Posted on 11/05/2009 10:33:30 PM PST by FromLori
Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as taxpayers' bill from the housing market bust keeps getting bigger.
The mortgage finance company, seized by federal regulators in September 2008, posted a quarterly loss of $19.76 billion, or $3.47 per share. The loss includes $883 million in dividends paid to the Treasury Department and compares with a loss of $29.41 billion, or $13 per share, in the year-ago period.
The results were driven by $22 billion in credit losses as the company continued to build its reserves for sour mortgages.
The request for federal aid is the company's fourth. Fannie Mae has received about $45 billion. The new request will bring that total to $60 billion.
(Excerpt) Read more at businessinsider.com ...
they will need ALOT more, money pit
Government run health care will end up like this
Indeed with their other foolish idea of the Obama Hoods or Obama Villes they are creating wait until they eventually are allowed to go bad. We will be stuck paying for this stupidity forever and the banks who gave those loans and the people who took those loans will walk free.
Geez, how much money do the members of our Congress need to steal?
A bottomless pit at that - Fannie is pushing taking over the property, holding it off the market for a year, and renting it back to the original purchaser.
As Cousin Eddie would say....”Bingo”!
GRRRRRRRRRRRRRRR is right the casino is open and they are playing with out tax dollars and selling our children and grandchildren into slavery.
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.