Fannie & Freddie Woes…

Fannie Madoff

Understand that we voted to give the Fed another $2.4T, and like the post office, this is how they choose to spend it. Yet again we are faced with a pseudo-government agency that can’t pay its bills. It worse with ACTUAL government agencies!

According to Bloomberg News Fannie Mae, the mortgage-finance company under government conservatorship, reported a $2.9 billion second-quarter loss on Friday and said it would seek $5.1 billion in Treasury Department aid to balance its books. Fannie Mae requested the money to eliminate a net worth deficit of $5.1 billion for the three-month period that ended June 30, according to a Securities and Exchange Commission filing by the company, which is based in Washington. The loss, which compares with a $1.2 billion loss a year earlier, was mostly a result of credit-related expenses on home loans made before the 2008 financial collapse. Fannie Mae also made a $2.3 billion payment to the Treasury in the second quarter. As of the second quarter, Fannie Mae has drawn $104.8 billion in Treasury aid and paid $14.7 billion in dividends, the company reported. Fannie Mae and Freddie Mac together have drawn about $170 billion in taxpayer aid. ~ The Black Sphere

And you think thought Big Oil is big!

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Conservative - Christian - Patriot
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