How Much Is Enough?

Didn't they just give out Bonuses?

Hey folks,

You know them, you love them, Fannie and Freddie. Those that started us down this long and lonely road. We all know the history. They were giving out loans to people that could have NEVER paid them back. They were in trouble for a while when the REPUBLICANS in Government wanted MORE regulations, and they were stopped every step of the way by those in the Democrat Party who was getting a lot of money from them.

I know people do not like to hear this. But that doesn't change the FACTS. The Videos are out there of the Democrats calling the Regulator Racist, and calling for an investigation on HIM. Frank saying he saw nothing wrong with Fannie and Freddie.. Pelosi, Reid. These people are making money left and right from them. So they PROTECTED them. We all know what happened.

Along comes Obama who gives them even more money. What do they do? Continue business as usual, and give out even MORE Bonuses. Which of course, Obama is all OK with now. NOW? Bloomberg - Fannie Seeks $15.3 Billion in Aid After 10th Loss

Feb. 26 (Bloomberg) -- Fannie Mae, the mortgage-finance company under federal conservatorship, said it will seek $15.3 billion in aid from the U.S. Treasury after posting a 10th straight quarterly loss.

A fourth-quarter net loss of $16.3 billion, or $2.87 a share, pushed the company to request its fifth draw on an unlimited lifeline from the government, Washington-based Fannie Mae said in a filing today with the Securities and Exchange Commission.

"Unlimited Lifeline?" WHY?!?! Let them fail already.

Fannie Mae, which posted $120.5 billion in losses over the previous nine quarters, has taken $59.9 billion in federal aid since April. Its shares, which peaked at $87.81 in December 2000, closed at 99 cents today in New York Stock Exchange composite trading. The Treasury owns 79.9 percent of Fannie Mae’s outstanding common shares.

Washington-based 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. Fannie Mae lost $74.4 billion for the 12 months ended Dec. 31, compared with $59.8 billion in 2008.

LET THEM FAIL!!! Get out of the PRIVATE SECTOR! Folks WE OWN Fannie and Freddie. We are now being asked to give them another $15.3 billion? After we have already given them $59.9 billion? THEY ARE RESPONSIBLE for the mess we are in, and they keep giving out Bonuses. Where is the outrage?

“Our financial results for 2009 reflected the continued adverse impact of the weak economy and housing market, which has resulted in record mortgage delinquencies and contributed to our recording significant credit-related expenses and net losses during each quarter of the year,” Fannie Mae said in the filing today.

YOU CAUSED IT!

Avoiding Receiver

Fannie Mae’s borrowings from Treasury will total $76.2 billion after the next payout, carrying with it an annual dividend cost of $7.6 billion, which the company said it will repay by borrowing more money from the Treasury. “This amount exceeds our reported annual net income for all but one of the last eight years, in most cases by a significant margin,” the company said.

Completely Bogus folks.

The company said the ability to tap continuing cash infusions from the Treasury this year “is critical to keeping us solvent and avoiding the appointment of a receiver.”

The loss in the fourth quarter was driven in part by a $5 billion writedown on low-income housing tax credits that the Treasury Department barred the company from selling. Rival Freddie Mac took a $3.4 billion charge for the same reason.

Losses at Fannie Mae are likely to grow with rising unemployment and costs to implement President Barack Obama’s plans to reduce foreclosures, the company said.

Thank you Obama.

Housing Slump

Fannie Mae and McLean, Virginia-based Freddie Mac survived last year on investments the government made in the companies after regulators put them in conservatorship in September 2008. The Treasury on Christmas Eve removed a $200 billion limit on each company, extending unlimited backing through 2012.

The two companies own or guarantee more than $5 trillion in U.S. residential debt, and were responsible for as much as 75 percent of the new mortgages made last year.

OF BAD LOANS!!! I'm done with this story folks. You want to know why our dept keeps going up? Liberal policies and friends taking free rides. Like I asked before, where is the outrage? If F & F were AIG, or Heavens Forbid, and company with Conservative ties? You got it. Obama would be denouncing them. We would have hearings galore on Capital Hill. The LWL {Left Wing Loons} would be calling for the CEO's Head. Madness and Mayhem. Yet? Since it is Fannie and Freddie, they will get the extra money. They will carry on Business as usual. Amazing.
Peter

Sources:
Bloomberg - Fannie Seeks $15.3 Billion in Aid After 10th Loss
OPNTalk - Will There Be Show Outrage For Fannie Freddie Bonuses?