Despite Bailouts, Fannie & Freddie Continue to Lose Billions

Conservative Examiner ^ | 2/27/2010 | Anthony G. Martin

[Welshman007]

Hoping to keep the news low-keyed and under-reported, Fannie Mae announced late Friday afternoon after the markets closed that it had lost over $74 billion in 2009, bringing its 3-year loss totals to $137 billion.

This is in addition to Freddie Mac's $80 billion loss during the same period.

Fannie and Freddie have continued to squander taxpayer dollars even after the massive bailouts by the federal government. In fact, the mortgage giants lost more money after the bailouts than they did before.

[jazminerose]

But not to worry, Jamie Gorelick got out with millions of our dollars & still draws a huge pension.

[FlingWingFlyer]

Another failed commie ‘RAT idea costing the taxpayers billions.

[Know et al]

Are you ready?....... Here it comes........Bush's fault!!!

You knew it was coming didn’tcha?

[whitedog57]

CBO estimates over $400 billion in losses for F&F. If interest rates rise, those losses could pass $1 trillion.

Thanks a boatload, Barney Frank!

http://mason.gmu.edu/~asander7/

Check out the awful truth at this guy’s website!

[unique]

I can see the total loss going to $1 Trillion within the next few years.

They have a current promotion going on: If you buy a FANNIE foreclosure, they will pay you 3.5% of the sales price to offset closing costs, etc. Given that fact, along with the now low rates that are also offered - just think what will happen when rates go up and FANNIE is holding all that low rate paper - it’s going to be a financial nightmare, much worse then anyone can imagine at this time.

[Fyscat]

Ya kno, because of my job at the time, I was telling anybody who would listen back in 03/04 how real estate in general was going to go along with the US$. I can't tell you how many times I was laughed at and told the structural problems I spoke of didn't exist. Yet here we are.....point being that this was no secret back then but nobody really wanted to listen. But now everybody’s screamin BS. Amazing.

[genghis]

obama will fix it.
ya it is a good idea to have corporations run by government bureaucrats

[Fyscat]

No Obama will not fix but neither would a republican president. The markets should have been allowed to fail back in 2002 but that was deemed as a inappropriate course of action by the then administration. Simple truth.

[cranked]

C-L-O-S-E-T-H-E-I-R-D-O-O-R-S-A-L-R-E-A-D-Y-!

[whitedog57]

All Democrats and some Republicans supported F&F. Still do.

Housing finance (through F&F) is an entitlement, much like Social Security and Medicare.

ALL entitlements have to go!!!!!

[Fyscat]

Its all too little too late... We could have had a good healthy across the board correction back in 2002 and gone through some pain but nowhere near what we're in now. Quite sad but very true. We are now in the second great depression and no amount of Obama bashing is going to change that as the problem is structural. As long as both parties keep “not looking” at it, this is how its gonna be.