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Fannie Mae seeks $8.5 billion from taxpayers

Not to be outdone by government idiocy in running the US Postal Service, Fannie mae loses $8.7 billion dollars and is poised to borrow and lose more.

Bring on healthcare, liberal style. You people are sick and twisted in your ineptitude.

Mortgage finance giant Fannie Mae 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.

Loans made in the past two years have been more profitable than loans made during the housing boom in preceding year

Added: May-7-2011 Occurred On: May-7-2011
By: yorba
Tags: Fannie Mae, Government programs, tax payers to bail out, feds are morons
Location: Washington D.C., District of Columbia, United States (load item map)
Views: 7208 | Comments: 6 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 1
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