Fannie Mae Loses Another $5B (or so)


Article on FOXNews

Fannie Mae lost just over $5B last quarter. That adds to earlier losses this year already making it about the worst loser in this entire mess. Since the “Subprime” crisis started in 2009, Fannie Mae has required over $100B in cash from taxpayers – just to stay afloat. I say – LET THEM FAIL! If they’ve done that poor a job managing their finances, then they deserve to go down with their ship.

I say again, I’d be willing to stand in line for months for one of those high-paying middle management positions at Fannie Mae, those guys probably take in what, $250k – $350k / year? And their enterprise is just floundering! It’s pretty unbelievable. I would fire them all, and hire folks willing to work hard for less $$$ who will try to figure a way out of this mess.

What a bunch of buffoons.

Fannie Mae and Freddie Mac are the two key organizations responsible for the entire Subprime crisis to begin with. They made more “questionable” loans between them both than did any other financial institution. They are right now, at this minute, sitting on BILLIONS of worthless real-estate because if they auctioned off all that junk, it would just cause the rest of the market to crumble. So, when you’re holding nothing, do you gamble big? No, you fold! They are going to ask for another $5B injection of taxpayer cash – just to stay afloat for another quarter, and we – ALL OF US – are going to have to suffer for it!

I VOTE NO! LET FANNIE MAE FAIL! Divide up the assets (liabilities, because as I always say, the stuff they own is mortgages which are debts) and divide amongst the Wall St. Bankers, they’ll figure out what to do with it. Make them pay cash for it too! That’d be a way to TAX those high-paid suckers and get a bit back from them what they’ve taken from us during this financial crisis.

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