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Fannie Mae Needs $8.5B More!
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Admin
May 7, 2011, 6:16am Report to Moderator
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Quoted Text
May 6, 6:05 PM EDT
Fannie Mae seeks $8.5 billion more in federal aid
By DANIEL WAGNER
AP Business Writer

WASHINGTON (AP) -- Fannie Mae asked the government Friday for an additional $8.5 billion in aid after declining home prices caused more defaults on loans guaranteed by the mortgage giant.

The company said it lost $8.7 billion in the first three months of the year. Those losses led Fannie to request more than three times the federal aid it sought in the previous quarter. The total cost of rescuing the government-controlled mortgage buyer is nearing $100 billion - the most expensive bailout of a single company.

Combined with the bailout of sibling company Freddie Mac, the government expects their rescue to cost taxpayers about $259 billion. That money will cover the mortgage giants' losses on soured loans made in the midst of the housing bubble..........................>>>>...................>>>>..................http://hosted.ap.org/dynamic/s.....=2011-05-06-16-58-01
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bumblethru
May 7, 2011, 10:24am Report to Moderator
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This is a joke.......right?

Another failed government program that caused this country to go bankrupt!!!


When the INSANE are running the ASYLUM
In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche


“How fortunate for those in power that people never think.”
Adolph Hitler
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