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Who’s Up For Another Fannie Mae Bailout?

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By Doug Powers  •  May 9, 2011 11:20 AM

**Written by Doug Powers

Thank goodness the Dodd-Frank bill took care of the problems, eh?

From Reuters:

Mortgage finance giant Fannie Mae (FNMA.OB) on Friday said it would ask for an additional $8.5 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider reported a net loss attributable to common shareholders of $8.7 billion, or $1.52 per diluted share, in the first quarter.

Including the latest request, the firm has taken about $100 billion from the U.S. government since it was seized in 2008, though it has also paid about $12.4 billion to taxpayers in interest.

Did I call it a “bailout” in the title? Sorry, that’s so 2008 — these days it’s a “fresh taxpayer infusion.”

And hold on to your Fannie, because I have a feeling that Freddie might also soon be getting in line for seconds at the taxpayer cash buffet:

Sibling firm Freddie Mac (FMCC.OB) said on Wednesday it lost just under a billion dollars in the first three months of the year, though the second-largest provider of mortgage funds did not request any new money from the government.

Here’s a flashback to Barney Frank in 2003, just because:

The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios….

Barney Frank keeps getting re-elected… why exactly?

(h/t Lonely Conservative)

**Written by Doug Powers

Twitter @ThePowersThatBe

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