Fannie Mae loss widens, asks taxpayers for $7.8B

Here we go again...
Usually I'd post my thoughts on the matter but this speaks for itself.

Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to cover its losses in the July-September quarter. The government-controlled company said Tuesday that it lost $7.6 billion in the third quarter. Low mortgage rates reduced profits and declining home prices caused more defaults on loans it had guaranteed.

The government rescued Fannie Mae and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator has controlled their financial decisions.

Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could reach up $220 billion to support the companies through 2014 after subtracting dividend payments.

Fannie Mae loss widens, asks taxpayers for $7.8B

And while that's happening....

A Republican senator is calling on President Obama to cancel the $12.8 million in bonuses that were approved for 10 executives at the government-seized mortgage giants Fannie Mae and Freddie Mac that received a $170 billion taxpayer-funded bailout.

Republican Senator Calls on Obama to Cancel Fannie Mae, Freddie Mac Bonuses

I honestly just don't get it....

Ha! And people are still wondering what the purpose of OWS is...

reply to post by SalientSkivvy


Where's the connection between standing in a park and your the US Government giving American tax payers money to private companies?
Surely then the OWS movement should be occupying the US Senate, the White House or the offices of Fannie Mae?

reply to post by Aestheteka


you gotta start somewhere, I think it's great that people are doing something.
there's so much going on , it seems like a strange year!