For those who want to know how much worse that housing market is getting they need look no further that the quarterly results of Fannie Mae (FNM). The mortgage operation lost $15.2 billion and will need another $10.7 billion from the government to continue.
The primary reason for the loss is that 4% of the loans that Fannie Mae owns or controls were delinquent, up from 1.4% a year ago. Based on that data, the government’s bailout of Fannie Mae and its near-twin Freddie Mac (FRE) is not nearly over. Taxpayers have put $85 billion into the two companies, and that tab is about to go much higher.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
bastards, I bet their "executives" are paying themselves some huge, multi-million dollar bonuses though. I read an article on CNN yesterday that by next year OVER 25 million mortgages will be "underwater" and millions are going to be "stategically walking away" from their mortgages. What a damn mess we are in.
It is a huge mess and it angers me to no end that the bailout money already spent has gone to company's the subsequently awarded bonuses to their employees. I'm sick of the excuses and the picking and choosing by the government as to who gets saved and who sinks. Funny, I was raised to believe that I am responsible for my actions and must suffer the consequences for my mistakes. Somehow, there are people in this country for whom that does not apply. So very frustrated!
On and on and on and on , sit your
butt Obama and smile for right now.
The best is yet to come .
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