Since we're going to give away more billions to AIG, may as well do the same for Fannie Mae

[Subdivisions]

Fannie Mae posts loss, seeks more government funds

http://www.reuters.com/article/idUSTRE61P5KY20100226

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.

Housing Market

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.

...snip...

http://www.reuters.com/article/idUSTRE61P5KY20100226


More on AIG from Cali_Democrat:

AIG posts $8.9 billion loss (AIG may need more government support)
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=7801656&mesg_id=7801656

[Zenlitened]

1. Done and done, ad infinitum

U.S. promises unlimited financial assistance to Fannie Mae, Freddie Mac

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/24/AR2009122401588.html


:yoiks:

The distressing reality at this moment in time: No Fannie Mae, no real estate industry.

[taught_me_patience]

2. Fannie IS the backdoor bailout for the banks.

[Subdivisions]

3. Isn't it funny how we, as U.S. citizens, put up with this crap? n/t

[taught_me_patience]

4. It's very sad

but most people don't even know what is going on.