CNNMoney.com is reporting that the mortgage giant Fannie Mae needs another $10.7 billion from the Treasury in the wake of a $14.8 billion quarterly loss.
This $14.8 billion quarterly loss is an improvement from the previous quarter in which the company lost $23.2 billion.
Fannie Mae's non-performing loans, much like those of Citigroup, Wells Fargo, and Bank of America, are on the rise.
According to the article, "The value of non-performing loans on its books increased to $171 billion as of June 30, compared with $144.9 billion on March 31 and $119.2 billion on December 31."
These non-performing loans are the numbers that are keeping Timothy Geithner and bank CEO's awake at night. While the media is ready to call a housing bottom due to a modest increase in demand for real estate, what most "analysts" continue to overlook is that the pace of loans defaulting is surging at a greater rate.
According to the NAR, while existing home sales have risen for four consecutive months on a seasonally adjusted basis, they are still down -0.2% from June of 2008 to June of 2009. On the other hand, according to RealtyTrac, foreclosure filings are up 33% year over year in June.
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Definitely looking like more foreclosures are coming down the pike. We see alot of REO and a medium amount of short sale closings. Not enough to turn the tide. This data seems to fit with what is happening in the "real world" and not the media perception!