27 February 2010

Fannie Mae Wants Us To Borrow Another $15.3 Billion From The Chinese So They Can Watch It Burn

CNN Money: Fannie to U.S.: We need another $15.3 billion

Battered by the housing crisis, mortgage finance company Fannie Mae said Friday that it needs another $15.3 billion in bailout money from the federal government.

Since it was taken over by the federal government in September 2008, Fannie Mae has received $60.9 billion from the Treasury Department.

Freddie Mac reported on Wednesday a fourth-quarter loss of $7.8 billion, compared to $23.9 billion a year earlier. The company lost $21.6 billion for the year, an improvement from 2008 losses of $50.1 billion. Freddie Mac, which has received $50.7 billion in taxpayer funds, did not request any additional money.

In late December, the Treasury Department lifted a $200 billion limit on the amount it was ready to pump into each of the two mortgage firms.

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