Fannie Mae Needs Your Help

Discussion in 'Politics' started by LogikAndReazon, Feb 29, 2012.

  1. LogikAndReazon
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    LogikAndReazon Gold Member

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    WASHINGTON (AP) -- Mortgage giant Fannie Mae said Wednesday that it lost money in the fourth quarter and is asking the federal government for nearly $4.6 billion in aid to cover its deficit.

    Washington, D.C.-based Fannie said it lost roughly $2.4 billion in the October-December quarter, stung by declining home prices. Revenue was about $4.5 billion.

    The government rescued Fannie and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator — the Federal Housing Finance Agency — has controlled their financial decisions.

    Taxpayers have spent more than $150 billion to prop up Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could top $259 billion to support the companies through 2014 after subtracting dividend payments.

    Fannie has received more than $116 billion so far from the Treasury Department, the most expensive bailout of a single company...........

    If only they had been better "regulated"
     
  2. LogikAndReazon
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    LogikAndReazon Gold Member

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    it needs stimulus spending/investment !!!!

    for the "recovery"..................
     

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