Fannie Seeks $15 Billion in U.S. Aid (housing market is recovering, right??)

cnn ^ | 11/5/2009 | cnn

[milwguy]

) today reported its third-quarter 2009 results and filed its quarterly report on Form 10-Q with the Securities and Exchange Commission. The filing provides consolidated financial statements for the third quarter of 2009. The following documents are now available on Fannie Mae’s Web site:

News Release reporting third-quarter 2009 financial results Fannie Mae’s quarterly report on Form 10-Q Third-Quarter 2009 Credit Supplement

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America

[milwguy]

Here is what their results were............. Fannie Mae, operating under a federal conservatorship, said it will seek $15 billion in aid from the U.S. Treasury as its ninth straight quarterly loss once again drove the mortgage-finance company’s net worth below zero.

A third-quarter net loss of $18.9 billion, or $3.47 a share, pushed the company to request its fourth draw on a $200 billion lifeline from the government, Washington-based Fannie Mae said in a filing today with the Securities and Exchange Commission.

Fannie Mae, which posted $101.6 billion in losses over the previous eight quarters, has already taken $44.9 billion in federal aid since April. Its shares, which peaked at $87.81 in December 2000, closed at $1.12 today in New York Stock Exchange composite trading.

[A CA Guy]

If they are supposedly renting all these foreclosures then why do they need money now?

[milwguy]

Because the garbage mortgages the gov’t paid the banks for at 100cents on the dollar aren’t worth the paper they are printed on. Notice how first they announce this ‘feel good’ program to let underwater homeowners remain in their home, and then this afternoon dump a ‘oh by the way’ press release saying they need 15 billion more tax $ to keep their doors open.

Disgusting.......

[cranked]

More proof that the government cannot run anything and that government run entities are nothing but endless moneypits.....woot! for Dems version of ObamaCare, huh?

[pallis]

The upkeep on their rental program is going to be a real Barney. Wouldn’t it be cheaper to give away all their bad mortgages? Forgive the debt, and move on in the spirit of hope and change.

[org.whodat]

Since it will never be paid back why are they calling it aid???