Monday, May 10, 2010

Fannie Mae requests another $8 billion in bailout money

This comes as no shock, of course, considering that its sister GSE asked for more than $10 billion on Thursday. Both Fannie Mae and Freddie Mac continue to lose money and continue to raid a Treasury line of credit funded by taxpayers to remain solvent. And oddly, this is something that apparently doesn’t concern Congress at all:

Fannie Mae requested another $8.4 billion from the federal government on Monday, saying that due to trends in the housing and financial markets, the company expects its deficits to continue. …

The request cames just four days after Fannie’s twin Freddie Mac also asked for a handout – to the tune of $10.6 billion – after posting an $8 billion quarterly loss.
In case you’re keeping score, that would bring Fannie’s cash to almost $85 billion. Freddie has spent over $50 billion. READ MORE...

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