red states rule
08-05-2011, 05:22 PM
Fannie Mae lost ANOTHER $5 BILLLION DOLLArs and they want us the taxpayers to cover the tab
and don't expect this to be the last demand either
http://media.hotair.com/wp/wp-content/uploads/2011/08/oliver-gruel.jpg
Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as a weaker housing market causes continued losses on loans made prior to 2009.
The largest U.S. residential mortgage funds provider on Friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.
It forecast continued weakness ahead, with high unemployment and foreclosures expected to put more downward pressure on home prices.
Fannie Mae paid back $2.3 billion in dividends to taxpayers in the second quarter, reducing its net capital draw to $2.8 billion. Since the firm was seized by the U.S. Treasury in 2008, it has needed about $104 billion in government capital injections, although it has paid back about $14.7 billion in dividends.
Fannie Mae said its second-quarter loss "reflects the continued weakness in the housing and mortgage markets, which remain under pressure from high levels of unemployment, underemployment and the prolonged decline in home prices since their peak in the third quarter of 2006."
It said expenses related to mortgage modifications to keep struggling borrowers in their homes also contributed to its loss.
"Fannie Mae expects its credit-related expenses to remain elevated in 2011 due to these factors," the company added.
http://news.yahoo.com/fannie-mae-seeks-5-1-billion-more-taxpayers-121029211.html
and don't expect this to be the last demand either
http://media.hotair.com/wp/wp-content/uploads/2011/08/oliver-gruel.jpg
Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as a weaker housing market causes continued losses on loans made prior to 2009.
The largest U.S. residential mortgage funds provider on Friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.
It forecast continued weakness ahead, with high unemployment and foreclosures expected to put more downward pressure on home prices.
Fannie Mae paid back $2.3 billion in dividends to taxpayers in the second quarter, reducing its net capital draw to $2.8 billion. Since the firm was seized by the U.S. Treasury in 2008, it has needed about $104 billion in government capital injections, although it has paid back about $14.7 billion in dividends.
Fannie Mae said its second-quarter loss "reflects the continued weakness in the housing and mortgage markets, which remain under pressure from high levels of unemployment, underemployment and the prolonged decline in home prices since their peak in the third quarter of 2006."
It said expenses related to mortgage modifications to keep struggling borrowers in their homes also contributed to its loss.
"Fannie Mae expects its credit-related expenses to remain elevated in 2011 due to these factors," the company added.
http://news.yahoo.com/fannie-mae-seeks-5-1-billion-more-taxpayers-121029211.html