The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Unlimited Bailout: Senator Kyl Says Fannie Mae Lost More In Past Year Than Last 30! !

Posted by iusbvision on May 10, 2010

Here is your government sponsored enterprise at work which gave fat bonuses to its political appointee execs.

AFP News:

WASHINGTON (AFP) – – Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.

Announcing a 6.7 billion dollar loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.

The Washington-area company has already received more than 50 billion dollars in taxpayers cash to cover losses from toxic assets.

It warned that further demands would be on the way: “Freddie Mac expects to request additional draws,” the firm said in a statement.

“The size and timing of such draws will be determined by a variety of factors that could adversely affect the company’s net worth.”

In 2008, the government pledged to ensure that Freddie Mac, and its larger sister organization Fannie Mae, kept a “positive net worth.”

The deal was designed to prop up the vital US housing market from collapsing totally and pushing the economy over the precipice.

But in a sign that the US housing sector is still in difficulty, Freddie said the percentage of its loans not paid on time or in full rose to 4.13 percent in the first three months of the year.

In the final three months of last year the rate stood at 3.98 percent.

One Response to “Unlimited Bailout: Senator Kyl Says Fannie Mae Lost More In Past Year Than Last 30! !”

  1. Paul Geer said

    The Left has to keep up there little businesses, otherwise, how will they fund there little .orgs and unions? How will they live off the backs of the American people. Think about it, both U.S. and now Mexico.

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