WANTED FANNIE MAE PROPERTY MANAGERS - 11/07/09 04:32 PM
The housing front ain't pretty this morning check out the latest Loan to Lease Program from Fannie Mae, the lender of last resort (not coincidentally now the largest dealer of U.S. home loans) turned in a $19 billion quarterly loss yesterday. Surprise, surprise... its government receivership has made Fannie WORSE, as it is now forced to accept more bad loans and participate in foreclosure prevention programs -- the two major sources of its third-quarter loss.
Moments after its earnings announcement, Fannie asked the government for another $15 billion bailout. It'll get it, which will bring its taxpayer tab up to $60 billion. The … (1 comments)