It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
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.
Originally posted by Kinley241
I dont know why this thread is not getting more attention, This is serious and its not even a conspiracy why should the government bail them out again for bad buiseness practice ?
WASHINGTON – Fannie Mae asked the government Friday for an additional $8.5 billion in aid after declining home prices caused more defaults on loans guaranteed by the mortgage giant.
The company said it lost $8.7 billion in the first three months of the year. Those losses led Fannie to request more than three times the federal aid it sought in the previous quarter. The total cost of rescuing the government-controlled mortgage buyer is nearing $100 billion — the most expensive bailout of a single company.
Combined with the bailout of sibling company Freddie Mac, the government expects their rescue to cost taxpayers about $259 billion. That money will cover the mortgage giants' losses on soured loans made in the midst of the housing bubble.
The Obama administration unveiled in February a plan to slowly dissolve the mortgage companies. The aim is to reduce the government's role in the mortgage market. Exactly how that would happen was left for Congress to decide.
Originally posted by originunknown
... they caused this by giving credit to ppl who they know cant pay it back. ...