T Nation

Fannie Mae, Again


#1

Fannie Mae loss widens, asks taxpayers for $7.8B
http://news.yahoo.com/fannie-mae-loss-widens-asks-taxpayers-7-8b-221752510.html

"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 has received $112.6 billion so far from the Treasury Department, the most expensive bailout of a single company."


#2

what's the definition of 'insanity' again?


#3

Rubber boots and a feather boa.

Unless of course you net worth exceeds 100 million.

Then you are eccentric.


#4

kevinm1
But yeah this is freaking stupid, it seems that the current administration feels repeating the same thing over and over is a good idea


#5

Ohh, and they are still writing loans that are over 100% Loan to Value, and the short term default rate of first time home buyers right now is astronomical. There will be a continued wave of foreclosures for years to come.


#6

Largest bailout of any single company? Why, based on the logic I hear OWS is based on, the Occupy Fannie Mae Headquarters in Washington, DC should dwarf that of the New York protest.

Surely there is one, right?


#7

Largest, and still needing more.


#8

Oh, and take note:

"The Obama administration unveiled a plan earlier this year to slowly dissolve the two mortgage giants. The aim is to shrink the government's role in the mortgage system, remaking decades of federal policy aimed at getting Americans to buy homes. It would also probably make home loans more expensive.

Exactly how far the government's role in mortgage lending would be reduced was left to Congress to decide. But all three options the administration presented would create a housing finance system that relies far more on private money...


#9

They plan to make it more expensive to originate fannie loans, info from a mortgage servicer buddy, they are going to try to price the GSE's out of the equation. Except private money wants nothing to do with lending or it would be doing it right now.