesire

Don’t come to U.S. taxpayers with your hand out unless Franklin Raines and Jamie Gorelick are behind bars.


33 posted on 05/06/2011 5:37:10 PM PDT by Lets Roll NOW (Game On)
[ Post Reply | Private Reply | To 31 | View Replies]

To: yup2394871293
Welcome to FR, yup2394871293. You picked a good day to join!

It's my birthday! ........................................................... FRegards

34 posted on 05/06/2011 5:45:28 PM PDT by gonzo ( Buy more ammo, dammit! You should already have the firearms .................. FRegards)
[ Post Reply | Private Reply | To 3 | View Replies]

To: library user

I hope they hold their breath (literally) for the Republican Congress to approve that. If only....


35 posted on 05/06/2011 6:33:34 PM PDT by XenaLee (The only good commie is a dead commie.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

UNreported future losses are at least 15 times the reported loss.

I’ve seen reports that estimate a further 5% drop in home prices that put the future losses at over 20 times reported losses for the quarter.

We’re looking at Fannie Mae losing US$8Billion/quarter, each quarter, for the next 4 to 6 years.


36 posted on 05/06/2011 6:48:15 PM PDT by JerseyHighlander
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

http://www.youtube.com/watch?v=_MGT_cSi7Rs


37 posted on 05/06/2011 7:36:57 PM PDT by Proud_USA_Republican ("The problem with socialism is that you eventually run out of other people's money.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

IMO Fannie Mae is nothing more than a clearing house of slush funds for the government...it will always require more input from the American people.


38 posted on 05/06/2011 7:42:25 PM PDT by caww
[ Post Reply | Private Reply | To 1 | View Replies]

To: gonzo

Welcome to this thread, gonzo! You picked a good time to join! I like even numbered days of the month!


39 posted on 05/06/2011 7:52:59 PM PDT by yup2394871293
[ Post Reply | Private Reply | To 34 | View Replies]

To: Soothesayer9
This is NOT the Fannie Mae I remember! Oh, Ellie Mae? Never mind...


40 posted on 05/06/2011 8:27:02 PM PDT by GalaxieFiveHundred
[ Post Reply | Private Reply | To 13 | View Replies]

To: library user; Just A Nobody

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform (during the Bush Administration)
http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html

Hat tip to Just A Nobody for that link.


41 posted on 05/07/2011 3:09:07 AM PDT by FreedomPoster (Islam delenda est)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam; TigerLikesRooster

ping


42 posted on 05/07/2011 3:24:21 AM PDT by FreedomPoster (Islam delenda est)
[ Post Reply | Private Reply | To 1 | View Replies]

To: nkycincinnatikid

I miss hydroshock....


43 posted on 05/07/2011 6:30:59 AM PDT by Roccus
[ Post Reply | Private Reply | To 17 | View Replies]

To: library user

Republicans missed the opportunity to fix this when they had the chance and majorities in Congress because GWB wanted to expand home ownership using the legislation passed during the Carter administration and bolstered during the Clinton administration to achieve their goal of buying votes.


44 posted on 05/07/2011 7:20:42 AM PDT by cashless (Unlike Obama and his supporters, I'd rather be a TEA BAGGER than a TEA BAGGEE.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Roccus

>>I miss hydroshock....

Yep.

Bubble?  What Bubble?

45 posted on 05/07/2011 7:25:57 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
[ Post Reply | Private Reply | To 43 | View Replies]

To: library user

They should have never started that particular gravy train towards the banks.


46 posted on 05/07/2011 10:26:45 AM PDT by Del Rapier
[ Post Reply | Private Reply | To 1 | View Replies]

To: bopdowah

Because the GOP don’t have the balls to let it fail or to privatize it.


47 posted on 05/07/2011 11:30:16 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
[ Post Reply | Private Reply | To 6 | View Replies]

To: library user

Where in hell did this come from, abandoning your home when its market value becomes less than the balance due on your mortgage? WTF???? This is housing welfare. For the hundreds of thousands of low-income minorities who “qualified” for $550,000 homes on loan applications known as “ninja’s”—no income and no job verification required. These applications bypassed normal underwriting standards and were generated by a computer program known as Desktop Underwriter or “DU”. DU was programmed by the politicians to basically give mortgages away to a certain demographic sector. So yes these people would just “walk away” from their homes because the homes never cost them one stinking dime. And don’t even try to look at the neighborhoods these homes have birthed. A $550,000 home would have fifteen family members living in it just to make the monthly interest -only mortgage payment. Forget about principal, taxes, and insurance! They only qualified for interest-only with a big fat balloon payment due at the end of five or seven year term loans. It’s the huge balloon payment coming due that most likely triggered the walk-aways and the foreclosures. During the initial terms of these loans these homes would be the scourge of the neighborhood. Now Chinese and Russian investors are buying up these abandoned properties at deep discounts from the banks. And the U.S. taxpayer assholes have to make good to the same banks on the FANNIE/FREDDIE guarantees to the tune of $269 billion. As a taxpayer who has always played by the rules, and who had to actually pay for your own home, are you even just a tiny bit f***ing angry yet?


48 posted on 05/07/2011 1:21:53 PM PDT by 4Runner
[ Post Reply | Private Reply | To 1 | View Replies]

To: library user

Obama can print that much money while he’s putting on his golf shoes. /sarc


49 posted on 05/07/2011 1:27:32 PM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 4Runner
Correcting myself: It's not only housing welfare, it's banking welfare. $259 billion going to the banks from the taxpayers who now have to pay not only for their own home but also for Jose's and Maria's. And the politicians who designed this tremendous fraudulent criminal wealth exchange for minority votes are still in power. What a country.
50 posted on 05/07/2011 1:29:11 PM PDT by 4Runner
[ Post Reply | Private Reply | To 48 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-60 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson