Fannie Taps Treasury for $15.3 Billion More After a 10th Loss

[backdoornews]

Feb. 27 (Bloomberg) -- Fannie Mae will seek $15.3 billion in U.S. aid, bringing the total owed under a government lifeline to $76.2 billion, after its 10th consecutive quarterly loss.

The mortgage-finance company posted a fourth-quarter net loss of $16.3 billion, or $2.87 a share, Washington-based Fannie Mae said in a filing yesterday with the Securities and Exchange Commission.

Fannie Mae, which owns or guarantees about 28 percent of the $11.8 trillion U.S. home-loan market, has been hobbled by a three-year housing slump that wiped 28 percent from home values nationwide and led to record foreclosures. The company, which posted $120.5 billion in losses over the previous nine quarters, and rival Freddie Mac were seized by regulators in September 2008.

Fannie Taps Treasury for $15.3 Billion More After a 10th Loss - Bloomberg.com

 

[30ashopper]

Guess which entity our current administration is relying on to help prop up the current bubble through the purchase of bad mortgages?

 

[Lynnie]

The Mint and Bureau are working overtime.