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Fannie Mae asks Taxpayers for almost $4.6B after 4Q loss

WASHINGTON (AP) -- Mortgage giant Fannie Mae said Wednesday that it lost money in its fourth quarter and is asking the federal government for $4.57 billion in aid to cover its deficit.

Washington-based Fannie said it lost $2.41 billion in the October-December quarter, stung by declining home prices. Revenue was $4.53 billion.

The government rescued Fannie and sibling company Freddie Mac in September 2008 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 spent more than $150 billion to prop up Fannie and Freddie, the most expensive bailout 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 so far from the Treasury Department, the most expensive bailout of a single company.


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These Government Institutions have been at the Crux of...

The Crime of the Century.

I'm not surprised. They will never quit asking for more money from the taxpayers... ever.

"If we lose freedom here there's no place to escape to. This is the last stand on earth." -Ronald Reagan

When they took us off the Gold Standard they took away our money... in order to make it theirs. -OneTinSoldier

IRS & Federal Reserve

I was concerned when Ron Paul stated that he wanted to rid the US of the Federal Reserve & IRS entirely. Then a friend posted this video to my fb wall: http://v.youku.com/v_show/id_XMzIzNTIyMzYw.html and now I understand. He doesn't want to become president for power or money, he wants to save humanity !

follow me @katiiieanne on twitter