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Fannie and Freddie: Need More Money
    #9954080 -

March 11 (Bloomberg) -- Freddie Mac, the mortgage-finance company thrust into a leading role in President Barack Obama’s homeowner rescue plans, said it will need an additional $30.8 billion in federal aid after loan holdings and other assets deteriorated.

More capital may be needed, and the $200 billion in total financing pledged by the U.S. Treasury may not be enough.

Freddie, which owns or guarantees more than 20 percent of U.S. home loans, posted a wider fourth- quarter net loss of $23.9 billion, or $7.37 a share.

Freddie and larger competitor Fannie Mae, which together account for about $5.2 trillion of the $12 trillion U.S. residential mortgage market, are part of Obama’s plan to help 9 million Americans avoid foreclosure

Washington-based Fannie said Feb. 26 it would draw $15.2 billion in Treasury capital and raised the possibility of asking for more after posting a $25.2 billion fourth-quarter net loss.

Fannie and Freddie shares, which were above $30 in March 2008, have been trading at less than $1 since December. Freddie closed today at 42 cents in New York Stock Exchange composite trading. Fannie was at 39 cents.

Freddie’s ability to return to profitability depends on how long the government keeps using the company to push its housing agenda, Miller said.

The plan also requires the two government-sponsored enterprises, to pay mortgage servicers and borrowers fees to modify troubled loans.  Fannie said in its earnings statement that the costs “ will be substantial, and these programs would therefore likely have a material adverse effect on our business, results of operations, financial condition and net worth.”




http://www.bloomberg.com/apps/news?pid=20601087&sid=aL7sOZdDSUIk&refer=home



"The plan also requires the two government-sponsored enterprises, to pay mortgage servicers and borrowers fees to modify troubled loans. "


can anyone tell me what that means?


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Fannie and Freddie: Need More Money [Re: lonestar2004]
    #9954361 -

Bye, assholes.

Too big to bail.


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What can we do to help you stop screaming?

Official Mr Shoebat lackey.

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Re: Fannie and Freddie: Need More Money [Re: TGRR]
    #9954429 -

TGRR said:
Bye, assholes.

Too big to bail.


i dont think we have a choice, they are a key component to Obama's Mortgage Bailout.


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Fannie and Freddie: Need More Money [Re: lonestar2004]
    #9954889 -

lonestar2004 said:
TGRR said:
Bye, assholes.

Too big to bail.


i dont think we have a choice, they are a key component to Obama's Mortgage Bailout.


Won't matter, at the rate we are going.  Every time these retards announce a bailout, our money becomes a little more worthless.


--------------------
What can we do to help you stop screaming?

Official Mr Shoebat lackey.

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Re: Fannie and Freddie: Need More Money [Re: TGRR]
    #9954962 -

our money is already worthless.  every time these retards announce a bailout, more and more people begin to realize it.


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"There are a thousand hacking at the branches of evil
to one who is striking at the root."
-Henry David Thoreau
Strike The Root

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Re: Fannie and Freddie: Need More Money [Re: Yrat]
    #9955025 -

Yrat said:
our money is already worthless.  every time these retards announce a bailout, more and more people begin to realize it.


Bosh.  As long as the majority believe it works, it really DOES work.

So, naturally, the best thing to do is yank the vinyl back and let everyone see the horrible truth.


--------------------
What can we do to help you stop screaming?

Official Mr Shoebat lackey.

Extras: Filter Print Post Top
Re: Fannie and Freddie: Need More Money [Re: TGRR]
    #9957547 -

Why do they need more money?  They're lending institutions.  If they don't get more money they make no more loans.  Good.  Their investors get to take their losses and that's that.  Inasmuch as the American people is an investor I fail to see why the American people should give these twats money so they can get paid (only some of) the same money back.


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