Fannie to U.S.: We need another $15.3 billion

[IDemo]

Source: CNNMoney.com

By Tami Luhby, senior writer
February 26, 2010: 6:35 PM ET


NEW YORK (CNNMoney.com) -- Battered by the housing crisis, mortgage finance company Fannie Mae said Friday that it needs another $15.3 billion in bailout money from the federal government.

Fannie Mae (FNM, Fortune 500), which is controlled by the government, reported a fourth-quarter loss of $16.3 billion, including $1.2 billion in dividend payments to the Treasury Department. This is down from $25.2 billion a year earlier and $19.8 billion in the third quarter.

For 2009, however, Fannie's losses ballooned to $74.4 billion, compared with $59.8 billion in 2008.

Fannie and its smaller sibling, Freddie Mac, are the primary source of mortgage funding in the nation. They bundle home loans that conform to certain standards into securities, attach a guarantee that they will be paid, and sell them to investors. The process gets money back to the banks and other lenders that originate the loans.

Read more: http://money.cnn.com/2010/02/26/news/companies/Fannie_mae_results/

[begin_within]

1. Yeah, so what'd ya do with the last bailout, Fannie?

[christx30]

23. probably spent

it on some CDs and a blue ray player.
Those people need to learn some responsibility before we give them more money.

[jimshoes]

2. Oh yeah,

Me too. :argh:

[optimator]

3. Obama already gave them a blank check in december

so, they WILL get any amount they ask for.

[proudohioan]

6. Hey, you're right; I remember reading about that as well!

[RKP5637]

4. Unbelievable! I would like to get in the bailout line! n/t

[proudohioan]

5. Yeah, Fannie, let me tell YOU about MY losses since 2006.......

and scores of other folks losses as well!

Where the fuck is OUR bailout?????

[sarcasmo]

7. Give them money once they come back begging for more.

I fear we have not hit bottom.

[leftstreet]

8. WHERE IS OUR BAILOUT !?

:banghead:

[Skittles]

9. fuck 'em

let 'em go down

[Jamastiene]

10. Like rats that have learned which lever to press to get the treats. n/t

[BlueJac]

11. Suck us off first........

then I will say no fucking way,,,,,,ask your daddy Obama!!! He will cough it up for ya!!!

[Hawkeye-X]

12. US taxpayer to Fannie - FUCK NO.

LET IT FAIL

LET IT FAIL

[The Northerner]

13. To hell with any more bailouts

[aquart]

14. Fannie, if Freddie won't do it, go fuck yourself.

[sakabatou]

15. Bitch, please...

You fucked up on how you lent. Now STFU.

[MrMickeysMom]

16. ... Or WHAT?

... We should have nationalized your Godamned ass the first time, you financial terrorists!

[dipsydoodle]

17. So borrow it from China

:rofl:

[nebenaube]

18. Ah... the false efficiencies of fascism.... n/t

[Chemical Bill]

19. We need that money to kill people in Asia! n/t

[Chemical Bill]

20. Not one penny more until your CEO gets a big bonus! n/t

[heli]

21. We'll see the same headline next year

[Rage for Order]

22. Good thing Barney Frank was on the job!

"'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee, http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=print">September 10, 2003