Posted on 05/06/2011 2:59:47 PM PDT by library user
~ EXCERPT ~
WASHINGTON (AP) -- Mortgage buyer Fannie Mae reported a loss of $8.7 billion for the January-March quarter, and asked for an additional $8.5 billion in federal aid.
The new request is more than three times the $2.6 billion in government aid it sought in the final three months of last year.
The loss was caused by declining home prices around the country, Fannie Mae said. It said prices declined on average 1.8 percent, leading more homeowners to default on loans that the mortgage giant had guaranteed.
The government rescued Fannie Mae and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers about $259 billion.
(Excerpt) Read more at hosted.ap.org ...
We need a Secretary Of Bullshit (SOB) with a big BULLSHIT stamp, and everything has to go through him/her first.
SHUT IT DOW! STOP THE BLEEDING NOW!
And to help Bwaney the limp wrist critter keep his job.
“The company said it lost $8.7 billion in the first three months of the year.”
Our cost to run the federal government is $1.4 trillion and our Elected Elites are going to cover Fannie’s lost (off budget item). Were are they getting the money? And not 1 politician is going to jail.
Sadly enough THAT you can get away with, however don't miss your property tax payments or risk losing your property!
Were are they getting the money?
Maybe. They could say no, we are not going to buy your debt at such low interest rate. We want 10%.
What I believe is happening is the banks, such as Wells Fargo, are taking the payments on the performing loans and dumping the non performers on Fannie and Freddie. So, since you’re making your payments there’s no way you could buy it from fannie.
But I agree with you. I’m going to try to sell in a year and it’ll either sell for what I owe or the bank will accept a short sell. I hate to think about the third option but I may have to do it.
The list, ping
Let me know if you would like to be on or off the ping list
We all knew this was going to happen!
They never fixed squat! Still handing out loans to folks that will never pay us back! The pubs should really jump on this!
Enough, let it go!
Don’t come to U.S. taxpayers with your hand out unless Franklin Raines and Jamie Gorelick are behind bars.
It's my birthday! ........................................................... FRegards
I hope they hold their breath (literally) for the Republican Congress to approve that. If only....
UNreported future losses are at least 15 times the reported loss.
I’ve seen reports that estimate a further 5% drop in home prices that put the future losses at over 20 times reported losses for the quarter.
We’re looking at Fannie Mae losing US$8Billion/quarter, each quarter, for the next 4 to 6 years.
IMO Fannie Mae is nothing more than a clearing house of slush funds for the government...it will always require more input from the American people.
Welcome to this thread, gonzo! You picked a good time to join! I like even numbered days of the month!
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.