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 ...
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.So, three months from now, Fannie will be asking for $25B in federal aid? It sure looks that way.
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.
Kill it.
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.
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?
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?
It's all part of the draconian spending cuts bill that was recently passed to balance the budget.
All 45% of us?
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?
I T
D O W N!!!!!!
I T
D O W N!!!!!!
Fannie Mae...any relation to Sallie Mae? I think I see a few things in common.
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?
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.
Hmmm... Maybe the program is broken and doesn’t work? Sane guy sez.......KILL IT NOW!!!!!!!!!!!!!!!
They need money for bigger bonuses for the managing group.
We need a Federal Dept of Bad Ideas, whose job is to shut down stuff that is a waste of taxpayer money.
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