The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: steve harris who wrote (306463)	8/5/2011 10:34:43 AM
From: joseffy	of 306849

Fannie Mae 2nd-quarter loss widens; asking taxpayers for $2.8 billion 8/5/11 \| Michelle Chapman finance.yahoo.com Government-controlled mortgage company Fannie Mae said Friday that its second-quarter loss widened as it continues to seek loan modifications to help reduce defaults amid the ongoing difficulties in the housing and mortgage markets. Fannie Mae also made $2.3 billion in dividend payments to the U.S. Treasury during the period, which reduces the amount it will be asking taxpayers for to $2.8 billion from $5.1 billion. Fannie's rescue has been one of the most expensive government bailouts. The amount of money it has received from the Treasury to stay afloat is set to rise to $104.8 billion when accounting for the latest request. Fannie has paid back $14.7 billion to the Treasury in dividends as of the end of June. Fannie Mae, based in Washington, D.C., and sibling Freddie Mac, based in McLean, Va., were created by Congress to buy mortgages from lenders and package them into bonds that are resold to global investors. They own or guarantee about half of all mortgages in the U.S., or nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they backed nearly 90 percent of new mortgages over the past year. The government took over the companies in September 2008 after massive losses on risky mortgage bonds threatened to topple them. The government then put them into conservatorship, a legal arrangement under which the companies' government regulator controls their financial decisions. snip

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