Fannie Mae Loses $18 BILLION, Needs $15 BILLION More In Aid

[girl gone mad]

Remind me again why Washington is so desperate to keep this bubble inflated..

http://www.businessinsider.com/fannie-mae-loses-18-billion-needs-15-billion-more-in-aid-2009-11

WASHINGTON (AP) -- Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as taxpayers' bill from the housing market bust keeps getting bigger.

The mortgage finance company, seized by federal regulators in September 2008, posted a quarterly loss of $19.76 billion, or $3.47 per share. The loss includes $883 million in dividends paid to the Treasury Department and compares with a loss of $29.41 billion, or $13 per share, in the year-ago period.

The results were driven by $22 billion in credit losses as the company continued to build its reserves for sour mortgages.

The request for federal aid is the company's fourth. Fannie Mae has received about $45 billion. The new request will bring that total to $60 billion.

[SnakeEyes]

1. It's a GSE

Since the government has some control of it, we need to keep them operational since they can do things better than greedy private corporations. They actually help get poor people a house. What we need is just to find the people to run it.

[hansberrym]

2. Yeah, just think if it were greedy, then how much taxpayer money would it have taken. n/t

[Yupster]

4. And they're currently backing about 90 % of the mortgages

in the country, and the rates are unreasonably low.

Wait till interest rates go up a bit. Then you'll see some real losses from these two.

[CoffeeCat]

3. This is where the teabaggers and the Progressives shake hands...

I'm sorry, but "We The People" will not stand for this. NO ONE will
endure another bailout of these hucksters.

The right will freak out. The left will implode. The Independents will
not go for this.

This is when the shit hits the fan. When the shenannigans are so outrageous
and extreme that NO ONE will tolerate it anymore.

This is important--because it will signify the reality that has been hidden--that both
parties are corrupt and that the corporations are in control of our government. When
that genie is officially out of the bottle--we're talking torches and pitchforks.

Dogs and cats living together...mass hysteria!

[jschurchin]

5. Two Words

FUCK THEM.

[TheWatcher]

6. The Dow Rose 200 Points and select DU'ers are making money from it

So this doesn't exist, and wouldn't matter if it did.

The Crumbs from the table is all that really matters, and the general attitude seems to be as long as we get crumbs, we should be happy while the corruption and destruction continues.

The Economy is Recovering, and nothing can stop that from being true.

Except reality.

[girl gone mad]

7. I make money in the markets, too..

but that doesn't mean I support the corruption and manipulation currently propping up the investor class. It is a zero sum game. I know that money pouring into sham equities represents gross malinvestment in our broader economy. We could be rewarding those who labor and innovate, but instead, it's the gamblers who get the spoils, time after time. The top 1% has been systematically undermining the American middle class for their own gains, and now they are accelerating the destruction.

[TheWatcher]

8. You know that I know that too, GGM

I hope my sarcasm wasn't lost in that post.

You of all people here know me better than that. :)

As for your assertion about the top 1% and how things SHOULD be working, you couldn't be more right.

The fact is that we not only have those Top Criminal 1% looting, robbing, stealing, and destroying everything, we also have a dumbed down, completely clueless population who not only cannot seem to get what is happening to them, they keep wanting to HELP the Criminals that are killing them KEEP doing so, and they think it's GOOD.

It may take a complete collapse to get people to PAY ATTENTION, but I keep telling those who might want to give in to such a notion to be careful what they wish for, because even then the sheep STILL might not wake up, and we go down with them in the process.

We are in an insane, slow death spiral, and to be honest, I don't know how to stop it, or if it CAN be stopped, because no one seems willing to listen, acknowledge or do ANYTHING except continue to live out this insane fantasy they think is real, or WANT to think is real.

It's frustrating, to say the least.

As I said earlier, I begrudge no one making a buck for all this nonsense, as long as they still have their wits about them and UNDERSTAND what is going on.

It's those who make a buck, flaunt it, completely IGNORE reality, and then tell us this sick FANTASY is a healthy thing, and good for everyone.

It isn't.