Fannie asks for another $8.4 billion
New York (CNNMoney.com) - 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 government-controlled mortgage giant announced Monday that it lost $13.1 billion applicable to common shareholders in the first quarter of 2010.
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 using Fannie and Freddie to prop up the mortgage market, the government in December lifted a $200 billion limit on their bailouts, essentially giving the twin housing lenders a blank check. Fannie Mae has already received $76.2 billion from the federal government and Freddie has gotten $50.7 billion.
From CNN Politics
- February 3, 2023 Suspected Chinese spy balloon flies over the US
- 10 Cards Charging 0% Interest Until 2024
- Exclusive: Supreme Court justices used personal emails for work and 'burn bags' were left open in hallways, sources say
- Untitled
- Republicans elevate 'parental rights' as top issue while looking to outflank each other heading into 2024
- A look at China's history of spying in the US
Let em sink. No more money should be poured into this rat hole. And for gosh sakes don't let barney or chris be in charge of it.
Government controlled Freddie
and Fannie was the cause for our
financial chaos. GM and other
companies were hurt by these
failures. Those other companies
deserve bailouts. How in the world
do the two companies that caused
the stir deserve anything. And why
is Frank and Dodd not on trial?
This makes me mad as hell the government can bail out Greece and Fannie but it can not give the poor people on Social Security the stimulus that was promised screw Fannie and screw Greece this is Americas money not Co.Ops and other country's .