Here comes a squealing Fannie Mae, begging to suck on the taxpayer teat yet again. Hey, I know, let’s throw some more good money after bad.
Fannie Mae, the mortgage-finance company operating under U.S. conservatorship, will seek $8.5 billion in Treasury Department aid to balance its books after reporting a $6.5 billion loss in the first quarter.
Fannie Mae is requesting the money to eliminate a net worth deficit of $8.4 billion for the three-month period that ended March 31, according to a Securities and Exchange Commission filing today. The $6.5 billion loss for the quarter compares with an $11.5 billion shortfall in the same period a year ago.
. . .
Fannie Mae’s smaller rival, Freddie Mac of McLean, Virginia, posted a $676 million first-quarter profit on May 4. Freddie Mac reported a net worth of $1.2 billion and didn’t request additional aid.
The two companies, which own or guarantee more than half of U.S. single-family mortgages, have drawn more than $160 billion in Treasury aid since September 2008, when they were seized by the federal government amid losses that pushed them to the brink of insolvency.
Fannie Mae Falls Back Into the Loss Column
Fannie Mae to ask $8.5bn of Treasury
Fannie Mae seeks $8.5 billion from taxpayers
Fannie Mae Posts Deep Loss
Fannie Mae requests additional 8.5 billion dollars in government aid
Fannie’s Friday Earnings Release: $8.7-Billion Loss
And who’s responsible for this financial black hole?
Why are we continuing to prop up this bull[expletive deleted]? Let Fannie Mae fail. How much worse can the housing market get? In fact, the government’s insistence in meddling in the housing market. led by the Democrats, only prolongs the inevitable and prevents the free market from sorting itself out.
/take away the trough, wean Fannie Mae from the taxpayer teat, vote Republican in 2012, it’s the only way to be sure
Filed under: Blog Entry | Tagged: Aid, Balance, Books, Brink, Companies, Conservatorship, Eliminate, Fannie Mae, Federal Government, Freddie Mac, Guarantee, Half, Insolvency, Loss, Losses, McLean, Money, Mortgage-Finance Company, Mortgages, Net Worth Deficit, Operating, Posted, Profit, Quarter, Reporting, Reporting Loss, Requesting, Rival, SEC, Securities And Exchange Commission, Securities And Exchange Commission Filing, Seized, Shortfall, Single-Family Mortgages, Treasury, Treasury Aid, Treasury Department, U.S. Aid, U.S. Conservatorship, U.S. Single-Family Mortgages, U.S. Treasury, Virginia |