Fannie Mae drops another bomb. The GSE (government sponsored enterprise) announced a $19 billion loss for the third quarter which brings it’s current loss to $101 billion (8 year total loss). Thankfully, the U.S. Treasury is waiting in the wings with another $200 billion taxpayer bailout of this miserable excuse for a company. Fannie now wants another $15 billion in emergency funds (it’s 4th withdrawal this year) bringing it’s annual total to $60 billion YTD (so far).
If Fannie ever actually earns a profit, the $6 billion it owes the guv’ment in annual dividends would swallow it whole. Fact is, Fannie Mae and Freddie Mac are completely dependent on the Treasury to support their continued operations.
