Mortgage giant Fannie Mae asks government for almost $4.6 billion after posting 4Q loss

[OhioChick]

Source: AP

Wednesday, February 29, 1:40 PM

WASHINGTON — Mortgage giant Fannie Mae said Wednesday that it lost money in the fourth quarter and is asking the federal government for nearly $4.6 billion in aid to cover its deficit.

Washington, D.C.-based Fannie said it lost roughly $2.4 billion in the October-December quarter, stung by declining home prices. Revenue was about $4.5 billion.

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

Taxpayers have spent more than $150 billion to prop up Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could top $259 billion to support the companies through 2014 after subtracting dividend payments.

Read more: http://www.washingtonpost.com/business/mortgage-giant-fannie-mae-asks-government-for-nearly-46-billion-for-4th-quarter/2012/02/29/gIQApweAiR_story.html

[liberal N proud]

1. Lets see what the right wingers say about this one.

[ieoeja]

6. Given that the Rightwing has always been anti-Freddie and Fannie, I imagine they will scream,

... "No bailout!"

[flobee1]

2. NO

No more bailouts for them!

[Yo_Mama]

8. They're basically owned by the government at this point

There is no market without them, and not much hope of refinances for many people.

The government seized them years ago. Preferred stock holders lost every penny.

[sarcasmo]

3. Hell No!

[Marrah_G]

4. how about just once we say know?

[sakabatou]

5. Didn't we bail your ass out?

[Snake Alchemist]

7. Sounds like a good investment. nt