Hey, let's throw another $19 billion down the rat hole!
| Tweet |
The fraud-ridden money pit known as Fannie Mae needs more of your money.
Who among the Fannie-kissers in Congress will say no?
Say goodbye to another $19 billion:
Fannie Mae (FNM.P), the largest provider of U.S. home mortgage funding, said on Friday it needs more capital from the U.S. Treasury after a $23.2 billion loss in the first quarter, and warned government housing programs would cut deeper into its profitability.
The government-controlled company said its regulator requested $19 billion from the Treasury under a funding commitment that on Wednesday was doubled to $200 billion. The credit, in the form of senior preferred stock purchases, was established as soaring losses led the government to push the company into conservatorship in September.
As the nation’s housing market reels in its worst downturn since the 1930s, credit-related expenses accounted for the majority of Fannie Mae’s loss, at $20.9 billion. It also took a $5.7 billion loss on mortgage securities.
Provisions for credit losses soared 85 percent as the U.S. economy faltered, expanding delinquencies — which have wreaked havoc on the entire financial system — to consumers with better credit, it said.
Taxpayers will lose around $14 billion in Treasury’s sell off of GM stock
December 19, 2012 02:55 PM by Doug Powers
Obama campaign goes back there: Hey small business owners, let us know how the president’s policies help you succeed
August 5, 2012 03:08 PM by Doug Powers
Obama promotes latest infrastructure stimulus proposal by offering up plenty of bricks at Easter Egg Roll shootaround
April 1, 2013 05:05 PM by Doug Powers
Letterman asks Obama if national debt is around $10 trillion, impreciseness ensues
September 19, 2012 05:05 PM by Doug Powers
Categories: 2012 Campaign, Barack Obama
Gay Patriot
» And still some (journalists) swoon at the mere mention of his nameGreen Room
» Poll: Brutal numbers for ObamacareDaily Caller
» It’s official: Chicago Public Schools will close 49 elementary schools for goodGay Patriot
» The Slow Death of Irony Continues in ColoradoGreen Room
» Carney: On second thought, reporters, your questions are teh awesomeDaily Caller
» Does welfare cause terrorism, Part XVIII …Gay Patriot
» Thoughts on the Boy Scouts & gaysDaily Caller
» Google actually does something patriotic








