« Social Decay Rots Recruitment Prospects | Main | Hope & Change »
November 6, 2009
$15 Billion More Down the Fannie Mae Hole?
Posted by The MaryHunter at November 6, 2009 12:21 PM
Do you remember Fannie Mae, one of several oh-so-successful government experiments in controlling an aspect of the financial industry -- in this case, home mortgages? Well, it seems Fannie is asking Uncle Sam Bigbucks for a hand again:
SAN FRANCISCO (MarketWatch) -- Embattled mortgage lender Fannie Mae said Thursday after posting a third-quarter net loss that it has asked the U.S. Treasury Department for an additional $15 billion in assistance by the end of the year.
Fannie Mae (FNM 1.03, -0.09, -8.05%) said in a filing with the Securities and Exchange Commission that its request for more funding was made "to eliminate our net worth deficit" as of the end of September. It's hoping to receive the funds by Dec. 31.
Has anyone kept track of how much the U.S. has already shoved into that Fannie? Why yes:
Fannie Mae has already received some $44.9 billion in federal government assistance, under a senior preferred-stock purchase agreement.
So, let me get this straight: in order for this utter failure of a financial institution to not post a net worth deficit, our nation needs to add more to it's deficit.
Did I miss something here? Oh yes, the obligate Barney Frank video:
Well, at least their stock is only $1.03 now, sounds like a perfect bargain for long-term investing. If the Obama Administration keeps bailing them out, at least it couldnt ever be worth nothing.
Comments
This is rich, Comrade Zero says not to jump to conclusions about the Ft. Hood shooting. You mean like when he jumped to conclusions about the white cop?
That creepy photo of Obama on the wall as a Shadow pretty much sums Comrade Zero.
http://news.yahoo.com/s/ap/20091106/ap_on_go_pr_wh/us_obama_fort_hood
Posted by: First Name WARREN - Last Name PEACE !! at November 6, 2009 12:26 PM
Barney Frank is an enema of the State.
Posted by: IOpian at November 6, 2009 12:30 PM
Barney Frank: Proving that doubling down on stupid doesn't work.
Posted by: Anonymous Countermoonbat at November 6, 2009 2:21 PM
It's really hard to believe that a benevolent God would create something like Barney Frank...
Posted by: Anonymous at November 6, 2009 2:47 PM
BARNSMELL FREAK just another supporter of OBAMA AND HIS IMPERIAL STORM TROOPERS
Posted by: Spurwing Plover at November 6, 2009 3:07 PM
The WORST part is that this money is to assist people that couldn't afford their house the first time, stay in the house! Yep lets refi those folks that couldn't pay their mortgage the first time... that'll do it! This is another disaster waiting to happen.
Posted by: FreeWillie at November 6, 2009 3:33 PM
If this video is the obligate Barney Frank video, then the below video is the 'profligate' one.
http://www.youtube.com/watch?v=Yga7TlsA-1A
We've seen it before, but the truth is timeless. Here again, are years of Democrat duplicity succinctly explained in about 8 1/2 minutes.
Posted by: AlphaMail at November 6, 2009 3:42 PM
I am not sure that using language like ; “Obama Bail outs” , is appropriate at all , It sort of denotes that the existence of Value is indeed present , when in fact there is not any value , let alone any funds . Obama Bin laden and the crew of lobotomized morons and psychopaths are Living with a Mystical Gold mine and treasures that do not exist , Nor will it ever exist , not anymore- It has to be Looted from somewhere , and all that was in existence , well , it has already been depleted , hundreds of thousands of times over ;
How do you think every psychopath and moron ever got funding to deploy their useless idiotry ?
Posted by: Dr Andrew at November 6, 2009 7:02 PM
anybody insisted that their upper level management take a cut in pay? How much of these bailouts goes to Frank Raines' retirement fund?
Posted by: joe buzz at November 6, 2009 9:14 PM
Freddie wants in on the gravy train - AGAIN
Home sales are still in the toilet, and unemployment is climbing. Consumers are burning through whatever savings might have provided a downpayment, now that incomes have dropped. There is more "shadow inventory" (bank owned homes not listed for sale) on the books than there are homes for sale.
People aren't buying. Barney Fwank, where are you at?
This problem must be caused by too little demand. People need to buy more homes to keep a meaningless statistic high and usable in liberal sound bytes. Sounds like its time for directive 10-289.
Posted by: Anonymous Countermoonbat at November 7, 2009 1:12 AM
You'd think that there would be a law against electing a$$holes from Massachussets or Califunny to public office.
Posted by: Jimbo at November 7, 2009 9:11 AM
Annie Fanny Maye giving aid to the biggist demacrook supporters
Posted by: Flu-Bird at November 7, 2009 2:21 PM
How did they bury this story for two years?
A top ranking Democrat -who was in the midst of causing a housing mortgage crash- gets caught at the scene of a major drug raid... it goes the courts... and NOW we hear about it?
WTF...?
Posted by: Reaganite Republican at November 7, 2009 5:12 PM
Given that it's Bawney Fwank, shouldn't this read $15 Billion More Up the Fannie Mae Hole?
Posted by: Jay Guevara at November 7, 2009 5:56 PM
Posted by: Jay Guevara at November 7, 2009 5:56 PM
Hence, my statement "shoved into that Fannie" - perhaps too subtle? ;-)
Posted by: The MaryHunter at November 7, 2009 6:07 PM
