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Fannie needs more funds as U.S. struggles with housing

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posted on Aug, 5 2011 @ 06:36 PM
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Fannie needs more funds as U.S. struggles with housing


The government's mortgage buyer Fannie Mae on Friday sought a further $5.1 billion from taxpayers, as the Obama administration struggled to keep Americans in their homes.

With high unemployment and foreclosures expected to put more downward pressure on home prices, the government's efforts to help the housing market has had little impact.

Federal housing authorities said it had "much more work to do to help the market recover and to reach the many households...across the nation who still face trouble."....

Earlier on Friday, the largest U.S. residential mortgage funds provider reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.

Fannie Mae said its second-quarter loss "reflects the continued weakness in the housing and mortgage markets" as well as expenses related to mortgage modifications to keep struggling borrowers in their homes.

Continued economic weakness and mounting foreclosures have caused U.S. home prices to fall this year, and it is unclear when they will finally bottom.


Well certainly not much positive news coming from the US housing market and FM again losing net $5.2 billion. No surprise really given the economic weakness and protracted high unemployment rates.




posted on Aug, 5 2011 @ 08:56 PM
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reply to post by surrealist
 


my question is, what will it take for us Americans to stand infront of the white house screaming "we won't give you anymore, I have nothing left to fill your rich elitist arsses anymore? Stop the chaos, stop the tyranny, we don't want them anymore.



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