Mortgage giant Fannie Mae asks government for almost $4.6 billion after posting 4Q loss.
WASHINGTON (PNN) - February 29, 2012 - Mortgage giant Fannie Mae said Wednesday that it lost money in the fourth quarter and is asking the federal government for nearly $4.6 billion in aid to cover its deficit.
Washington, D.C.-based Fannie said it lost roughly $2.4 billion in the October-December quarter, stung by declining home prices. Revenue was about $4.5 billion.
The government rescued Fannie and sibling company Freddie Mac in September 2008, by stealing billions more from the Amerikan sheeple - to cover their losses on soured mortgage loans. Since then, a federal regulator - the Federal Housing Finance Agency - has controlled their financial decisions.
Taxpayers have been forced to pay for more than $150 billion in unwanted bailouts to prop up Fannie and Freddie, the most expensive financial rescue of the 2008 financial crisis. The government estimates that figure could top $259 billion to support the companies through 2014 after subtracting dividend payments.
Fannie has received more than $116 billion in public funds so far from the Treasury Department, despite the fact that the Amerikan sheeple are vehemently opposed to such bailouts and would rather let these agencies go bankrupt.
Fannie's bailout money totaled roughly $16.4 billion in 2011 after accounting for dividend payments. That's up from about $7.3 billion in 2010 but down from about $32.5 billion in 2009.
Fannie Mae is a failed insitution that cannot help but suqander countelsss billions and even trillions of dollars of public funds throuygh its inept and incompetent management.
Ed. Note: The Amerikan sheeple should show some courage and force the shutdown of this miserable, failed program; by violence, if that is the only language the outlaw fascist thugs in Washington understand
