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Fannie Mae asks for $1.5B in aid after 2Q loss
AP via Yahoo! News ^ | August 5, 2010 | Alan Zibel, AP Real Estate Writer

Posted on 08/05/2010 4:35:08 PM PDT by Oldeconomybuyer

WASHINGTON (AP) -- Fannie Mae is asking for less money from the government, a sign that the cost to taxpayers for bailing out the mortgage giant could be billions lower than once thought.

The government rescued Fannie Mae and sibling company Freddie Mac from the brink of failure nearly two years ago. The new request means they have needed $146.4 billion to stay afloat.

Fannie and Freddie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion.

Edward DeMarco, the government's chief regulator of the two companies, said in interview last week that the total cost to taxpayers for rescuing Fannie and Freddie should be less than $400 billion. That's under most economic scenarios, he said.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Breaking News; Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: failure; obamanomics; porkulus; socialism
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1 posted on 08/05/2010 4:35:09 PM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

Again, Why is the Government involved in mortgages? Shut these institutions down or privatize them. 2012!


2 posted on 08/05/2010 4:38:24 PM PDT by omega4179 (PREVIEW IS MY FRIEND)
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To: Oldeconomybuyer
Love the wording in this article. We're supposed to be grateful that WE "ONLY" HAVE TO FORK OVER AN EXTRA $146 BILLION THAT WE DON'T HAVE.

The only additional government funding I'd give Fannie Mae is for tar and feathers.

3 posted on 08/05/2010 4:44:26 PM PDT by denydenydeny (You're not only wrong. You're wrong at the top of your voice. --Spencer Tracy, Bad Day at Black Rock)
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To: Oldeconomybuyer

Leeches and thieves.


4 posted on 08/05/2010 4:55:49 PM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
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To: Oldeconomybuyer

Unbelievable!

See post # 205 below

http://www.freerepublic.com/focus/news/2565177/posts?q=1&;page=201

These two threads need tied together anyway.


5 posted on 08/05/2010 5:10:34 PM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: Nachum; 444Flyer

ping


6 posted on 08/05/2010 5:11:12 PM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: Oldeconomybuyer

So this is Obama asking Obama to print more monopoly money?

And or a warning that Obama is going to give more banks craploads of money to sit on and fake like they will give it out to home modifications. A repeat of the last year all over again.


7 posted on 08/05/2010 5:14:30 PM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: omega4179
Why is the Government involved in mortgages? Shut these institutions down or privatize them. 2012!

My guess is because they couldn't bully enough banks to make $400,000 home loans to people making $10,000 a year...

8 posted on 08/05/2010 5:16:53 PM PDT by GOPJ (Asked for ZIP? Give 82224 - Lost Springs,Wy - most sparsely populated in country. Freeper:SamAdams)
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To: denydenydeny

Just imagine the headline if W was still Prez.


9 posted on 08/05/2010 5:18:50 PM PDT by sportutegrl
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To: GOPJ
Why is the Government involved in mortgages?

Don’t the savers and investors also suffer more loss?

Mortgage-backed Securities

http://useconomy.about.com/od/glossary/g/mortgage_securi.htm

Definition: Mortgage-backed securities are a bundle of mortgages that have been sold by banks to Fannie Mae, who then repackages them and sells them to individual investors. This allows the banks and mortgage companies to sell mortgages off, and take them off their balance sheets. This removes one constraint on banks to make sure the loans are to qualified borrowers.
10 posted on 08/05/2010 5:23:12 PM PDT by Son House (No Scammers or Spammers CASH ONLY SALE! No coupons, IOU's, Foodstamps, Checks, etc THIS IS CASH ONLY)
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To: Oldeconomybuyer

And here I just got off of 15 straight minutes without a washington-inflicted migraine.


11 posted on 08/05/2010 5:28:57 PM PDT by VanDeKoik (Iran doesnt have a 2nd admendment. Ya see how that turned out?)
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To: AdmSmith; Arthur Wildfire! March; Berosus; bigheadfred; blueyon; Convert from ECUSA; dervish; ...
Thanks Oldeconomybuyer.
12 posted on 08/05/2010 6:04:03 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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To: Oldeconomybuyer

....”Less than expected”.............


13 posted on 08/05/2010 6:23:17 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: denydenydeny
Love the wording in this article. We're supposed to be grateful that WE "ONLY" HAVE TO FORK OVER AN EXTRA $146 BILLION THAT WE DON'T HAVE.

Amen - leave it to AP to pat the Administration on the back for allowing Fannie and Freddie to squander less than the worst case scenario.
14 posted on 08/05/2010 6:29:20 PM PDT by rockvillem
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To: Oldeconomybuyer
...in the words of Ernie Anastos;

"Keep fu*&ing that chicken"
15 posted on 08/05/2010 6:31:01 PM PDT by F. dAnconia (We say: "It is, therefore, I want it. They say: "I want it, therefore it is")
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To: Oldeconomybuyer

Shut their doors already.......


16 posted on 08/05/2010 6:31:06 PM PDT by cranked
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To: Oldeconomybuyer

Close the damn thing down before it does any more damage to
our way of life...and Fannie Mae, too!


17 posted on 08/05/2010 6:58:46 PM PDT by luvie (DIMs?......start packin'--you're fired!....I can see November from my house!)
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To: Oldeconomybuyer
Will the Treasury fork over the money without Congressional approval again?
18 posted on 08/05/2010 7:05:32 PM PDT by Hoodat (.For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: LUV W

Close the damn thing down before it does any more damage to
our way of life...and Freddie Mac, too!

- - - - - - - -

Yes, Ma’am! Like first thing tomorrow morning!

Worthless parasite employees too.


19 posted on 08/05/2010 7:12:28 PM PDT by onyx (Sarah/Michele 2012)
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To: onyx

It should have been closed down 10 years ago...but noooooooo....we let Bahwny Fwank persuade us that it was ok!

IT WAS NEVER OK TO SELL PROPERTY TO PEOPLE WHO COULDN’T AFFORD IT.

There...got that out! Whew!


20 posted on 08/05/2010 7:18:03 PM PDT by luvie (DIMs?......start packin'--you're fired!....I can see November from my house!)
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